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costs and expenses all monies of the Company or other proceeds arising from the <br /> possession or disposition of all or any portion of the Collateral. <br /> 6. All notices, requests, approvals, demands and other communications given <br /> or made in connection with the terms and provisions of this Agreement shall be in writing <br /> and shall be deemed to have been given or made when either delivered by hand or shown <br /> as delivered by a receipt for delivery from the United States Postal Service, and sent as <br /> follows: <br /> (a) If to the Company, to its President, at Orange County Small Business Loan <br /> Program Company, c/o Bank of America, N.A., Post Office Box 570, Chapel Hill, NC <br /> 27514-0570, with a copy to its Secretary-Treasurer, at Orange County Small Business <br /> Loan Program Company, Post Office Box 1177, Hillsborough,NC 27278; or, <br /> (b) If to the Bank, as indicated on the Bank's respective signature page to the <br /> Loan Agreement; <br /> or to such other addresses as either party shall furnish in writing to the other. <br /> 7. The Bank and the Company agree and acknowledge that the Company is <br /> making several simultaneous grants of similar security interests in the Collateral to the <br /> other banks that are parties to the Loan Agreement. Each such grant is being made <br /> pursuant to a security agreement in substantially the same form as this Agreement. The <br /> rights of the banks in the Collateral are of equal rank with one another. If the Bank shall <br /> receive, obtain, or recover any payment or collateral under this Security Agreement <br /> (whether voluntarily, involuntarily, through the exercise of any right of set-off or <br /> otherwise), the Bank shall hold and disburse such recovery as provided in the Loan <br /> Agreement. <br /> 8. The parties intend that North Carolina law shall govern this Agreement. <br /> 9. This Agreement shall inure to the benefit of the Bank, its successors and <br /> assigns, and shall be binding upon the Company, its successors and assigns. Only a <br /> writing signed on behalf of each party may amend this Agreement. <br /> [The remainder of this page has been intentionally left blank] <br /> 19 <br />