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47 <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 this Bond to a permitted transferee under this paragraph before it ceases to <br /> be an Affiliate if at the time it ceases to be an Affiliate it would not qualify as a <br /> permitted transferee under this paragraph, or (c) any other entity approved by the <br /> LGC In connection with any transfer, the transferring owner must notify the Trustee <br /> that the transfer is permitted under the Trust Agreement. The Trustee shall be fully <br /> protected in relying on such notification. <br /> The County and the Trustee may deem and treat the person in whose name <br /> this Bond is registered on the Bond Register as the absolute owner of this Bond for <br /> the purpose of receiving payment of or on account of principal of and interest due <br /> on this Bond and for all other purposes, and neither the County nor the Trustee will <br /> be affected by any notice to the contrary, except that interest payments will be made <br /> to 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 /> 29 <br />