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(a) Re_.gister, The Registrar will keep a register in which the Registrar will provide for the registration of ownership of the Certificate and the registration of transfers and exchanges of the Certificate entitled to be registered, transferred or exchanged. (b) Transfer of Certificate. Upon surrender for transfer of the Certificate duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will deliver, in the name of the designated transferee or transferees, one or more new Certificates of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until that interest payment date. (c) Exchange of Certificate. Whenever the Certificate is surrendered by the registered owner for exchange the Registrar will deliver one or more new Certificates of a like aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. Upon transfer or exchange the Certificate will be surrendered and promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) hnprgper or Unauthorized Transfer. When the Certificate is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Certificate or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name the Certificate is at any time registered in the register as the absolute owner of the Certificate, whether the Certificate will be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Certificate and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon the Certificate to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges, The Registrar may impose a charge upon the owner thereof for every transfer or exchange of the Certificate sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Certificate. In case the Certificate becomes mutilated or is destroyed, stolen or lost, the Registrar will deliver a new 536168v2 JSIB IA515-53 4