2004 S Finance - BB&T Refinancing Installment Purchase Agreement

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5.6. Risk of Loss. Subject to the provisions of Section 13 hereof entitled "Limited Obligation of the County ," the County shall bear all risk of loss to and condemnation of the Equipment. In the event of loss or damage to the Equipment, the County shall either (a) continue to make the Installment Payments due hereunder and repair or replace the Equipment or (b) prepay in full the principal components of the outstanding Installment Payments in accordance with Section 3.5 hereof. Said repair or replacement of the Equipment shall meet with the satisfaction of the Bank. 5.7. Performance by the Bank of the County 's Responsibilities. Any performance required of the County or any payments required to be made by the County may, if not timely performed or paid, be performed or paid by the Bank, and, in that event, the Bank shall be immediately reimbursed by the County for such payments and for any costs and expenses, legal or otherwise, associated with the payments or other performance by the Bank, with interest thereon at a per annum rate equal to the Prime Rate in effect on the last business day of the calendar month preceding the payment (but not exceeding the maximum rate, if any, permitted by applicable law). 5.8. Financial Statements. The County agrees that it will furnish the Bank current audited financial statements (as soon as practicable after the County 's acceptance thereof) and the County 's annual budget as submitted or approved, and permit the Bank or its agents and representatives to inspect the County 's books and records and make extracts therefrom at its own expense during regular business hours and in a manner which will not disrupt the normal business routine of the County . County shall furnish to Bank current financial statements at such reasonable times as the Bank may request. The County represents and warrants to the Bank that all financial statements which have been delivered to the Bank in connection with this Contract fairly and accurately reflect the County 's financial condition and there has been no material adverse change in the County 's financial condition as reflected in the financial statements since the date thereof. 5.9. Other Responsibilities and Conditions. Simultaneously with the execution of this Contract and prior to the advancement of any funds hereunder by the Bank, the County shall cause to be provided to the Bank the following: (a) An Incumbency and Authorization Certificate in the form of Exhibit C attached hereto; (b) An Opinion Letter of counsel for the County in the form of Exhibit D attached hereto; (c) A certificate in the form of Exhibit E attached hereto or other proof of insurance on the Equipment satisfactory to the Bank; (d) Certified copies of the minutes of the County 's governing body evidencing the County authorizing entry into this Contract;