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PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF NORTH CAROLINA OR <br /> ANY POLITICAL SUBDIVISION THEREOF, INCLUDING, WITHOUT LIMITATION, <br /> THE AUTHORITY AND ORANGE COUNTY, NORTH CAROLINA. NEITHER THE <br /> STATE OF NORTH CAROLINA NOR ANY POLITICAL SUBDIVISION THEREOF, <br /> INCLUDING, WITHOUT LIMITATION, THE AUTHORITY AND ORANGE COUNTY, <br /> NORTH CAROLINA, SHALL BE OBLIGATED TO PAY THE PRINCIPAL OF OR <br /> PREMIUM, IF ANY, OR INTEREST ON THIS BOND OR OTHER COSTS INCIDENT <br /> HERETO EXCEPT FROM THE REVENUES ASSIGNED AND PLEDGED THEREFOR, <br /> AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE <br /> STATE OF NORTH CAROLINA OR ANY POLITICAL SUBDIVISION THEREOF, IN- <br /> CLUDING, WITHOUT LIMITATION, THE AUTHORITY AND ORANGE COUNTY, IS <br /> PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR PREMIUM, IF ANY, OR <br /> INTEREST ON THIS BOND OR OTHER COSTS INCIDENT HERETO. <br /> Upon the occurrence and continuance of a default or an event <br /> of default as defined in the Loan Agreement, the Holder may at <br /> its option declare the entire principal balance and all accrued <br /> interest thereon to be due and payable. Interest shall accrue on <br /> any due and unpaid portion of the principal hereof or interest <br /> hereon at a rate per annum equal to the Alternative Rate of <br /> Interest. <br /> Alterations and modifications of the Bond Purchase Agree- <br /> ment, the Loan Agreement, the Note, the Assignment, the Security <br /> Agreement and the Deed of Trust , or of any amendments or <br /> supplements thereto, may be made only with the written consent of <br /> the Authority, the Company and the Holder . Alterations and <br /> modifications of the Company Guaranty, or of any amendments or <br /> supplements thereto, may be made only with the written consent of <br /> the Company and the Holder . Alterations and modifications of the <br /> Personal Guaranty, or of any amendment or supplement thereto, may <br /> be made only with the written consent of the Personal Guarantors, <br /> the Authority and the Holder. <br /> All acts, conditions and things required to happen, exist or <br /> be performed precedent to and in the issuance of this Bond have <br /> happened, exist and have been performed. <br /> A-5 <br />