Book Entry System{ TC Sample Clauses

Book Entry System{ TC. Section 2.15. Book Entry System" \f C \l "2" }. Upon initial issuance, the Series 2014_ Bonds shall be, and the provisions of this Section shall apply as long as, the Series 2014_ Bonds are maintained in a Book Entry System administered by the Securities Depository with no physical distribution of Series 2014_ Bond certificates to be made except as provided in this Section. Upon conversion of the Interest Rate Determination Method of the Series 2014_ Bonds from a Short-Term Rate or a Long-Term Rate to an Index Interest Rate, the Bond Registrar may, at the direction of the Board, withdraw the Series 2014_ Bonds from the Book Entry System and authenticate and deliver the Series 2014_ Bonds to the Holders thereof. Any provision of this Modal Agreement or the Series 2014_ Bonds requiring physical delivery of the Series 2014_ Bonds shall, with respect to any Series 2014_ Bonds held under the Book Entry System, be deemed to be satisfied by a notation on the Bond Register that such Series 2014_ Bonds are subject to the Book Entry System. The Book Entry System shall not be in effect with respect to the Series 2014_ Bonds during an Index Interest Rate Period. So long as a Book Entry System is being used, one Bond in the Principal Amount and registered in the name of the Securities Depository Nominee will be issued and deposited with the Securities Depository and held in its custody. The Book Entry System will be maintained by the Securities Depository and the Participants and Indirect Participants and will evidence beneficial ownership of the Series 2014_ Bonds in Authorized Denominations, with registration of transfers of ownership effected on the records of the Securities Depository, the Participants and the Indirect Participants pursuant to rules and procedures established by the Securities Depository, the Participants and the Indirect Participants. So long as a Book Entry System is being used, the principal and Purchase Price of and interest on each Series 2014_ Bond shall be payable to the Securities Depository Nominee or any other person appearing on the Bond Register as the Bond Registered Holder of such Series 2014_ Bond or such Holder’s registered assigns or legal representative at the office of the Bond Registrar designated in accordance with Section 9.04. So long as the Book Entry System is in effect, the Securities Depository will be recognized as the Holder of the Series 2014_ Bonds for all purposes (except as provided in Section 2.05(b)). Transfer of ...
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