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<br /> <br /> <br /> <br /> <br /> <br /> entity. Registration of each Certificate of Obligation may be transferred in the Registration Books <br /> only upon presentation and sunender of such Certificate of Obligation to the Paying <br /> Agent/Registrar for transfer of registration and cancellation, together with proper written <br /> instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying <br /> Agent/Registrar, (i) evidencing the assignment of the Certificate of Obligation, or any portion <br /> thereof in any integral multiple of $5,000, to the assignee or assignees thereof, and (ii) the right <br /> of such assignee or assignees to have the Certificate of Obligation or any such portion thereof <br /> registered in the name of such assignee or assignees. Upon the assignment and transfer of any <br /> Certificate of Obligation or any portion thereof, a new substitute Certificate of Obligation or <br /> Certificates of Obligation shall be issued in conversion and exchange therefor in the manner herein <br /> provided. The Initial Certificate of Obligation, to the extent of the unpaid or unredeemed <br /> principal balance thereof, may be assigned and transferred by the initial registered owner thereof <br /> once only, and to one or more assignees designated in writing by the initial registered owner <br /> <br /> thereof. All Certificates of Obligation issued and delivered in conversion of and exchange for the <br /> Initial Certificate of Obligation shall be in any denomination or denominations of any integral <br /> multiple of $5,000 (subject to the requirement hereinafter stated that each substitute Certificate <br /> of Obligation shall have a single stated principal maturity date), shall be in the form prescribed <br /> in the FORM OF SUBSTITUTE CERTIFICATE OF OBLIGATION set forth in this Ordinance, <br /> and shall have the characteristics, and may be assigned, transferred, and converted as hereinafter <br /> provided. If the Initial Certificate of Obligation or any portion thereof is assigned and transferred <br /> or converted the Initial Certificate of Obligation must be surrendered to the Paying <br /> Agent/Registrar for cancellation, and each Certificate of Obligation issued in exchange for any <br /> portion of the Initial Certificate of Obligation shall have a single stated principal maturity date, <br /> and shall not be payable in installments; and each such Certificate of Obligation shall have a <br /> principal maturity date corresponding to the due date of the installment of principal or portion <br /> thereof for which the substitute Certificate of Obligation is being exchanged; and each such <br /> Certificate of Obligation shall bear interest at the single rate applicable to and borne by such <br /> installment of principal or portion thereof for which it is being exchanged. If only a portion of <br /> the Initial Certificate of Obligation is assigned and transferred, there shall be delivered to and <br /> registered in the name of the initial registered owner substitute Certificates of Obligation in <br /> exchange for the unassigned balance of the Initial Certificate of Obligation in the same manner <br /> as if the initial registered owner were the assignee thereof. If any Certificate of Obligation or <br /> portion thereof other than the Initial Certificate of Obligation is assigned and transfened or <br /> converted each Certificate of Obligation issued in exchange therefor shall have the same principal <br /> maturity date and bear interest at the same rate as the Certificate of Obligation for which it is <br /> exchanged. A form of assignment shall be printed or endorsed on each Certificate of Obligation, <br /> excepting the Initial Certificate of Obligation, which shall be executed by the registered owner or <br /> its duly authorized attomey or representative to evidence an assignment thereof. Upon surrender <br /> of any Certificates of Obligation or any portion or portions thereof for transfer of registration, an <br /> <br /> authorized representative of the Paying Agent/Registrar shall make such transfer in the Regis- <br /> tration Books, and shall deliver a new fully registered substitute Certificate of Obligation or <br /> Certificates of Obligation, having the characteristics herein described, payable to such assignee <br /> or assignees (which then will be the registered owner or owners of such new Certificate of <br /> <br /> 9 <br />