Orange County NC Website
The Trustee will not authenticate and deliver any such Additional <br />Certificates if any default under this Trust Agreement or under the Financing <br />Contract is continuing. <br />Simultaneously with the delivery of the Additional Certificates, the proceeds <br />(including any accrued interest) of the Additional Certificates will be applied as <br />pro~Tided in the certificate described in (v) above. <br />Each of the Additional Certificates executed and delivered pursuant to this <br />Section will evidence an assignment of a proportionate and undivided ownership <br />interest in Installment Payments under the Financing Contract, as amended, <br />proportionately and ratably secured with the 2006A Certificates and all other <br />Additional Certificates, if any, executed and deli~Tered pursuant to this Section, <br />without preference, priority or distinction of any Certificates over any other. No <br />Additional Certificates will be so proportionately and ratably secured without. <br />compliance with the provisions of thus Section. <br />After the execution and delivery of any such Additional Certificates, such <br />will be "Certificates" under this Trust Agreement and subject to all of its terms and <br />conditions, except as may be provided in the supplement to this Trust Agreement <br />provided for in (iii) above. <br />ARTICLE II <br />ADDITIONAL PROVISIONS FOR THE FORM, <br />REGISTRATION AND EXCHANGE OF CERTIFICATES <br />Section 2.01. Book-Entry-Only Form. {a) The Certificates will be <br />issued by means of a book-entry system, with one certificate for each maturity <br />immobilized at DTC, and not available for distribution to the public. Transfer of <br />beneficial ownership interests in the Certificates in the principal amounts of $5,000 <br />or any multiple thereof will be effected on the records of DTC and its participants <br />pursuant to rules and procedures established by DTC and its participants. Principal, <br />premium, if any, and interest with respect to the Certificates will be payable to <br />DTC or its nominee as registered owner of the Certificates. Transfer of principal, <br />premium, if any, and interest to DTC participants ~~Till be DTC's responsibilit~j, and <br />transfer of principal, premium, if any, and interest with respect to the Certificates <br />to beneficial owners of the Certificates by DTC participants will be the <br />responsibility of such participants and other nominees of beneficial owners. <br />Neither the Trustee, the Company nor the County will be responsible or liable for <br />such transfer of payments or for maintaining, supervising or revieuJing the records <br />maintained b~T DTC, its participants or persons acting through such participants. <br />J3862v2 <br />