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(e) Registration of Transfer of Ownership or Exchange; Change in <br /> Denominations. The transfer of any Bond may be registered and Bonds may be exchanged, but <br /> no transfer of any such Bond shall be valid unless such Bond is surrendered to the Bond <br /> Registrar with the assignment form appearing on such Bond duly executed by the Registered <br /> Owner or such Registered Owner's duly authorized agent in a manner satisfactory to the Bond <br /> Registrar. Upon such surrender, the Bond Registrar shall cancel the surrendered Bond and shall <br /> authenticate and deliver, without charge to the Registered Owner or transferee therefor, a new <br /> Bond (or Bonds at the option of the new Registered Owner) of the same date, maturity and <br /> interest rate and for the same aggregate principal amount in any authorized denomination, <br /> naming as Registered Owner the person or persons listed as the assignee on the assignment form <br /> appearing on the surrendered Bond, in exchange for such surrendered and cancelled Bond. Any <br /> Bond may be surrendered to the Bond Registrar and exchanged, without charge, for an equal <br /> aggregate principal amount of Bonds of the same date, maturity and interest rate, in any <br /> authorized denomination. The Bond Registrar shall not be obligated to register the transfer or to <br /> exchange any Bond during the 15 days preceding the date any such Bond is to be redeemed. <br /> (f) Bond Registrar's Ownership of Bonds. The Bond Registrar may become <br /> the Registered Owner of any Bond with the same rights it would have if it were not the Bond <br /> Registrar, and to the extent permitted by law, may act as depository for and permit any of its <br /> officers or directors to act as member of, or in any other capacity with respect to, any committee <br /> formed to protect the right of the Registered Owners of Bonds. <br /> (g) Registration Covenant. The City covenants that, until all Bonds have been <br /> surrendered and cancelled, it will maintain a system for recording the ownership of each Bond <br /> that complies with the provisions of Section 149 of the Code. <br /> -17- P.\CMIMCMW5BE 02/05/21 <br />