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the principal corporate trust office of the Note Registrar, duly endors d by or accompanied by a <br /> written instrument or instruments of transfer or exchange in for satisfactory to the Note <br /> Registrar and duly executed by the registered owner or an atto ey for such owner duly <br /> authorized in writing, the City shall execute and the Note Registrar s all authenticate, date and <br /> deliver in the name of the transferee or transferees or, in the case of n exchange, the registered <br /> owner, a new fully registered Note or Notes of like tenor, of the same aturity, bearing the same <br /> interest rate, of authorized denominations, for a like aggregate pri cipal amount. The Note <br />' Registrar shall not be required to transfer or exchange any Note durin the period from the close <br /> of business on the Record Date for an interest a ment to the o nin of business on such <br />� P g <br /> PY <br /> interest payment date or during the period of 15 days preceding the giving of notice of <br /> redemption of Notes or to transfer or exchange any Note all or a porti of which has been called <br /> for redem tion. The execution b the Cit of an full re istered N te shall constitute full and <br /> P Y Y Y Y g <br /> due authorization of such Note, and the Note Registrar shall thereby be authorized to authenti- <br /> cate, date and deliver such Note; provided, however, the principal amount of Notes of each <br /> maturity authenticated by the Note Registrar shall not at any one t'me exceed the authorized <br /> principal amount of Notes less the amount of such Notes which have been paid. The person in <br /> whose name any Note shall be registered shall be deemed and regar ed as the absolute owner <br /> thereof for all purposes, and payment of the principal of or interest n any Note shall be made <br /> only to or upon the order of the registered owner thereof or his lega representative. All such <br /> payments shall be valid and effectual to satisfy and discharge the liab lity upon such Note to the <br /> extent of the sum or sums so paid. No service charge shall be made o any registered owner of <br /> Notes for any transfer or exchange of Notes, but the City or the N te Registrar may require <br /> payment of a sum sufficient to cover any tax or other governmental c arge that may be imposed <br /> -11- <br />