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immediately preceding Record Date, except as provided below. Interest on a Bond which is not punctually paid or duly provided for on any Interest Payment Date is payable to the person in whose name the ownership of such Bond is registered on the Registration Books at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice of which is given to such Owner by first -class mail not less than ten (10) days prior to such special record date. The Trustee will pay interest on the Bonds by check of the Trustee mailed by first class mail, postage prepaid, on each Interest Payment Date to the Owners of the Bonds at their respective addresses shown on the Registration Books as of the close of business on the preceding Record Date. At the written request of the Owner of Bonds in an aggregate principal amount of at least $1,000,000, which written request is on file with the Trustee as of any Record Date, the Trustee will pay interest on such Bonds on each succeeding Interest Payment Date by wire transfer in immediately available funds to such account of a financial institution within the United States of America as specified in such written request, which written request will remain in effect until rescinded in writing by the Owner. The Trustee will pay principal of the Bonds in lawful money of the United States of America by check of the Trustee upon presentation and surrender thereof at the Office of the Trustee. SECTION 2.03. Redemption of Bonds. (a) [ Optional Redemption The Bonds are subject to redemption prior to their stated maturity, at the option of the City, in whole or in part (and if in part, to be selected as described in subsection (d) below), on any Business Day, at the respective Make - Whole Redemption Price (as defined below) for such maturity. of The "Make -Whole Redemption Price" for a particular maturity means the greater (i) 100% of the initial public offering price of such maturity, but in no case less than principal amount of the Bonds of such maturity to be redeemed, or (ii) the sum of the present value of the remaining scheduled payments of principal of and interest on the Bonds of such maturity to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date on which the Bonds of such maturity are to be redeemed, discounted to the date on which the Bonds are to be redeemed on a semi - annual basis, assuming a 360 -day year consisting of twelve 30 -day months, at the "Treasury Rate" (defined below) plus [45] basis points, plus, in each case, accrued and unpaid interest with respect to the Bonds of such maturity to be redeemed on the redemption date. The Make -Whole Redemption Price will be determined by an independent accounting firm, investment banking firm, or financial advisor retained by the City, at the City's expense, to make such calculation. The Trustee and the City may conclusively rely on such determination and will not be liable for such reliance. For the purpose of determining the Make -Whole Redemption Price, the following definitions apply: 5