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42 <br /> defend any suit or other proceeding with respect thereto, except as provided in the <br /> Trust Agreement. Changes to or supplements of the Trust Agreement may be made to <br /> the extent and in the circumstances permitted by the Trust Agreement. <br /> Ownership of this Bond will be registered on the Bond Register (as defined in <br /> the Trust Agreement) kept for that purpose by the Trustee, which will act as Bond <br /> registrar. This Bond may be exchanged, and its transfer may be effected, only by its <br /> Owner in person or by attorney duly authorized in writing at the designated office of <br /> the Trustee, but only in the manner, subject to the limitations and upon payment of <br /> the charges provided in the Trust Agreement, and upon surrender and cancellation of <br /> this Bond. The Trustee will not register the transfer of the Bond to any person <br /> other than a bank, an insurance company or a similar financial institution <br /> unless the North Carolina Local Government Commission has previously <br /> approved the transfer. Upon exchange or registration of such transfer a new <br /> registered Bond of the same maturity and interest rate for the same aggregate <br /> principal amount will be issued in exchange therefor. <br /> The County and the Trustee may deem and treat the person in whose name this <br /> Bond is registered on the Bond Register as the absolute owner of this Bond for the <br /> purpose of receiving payment of or on account of principal of and interest due on this <br /> Bond and for all other purposes, and neither the County nor the Trustee will be <br /> affected by any notice to the contrary, except that interest payments will be made to <br /> the persons shown as Owners on the Trustee's registration books on the Record <br /> Date, which is the end of the calendar day on the 15th day of the month (whether or <br /> not a business day) preceding each Payment Date. <br /> All acts, conditions and things required by the Constitution and laws of the <br /> State of North Carolina to happen, exist or be performed precedent to and in the <br /> execution and delivery of this Bond have happened, exist and have been performed. <br /> The County intends that North Carolina law will govern this Bond and all <br /> matters of its interpretation. <br /> This Bond will not be entitled to any benefit under the Trust Agreement or be <br /> valid or obligatory for any purpose until the Trustee has executed the Certificate of <br /> Authentication appearing on this Bond. <br /> 21 <br />