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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 substitute depository <br /> or its successor) resigns from its functions as depository, and no substitute depository can be <br /> obtained, or (B) the Finance Director 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 /> (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 it is surrendered to the Bond Registrar with the <br /> assignment form appearing on such Bond duly executed by the Registered Owner or such <br /> Registered Owner's duly authorized agent in a manner satisfactory to the Bond Registrar. Upon <br /> such surrender, the Bond Registrar shall cancel the surrendered Bond and shall authenticate and <br /> deliver, without charge to the Registered Owner or transferee therefor, a new Bond (or Bonds at <br /> the option of the new Registered Owner) of the same date, maturity and interest rate and for the <br /> same aggregate principal amount in any authorized denomination, naming as Registered Owner <br /> the person or persons listed as the assignee on the assignment form appearing on the surrendered <br /> -13- P:\CMW\CMW5IL 12/06/02 <br />