Orange County NC Website
15 <br />B, in favor of such Bank; <br />(iii) The notice described in Section 3.2(a); and <br />(iv) Such additional information and documents as such Bank and its counsel <br />may reasonably require. <br />(b) Each Bank's obligation to :make any further Advance is subject to the <br />further condition of there being no Default Condition or Event of Default existing as of <br />the date of such Advance. . <br />SECTION Z <br />Pursuant to the Support Agreement, the County has provided a Loan Loss Reserve <br />in the amount of $150,000. The County .shall make payments from the Loan Loss <br />Reserve to the Company Loan Loss Account pursuant to Section 2.02 of the Support <br />Agreement for use as provided in Section 4.2 of this Agreement. <br />SECTION 3 <br />to <br />3.1. Use of Proceeds. The Company will use the proceeds of all Advances <br />exclusively to fund Program Loans. <br />3.2. ed f <br />(a) The Company will request Advances by giving notice to the Banks and the <br />County of (i) the total amount of the proposed Borrowing (which must be a minimum of <br />$5,000, and a maximum of $50,000), (ii) the amount of the Advance required of each <br />Bank, based upon its Percentage Share, and (iii) the date of the proposed Borrowing <br />(which must be at least five Business Days after the notice date). The notice to the <br />County will also comply with the requirements of Section 1.03(a) of the Support <br />Agreement. <br />(b) On the date of the proposed Borrowing as specified in the notice, each <br />Bank will make an Advance by depositing immediately available funds in an amount <br />equal to its Percentage Share of the Borrowing to such account as the Company may <br />direct. In addition, the County will, not later than such date, give the notice provided for <br />