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<br />to or upon the Holder or the Holders of the Bonds as shown on the <br />bond register, and all such payments shall be valid and effective to <br />fully satisfy and discharge the Issuer's obligations with respect to <br />the principal of and premium, if any, and interest on the Bonds to <br />the extent of the sum or sums so paid. <br /> <br />15.05. Upon delivery by the Depository to the Bond Registrar of <br />written notice to the effect that the Depository has determined to <br />substitute a new Nominee in place of the existing Nominee, and <br />subject to the transfer provisions in Section 18 (with respect to <br />registration, transfer, exchange) hereof, references to the Nominee <br />hereunder shall refer to such new Nominee. <br /> <br />15.06. So long as any Bond is registered in the name of a <br />Nominee, all payments with respect to the principal of and premium, <br />if any, and interest on such Bond and all notices with respect to <br />such Bond shall be made and given, respectively, by the Bond <br />Registrar or Issuer, as the case may be, to the Depository as <br />provided in the Letter of Representations, to the Depository required <br />by the Depository as a condition to its acting as book-entry <br />Depository for the Bonds (said Letter of Representations, together <br />wi th any replacement thereof or amendment or substitute thereto, <br />including any standard procedures or policies referenced therein or <br />applicable thereto respecting the procedures and other matters <br />relating to the Depository's role as book-entry Depository for the <br />Bonds, collectively hereinafter referred to as the "Letter of <br />Representations") . <br /> <br />15.07. All transfers of beneficial ownership interests in each <br />Bond issued in book-entry form shall be limited in principal amount <br />to Authorized Denominations and shall be effected by procedures by <br />the Depository with the Participants for recording and transferring <br />the ownership of beneficial interests in such Bonds, <br /> <br />15.08. In connection with any notice or other communication to <br />be provided to the Holders pursuant to this Resolution by the Issuer <br />or Bond Registrar with respect to any consent or other action to be <br />taken by Holders, the Depository shall consider the date of receipt <br />of notice requesting such consent or other action as the record date <br />for such consent or other action; provided, that the Issuer or the <br />Bond Registrar may establish a special record date for such consent <br />or other action. The Issuer or the Bond Registrar shall, to the <br />extent possible, give the Depository notice of such special record <br />date not less than 15 calendar days in advance of such special record <br />date to the extent possible. <br /> <br />15.09. Any successor Bond Registrar in its written acceptance <br />of its duties under this Resolution and any paying agency registrar <br />agreement shall agree to take any actions necessary from time to time <br />to comply with the requirements of the Letter of Representations. <br /> <br />-8- <br />