and (e) the Registered Owner may exercise from time to time any of the rights and remedies available hereunder or under applicable law.

Section 12 -- Notices. Any notices under or pursuant to this Note shall include the Governmental Agency's name, the loan number and the Effective Date of this Note and shall be deemed duly sent when delivered in hand or when mailed by registered or certified mail, return receipt requested, addressed as follows:

To the Governmental Agency: Kentucky State University

400 East Main Street

Frankfort, Kentucky 40601

Attention: Acting President and Chief

Financial Officer

To the Registered Owner:

Fifth Third Bank, National Association 250 West Main Street Suite 100 Lexington, Kentucky 40507 Attn: John Shasky

With a copy to:

Dinsmore & Shohl LLP 101 South Fifth Street Suite 2500 Louisville, Kentucky 40202 Attention: Mark S. Franklin

Any party may change such address by sending notice of the change to the other party.

Section 13 -- Authority. This Note is issued under and pursuant to §§ 65.7703 to 65.7721, inclusive, of the Kentucky Revised Statutes (the "Act"). The indebtedness evidenced hereby is a borrowing in anticipation of current revenues to be received by the Governmental Agency during the fiscal year in which this Note has been issued and is to be repaid from such revenues once received.

Section 14 -- Revenue Pledge. In order to secure the payment of the principal indebtedness evidenced hereby and the interest hereon, the Governmental Agency hereby pledges and grants (equally and ratably with all other revenue anticipation notes issued by the Governmental Agency for the current fiscal year) to the Registered Owner of this Note, a lien and charge on, and security interest in, its current revenues to be received during the period when this Note is outstanding, subject and subordinate only to the pledge of, and security interest in, current revenues constituting General Receipts (as defined in the Trust Agreement hereinafter defined) granted for the benefit of the holders of obligations issued under the provisions of a certain Trust Agreement dated as of March 1, 2007, as amended and supplemented (collectively, the “Trust Agreement”) between the Governmental Agency and U.S. Bank National Association (the “Bond Trustee”).

This Note is executed and delivered pursuant to the Resolution adopted by the Governmental Agency upon the affirmative vote of at least a majority of the members of its