Orange County NC Website
Browse       Search
Certificates have not in fact been actually been paid in full, no amendment to the <br />provisions of that Article may be made ujithout the consent of the Owner of each <br />Certificate affected. <br />Section 10.03. Procedure far Amendment with Owners' Written <br />Consent. <br />(a) If the consent of the 0~~,~ners is required pL~rsuant to Section 10.0? for <br />an amendment or supplement to this Trust Agreement, the Certificates or the <br />Financing Contract, the Trustee will establish a record date, and Owners as of such <br />date will be the Owners with the right to consent to such amendment or <br />supplement. Such record date v~Till be a date not later than five Business Days after <br />the date the Trustee receives direction from the Company to solicit such consents. <br />(b) The Trustee will send, by first class mail, a copy of such supplement <br />or amendment, together with a request to the Owners for their consent thereto, to <br />the Insurer and to each Owner at its address as set forth in the Certificate <br />registration books maintained pursuant to Section 2.04, but failure to receive <br />copies of such supplement or amendment and request so mailed ~jill not affect the <br />~Talidity of the supplement or amendment when assented to as provided in this <br />Section. The request mailed by the Trustee ujill also designate a date not more than <br />60 nor less than 30 days following the mailing date by which consent must be <br />returned to be effective. <br />(c) Such supplement or amendment tivill not become effective unless <br />there are filed with the Trustee the ~~~ritten consent of the Owners of not less than a <br />majority in aggregate principal amount of the Certificates then Outstanding <br />(exclusive of Certificates disqualified as provided in Section 10.04) and notices <br />have been mailed as hereinafter in this Section provided. Each such consent will be <br />effective o1~ly if accompaiued by proof of ownership of the Certificates for which <br />such consent is given, wThich proof ~~jill be such as is permitted by Section 10.10. <br />(d} If DTC is the registered owner of the Certificates, the Trustee will <br />take such actions as may be appropriate to solicit the consents provided for in this <br />Section from beneficial owners in accordance with DTC's rules and regulations, as <br />the same may be in effect from time to time. <br />Section 10.04. Disqualified Certificates. Certificates owned or held by or <br />for the account of the County or the Company or by any person directly or <br />indirectly controlling or controlled by, or under direct or indirect common control <br />with the County or the Company (except any Certificates held in any pension or <br />retirement fund) will not be deemed Outstanding for the purpose of any action or <br />J3862v2 ~~ <br />