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9 <br /> Installment Financing Contract <br /> THIS INSTALLMENT FINANCING CONTRACT (the "Contract") is dated as <br /> of May 1, 2016, and is between ORANGE COUNTY, NORTH CAROLINA, a political <br /> subdivision of the State of North Carolina (the "County"), and FIRST BANK (the "Lend- <br /> er"). <br /> RECITALS: <br /> The County has previously determined to carry out a plan (the "Project") to ac- <br /> quire, construct and improve various County facilities, including the projects described <br /> on Exhibit C, as well as to pay financing costs. The Company has agreed to advance <br /> funds to the County for these purposes. The Lender has agreed to advance funds to the <br /> County for this purpose. <br /> This Contract provides for the Lender's advance of funds, and the County's obli- <br /> gation to repay the funds with interest. In accordance with the County's authority under <br /> Section 160A-20 of the North Carolina General Statutes, the County will secure its obli- <br /> gations under this Contract by granting to the Lender a security interest in the Pledged <br /> Facilities and the Pledged Site. <br /> Unless the context clearly requires otherwise, capitalized terms used in this Con- <br /> tract and not otherwise defined have the meanings set forth in Exhibit A. <br /> NOW, THEREFORE, for and in consideration of the mutual promises and cove- <br /> nants contained in this Contract, the parties agree as follows: <br /> ARTICLE I <br /> ADVANCE <br /> 1.1. Advance. The Lender makes two advances to the County under this <br /> Agreement, consisting of a First Advance in the amount of $2,275,000 (the "First Ad- <br /> vance") and a Second Advance in the amount of$5,875,000 (the "Second Advance"), for <br /> an aggregate amount advanced of $8,150,000 (collectively, the "Amount Advanced"). <br /> The County accepts the Amount Advanced. <br /> 1.2. Form of Advance. The Lender will make the advance on the Closing Date <br /> by a Federal Reserve wire transfer, or other transfer of immediately available funds, to a <br /> bank account in the United States that the County designates. <br /> 2 <br />