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39 <br /> "Date of Taxability" means the first date upon which interest on a 2023 Bond <br /> paid by the County is included in a Bondholder's gross income for federal income tax <br /> purposes as a result of an Event of Taxability or a Determination of Taxability. <br /> "Deed of Trust" means the Prior Deed of Trust as modified by the "Deed of <br /> Trust Supplement #1" dated as of June , 2023, also granted by the County for the <br /> Trustee's benefit. <br /> "Default Rate," for any 2023 Bond, means an annual interest rate equal to the <br /> lesser of (a) then-current annual interest rate on that 2023 Bond plus 4.00% (400 <br /> basis points) and (b) the maximum lawful rate. <br /> "Determination of Taxability" means a determination that interest on a 2023 <br /> Bond paid by the County is included in gross income of a Bondholder for federal <br /> income tax purposes, which determination shall be deemed to have been made upon <br /> the first to occur of the following: (a) the date on which the Bondholder is advised in <br /> writing by the Commissioner or any District Director of the Internal Revenue Service <br /> that, as a consequence of an action, or failure to act, by the County, the interest is <br /> included in the Bondholder's gross income for federal income tax purposes; (b) the <br /> date on which the County receives notice from a Bondholder that the Bondholder has <br /> been advised (i) in writing by the Internal Revenue Service that the Service has issued <br /> a statutory notice of deficiency or similar notice to the Bondholder which asserts, in <br /> effect, that interest is included in the Bondholder's gross income for federal income tax <br /> purposes, as a result of an action, or failure to act, by the County, or (ii) by an opinion <br /> of counsel received by the Bondholder which concludes, in effect, that interest is <br /> included in the Bondholder's gross income for federal income tax purposes as a result <br /> of an action, or failure to act, by the County; (c) the day on which the County is advised <br /> in writing by the Commissioner or any District Director of the Internal Revenue <br /> Service that there has been issued a public or private ruling of the Internal Revenue <br /> Service that the interest is included in the Bondholder's gross income for federal <br /> income tax purposes as a result of an action, or failure to act, by the County; or (d) the <br /> day on which the County is advised in writing by counsel to the Bondholder that a final <br /> determination, from which no further right of appeal exists, has been made by a court <br /> of competent jurisdiction in the United States of America in a proceeding with respect <br /> to which the County has been given written notice and an opportunity to participate <br /> and defend that the interest is included in the Bondholder's gross income for federal <br /> income tax purposes, as a result of an action, or failure to act,by the County. <br /> 21 <br />