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<br />(d) Conversion and Exchanl!e or Reolacement; Authentication. Each Bond issued and <br />delivered pursuant to this Ordinance, to the extent of the unpaid or unredeemed principal balance <br />or principal amount thereof, may, upon surrender of such Bond at the principal corporate trust office <br />of the Paying Agent/Registrar, together with a written request therefor duly executed by the <br />registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or <br />representatives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, may, at the <br />option of the registered owner or such assignee or assignees, as appropriate, be converted into and <br />exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM <br />OF SUBSTITUTE BOND set forth in this Ordinance, in the denomination of$5,000, or any integral <br />multiple of$5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have <br />a single stated maturity date), as requested in writing by such registered owner or such assignee or <br />assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal balance or <br />principal amount of any Bond or Bonds so surrendered, and payable to the appropriate registered <br />owner, assignee, or assignees, as the case may be. If the Initial Bond is assigned and transferred or <br />converted each substitute Bond issued in exchange for any portion of the Initial Bond shall have a <br />single stated principal maturity date, and shall not be payable in installments; and each such Bond <br />shall have a principal maturity date corresponding to the due date of the installment of principal or <br />portion thereof for which the substitute Bond is being exchanged; and each such Bond shall bear <br />interest at the single rate applicable to and borne by such installment of principal or portion thereof <br />for which it is being exchanged. If a portion of any Bond (other than the Initial Bond) shall be <br />redeemed prior to its scheduled maturity as provided herein, a substitute Bond or Bonds having the <br />same maturity date, bearing interest at the same rate, in the denomination or denominations of any <br />integral multiple of$5,000 at the request of the registered owner, and in aggregate principal amount <br />equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender <br />thereof for cancellation. If any Bond or portion thereof (other than the Initial Bond) is assigned and <br />transferred or converted, each Bond issued in exchange therefor shall have the same principal <br />maturity date and bear interest at the same rate as the Bond for which it is being exchanged. Each <br />substitute Bond shall bear a letter and/or number to distinguish it from each other Bond. The Paying <br />AgentlRegistrar shall convert and exchange or replace Bonds as provided herein, and each fully <br />registered bond delivered in conversion of and exchange for or replacement of any Bond or portion <br />thereof as permitted or required by any provision of this Ordinance shall constitute one of the Bonds <br />for all purposes of this Ordinance, and may again be converted and exchanged or replaced. It is <br />specifically provided that any Bond authenticated in conversion of and exchange for or replacement <br />of another Bond on or prior to the first scheduled Record Date for the Initial Bond shall bear interest <br />from the date of the Initial Bond, but each substitute Bond so authenticated after such first scheduled <br />Record Date shall bear interest from the interest payment date next preceding the date on which such <br />substitute Bond was so authenticated, unless such Bond is authenticated after any Record Date but <br />on or before the next following interest payment date, in which case it shall bear interest from such <br />next following interest payment date; provided, however, that if at the time of delivery of any <br />substitute Bond the interest on the Bond for which it is being exchanged is due but has not been paid, <br />then such Bond shall bear interest from the date to which such interest has been paid in full. THE <br />INITIAL BOND issued and delivered pursuant to this Ordinance is not required to be, and shall not <br />be, authenticated by the Paying Agent! Registrar, but on each substitute Bond issued in conversion <br /> <br />11 <br />