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Part of Minutes of the University of Kentucky Board of Trustees

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The Registrar is not required to transfer, exchange or substitute any Bond after a Record Date and before the commencement of the next succeeding Interest Payment Date, or after the selection of such Bond for redemption. The REGISTERED OWNER hereof shall have no right to enforce the provisions of the Resolution or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Resolution, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Resolution and except that any REGISTERED OWNER may institute action to enforce the payment of the principal of, premium, if any, or the interest on this Bond. Upon the occurrence of certain events, and on the conditions, in the manner and with the effect set forth in the Resolution, the principal of all Bonds then Outstanding under the Resolution may become or may be declared due and payable before their stated maturity, together with the interest accrued thereon. Modifications, alterations or amendments of the Resolution may be made only to the extent and in the circumstances permitted by the Resolution. Neither the members of the Board nor any person executing this Bond is liable personally hereon or subject to any personal liability or account- ability by reason of the issuance hereof. All acts, conditions and things required to exist, happen and be performed under the laws of the Commonwealth and under the Indenture precedent to the issuance of the Bonds have existed, have happened and have been per- formed and in due time, form and manner as required by law, in order to make this a valid and legal revenue bond; that the issuance, authentication and delivery of the Bonds have been duly authorized by the Resolution duly enacted; that the amount of the Bonds, together with all other obligations of the Board, does not exceed any limit prescribed by the Constitution and Statutes of the Commonwealth; and that sufficient payments have been required to be made to the Trustee for deposit into the Bond Fund for the prompt payment of the principal of and interest on the Bonds that may be issued and Outstanding. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certifi- cate of Authentication hereon shall have been duly executed by the Trustee. IN WITNESS WHEREOF, the Board of Trustees of the University of Kentucky has caused this Bond to be executed in its name and on its behalf by the facsimile signature of its Chairman, and a facsimile of its seal to be imprinted hereon, and attested by the facsimile signature of its Secretary as of the DATE OF ORIGINAL ISSUE hereinabove stated. BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY Attest: By Chairman, Board of Trustees _____________________________ -(SEAL) Secretary, Board of Trustees -4-