BC 1986 09 22 - Laserfiche WebLink

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525 In the event that an installment of principal of a bond awarded to the FmHA shall be redeemed, the Bond Registrar shall direct the registered owner thereof to evidence such redemption by appropriate notation on the schedule attached to such bond for such purpose. Section 4. Bonds, upon surrender thereof at the corporate trust office of the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of bonds of the same maturity (or, in the case of a bond awarded to the FmHA, of bonds of the same series having maturities corresponding to the maturities of the installments of principal of such bond then unpaid), of any denomination or denominations authorized by this resolution and bearing interest at the same rate. Except as hereinafter otherwise provided, the transfer of any bond may be registered only upon the registration books of the Issuer upon the surrender thereof to the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar. Upon any such registration of transfer, the Bond Registrar shall authenticate and deliver in exchange for such bond a new bond or bonds, registered in the name of the transferee, of any denomi- nation or denominations authorized by this resolution, in an aggregate principal amount equal to the unredeemed principal amount of such bond so surrendered, of the same maturity and bearing interest at the same rate. The transfer of a bond awarded to the FmHA may be registered by the registered owner thereof only upon an execution of an assignment thereof duly executed by such registered owner or his attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice such bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice. In all cases in which bonds shall be exchanged or the transfer of bonds shall be registered hereunder and an new bond or bonds are to be delivered in exchange therefor, the Bond Registrar shall authenticate and deliver at the earliest practicable time bonds in accordance with the provisions of this resolution. Ail bonds surrendered in any such exchange or registration of transfer shall forthwith be cancelled by the Bond Registrar. The Bond Registrar shall not be required to make any such exchange or registration of transfer of (i) any bond during a period beginning at the opening of business fifteen (15) days before the kay of the mailing of a notice of redemption of bonds or any portion thereof and ending at.the close of business on the day of such mailing or (ii) any bond called for redemption in whole or in part pursuant to Section 3 of this resolution. As to any bond, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of any such bond and the interest on any such bond shall be made only to or upon the order of the registered owner thereof or his legal representative. Ail such pay- ments shall be valid and effectual to satisfy and discharge the liability upon such bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be necessary for the registration, registration of transfer and exchange of bonds within a reasonable time according to then current commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the bonds. First Union National Bank, in the City of Charlotte, North Carolina, is hereby appointed the registrar, transfer agent and paying agent (the "Bond Registrar") for the bonds, subject to the right of the governing body of the Issuer to appoint another Bond Registrar and except as hereinafter provided, and as such shall keep its corporate trust office the books of the Issuer for the registration, registration of transfer, exchange and payment of the bonds as provided in this resolution. If the FmHA is the purchaser of the bonds, then the Clerk to