Orange County NC Website
Browse       Search
For the purposes of the events identified in subparagraph ( c) ( 12 ) above, the <br /> event is considered to occur when any of the following occurs : the appointment of a <br /> receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under <br /> the U . S . Bankruptcy Code or in any other proceeding under state or federal law in <br /> which a court or governmental authority has assumed jurisdiction over <br /> substantially all of the assets or business of the Obligated Person, or if such <br /> jurisdiction has been assumed by leaving the existing governing body and officials <br /> or officers in possession but subject to the supervision and orders of a court or <br /> governmental authority, or the entry of an order confirming a plan of <br /> reorganization, arrangement or liquidation by a court or governmental authority <br /> having supervision or jurisdiction over substantially all of the assets or business of <br /> the Obligated Person . <br /> If the County fails to comply with the undertaking described above , the <br /> Trustee may take action to protect and enforce the rights of all the beneficial owners <br /> of the 2024 Bonds with respect to such undertaking, including an action for specific <br /> performance , provided, however, that failure to comply with such undertaking will <br /> not be an Event of Default and will not result in any acceleration of payment of the <br /> 2024 Bonds . All actions will be instituted , had and maintained in the manner <br /> provided in this paragraph for the benefit of all beneficial owners of the 2024 Bonds . <br /> The County must provide the documents and other information referred to <br /> above to the MSRB in an electronic format as prescribed by the MSRB and <br /> accompanied by identifying information as prescribed by the MSRB . <br /> The County may discharge its undertaking as set forth in this Section by <br /> providing such information in any manner that the United States Securities and <br /> Exchange Commission subsequently authorizes in lieu of the manner described <br /> above . <br /> The County reserves the right to modify from time to time the information to <br /> be provided, or the presentation of the information to be provided, to the extent <br /> necessary or appropriate in the County' s judgment, provided that : <br /> (A) any such modification may only be made in connection with a change <br /> in circumstances that arises from a change in legal requirements, change in law, or <br /> change in the identity, nature, or status of the County; <br /> 20 <br />