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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 /> (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 B and 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 /> -20- P:\CMW\CMW5NP 04/22/03 <br />