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<br />provided, during the term of the Bonds, beneficial ownership <br />(and subsequent transfers of beneficial ownership) of <br />interests in the Global Certificates will be reflected by book <br />entries made on the records of the Depository and its <br />Participants and other banks, brokers, and dealers <br />participating in the National System. The Depository's book <br />entries of beneficial ownership interests are authorized to be <br />in increments of $5,000 of principal of the Bonds, but not <br />smaller increments, despite the larger authorized <br />denominations of the Global Certificates. Payment of <br />principal of, premium, if any, and interest on the Global <br />Certificates will be made to the Bond Registrar, as paying <br />agent, and in turn by the Bond Registrar to the Depository or <br />its nominee as registered owner of the Global Certificates, <br />and the Depository according to the laws and rules governing <br />it will receive and forward payments on behalf of the <br />beneficial owners of the Global Certificates. <br /> <br />Payment of principal of, premium, if any, and interest on <br />a Global Certificate may in the City's discretion be made by <br />such other method of transferring funds as may be requested by <br />the Holder of a Global Certificate. <br /> <br />6. Immobilization of Global Certificates by the <br />Depository: Successor Depository: Replacement Bonds. Pursuant <br />to the request of the Purchaser to the Depository, which <br />request is required by the Official Terms of Offering, <br />immediately upon the original delivery of the Bonds the <br />Purchaser will deposit the Global Certificates representing <br />all of the Bonds with the Depository. The Global Certificates <br />shall be in typewritten form or otherwise as acceptable to the <br />Depository, shall be registered in the name of the Depository <br />or its nominee and shall be held immobilized from circulation <br />at the offices of the Depository or said agent on behalf of <br />the Purchaser and subsequent bondowners. The Depository or <br />its nominee will be the sole holder of record of the Global <br />Certificates and no investor or other party purchasing, <br />selling or otherwise transferring ownership of interests in <br />any Bond is to receive, hold or deliver any bond certificates <br />so long as the Depository holds the Global Certificates <br />immobilized from circulation, except as provided below in this <br />paragraph and in paragraph 12. <br /> <br />Certificates evidencing the Bonds may not after their <br />original delivery be transferred or exchanged except: <br /> <br />(i) Upon registration of transfer of ownership of <br />a Global Certificate, as provided in paragraph 12, <br /> <br />5 <br />