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I <br /> the services performed. The Issuer reserves the right to • <br /> remove the Registrar upon thirty (30) days notice and upon the <br /> appointment of a successor Registrar, in which event the <br /> predecessor Registrar shall deliver all cash and Obligations in <br /> its possession to the successor Registrar and shall deliver the <br /> bond register to the successor Registrar . <br /> 2 . 05 . Registration. The effect of registration and <br /> the rights and duties of the Issuer and the Registrar with <br /> respect thereto shall be as follows : <br /> (a) Register. The Registrar shall keep at its <br /> principal corporate trust office a bond register in which <br /> the Registrar shall provide for the registration of <br /> ownership of Obligations and the registration of transfers <br /> and exchanges of Obligations entitled to be registered, <br /> transferred or exchanged. <br /> (b) Transfer of Obligations . Upon surrender for <br /> transfer of any Obligation duly endorsed by the registered <br /> owner thereof or accompanied by a written instrument of <br /> transfer, in form satisfactory to the Registrar, duly <br /> executed by the registered owner thereof or by an attorney <br /> duly authorized by the registered owner in writing, the <br /> Registrar shall authenticate and deliver, in the name of <br /> the designated transferee or transferees, one or more new • <br /> Obligations of a like aggregate principal amount and <br /> maturity, as requested by the transferor . The -Registrar <br /> may, however, close the books for registration of any <br /> transfer after the fifteenth day of the month preceding <br /> each interest payment date and until such interest payment <br /> date. <br /> (c) Exchange of Obligations . Whenever any <br /> Obligations are surrendered by the registered owner for <br /> exchange the Registrar shall authenticate and deliver one <br /> or more new Obligations of a like aggregate principal <br /> amount and maturity, as requested by the registered owner <br /> or the owner ' s attorney in writing . <br /> (d) Cancellation. All Obligations surrendered upon <br /> any transfer or exchange shall be promptly cancelled by the <br /> Registrar and thereafter disposed of as directed by the <br /> Issuer. <br /> (e) Improper or Unauthorized Transfer . When any <br /> Obligation is presented to the Registrar for transfer, the <br /> Registrar may refuse to transfer the same until it is <br /> -3- • <br />