Orange County NC Website
on the Bonds, without preference or priority of principal or interest, or of any <br /> installment of interest over any other installment of interest, or of any Bond over <br /> any other Bond, ratably according to the amounts due respectively for principal and <br /> interest, in each of these cases to the persons entitled thereto without any <br /> discrimination or privilege. <br /> The Trustee may fix the date for any payment to Owners under this Section. <br /> Section 10.11. Undertaking for Costs. In any suit for the enforcement of any <br /> right or remedy under this Agreement or in any suit against the Trustee for any <br /> action taken or omitted by it as Trustee, a court in its discretion may require the <br /> filing by any party of an undertaking to pay the costs of the suit, and the court in its <br /> discretion may assess reasonable costs, including reasonable legal fees, against any <br /> party, having due regard to the merits and good faith of the claims or defenses made <br /> by the party. This Section does not apply to a suit by the Trustee or any authorized <br /> suit by any Owner. <br /> ARTICLE XI <br /> DISCHARGE OF TRUST AGREEMENT <br /> Section 11.01. Bonds Deemed Paid; Discharge of Trust Agreement. <br /> Any Bond will be deemed paid for all purposes of this Agreement when (a) payment <br /> of the principal, premium, if any, and interest on that Bond to the due date of those <br /> amounts (whether at maturity, upon redemption or otherwise) either (i) has been <br /> made in accordance with the terms of the Bonds or (ii) has been provided for by <br /> irrevocably depositing with the Trustee or other fiduciary in escrow (A) cash <br /> sufficient to make the payments or (B) Federal Securities maturing as to principal <br /> and interest in such amounts and at such times as will ensure, without <br /> reinvestment, the availability of sufficient moneys to make those payments and <br /> which are not subject to redemption or purchase prior to maturity at the option of <br /> anyone other than the holder, and (b) all compensation and expenses of the Trustee <br /> have been paid or provided for to the Trustee's satisfaction. <br /> The sufficiency of the deposit referenced above must be evidenced or verified <br /> by a certificate or other writing, in form and substance satisfactory to the Trustee, of <br /> a person or entity experienced in making these calculations as the County may <br /> select. <br /> 43 <br />