Common use of Transfers Outside Book-Entry System Clause in Contracts

Transfers Outside Book-Entry System. The District may, by written request, at any time or for any reason, remove the Depository and appoint a successor or successors thereto. In the event (i) the Depository determines not to continue to act as securities depository for any series of Bonds, or (ii) the District determines that the Depository shall no longer so act, then the District will discontinue the book-entry system with the Depository. If the District fails to identify another qualified securities depository to replace the Depository then the Bonds shall no longer be restricted to being registered in the registration books kept by the Paying Agent in the name of the Nominee, but shall be registered in whatever name or names Owners of such Bonds transferring or exchanging such Bonds shall designate, in accordance with the provisions of Section 2.06.

Transfers Outside Book-Entry System. The District may, Authority may by written request, at any time or for any reason, remove the Depository and appoint a successor or successors thereto. In the event (i) the Depository determines not to continue to act as securities depository for any series of the Bonds, or (ii) the District Authority determines that the Depository shall no longer so act, then the District Authority will discontinue the book-entry system with the Depository. If the District Authority fails to identify another qualified securities depository to replace the Depository then the Bonds shall no longer be restricted to being registered in the registration books kept by the Paying Agent Trustee in the name of the Nominee, but shall be registered in whatever name or names Owners Holders of such Bonds transferring or exchanging such Bonds shall designate, in accordance with the provisions of Section 2.062.04.