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3 <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 Designated <br /> Representative shall deliver a written request to the Registrar, together with a supply of <br /> definitive Bonds, to issue Bonds as herein provided in any authorized denomination. Upon <br /> receipt by the Registrar of all then outstanding Bonds together with a written request of the <br /> Designated Representative to the Registrar, new Bonds shall be issued in the appropriate <br /> denominations and registered in the names of such persons as are requested in such written <br /> request. <br /> (e) Registration of Transfer of Ownership or Exchange; Change in Denominations. <br /> The transfer of any Bond may be registered and Bonds may be exchanged, but no transfer of any <br /> such Bond shall be valid unless it is surrendered to the Registrar with the assignment form <br /> 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 Registrar. Upon such surrender, the <br /> Registrar shall cancel the surrendered Bond and shall authenticate and deliver, without charge to <br /> the Registered Owner or transferee therefor, a new Bond (or Bonds at the option of the new <br /> 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 <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 Registrar shall <br /> not be obligated to register the transfer or to exchange any Bond during the 15 days preceding <br /> any interest payment or principal payment date any such Bond is to be redeemed. <br /> - 4� P:\20287_CMWh20287_9RC 01/02/13 <br />