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<br />Section 5.02. Oualifications. <br /> <br />Each Paying AgentlRegistrar shall be (i) a commercial bank, trust company, or other entity duly <br />qualified and legally authorized under applicable law, (ii) authorized under such laws to exercise trust <br />powers, (iii) subject to supervision or examination by a federal or state governmental authority, and (iv) a <br />single entity. <br /> <br />Section 5.03. Maintaining Paving Agent/Registrar. <br /> <br />(a) At all times while any Certificates are outstanding, the City will maintain a Paying <br />Agent/Registrar that is qualified under Section 5.02 of this Ordinance. <br /> <br />(b) If the Paying AgentJRegistrar resigns or otherwise ceases to serve as such, the City will <br />promptly appoint a replacement. <br /> <br />Section 5.04. Termination. <br /> <br />The City reserves the right to terminate the appointment of any Paying AgentlRegistrar by delivering <br />to the entity whose appointment is to be terminated a certified copy of a resolution of the City (i) giving <br />notice of the termination of the appointment and of the Paying AgentlRegistrar Agreement, stating the <br />effective date of such termination, and (ii) appointing a successor Paying AgentJRegistrar. <br /> <br />Section 5.05. Notice of Change to Owners. <br /> <br />Promptly upon each change in the entity serving as Paying AgentJRegistrar, the City will cause notice <br />of the change to be sent to each Owner by United States mail, first class postage prepaid, at the address in <br />the Register, stating the effective date of the change and the name of the replacement Paying Agent/Registrar <br />and the mailing address of its Designated Payment/Transfer Office. <br /> <br />Section 5.06. Agreement to Perform Duties and Functions. <br /> <br />By accepting the appointment as Paying AgentJRegistrar, the Paying AgentlRegistrar is deemed to <br />have agreed to the provisions of this Ordinance and that it will perform the duties and functions of Paying <br />Agent/Registrar prescribed hereby. <br /> <br />Section 5.07. Deliverv of Records to Successor. <br /> <br />If a Paying AgentJRegistrar is replaced, such Paying AgentJRegistrar, promptly upon the appointment <br />of the successor, will deliver the Register (or a copy thereof) and all other pertinent books and records <br />relating to the Certificates to the successor Paying Agent/Registrar. <br /> <br />R:ISANMARICO.99\DOCSIORDNCFN. WPD <br /> <br />13 <br />