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appearing on such Bond duly executed by the Registered Owner or such Registered Owner's <br /> duly authorized agent in a manner satisfactory to the Bond Registrar. Upon such surrender, the <br /> Bond Registrar shall cancel the surrendered Bond and shall authenticate and deliver, without <br /> charge to the Registered Owner or transferee therefor, a new Bond (or Bonds at the option of the <br /> new Registered Owner) of the same date, maturity and interest rate and for the same aggregate <br /> principal amount in any Authorized Denomination, naming as Registered Owner the person or <br /> persons listed as the assignee on the assignment form appearing on the surrendered Bond, in <br /> exchange for such surrendered and cancelled Bond. Any Bond may be surrendered to the Bond <br /> Registrar and exchanged, without charge, for an equal aggregate principal amount of Bonds of <br /> the same date, maturity and interest rate, in any Authorized Denomination. The Bond Registrar <br /> shall not be obligated to register the transfer or to exchange any Bond during the 15 days <br /> preceding any interest payment or principal payment date any such Bond is to be redeemed. <br /> (fj Bond Registrar's Ownership of Bonds. The Bond Registrar may become the <br /> 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) Place and Medium of Payment. Both principal of and interest on the Bonds shall <br /> be payable in lawful money of the United States of America. For so long as all Bonds are in fully <br /> immobilized form, payments of principal and interest thereon shall be made as provided in <br /> accordance with the operational arrangements of DTC referred to in the Letter of <br /> Representations. In the event that the Bonds are no longer in fully immobilized form and bear <br /> interest at the Fixed Rate, interest on the Bonds shall be paid by check or draft mailed to the <br /> -47- P\20287_CMNA20287_AMT 10/14/14 <br />