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<br />2-7. Mutilated, Lost or Destroyed Notes. <br /> <br />In case any Notes issued hereunder shall become muti- <br />lated or be destroyed or lost, the City shall, if not then <br />prohibited by law, cause to be executed and delivered, a new <br />Note of like outstanding principal amount, number and tenor in <br />exchange and substitution for and upon cancellation of such <br />mutilated Note, or in lieu of and in substitution for such Note <br />destroyed or lost, upon the Lender's paying the reasonable <br />expenses and charges of the City in connection therewith, and <br />in the case of a Note destroyed or lost, the filing with the <br />City of evidence satisfactory to the City that such Note was <br />destroyed or lost, and furnishing the City with indemnity <br />satisfactory to it. If the mutilated, destroyed or lost Note <br />has already matured or been called for redemption in accordance <br />with its terms it shall not be necessary to issue a new Note <br />prior to payment. <br /> <br />2-8. Ownership of Notes. <br /> <br />The City may deem and treat the person in whose name <br />the Notes are last registered in the Note Register and by nota- <br />tion on the Notes whether or not such Notes shall be overdue, <br />as the absolute owner of such Notes for the purpose of <br />receiving payment of or on account of the Principal Balance, <br />redemption price or interest and for all other purposes <br />whatsoever, and the City shall not be affected by any notice to <br />the contrary. <br /> <br />2-9. Limitation on Note Transfers. <br /> <br />The Lender represents that it will transfer, assign <br />or grant participation interests in the Note only in accordance <br />with the provisions of Section 7.11 of the Loan Agreement. <br /> <br />30 <br />