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8 <br /> Registered Owner for all purposes hereunder, and all references herein-to the Registered Owners <br /> shall mean DTC (or any successor depository) or its nominee and shall not mean the owners of <br /> any beneficial interest in such Bonds. <br /> • If any Bond shall be duly presented for payment and funds have not been duly provided <br /> by the City on such applicable date,then interest shall continue to accrue thereafter on the unpaid <br /> principal thereof at the rate stated on such Bond until it is paid. <br /> (d) Use of Depository. <br /> (1) The Bonds shall be registered initially in the name of"Cede& Co.", as <br /> nominee of DTC, with one Bond maturing on each of the maturity dates for the Bonds in a <br /> denomination corresponding to the total principal therein designated to mature on such date. <br /> Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be <br /> transferred except (A)to any successor of DTC or its nominee,provided that any such successor <br /> shall be qualified under any applicable laws to provide the service proposed to be provided by it; <br /> (B)to any substitute depository appointed by the Chief Financial Officer pursuant to <br /> subsection(2) below or such substitute depository's successor; or (C)to.any person as provided <br /> in subsection(4)below. <br /> (2) Upon the resignation of DTC or its successor(or any substitute depository <br /> or its successor) from its functions as depository or a determination by the Chief Financial <br /> Officer to discontinue the system of book entry transfers through DTC or its successor (or any <br /> substitute depository or its successor), the Chief Financial Officer may hereafter appoint a <br /> substitute depository. Any such substitute depository shall be qualified under any applicable <br /> laws to provide the services proposed to be provided by it. <br /> -9- P.120287 CMW120287 9RD 08/14/12 <br /> 32 - - <br />