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<br />immediately available funds to an account with a financial institution within the continental <br />United States of America designated by such Owner, and (iv) the Certificates will be <br />transferable and exchangeable as provided in the indenture or fiscal agent agreement executed <br />in connection with the Certificates. <br /> <br />Risks of Book-Entry System. The City makes no assurance, and the City will incur no <br />liability, regarding the fulfillment by OTC of its obligations under the book-entry system with <br />respect to the Certificates. <br /> <br />In addition, Beneficial Owners of the Certificates may experience some delay in their <br />receipt of distributions of principal and interest with respect to the Certificates since such <br />distributions will be forwarded by the Trustee to OTC and OTC will credit such distributions to <br />the accounts of the Direct Participants which will thereafter credit them to the accounts of the <br />Beneficial Owners either directly or through Indirect Participants. <br /> <br />Since transactions in the Certificates can be effected only through OTC, Direct <br />Participants, Indirect Participants and certain banks, the ability of a Beneficial Owner to pledge <br />Certificates to persons or entities that do not participate in the OTC system, or otherwise to take <br />actions in respect of such Certificates, may be limited due to lack of a physical certificate. <br />Beneficial Owners will not be recognized by the City as registered owners of the Certificates, <br />and Beneficial Owners will only be permitted to exercise the rights of registered owners <br />indirectly through OTC and its Participants. <br /> <br />H-4 <br />