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such substitute depository's successor; or (C)to any person as provided in subsection(iv)below. <br /> (ii) Upon the resignation of DTC or its successor (or any substitute <br /> depository or its successor) from its functions as depository or a determination by the Council to <br /> discontinue the system of book entry transfers through DTC or its successor (or any substitute <br /> depository or its successor), the Council may hereafter appoint a substitute depository. Any such <br /> substitute depository shall be qualified under any applicable laws to provide the services <br /> proposed to be provided by it. <br /> (iii) In the case of any transfer pursuant to clause (A) or (B) of <br /> subsection(i) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together <br /> with a written request on behalf of the Council, issue a single new Bond for each maturity then <br /> Outstanding, registered in the name of such successor or such substitute depository, or their <br /> nominees, as the case may be, all as specified in such written request of the Council. <br /> (iv) In the event that (A) DTC or its successor (or any substitute <br /> depository or its successor) resigns from its functions as depository, and no substitute depository <br /> can be obtained, or (B)the Council determines that it is in the best interest of the beneficial <br /> owners of the Bonds that such owners be able to obtain such bonds in the form of Bond <br /> certificates, the ownership of such Bonds may then be transferred to any person or entity as <br /> herein provided, and shall no longer be held in fully-immobilized form. The Council shall <br /> deliver a written request to the Bond Registrar, together with a supply of definitive Bonds, to <br /> issue Bonds as herein provided in any authorized denomination. Upon receipt by the Bond <br /> Registrar of all then outstanding Bonds together with a written request on behalf of the Council <br /> to the Bond Registrar, new Bonds shall be issued in the appropriate denominations and registered <br /> in the names of such persons as are requested in such written request. <br /> -16- P\CMW\CMW5BE 02/05/21 <br />