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<br />Bond for which it is exchanged. A form of assignment shall be printed or endorsed on each Bond, <br />excepting the Initial Bond, which shall be executed by the registered owner or its duly authorized <br />attorney or representative to evidence an assignment thereof. Upon surrender of any Bonds or any <br />portion or portions thereof for transfer of registration, an authorized representative of the Paying <br />Agent/Registrar shall make such transfer in the Registration Books, and shall deliver a new fully <br />registered substitute Bond or Bonds, having the characteristics herein described, payable to such <br />assignee or assignees (which then will be the registered owner or owners of such new Bond or <br />Bonds), or to the previous registered owner in case only a portion of a Bond is being assigned and <br />transferred, all in conversion of and exchange for said assigned Bond or Bonds or any portion or <br />portions thereof, in the same form and manner, and with the same effect, as provided in Section 6( d), <br />below, for the conversion and exchange of Bonds by any registered owner of a Bond. The Issuer <br />shall pay the Paying Agent/Registrar's standard or customary fees and charges for making such trans- <br />fer and delivery of a substitute Bond or Bonds, but the one requesting such transfer shall pay any <br />taxes or other governmental charges required to be paid with respect thereto. The Paying <br />Agent/Registrar shall not be required to make transfers of registration of any Bond or any portion <br />thereof(i) during the period commencing with the close of business on any Record Date and ending <br />with the opening of business on the next following principal or interest payment date, or, (ii) with <br />respect to any Bond or any portion thereof called for redemption prior to maturity, within 45 days <br />prior to its redemption date. <br /> <br />(b) Ownership of Bonds. The entity in whose name any Bond shall be registered in the <br />Registration Books at any time shall be deemed and treated as the absolute owner thereof for all <br />purposes of this Ordinance, whether or not such Bond shall be overdue, and the Issuer and the <br />Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on <br />account of, the principal of, premium, if any, and interest on any such Bond shall be made only to <br />such registered owner. All such payments shall be valid and effectual to satisfy and discharge the <br />liability upon such Bond to the extent of the sum or sums so paid. <br /> <br />(c) Pavment of Bonds and Interest. The Issuer hereby further appoints the Paying <br />Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, and <br />to act as its agent to convert and exchange or replace Bonds, all as provided in this Ordinance. The <br />Paying Agent/Registrar shall keep proper records of all payments made by the Issuer and the Paying <br />Agent/Registrar with respect to the Bonds, and of all conversions and exchanges of Bonds, and all <br />replacements of Bonds, as provided in this Ordinance. However, in the event of a nonpayment of <br />interest on a scheduled payment date, and for thirty (30) days thereafter, a new record date for such <br />interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and <br />when funds for the payment of such interest have been received from the Issuer. Notice of the <br />Special Record Date and of the scheduled payment date of the past due interest (which shall be two <br />days after the Special Record Date) shall be sent at least five (5) business days prior to the Special <br />Record Date by United States mail, first class postage prepaid, to the address of each Bondholder <br />appearing on the Security Register at the close of business on the last business day next preceding <br />the date of mailing of such notice. <br /> <br />10 <br />