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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 <br /> to the extent and in the circumstances permitted by the Trust Agreement. <br /> Ownership of this Bond will be registered on the Bond register (as provided <br /> for in the Trust Agreement) to be kept for that purpose by the Trustee, which will <br /> act as Bond registrar for the Bonds. This Bond may be exchanged, and its transfer <br /> may be effected, only by the Owner hereof in person or by attorney duly authorized <br /> in writing at the designated office of the Trustee, but only in the manner, subject to <br /> the limitations and upon payment of the charges provided in the Trust Agreement, <br /> and upon surrender and cancellation of this Bond. Upon exchange or registration of <br /> such transfer a new registered Bond or Bonds of the same maturity and interest rate <br /> and of authorized denomination or denominations for the same aggregate principal <br /> amount will be issued in exchange therefor. <br /> The County and the Trustee may deem and treat the person in whose name <br /> this Bond will be registered on the Bond register as the absolute owner of this Bond <br /> for the purpose of receiving payment of or on account of principal of and interest <br /> due on this Bond and for all other purposes, and neither the County nor the Trustee <br /> will be affected by any notice to the contrary, except that interest payments will be <br /> made to the persons shown as Owners on the Trustee's registration books on the <br /> Record Date, which is the end of the calendar day on the 15th day of the month <br /> (whether or 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 /> This Bond and the issue of which it is a part are issued with the intent that <br /> North Carolina law will govern this Bond and all 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 /> [The remainder of this page has been left blank intentionally.] <br /> 76 <br />