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A (RUE COPY
<br />�'ERTIFICATION ON LASTPAGE
<br />J.R. SMITH. CLERK
<br />month (whether or not a business day) next preceding the interest payment date. All payments
<br />shall be made in accordance with and pursuant to the terms of the Authorizing Resolution and
<br />the Series 2015 Note and shall be payable in any coin and currency of the United States of
<br />America which, at the time of payment, is legal tender for the payment of public or private debts.
<br />After retirement of the Series 2015 Note, the Holder shall return the original thereof to the
<br />County for cancellation.
<br />(E) Upon and during the continuance of an Event of Default, the Series 2015 Note
<br />shall bear interest at a rate per annum equal to the Default Rate until all amounts then due under
<br />the Series 2015 Note are paid in full. The "Default Rate" shall be the lesser of (a) the rate per
<br />annum equal to the sum of (i) 6% and (ii) the interest rate otherwise applicable to the Series 2015
<br />Note but for the occurrence of an Event of Default and (b) any statutory maximum interest rate
<br />imposed by the State of Florida and applicable to the Series 2015 Note. An "Event of Default'
<br />means the occurrence of any one or more of the following: (1) failure of the County to pay when
<br />due the principal of or interest on the Series 2015 Note or any other amount payable to the
<br />Holder pursuant to the Authorizing Resolution and/or the Series 2015 Note when due, whether
<br />by scheduled maturity, required prepayment, redemption or otherwise, (2) any representation or
<br />warranty made or deemed made by or on behalf of the County in connection with the
<br />Authorizing Resolution or in the Series 2015 Note shall prove to be incorrect in any material
<br />respect when made, (3) the County shall fail to observe or perform any other term, covenant or
<br />agreement contained in the Authorizing Resolution or in the Series 2015 Note, (4) the County
<br />shall (I) commence a voluntary case or other proceeding or file any petition seeking liquidation,
<br />reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other
<br />similar law now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver,
<br />liquidator or other similar official of it or any substantial part of its property, (II) consent to the
<br />institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
<br />described in clause (5) below, (III) apply for or consent to the appointment of a custodian,
<br />trustee, receiver, liquidator or other similar official for the County or for a substantial part of its
<br />assets, (IV) file an answer admitting the material allegations of a petition filed against it in any
<br />such proceeding, (V) make a general assignment for the benefit of creditors, or (VI) take any
<br />action for the purpose of effecting any of the foregoing, (5) an involuntary proceeding shall be
<br />commenced or an involuntary petition shall be filed seeking (I) liquidation, reorganization or
<br />other relief in respect of the County or its debts, or any substantial part of its assets, under any
<br />federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or
<br />(II) the appointment of a custodian, trustee, receiver, liquidator or other similar official for the
<br />County or for a substantial part of its assets, and in any such case, such proceeding or petition
<br />shall remain undismissed for a period of sixty (60) days or an order or decree approving or
<br />ordering any of the foregoing shall be entered, (6) the County shall become unable to pay, shall
<br />admit in writing its inability to pay, or shall fail to pay, its debts as they become due, (7) a debt
<br />moratorium, debt restructuring, debt adjustment or comparable restriction is imposed on the
<br />repayment when due and payable of the principal of or interest on any indebtedness of the
<br />County by the State or any governmental authority with appropriate jurisdiction, (8) any material
<br />provision of the Authorizing Resolution or the Series 2015 Note shall at any time for any reason
<br />cease to be valid and legally enforceable against the County as a result of any legislative or
<br />administrative action by a governmental authority with competent jurisdiction, or the County
<br />shall publicly contest the validity, legality or enforceability of any such material provision, (9)
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