Orange County NC Website
18 <br /> 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 Second Supplemental Trust Agreement dated as <br /> of June 1, 2024 (the "2024 Agreement"), which provided for the issuance of the <br /> 2024 Bonds, the 2025 Agreement, the 2025 Bonds, the Prior Bonds and the <br /> Modified Deed of Trust. <br /> "Permitted Encumbrances" means, as of any particular time, (a) the <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 /> 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 /> added 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 /> $23,585,000 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 /> $11,880,000 original aggregate principal amount Limited Obligation Bonds, <br /> Series 2024 (the "2024 Bonds") <br />