Orange County NC Website
Browse       Search
( 2 ) non - payment related defaults , if material ; <br /> ( 3 ) unscheduled draws on debt service reserves reflecting financial <br /> difficulties ; <br /> (4) unscheduled draws on any credit enhancements reflecting financial <br /> difficulties ; <br /> (5 ) substitution of credit or liquidity providers, or their failure to perform ; <br /> (6 ) adverse tax opinions, the issuance by the Internal Revenue Service of <br /> proposed or final determinations of taxability, Notices of Proposed Issue ( IRS Form <br /> 5701 - TEB ) or other material notices or determinations with respect to the tax <br /> status of the 2025 Bonds, or other material events affecting the tax status of the <br /> 2025 Bonds , <br /> ( 7 ) modifications to rights of the beneficial owners of the 2025 Bonds , if <br /> material ; <br /> i <br /> ( 8) calls for redemption of 2025 Bonds , if material, and tender offers ; <br /> (9 ) defeasances ; � <br /> i <br /> ( 10 ) release, substitution or sale of any property securing repayment of the <br /> 2025 Bonds , if material ; <br /> ( 11 ) rating changes , <br /> i <br /> ( 12 ) bankruptcy, insolvency, receivership or similar proceedings related to <br /> the County, the Trustee or any other person or entity that may at any time become <br /> legally obligated to make Bond Payments (collectively, the " Obligated Persons <br /> ( 13 ) The consummation of a merger, consolidation, or acquisition involving <br /> an Obligated Person or the sale of all or substantially all of the assets of the <br /> Obligated Person, other than in the ordinary course of business, the entry into a <br /> t <br /> definitive agreement to undertake such an action or the termination of a definitive <br /> agreement relating to any such actions , other than pursuant to its terms , if material , <br /> 14 <br /> i <br />