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interest is in default, such Bond shall bear interest from the date <br />to which interest has been paid. <br /> <br /> The principal of and the interest and any redemption premium <br />on the Bonds shall be payable in any coin or currency of the United <br />States of America which is legal tender for the payment of public <br />and private debts on the respectiv9 dates of payment thereof. <br /> <br /> The Bonds initially will be issued by means of a book-entry <br />system with no physical distribution of Bond certificates to be <br />made except as hereinafter provided. Initially one fully <br />registered Bond certificate for each stated maturity of the Bonds <br />for each designation, in the aggregate principal amount of the <br />Bonds of such stated maturity and registered in the name of the <br />Securities Depository Nominee (defined below), a nominee of the <br />Securities Depository (defined below), will be issued and required <br />to be deposited with the Securities Depository and immobilized in <br />its custody. The book-entry system of the Securities Depository <br />will evidence positions held in the Bonds by the Securities <br />Depository's participants, with beneficial ownership of the Bonds <br />in the principal amount of $5,000 or any whole multiple thereof <br />being evidenced in the records of such participants. Transfers of <br />beneficial ownership will be effected on the records of the <br />Securities Depository and its participants pursuant to rules and <br /> <br />procedures established by the Securities Depository and its <br />participants. <br /> <br /> The Issuer and the Bond Registrar will recognize the <br /> <br />Securities Depository Nominee or the Securities Depository, as the <br />case may be, while the registered owner of Bonds, as the owner of <br /> <br /> 3 <br /> <br /> <br />