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writing, the Registrar will authenticate and deliver, in the name of the <br /> designated transferee, one new Obligation in an aggregate principal <br /> amount equal to the then outstanding principal amount of the Obligation <br /> so surrendered and of like maturity, as requested by the transferor. The <br /> Registrar may, however, close the books for registration of any transfer <br /> after the 15th day of the month preceding each interest payment date until <br /> the next interest payment date. <br /> iii. Issuance of New Obligations. Subject to the provisions of clause x of this <br /> subsection, the Issuer, at the request and expense of the Registered <br /> Owner, must issue new Obligations in aggregate outstanding principal <br /> amount equal to that of the Obligations surrendered, and of like tenor <br /> except as to number, principal amount, and, if applicable, the amount of <br /> the monthly installments payable under the surrendered Obligations, and <br /> registered in the name of the Registered Owner or transferee designated <br /> by the Registered Owner. <br /> iv. Exchange of Obligations. When an Obligation is surrendered by the <br /> Registered Owner for exchange the Registrar will authenticate and deliver <br /> one new Obligation in an aggregate principal amount equal to the then <br /> outstanding principal amount of the Obligation surrendered and of like <br /> maturity, as requested in writing by the Registered Owner or the <br /> Registered Owner's attorney. <br /> V. Cancellation. An Obligation surrendered upon any transfer or exchange will <br /> be promptly canceled by the Registrar and thereafter disposed of as <br /> directed by the Issuer. <br /> vi. Improper or Unauthorized Transfer. When an Obligation is presented to <br /> the Registrar for transfer, the Registrar may refuse to transfer the <br /> Obligation so presented until the Registrar is satisfied that the endorsement <br /> on the Obligation or separate instrument of transfer is valid and genuine <br /> and that the requested transfer is legally authorized. The Registrar will <br /> incur no liability for the refusal, in good faith, to make transfers which it, <br /> in its judgment, deems improper or unauthorized. <br /> vii. Persons Deemed Owners. The Issuer and the Registrar may treat the <br /> person in whose name an Obligation is registered in the bond register as <br /> the absolute owner of the Obligation, whether the Obligation is overdue or <br /> not, for the purpose of receiving payment of, or on account of, the principal <br /> of and interest on the Obligation and for all other purposes, and payment <br /> so made to a Registered Owner or upon the Registered Owner's order will <br /> be valid and effectual to satisfy and discharge the liability upon the <br /> Obligation to the extent of the sum or sums so paid. <br /> viii. Taxes, Fees and Charges. For a transfer or exchange of an Obligation, the <br /> Registrar may impose a charge upon the Registered Owner sufficient to <br /> reimburse the Registrar for any tax, fee or other governmental charge <br /> required to be paid with respect to the transfer or exchange. <br /> ix. Mutilated, Lost, Stolen or Destroyed Obligations. If an Obligation becomes <br /> mutilated or is destroyed, stolen or lost, the Registrar will deliver a new <br /> Obligation of like amount, number, maturity date, redemption privilege and <br /> Page 7 <br />