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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 <br /> Registrar and exchanged, without charge, for an equal aggregate principal amount of Bonds of <br /> the same date, series, maturity and interest rate, in any authorized denomination. The 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 /> (f) Registrar's Ownership of Bonds. The Registrar ma y become the Registered <br /> Owner of any Bond with the same rights it would have if it were not the Registrar, and to the <br /> extent permitted by law, may act as depository for and permit any of its officers or directors to <br /> act as member of, or in any other capacity with respect to, any committee formed to protect the <br /> right of the Registered Owners of Bonds. <br /> (g) Registration Covenant. The City covenants that, until all Bonds have been <br /> surrendered and canceled, 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 /> (h) 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. Interest on the Bonds shall be <br /> calculated on the basis of a year of 360 days and twelve 30-day months. For so long as all Bonds <br /> are in fully immobilized form, payments of principal and interest thereon shall be made as <br /> provided in 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, interest on <br /> the Bonds shall be paid by check or draft mailed to the Registered Owners at the addresses for <br /> such Registered Owners appearing on the Bond Register on the fifteenth day of the month <br /> preceding the interest payment date, or upon the written request of a Registered Owner of more <br /> -29- P 20287 CMVN20287 880 03/25/09 <br />