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2 _ 2 Definitions . All capitalized terms used in this Supplement and not <br /> otherwise defined have the meanings ascribed to them otherwise in the Loan <br /> Documents , In addition , the following terms used in this Supplement have the <br /> following meanings , unless the context clearly requires otherwise : <br /> The " Loan Documents " are the 2021 Agreement, the First Supplemental Trust <br /> Agreement dated as of June 13 , 2023 (the " 2023 Agreement" ) , which provided for <br /> the issuance of the 2023 Bonds , the 2024 Agreement, the 2024 Bonds , the Prior <br /> Bonds and the Modified Deed. of Trust . <br /> I; <br /> " Permitted Encumbrances " means , as of any particular time , ( a) the c <br /> encumbrances on the County ' s title to the Mortgaged Property that are stated on <br /> Exhibit B , (b ) liens for taxes and assessments not then delinquent, or liens which <br /> may remain unpaid pursuant to the Modified Deed of Trust, ( c) the Modified Deed of <br /> Trust, ( d) any lien or encumbrance which is made by its terms expressly <br /> subordinate to the lien of the Modified Deed of Trust, including leases of Mortgaged <br /> I <br /> Property made by the County, as lessor , to other units of State or local government, <br /> ( e) easements and rights - of- way granted by the County pursuant to the Modified <br /> Deed of Trust , and ( f) encumbrances on the County ' s title to property that may be <br /> ad <br /> ded in the future to the definition of the Mortgaged Property existing at the time <br /> the property becomes part of the Mortgaged Property. <br /> " Prior Bonds " means all the County' s limited obligation bonds issued <br /> pursuant to the 2021 Agreement, as previously supplemented , and specifically <br /> means the following bonds : <br /> $ 12 , 585 , 000 original aggregate principal amount Limited Obligation Bonds , <br /> Series 2021A and 2021B ( the " 2021 Bonds " ) <br /> $ 14 , 298 , 000 original aggregate principal amount Limited Obligation Bonds , <br /> Series 2023A and 2023B ( the " 2023 Bonds " ) <br /> 2 - 3 Governing Law ; Forum. The County, BNY - M and the Deed of Trust <br /> Trustee intend that North Carolina law will govern this Supplement and all matters <br /> permitted by law , the County, BNY- M and the <br /> of its interpretation . To the extent <br /> Deed of Trust Trustee agree that any action brought with respect to this Supplement <br /> must be brought in the North Carolina General Court of justice in Orange County, <br /> North Carolina , <br />