Orange County NC Website
• Section 8.05. Majority's Control. The Majority Owners may, upon satisfactory <br />indemnification of the Trustee, direct the time, method and place of conducting any <br />proceeding for any remedy available to the Trustee or of exercising any trust or power <br />conferred on it. The Trustee, however, may refuse to follow any direction that conflicts <br />with law or this Trust Agreement or, subject to Section 9.01, that the Trustee determines <br />is unduly prejudicial to the rights of other Owners or would involve the Trustee in <br />personal liability. <br />Section 8.06. Limitation on Suits. An Owner inay not pursue any remedy with <br />respect to this Trust Agreement or the Bonds (except as provided in Section 8.07) unless <br />(a) the Owner gives the Trustee notice stating that an Event of Default is continuing, (b) <br />the Majority- Owners make a written request to the Trustee to pursue the remedy, (c) such <br />Owner or Owners offer to the Trustee indemnity satisfactory to the Trustee against any <br />loss, liability or expense, and (d) the Trustee does not comply with the request within 60 <br />days after receipt of the request and the offer of indemnity. <br />An Owner may not use this Trust Agreement to prejudice the rights of another <br />Owner or to obtain a preference or priority over the other Owners. <br />Section 8.07. Rights To Receive Payment. The right of any Owner to receive <br />• payment of principal, premium, if any, and interest with respect to a Bond, on or after the <br />due dates expressed in the Bond, or to bring suit for the enforcement of any such payment <br />on or after such dates, is preserved under this Trust Agreement and may not be impaired <br />or affected without such Owner's consent. <br />Section 8.08. Collection Suit 6y Trustee. If an Event of Default occurs and is <br />continuing, the Trustee may recover judgment in its own name and as trustee of an <br />express trust against the County for the whole amount remaining unpaid. <br />Section 8.09. Trustee May File Proofs of Claim. (a) The Trustee may file such <br />proofs of claim and other papers or documents as may be necessary or advisable in order <br />to have the claims of the Trustee and the Owners allowed in any judicial proceedings <br />relative to the County, the Company, their creditors or their property and, unless <br />prohibited by law or applicable regulations, may vote on behalf of the Owners in any <br />election of a trustee in bankruptcy or other person performing similar functions. <br />(b) If the Trustee incurs expenses or renders services in any proceedings which <br />result from an Event of Default, or from any event or occurrence which, with the passage <br />of time, would become an Event of Default, the expenses so incurred and compensation <br />for services so rendered are intended to constitute expenses of administration under the <br />• United States Bankruptcy Code or equivalent law. <br />Section 8.10. Priorities. If the Trustee collects any money pursuant to this <br />Article, it will deposit the same in a special account in the Payment Fund and pay out <br />such money in the following order: <br />ao <br />