Orange County NC Website
46 <br /> "Payment Date" with respect to the 2022 Bonds means each February 1 and <br /> August 1, beginning February 1, 2023. <br /> "Prime Rate" means the per annum rate which the Lender's affiliate Truist <br /> Bank (whether or not that bank or any affiliate at any time is a registered <br /> Bondholder) announces from time to time to be its "prime rate," as in effect from <br /> time to time. The prime rate is a reference or benchmark rate, is purely <br /> discretionary and does not necessarily represent the lowest or best rate charged to <br /> borrowing customers. The Lender's affiliate Truist Bank may make commercial <br /> loans or other loans at rates of interest at, above or below the prime rate. Each <br /> change in the prime rate will be effective from and including the date Truist Bank <br /> announces the change as effective. <br /> "Prior Agreement" means the Trust Agreement dated as of June 1, 2018, <br /> between the County and The Bank of New York Mellon Trust Company, N.A., as <br /> trustee, as supplemented by (a) a First Supplemental Trust Agreement dated as of <br /> April 1, 2019, (b) a Second Supplemental Trust Agreement dated as of November 1, <br /> 2019, and (c) a Third Supplemental Trust Agreement dated as of May 1, 2020, with <br /> all those Supplemental Agreements also between the County and the Trustee. <br /> "Prior Deed of Trust" means the Deed of Trust and Security Agreement dated <br /> as of June 1, 2018, from the County to a Deed of Trust Trustee for the County's <br /> benefit, as supplemented by (a) a Deed of Trust Supplement #1 dated as of April 1, <br /> 2019, (b) a Deed of Trust Supplement #2 dated as of November 1, 2019, and (c) a <br /> Deed of Trust Supplement#3 dated as of May 1, 2020 <br /> "Supplemental Agreement" means this Fourth Supplemental Trust <br /> Agreement, as it may be properly amended or supplemented from time to time. <br /> ["Taxable Period" means the period of time between (a) the date that interest <br /> on a 2022 Bond is deemed to be includable in the gross income of the owner thereof <br /> for federal income tax purposes as a result of an Event of Taxability, and (b) the date <br /> of the Event of Taxability and after which the applicable 2022 Bond bears interest at <br /> the Taxable Rate.] <br /> "Taxable Rate" means the interest rate per annum that provides the Lender <br /> with the same after tax yield that the Lender would have otherwise received had the <br /> Event of Taxability not occurred, taking into account the increased taxable income of <br /> 21 <br />