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10 <br />The stated interest rate assumes that the County expects to borrow less than $10,000,000 in <br />calendar year 2002 and that the financing will qualify as tax-exempt financing under the Internal Revenue <br />Code. BB&T reserves the right to terminate its interest in this bid or to negotiate a mutually acceptable rate <br />if the financing is not atax-exempt financing. <br />(4) Security: <br />This financing will be secured by a first lien security interest on (a) all personal property acquired <br />with financing proceeds, (b) all improvements to real estate that are constructed or unproved with financing <br />proceeds, and all associated real estate, and (c) all real estate acquired with financing proceeds. <br />(5~ 1N~inancing Documents: <br />BB&T proposes to use its standard form financing contracts and related documents for this <br />installment financing. We will provide a sample of those documents to you should BB&T be the successful <br />proposer. <br />BB&T appreciates the opportunity to make this financing proposal and requests to be notified <br />within five days of this proposal should BB&T be the successful proposer. <br />BB&T shall have the right to cancel this offer by notifying the County of its election to do so <br />(whether or not this offer has previously been accepted by the County) if at any time prior to the closing <br />there is a material adverse change in the County's financial condition, if we discover adverse circumstances <br />of which we are currently unaware, if we are unable to agree on acceptable documentation with the County <br />or if there is a change in law (or proposed change in law) that changes the economic effect of this financing <br />to BB&T. We reserve the right to negotiate and/or terminate our interest in this transaction should we be <br />the successful proposer. <br />We have attached the form of a resolution that your governing board can use to award the <br />financing to BB&T should we be the successful proposer. If your board adopts this resolution, then BB&T <br />will not require any further board action prior to closing the transaction. <br />Please call me at (919) 716-9880 with your questions and comments. We look forward to hearing <br />from <br /> <br />G. Glenn <br />