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will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest
<br />have been received from the Issuer. Notwithstanding the foregoing, any such nonpayment of
<br />interest shall constitute an Event of Default as defined in Section 14 of this Ordinance. Notice of
<br />the past due interest shall be sent at least five (5) business days prior to the Special Record Date by
<br />United States mail, first-class postage prepaid, to the address of the Registered Owner appearing on
<br />the Registration Books at the close of business on the last business day next preceding the date of
<br />mailing of such notice.
<br />(d) In General. The Bond (i) shall be issued in fully registered form, without interest
<br />coupons, with the principal of and interest on such Bond to be payable only to the Registered Owner
<br />thereof, (ii) may be exchanged for another Bond, (iii) may be transferred and assigned in whole but
<br />not in part, (iv) shall have the characteristics, (v) shall be signed, sealed, executed and authenticated,
<br />(vi) the principal of and interest on the Bond shall be payable, and (vii) shall be administered and
<br />the Paying Agent/Registrar and the Issuer shall have certain duties and responsibilities with respect
<br />to the Bond, all as provided, and in the manner and to the effect as required or indicated, in the
<br />FORM OF BOND set forth in this Ordinance.
<br />(e) Paying, Agent/Registrar. The Issuer covenants with the Registered Owner of the Bond
<br />that at all times while the Bond is outstanding the Issuer will provide a competent and legally
<br />qualified bank, trust company, financial institution, or other entity to act as and perform the services
<br />of Paying Agent/Registrar for the Bond under this Ordinance, and that the Paying Agent/Registrar
<br />will be one entity. The Issuer reserves the right to, and may, at its option, change the Paying
<br />Agent/Registrar upon not less than 20 days written notice to the Paying Agent/Registrar, to be
<br />effective not later than 15 days prior to the next principal or interest payment date after such notice.
<br />In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger,
<br />acquisition, or other method) should resign or otherwise cease to act as such, the Issuer covenants
<br />that promptly it will appoint a competent and legally qualified bank, trust company, financial
<br />institution, or other agency to act as Paying Agent/Registrar under this Ordinance. Upon any change
<br />in the Paying Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and
<br />deliver the Registration Books (or a copy thereof), along with all other pertinent books and records
<br />relating to the Bond, to the new Paying Agent/Registrar designated and appointed by the Issuer.
<br />Upon any change in the Paying Agent/Registrar, the Issuer promptly will cause a written notice
<br />thereof to be sent by the new Paying Agent/Registrar to the Registered Owner of the Bond, by
<br />United States mail, first-class postage prepaid, which notice also shall give the address of the new
<br />Paying Agent/Registrar. By accepting the position and performing as such, each Paying
<br />Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance, and a certified
<br />copy of this Ordinance shall be delivered to each Paying Agent/Registrar.
<br />(f) Registration and Authentication. Except as provided below, no Bond shall be valid or
<br />obligatory for any purpose or be entitled to any security or benefit of this Ordinance unless and until
<br />there appears thereon the Paying Agent/Registrar's Authentication Certificate substantially in the
<br />form provided in this Ordinance, duly authenticated by manual execution of the Paying
<br />Agent/Registrar. It shall not be required that the same authorized representative of the Paying
<br />Agent/Registrar sign the Certificate of Paying Agent/Registrar on the Bond. In lieu of the executed
<br />Certificate of Paying Agent/Registrar described above, the Initial Bond, R-1, submitted to, and
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