Orange County NC Website
} <br /> 14 <br /> "Loan Loss"bas the meaning assigned in the Loan Agreement. <br /> "Loan Loss Reserve"means the separate account for accounting purposes (and the <br /> funds on deposit to the credit of such account, initially in the amount of $150,000) <br /> created and existing on the County's books and records to contain amounts appropriated <br /> and earmarked by the County to-'serve as a reserve against losses from the failure of <br /> borrowers to repay Program Loans in a fiill and timely manner. <br /> "Loan Program" means the program for making for making loans to small <br /> businesses pursuant to the Guidelines in furtherance of the County's policy to stimulate <br /> the creation of good jobs for Orange County citizens as well as to stimulate successful <br /> business development and expansion in Orange County. <br /> "Program Loans" means loans by the Company to small businesses as part of the <br /> Loan Program. <br /> "Termination Date" means the earlier. of (a) July 1, 2010, or (b) the date all <br /> Program Loans have been paid in firll. <br /> 9 <br />