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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 /> a <br /> protected in relying on such notification , <br /> may deem and treat the person in whose name <br /> The County and the Trustee <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 1Sth 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 deliver of this Bond have happened, exist and have been <br /> performed . <br /> y pp <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 /> 31 <br />