Orange County NC Website
As appropriate , each affected Bondholder shall promptly prepare a substitute <br /> Exhibit D reflecting the AIternative Rate of Interest, as calculated by the Bondholder, <br /> and the resulting payment schedule, and deliver a copy of the new schedule to the <br /> County, the Trustee and to the LGC . The Trustee has no responsibility to calculate <br /> any such additional interest, penalties or charges , or to confirm that any have been <br /> paid, with those matters lying only between the County and the affected <br /> Bondholders . <br /> Section 1 . 06 . Default Rate . While any default by the County under the 2023 <br /> Bonds, the Deed of Trust or the Trust Agreement is continuing, the 2023 Bonds will <br /> bear interest (but only during the pendency of the default) at the Default Rate . If a <br /> default only applies to the 2023A or the 2023B Bond, then only the affected 2023 <br /> Bond will be subject to interest at this default rate . As appropriate, each affected <br /> Bondholder shall promptly prepare a substitute Exhibit D reflecting the new <br /> interest rate and resulting payment schedule, and deliver a copy of the new <br /> schedule to the County, the Trustee and to the LGC . The Trustee has no <br /> responsibility to calculate any such additional interest, penalties or charges, or to <br /> confirm that any have been paid, with those matters lying only between the County <br /> and the affected Bondholders . <br /> Section 1 . 07 . Redemption Dates and Prices . The 2023 Bonds are subject <br /> to redemption as described in Section 2 . 01 . <br /> Section 1 . 08 . Delivery of 2023 Bonds . The Trustee will authenticate and <br /> deliver the 2023 Bonds when it has received the following items ; <br /> (a) Certified copies of County Board resolutions (i) approving the terms <br /> and conditions under which the 2023 Bonds are to be executed and delivered and <br /> (ii) authorizing the execution, delivery and issuance of the 2023 Bonds , this <br /> Supplemental Agreement, and Deed of Trust Supplement ## 1 (as described in Exhibit <br /> B ) <br /> (b ) Evidence satisfactory to the Trustee that the LGC has approved the <br /> issuance of the 2023 Bonds <br /> ( c) An executed copy of this Supplemental Agreement <br /> 6 <br />