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201iO3788 with respect to Record Dates, the term "Cede & Co." in this Section 2.11 of Article II shall refer to such new nominee ofthe Depository. (d) If the Depository gives notice to the Corporation or the Trustee pursuant to the Letter of Representations that it will discontinue providing its services as securities depository with respect to the Refunding Bonds, the Corporation (at the direction of the City) shall either appoint a successor securities depository or terminate the book-entry-only system for the Refunding Bonds under the following conditions: (1) Any successor securities depository must be a clearing agency registered with the Securities and Exchange Commission pursuant to Section 17A of the Securities Exchange Act of 1934 and must enter into an agreement with the Trustee agreeing to act as the de�sitory and clearing agency for all the Refunding Bonds. After such agreement has become efFective, the Depository shall present the Refunding Bonds for registration of transfer in accordance with Section 2.03 of Article II of this Indenture and the Trustee shall register them in the name of the successor securities depository or its nominee. If a successor securities depository has not accepted such position prior to the effective date of the Depository's termination of its services, the book-entry system shall automa.tically terminate, except as otherwise provided in this Section 2.11. (2) If the Corporation (at the direction of the City) elects to terminate the book-entry system for the Refunding Bonds, it sha11 so notify the Trustee in writing. Thereafter, upon presentation of the Refunding Bonds, or any of them, by the Depository or its nominee to the Trustee for registration of transfer in accordance with Section 2.03 of Article II of this Indenture, the Trustee shall register the transfer in accordance with such Section 2.03 of Article II of this Indenture and all provisions of this Section 2.11 of Article III shall immediately cease to be in effect, except as otherwise provided in this Section 2.11. (e) The Corporation (at the direction of the City) ma.y elect to terminate the book-entry system for the Refunding Bonds at any time by giving written notice to the Depository and the Trustee. On the effective date of such termination, the provisions of this Section 2.11 of Article II sha11 cease to be in effect, except that the Tnlstee sha11 continue to comply with applicable provisions of the Letter of Representations with respect to Refunding Bonds as to which the Depository rema.ins the registered owner. After such termination, the Trustee sha11, upon presentation of Refunding Bonds by the Depository or its nominee for registration of transfer or exchange in accordance with said Section 2.03 of Article II of this Indenture, make such transfer or exchange in accoxdance with said Section 2.03 of [C'7