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<br />. <br /> <br />business day (the Record Date). Interest shall be paid on each <br />interest payment date by check or draft mailed to the person in <br />whose name the Bond is registered on the registration books of <br />the Issuer maintained by the Registrar, hereinafter defined, <br />and at the address appearing thereon on the Record Date. <br />Principal of any Bond, at maturity or earlier redemption, 1S <br />payable on presentation and surrender of the Bond at the <br />principal office of the paying agent. <br /> <br />2.03. Registration. The Bonds shall be issued in fully <br />registered form. The Issuer shall appoint, and shall maintain, <br />a bond registrar, transfer agent, and paying agent (the <br />Registrar). The effect of registration and the rights and <br />duties of the Issuer and the Registrar with respect thereto <br />shall be as follows: <br /> <br />(a) Register. The Registrar shall keep at its <br />principal corporate trust office a bond register <br />in which the Registrar shall provide for the <br />registration of ownership of the Bonds and the <br />registration of transfers and exchanges of <br />Bonds. <br /> <br />. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer <br />of any Bond duly endorsed by the registered <br />owner thereof, or accompanied by a written <br />instrument of transfer, in form satisfactory to <br />the Registrar, duly executed by the registered <br />owner thereof or by an attorney duly authorized <br />by the registered owner in writing, the <br />Registrar shall authenticate and deliver, in the <br />name of the designated transferee or <br />transferees, one or more new Bonds of a like <br />aggregate principal amount and maturity, as <br />requested by the transferor. The Registrar may, <br />however, close the books for registration of any <br />transfer after the fifteenth (15th) day of the <br />month preceding each interest payment date and <br />until such interest payment date. <br /> <br />(c) Exchange of Bonds. Whenever any Bonds are <br />surrendered by the registered owner for <br />exchange, the Registrar shall authenticate and <br />deliver one or more new Bonds of a like <br />aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's <br />attorney, so designated in writing. <br /> <br />. <br /> <br />(d) Cancellation. All Bonds surrendered upon any <br />transfer or exchange shall be promptly cancelled <br />by the Registrar and thereafter disposed of as <br />directed by the Issuer. <br /> <br />4. <br />