Agenda - 06-24-1986 - Laserfiche WebLink

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which the Authority may expend Bond proceeds under the Enabling Act . "Counsel" shall mean an attorney or a firm of attorneys acceptable to the Holder and may, but need not , be counsel to the Authority or the Company. "County" shall mean Orange County, North Carolina. "Date of Taxability" shall mean the first date on which interest on the Bond became includable in the gross income of the Holder or a former Holder pursuant to a Determination of Taxability. "Deed of Trust" shall mean the Deed of Trust, of even date herewith, from the Company to , as trustee for the benefit of the Authority, and any amendments and supplements thereto permitted by the Bond Purchase Agreement. "default" or "event of default" shall have the meaning set forth in Section 9 .1. "Depositary" shall mean NCNB National Bank of North Carolina, a national banking association with its principal office in Charlotte, North Carolina, in its capacity as custodian of the Project Fund. "Determination of Taxability" shall be defined as and shall be deemed to have occurred on the first to occur of the following; (a) on that date when the Company files ( in compliance with its obligations under this Agreement ) any statement, supplemental statement or other tax schedule, return or document (whether pursuant to Treasury Regulations §1.103--10 (b) ( 2) (vi) , as the same may be amended or supplemented, or otherwise) which discloses that an "Event of Taxability, " as hereinafter defined, shall have in fact occurred (a "Supplemental Statement" ) ; (b) on the date when the Holder or any prior Holder notifies the Company that it has received a written opinion by an attorney or firm of attorneys of recognized standing on the subject of municipal bonds to the effect that an Event of Taxability shall have occurred; 5 .