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(iv) May not borrow money or incur indebtedness except to facilitate as a <br /> temporary measure: <br /> (a) withdrawal requests which might otherwise require unscheduled <br /> dispositions of portfolio investments; <br /> (b) for a period not to exceed one business day withdrawal requests <br /> pending receipt of collected funds from investments sold on the date of the withdrawal requests <br /> or withdrawal requests from Participants who have notified the 4M Fund of their intention to <br /> deposit funds in their accounts on the date of the withdrawal requests; or <br /> (c) for a period not to exceed one business day, the purchase of Permitted <br /> Investments pending receipt of collected funds from Participants who have notified the 4M Fund <br /> of their intention to deposit funds in their accounts on the date of the purchase of the Permitted <br /> Investments; <br /> (v) May not make loans, provided that the 4M Fund may make Permitted <br /> Investments; <br /> (vi) May not hold or provide for the custody of any 4M Fund Property in a <br /> manner not authorized by Law or by any institution or Person not authorized by Law; <br /> (vii) Except as permitted by Section 2.02 (b) (ii) hereof, may not purchase <br /> securities or shares of investment companies or any entities similar to the 4M Fund; and <br /> (viii) Except to facilitate reverse repurchase agreements permitted by Minnesota <br /> Statute section 475.76, may not pledge assets except to secure indebtedness permitted by (iv) of <br /> this Section 4.02; however in the case of indebtedness secured under Section 4.02 (iv) (b) or (c) <br /> hereof, it may pledge assets only to the extent of the actual funds in the account of a participant <br /> on whose behalf the permitted indebtedness was incurred plus an amount equal to that amount <br /> which that Participant has notified the 4M Fund that it intends to deposit in its account on that <br /> date. <br /> For the purposes of this Section 4.02, the phrase "Responsible Person" shall mean a person <br /> with which the 4M Fund is authorized to enter into agreements pursuant to Section 2.02 (b) (vii) <br /> hereof. <br /> 4.03 Amendment of Restrictions. The restrictions set forth in Section 4.02 hereof are <br /> fundamental to the operation and activities of the 4M Fund and may not be changed without the <br /> affirmative vote of a majority of the Participants entitled to vote, except that such restrictions <br /> may be changed by the Trustees so as to make them more restrictive when necessary to conform <br /> the investment program and activities of the 4M Fund to the Laws of the State of Minnesota and <br /> the United States of America as they may from time to time be amended. <br /> • <br /> 16 <br />