Orange County NC Website
Browse       Search
• (4) unscheduled draws on any credit enhancements reflecting fmancial <br />difficulties; <br />(5) substitution of credit or liquidity providers, or their failure to perform; <br />(6) adverse tax opinions, the issuance by the Internal Revenue Service of <br />proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form <br />5701-TEB) or other material notices or determinations with respect to the tax status of the <br />2010 Bonds, or other material events affecting the tax status of the 2010 Bonds; <br />(7) modifications to rights of the beneficial owners of the 2010 Bonds, if <br />material; <br />(8) calls for redemption of 2010 Bonds (other than calls pursuant to sinking <br />fund prepayment), if material, and tender offers; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the 2010 <br />Bonds, if material; <br />• 11 ratin chan es• <br />( ) g g <br />(12) bankruptcy, insolvency, receivership or similar proceedings related to the <br />County, the Company or any other person or entity that may at any time become legally <br />obligated to make Installment Payments (collectively, the "Obligated Persons"); <br />(13) The consummation of a merger, consolidation, or acquisition involving an <br />Obligated Person or the sale of all or substantially all of the assets of the Obligated <br />Person, other than in the ordinary course of business, the entry into a definitive agreement <br />to undertake such an action or the termination of a definitive agreement relating to any <br />such actions, other than pursuant to its terms, if material; <br />(14) Appointment of a successor or additional trustee or the change of name of a <br />trustee, if material; and <br />(d) in a timely manner, notice of a failure of the County to provide required <br />annual financial information described in (a) or (b) above on or before the date specified. <br />For the purposes of the event identified in subparagraph (12) above, the event is <br />• considered to occur when any of the following occurs: the appointment of a receiver, <br />fiscal agent or similar officer for an Obligated Person in a proceeding under the U.S. <br />Bankruptcy Code or in any other proceeding under state or federal law in which a court <br />13 <br />