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Transfers shall also be subject to reasonable <br />regulations of the City contained in any agreement with the <br />Certificate Registrar, including regulations which permit the <br />Certificate Registrar to close its transfer books between <br />record dates and payment dates. <br />11. Rights Upon Transfer or Exchange. Each <br />Certificate delivered upon transfer of or in exchange for or <br />in lieu of any other Certificate shall carry all the rights.to <br />interest accrued and unpaid, and to accrue, which were carried <br />by such other Certificate. <br />12. Interest Payment; Record Date. Interest on any <br />Certificate shall be paid on each Interest Payment Date by <br />check or draft mailed to the person in whose name the <br />Certificate is registered (the "Holder") on the registration <br />books of the City maintained by the Certificate Registrar and <br />at the address appearing thereon at the close of business on <br />the fifteenth (15th) day of the calendar month next preceding <br />such Interest Payment Date (the "Regular Record Date"). Any <br />such interest not so timely paid shall cease to be payable to <br />the person who is the Holder thereof as of the Regular Record <br />Date, and shall be payable to the person who is the Holder <br />thereof at the close of business on a date (the "Special <br />Record Date") fixed by the Certificate Registrar whenever <br />money becomes available for payment of the defaulted interest. <br />Notice of the Special Record Date shall be given by the <br />Certificate Registrar to the Holders not less than ten (10) <br />days prior to the Special Record Date. <br />13. Treatment of Registered Owner. The City and <br />Certificate Registrar may treat the person in whose name any <br />Certificate is registered as the owner of such Certificate for <br />the purpose of receiving payment of principal of and premium, <br />if any, and interest (subject to the payment provisions in <br />paragraph 12 above) on, such Certificate and for all other <br />purposes whatsoever whether or not such Certificate shall be <br />overdue, and neither the City nor the Certificate Registrar <br />shall be affected by notice to the contrary. <br />14. Delivery; Application of Proceeds. The <br />Certificates when so prepared and executed shall be delivered <br />by the City Treasurer to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be obliged to see <br />to the proper application thereof. <br />13 <br />