Orange County NC Website
53 <br /> The Trustee will send redemption notice to the Bondholder, at its address as <br /> it appears on the Trustee's Bond Register (as defined in the Trust Agreement), not <br /> more than 60 nor less than 30 days prior to the redemption date. <br /> If on or before the date fixed for redemption funds have been deposited with <br /> the Trustee to pay the principal and interest accrued to the redemption date with <br /> respect to the Bond called for redemption, the Bond or portion called for <br /> redemption will cease to accrue interest from and after the redemption date, will no <br /> longer be entitled to the benefits provided by the Trust Agreement, and will not be <br /> deemed to be Outstanding under the Trust Agreement. <br /> The Owner of this Bond has no right to enforce the provisions of the Trust <br /> Agreement or to institute action to enforce the covenants therein, or to take any <br /> action with respect to any event of default thereunder, or to institute, appear in or <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 <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 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 <br /> of this Bond. Upon exchange or registration of such transfer a new registered Bond <br /> of the same maturity and interest rate for the same aggregate principal amount will <br /> be issued in exchange therefor. <br /> The Trustee will not register the transfer of this Bond except to (a) a <br /> bank, insurance company, or similar financial institution, or (b) any direct or <br /> indirect wholly-owned subsidiary either of the Lender or of any transferee <br /> referenced in (a) (in either case, an "Affiliate"), provided that the Affiliate agrees to <br /> transfer the 2022 Bonds to a permitted transferee under this paragraph before it <br /> ceases to be an Affiliate if at the time it ceases to be an Affiliate it would not qualify <br /> as a permitted transferee under this paragraph, or (c) any other entity approved by <br /> the LGC. In connection with any transfer, the transferring owner must notify the <br /> 28 <br />