Orange County NC Website
34 <br /> information on overlapping or underlying debt)] to the extent such items are not <br /> included in the audited financial statements referred to in (a) above; <br /> (c) in a timely manner, not in excess of ten Business Days after the <br /> occurrence of the event, notice of any of the following events with respect to the <br /> 2019 Bonds: <br /> (1) principal and interest payment delinquencies; <br /> (2) non-payment related defaults, if material; <br /> (3) unscheduled draws on debt service reserves reflecting financial <br /> difficulties; <br /> (4) unscheduled draws on credit enhancements reflecting financial <br /> difficulties; <br /> (5) substitution of credit or liquidity providers, or their failure to perform; <br /> (6) adverse tax opinions, the issuance by the Internal Revenue Service of <br /> proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form <br /> 5701-TEB) or other material notices or determinations with respect to the tax <br /> status of the Bonds, or other material events affecting the tax status of the Bonds; <br /> (7) modifications to rights of the beneficial owners of the Bonds, if <br /> material; <br /> (8) calls for redemption of the Bonds (other than calls pursuant to sinking <br /> fund redemption), if material, and tender offers; <br /> (9) defeasances; <br /> (10) release, substitution or sale of any property securing repayment of the <br /> Bonds, if material; <br /> 12 <br />