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b. Frequency: Annual <br /> Due Date: Due within 10 days of filing but in any event <br /> no later than 90 days of each calendar year end. <br /> ADDITIONAL INFORMATION If at any time during the life of the loan the IRS were to determine <br /> that the subject loan is not a valid debt issuance for Municipalities <br /> or that the taxable structure is no longer tax exempt, the Lender <br /> will have the right to re-price the loan at that time. <br /> EXPIRATION You have 60 days to accept the proposed terms and rates discussed in this <br /> Term sheet.This timeframe begins from the date of this term sheet.After <br /> acceptance,you have an additional 30 days to close the loan. <br /> If you have any questions regarding the above proposal,please feel free to <br /> contact me at 919-645-6330.I appreciate the opportunity to discuss this <br /> request with you, and I look forward to hearing from you soon. <br /> Sincerely, <br /> A. Steele Hall <br /> Vice President <br /> Please indicate your agreement to the terms and conditions set forth in the term sheet above by signing <br /> below where indicated. Please return an executed copy to my attention. <br /> BORROWER: <br /> Orange County ABC Board <br /> By: <br /> Title: Chair Date <br /> I <br /> .. i <br /> I <br /> 1 <br /> i <br />