OTHER-2021-022 Trust Agreement - Laserfiche WebLink

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"Independent Counsel" means an attorney duly admitted to the practice of law in the State as the County may select from time to time. "Interest Account" means the account of that name in the Payment Fund established in Section 3.04. "Legal Investments" means all investments as are legal investments for the County's funds, as determined at the time of investment, and "Investment Obligations" means the securities purchased as Legal Investments and held under this Agreement. %GC" means the North Carolina Local Government Commission, or any successor to its functions. "Majority Owners" means, as of any date, the Owners of at least a majority in principal amount of the Bonds then Outstanding. "Mortgaged Property" has the meaning assigned to that term in the Deed of Trust, and generally includes the Pledged Facilities and the Pledged Sites. "MSRB" means the Municipal Securities Rulemaking Board, or any successor to its functions. "Net Proceeds" means all payments and proceeds derived from (a) claims made on account of insurance coverages required under this Agreement, (b) any exercise of condemnation or eminent domain authority related to all or any portion of the Mortgaged Property, (c) proceeds of title insurance related to the Mortgaged Property, or (d) any sale of the Pledged Facilities, as well as all judgments, settlements or other payments in lieu of any of the foregoing, but in any case reduced by the sum of all amounts (including legal fees, costs and expenses) expended by the County or the Trustee (i) to collect those gross proceeds or (ii) to remedy the event giving rise to the proceeds, all of which amounts will be paid or reimbursed from the gross proceeds. "Net Proceeds Fund" means the Orange County 2021 Net Proceeds Fund established in Section 3.04. "Opinion of Counsel" or "Opinion of Bond Counsel" means a written opinion of Independent Counsel or Bond Counsel, as appropriate. 67