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<br />CUSTODIAL AGREEMENT <br /> <br />This CUSTODIAL AGREEMENT ("Agreement"). is. entered into as of <br />the _ day of , 2005 by and among FINISTAR, INC., a North <br />Carolina corporation having its principal offices at 304 South Broad Street, Edenton, <br />North Carolina 27932 ("Finis tar"), Gateway Bank & Trust Co., a. North Carolina <br />Corporation having its principal offices at 1141 N. Road St. Elizabeth 'City, NC. 27909 <br />("Fiscal Agent"), and the Finance Officer of , a "public unit" <br />("Public Depositor"). <br />WHEREAS, acting on its own behalf and as an agent for Public Depositor, <br />Finistar is in the business of facilitating deposits of funds in financial institutions <br />specified by Pinistar ("Participating Banks"); and <br />WHEREAS, the transfers of such funds by Public Depositor to those Pa..'iicipating <br />Banks require the custodial and fiduciary services of Fiscal Agent .as described herejn; <br />and <br />WHEREAS, Finistar, Fiscal Agent and Public Depositor desire to set forth their <br />respective rights and obligations in the aforesaid matters. . <br />NOW, THEREFORE, the parties agree as foUows; <br /> <br />Section 1. Appointment: Custodial Account: Master NOW Accounts. Finistar, acting as <br />agent for Public Depositor and pursuant to instructions given by it, and Public Depositor <br />hereby jointly appoint and retain Fiscal Agent, as a fiduciary, custodian and agent of <br />Public Depositor within the meaning of Section 330.5 of the regulations promulgated by <br />the Pederal Deposit Insurance Corporation ("FDIC"), 12 C.P.R. 9 330.5, to open and <br />maintain a custodial account in the name of Public Depositor for. receipts and <br />disbursements of deposited funds of Public Depositor, which funds are considered <br />"public funds" of a "public unit" described in Section 330.15 of the regulations <br />promulgated by the FDIC, 12 C.F.R. 9330,15, and are required by applicable law to be <br />either fully insured by a deposit insurance fund of the FDICor collateralized as provided <br />in Title 20, North Carolina Administrative Code, Chapter 7 (the "Custodial Account"). <br />The. Custodial Account shaU be a negotiable order of withdrawal account. FiscalAgent <br />may utilize sub. accounts of the Custodial Account as the custodial aCCOunt. for other <br />public unit. depositors within the State of North Carolina so long as the recordkeeping <br />requirements of N.C. Gen. Stat. 9159-31 and related regulations are satisfied as provided <br />herein and the requirements for FDIC insurance of such deposits on a pass-through basis <br />are satisfied as provided herein, With respect to each other public unit depositor, the <br />Custodial Account shall be deemed to have been opened in the name of such depositor as <br />to. its proportionate share of the funds held therein. The funds of Public Depositor in the <br />Custodial Account shall be fully covered by. FDIC insurance or collateralized as <br />described above, "Public Deposit Funds" as used herein includes all funds held in the <br />Custodial Account from time to time and at any time for the benefit of Public Depositor. <br />Public Depositor hereby further jointly appoints and retains Finistar, acting as <br />agent, and Fiscal Agent, acting as a fiduciary and agent, to open. negotiable order of <br />withdrawal accounts in the name of Fiscal Agent and on behalf of Public Depositor at <br /> <br />i <br />, <br />i <br />I <br />I <br />i <br />I <br />I <br />! <br />i <br />I <br />I <br />I <br />I <br />! <br />I <br />, <br />i <br /> <br />G-5 <br />