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i <br /> 8 <br /> should notify, in writing, the Chair of the Loan Committee of his/her position. Denial <br /> of the application shall then be reviewed by the Loan Committee for further <br /> consideration. <br /> LOAN ANALYSIS <br /> The Loan Committee shall review and consider a number of items in determining whether a loan <br /> should be made. Those items shall include at least the following: <br /> 1. Business plan. <br /> 2. Business financial statements. (3 years plus interim) <br /> 3. Tax returns. (personal and business - 3 years) <br /> 4. Pro formas to determine if there will be sufficient cash flow to meet obligations for 2 <br /> years. <br /> 5. Personal financial statements. <br /> 6. Information regarding collateral and a current credit report. <br /> 7. Other available financing including, but not limited to, whether other financial <br /> institutions have agreed to consider traditional debt financing and under what <br /> circumstances. <br /> 8. Should the Loan Committee determine that it needs additional information before <br /> granting or denying the application, the Program Administrator will notify the applicant <br /> of the information needed. <br /> PROPOSED STRUCTURE <br /> The relationship between the participating financial institutions and Orange County will be <br /> evidenced by a Master Loan Agreement. Each participant will commit a revolving credit line on <br /> a non-recourse basis to an entity determined by appropriate legal review of the proposed <br /> structure. These credit lines will be secured by assignment of the loan receivables to such entity. <br /> A 24-month commitment period will be established during which time each financial institution <br /> will fund approved loans on a pro-rata basis. Funding procedures, to include a provision for an <br /> appropriate notice mechanism, would be established. At the end of the commitment period, to <br /> the extent there are amounts owned under the loan program, the amounts owed would be <br /> "termed" for a period of no later than the latest scheduled maturity date for loans outstanding to <br /> Borrowers under the program. The County will provide an irrevocable commitment to fund a <br /> loan loss reserve equal to 30%of the financial institutions' commitment. All financial institution <br />