Owner. A Series 2018 Bond surrendered to the Registrar may be exchanged for a Series 2018 Bond or Series 2018 Bonds in any Authorized Denomination of an equal aggregate principal amount and of the same interest rate and maturity. A Series 2018 Bond may be transferred only if endorsed in the manner provided thereon and surrendered to the Registrar. Any exchange or transfer shall be without cost to the Owner or transferee. The Registrar shall not be obligated to exchange any Series 2018 Bond or transfer registered ownership during the period between the applicable Record Date and the redemption date. (c) Securities Depository; Book-Entry Only Form. If a Series 2018 Bond is to be issued in book-entry form, DTC shall be appointed as initial Securities Depository and each such Series 2018 Bond initially shall be registered in the name of Cede & Co., as the nominee of DTC. Each Series 2018 Bond registered in the name of the Securities Depository shall be held fully immobilized in book-entry only form by the Securities Depository in accordance with the provisions of the Letter of Representations. Registered ownership of any Series 2018 Bond registered in the name of the Securities Depository may not be transferred except: (i) to any successor Securities Depository; (ii) to any substitute Securities Depository appointed by the University; or (iii) to any person if the Series 2018 Bond is no longer to be held in book-entry only form. Upon the resignation of the Securities Depository, or upon a termination of the services of the Securities Depository by the University, the University may appoint a substitute Securities Depository. If (i) the Securities Depository resigns and the University does not appoint a substitute Securities Depository or (ii) the University terminates the services of the Securities Depository, the Series 2018 Bonds no longer shall be held in book-entry only form and the registered ownership of each Series 2018 Bond may be transferred to any person as provided in this Series Resolution.
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