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