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-,' ',- A Global Certificate shall be registered in the name of the payee on the books of the Bond Registrar by presenting the Global Certificate for registration to the Bond Registrar, who will endorse his or her name and note the date of registration opposite the name of the payee in the certificate of registration on the Global Certificate. Thereafter a Global Certificate may be transferred by delivery with an assignment duly executed by the Holder of his, her or its legal representative, and the City and Bond Registrar may treat the Holder as the person exclusively entitled to exercise all the rights and powers of an owner until a Global Certificate is presented with such assignment for registration of transfer, accompanied by assurance of the nature provided by law that the assignment is genuine and effective, and until such transfer is registered on said books and noted thereon by the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the City contained in any agreement with, or notice to, the Bond Registrar. Upon surrender for transfer of any Replacement Bond at the principal office of the Bond Registrar, the City shall execute (if necessary), and the Bond Registrar shall authenti- cate, insert the date of registration (as provided in para- graph 11) of, and deliver, in the name of the designated transferee or transferees, one or more new Replacement Bonds of any authorized denomination or denominations of a like aggregate principal amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no bond may be registered in blank or in the name of "bearer" or similar designation. Whenever ownership of any Replacement Bonds should be transferred without surrender of the Replacement Bond for transfer or should be registered in nominee name only, the registered owner of the Replacement Bond shall, if and to the extent required to preserve the exclusion from gross income of the interest on the Bonds and at the direction and expense of the City, maintain for the City a record of the actual owner of the Replacement Bond. Transfer of the Global Certificate, may at the direction and expense of the City, be subject to other restrictions if required to qualify the Global Certificates as being "in registered form" w;i.thin the meaning of Section 149(a) of the federal Internal Revenue Code of 1986, as amended.