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"County" means Orange County, North Carolina, or its successors. <br />"Deed of Trust" means the Deed of Trust and Security Agreement dated as <br />of April 1, 2000, from the County to a deed of trust trustee for the Company's <br />benefit, as it may be duly amended or supplemented. <br />"DTC" means The Depository Trust Company, New York, New York, or its <br />successors as the securities depository maintaining abook-entry system for <br />recording beneficial otivnership interests in the Certificates <br />"Event of Default" has the meaning set forth in Section 8.01. <br />"Federal Securities" means, to the extent such are legal investments for the <br />County's funds at the time of purchase, (a} direct obligations of the Uiuted States of <br />America far which its full faith and credit are pledged, or (b) Securltles or <br />obligations evidencing direct o~~~ership interests in specified portions (principal or <br />interest) of obligations described in {a). <br />"Financing Contract" means the Installment Financing Contract dated as of <br />April 1, 2006, between the County and the Company, as it may be duly amended <br />or supplemented. <br />"Independent Counsel" has the meaning assigned in the Financing Contract. <br />"Insurer" means , or any successor. <br />"Interest Account" means the account of that name in the Payment Fund <br />established in Section 4.04. <br />"LGC" means the North Carolina Local Government Commission, or any <br />successor to its functions. <br />"Majority Owners" means, as of any date, the Owners of at least a majority <br />in principal amount of the Certificates then Outstanding. <br />"Net Proceeds" has the meaning assigned in the Financing Contract. <br />"Net Proceeds Fund" means the fund by that name established in Section <br />3.04 <br />"Opinion of Counsel" or "Opinion of Special Counsel" means a u~~ritten <br />opinion of Independent Counsel or Special Counsel, as appropriate. <br />J3862v2 40 <br />