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payments shall be valid and effective to fully satisfy and discharge the City's <br />obligations with respect to the principal of and premium, if any, and interest on the <br />Bonds to the extent of the sum or sums so paid. <br /> <br /> (v) Upon delivery by the Depository to the Bond Registrar of written <br />notice to the effect that the Depository has determined to substitute a new Nominee <br />in place of the existing Nominee, and subject to the transfer provisions in paragraph <br />11 hereof, references to the Nominee hereunder shall refer to such new Nominee. <br /> <br /> (vi) So long as any Bond is registered in the name of a Nominee, all <br />payments with respect to the principal of and premium, if any, and interest on such <br />Bond and all notices with respect to such Bond shall be made and given, <br />respectively, by the Bond Registrar or the City, as the case may be, to the Depository <br />as provided in the Blanket Letter of Representations required by the Depository as a <br />condition to its acting as book-entry Depository for the Bonds (said Blanket Letter <br />of Representations, together with any replacement thereof or amendment or <br />substitute thereto, including any standard procedures or policies referenced therein <br />or applicable thereto respecting the procedures and other matters relating to the <br />Depository's role as book-entry Depository for the Bonds, are collectively <br />hereinafter referred to as the "Blanket Letter of Representations"). <br /> <br /> (vii) All transfers of beneficial ownership interests in each Bond issued in <br />book-entry form shall be limited in principal amount to authorized denominations <br />and shall be effected by the Depository with the Participants for recording and <br />transferring the ownership of beneficial interests in such Bonds. <br /> <br /> (viii) In connection with any notice or other communication to be <br />provided to the Holders pursuant to this Resolution by the City or the Bond <br />Registrar with respect to any consent or other action to be taken by Holders, the <br />Depository shall consider the date of receipt of notice requesting such consent or <br />other action as the record date for such consent or other action; provided, that the <br />City or the Bond Registrar may establish a special record date for such consent or <br />other action. The City or the Bond Registrar shall, to the extent possible, give the <br />Depository notice of such special record date not less than 15 calendar days in <br />advance thereof to the extent possible. <br /> <br /> (ix) Any successor Bond Registrar, in its written acceptance of its duties <br />under this Resolution and any paying agency registrar agreement, shall agree to take <br />any actions necessary from time to time to comply with the requirements of the <br />Blanket Letter of Representations. <br /> <br /> (c) Termination of Book-Entry Only System. Discontinuance of a particular <br />Depository's services and termination of the book-entry only system may be effected as <br />follows: <br /> <br /> (i) The Depository may determine to discontinue providing its services <br />with respect to the Bonds at any time by giving written notice to the City and <br />discharging its responsibilities with respect thereto under applicable law. The City <br /> <br />S:~ADMIN~Resolutions~2003 Resolutions\Unapproved~Bondl.DOC 4 <br /> <br /> <br />