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<br />records kept by the Registrar upon maturity or prior redemption thereof and upon <br />presentation and surrender at the principal corporate trust office of the Registrar. If <br />any Bond shall not be paid upon such presentation and surrender at or after maturity <br />or prior redemption, it shall continue to draw interest at the rate borne by said Bond <br />until the principal thereof is paid in full. Payment of interest on any Bond shall be <br />made to the registered owner thereof by check or draft mailed by the Paying Agent, <br />on or before each interest payment date (or, if such interest payment date is not a <br />business day, on or before the next succeeding business day), to the registered owner <br />thereof at his address as it last appears on the registration records kept by the <br />Registrar on the close of business on the fifteenth day (whether or not a business <br />day) of the calendar month next preceding an interest payment date (the "Record <br />Date"); but any such interest not so timely paid or duly provided for shall cease to be <br />payable to the person who is the registered owner thereof at the close of business on <br />the Record Date and shall be payable to the person who is the registered owner <br />thereof at the close of business on a Special Record Date for the payment of any <br />such defaulted interest. Such Special Record Date shall be fixed by the Registrar <br />whenever moneys become available for payment of the defaulted interest, and notice <br />of the Special Record Date shall be given by the Registrar to the registered owners <br />of the Bonds not less than ten days prior to the Special Record Date by first-class <br />mail to each such registered owner as shown on the Registrar's registration records <br />on a date selected by the Registrar, stating the date of the Special Record Date and <br />the date fIXed for the payment of such defaulted interest. The Paying Agent may <br />make payments of interest on any Bond by such alternative means as may be mutually <br />agreed to between the owner of such Bond and the Paying Agent (provided, however, <br />that the City shall not be required to make funds available to the Paying Agent prior <br />to the interest payment dates stated herein). All such payments shall be made in <br />lawful money of the United States of America, without deduction for the services of <br />the Registrar or Paying Agent. <br /> <br />-5- <br />