OTHER-2024-033-Bond Purchase Agreement

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t 1' shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Underwriters shall be deemed to be equal to the total purchase discounts and commissions in each case set forth on the cover of the Official Statement . Relative fault shall be determined by reference to , among other things , whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the County on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, information and opportunity to correct or prevent such untrue statement or omission . The County and the Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above . Notwithstanding the provisions of this paragraph no person guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation . Each person who controls an Underwriter within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of an Underwriter shall have the same rights to contribution as the Underwriter, and each person who controls the County within the meaning of either the Securities Act or the Exchange Act and each official, director, officer and employee of the County shall have the same rights to contribution as the County, subject in each case to the applicable terms and conditions of this paragraph , ( 11 ) Notices . Any notice or other communication to be given to the County under this Bond Purchase Agreement must be given in writing (not to include facsimile transmission or electronic mail) to the applicable address shown below, and any notice under this Bond Purchase Agreement to the Underwriters may be given by delivering the same in writing to Baird as follows : Orange County, North Carolina 300 West Tryon Street Hillsborough, North Carolina 27278 (Attention : County Manager) Robert W . Baird & Co . Incorporated 380 Knollwood Street, Suite 440 Winston- Salem, North Carolina 27103 (Attention : Ryan Maher, Managing Director) ( 12) Governing Law . This Bond Purchase Agreement shall be governed by and construed in accordance with the laws of the State . ( 13 ) Effectiveness . This Bond Purchase Agreement shall become effective upon the acceptance hereof by the County . ( 14) Arm ' s -Length Transaction. The County acknowledges and agrees that the purchase and sale of the Bonds pursuant to this Bond Purchase Agreement is an arm ' s -length commercial transaction between the County and the Underwriters , acting solely as principals and not as municipal advisors , financial advisors or agents of the County . The Underwriters have not assumed a financial advisory responsibility in favor of the County with respect to the offering of the Bonds or the process leading thereto (whether or not the Underwriters , or any affiliate of the Underwriters , has advised or is currently advising the County on other matters) or any other obligation to the County except the obligations expressly set forth in this Bond Purchase Agreement, it being the County ' s understanding that a financial advisory relationship shall not be deemed to exist when, in the course of acting as an underwriter, a broker, dealer or municipal securities dealer, a person renders advice to an issuer, including advice with respect to the structure, timing, terms and other similar matters concerning a new issue of municipal securities . The Underwriters have provided to the County prior disclosures regarding their role as underwriters , their compensation, any 43 -