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same series, interest rate and maturity, and for a like aggregate principal amount, and several such Bonds may be transferred for one or several such Bonds, respectively, of the same series, interest rate and maturity and for a like aggregate principal amount. In every case of transfer of a Bond, the surrendered Bond shall be cancelled and destroyed. All Bonds issued upon transfer of the Bonds so surrendered shall be valid obligations of the Corporation under this Third Supplemental Trust Indenture and Security Agreement evidencing the same obligation as the Bonds surrendered and shall be entitled to all the benefits and protection of this Third Supplemental Trust Indenture and Security Agreement to the same extent as the Bonds upon transfer of which they were delivered. Payments of interest shall be mailed to the registered owners as of the Record Date for each Interest Payment Date. The Corporation and the Trustee shall not be required to transfer any Bond during any period from any Record Date until its immediately following Interest Payment Date or to transfer any Bond called for redemption for a period of 30 days next preceding the date fixed for redemption. Section 4. In the event that payments of interest due on the Bonds on an Interest Payment Date are not timely made, such interest shall cease to be payable to the registered owners as of the Record Date for such Interest Payment Date and shall be payable to the registered owners of the Bonds as of a special date of record for payment of such defaulted interest as shall be designated by the Trustee whenever monies for the purpose of paying such defaulted interest become available. Section 5. If the date for payment of the principal of or interest on the Bonds shall be Saturday, Sunday, legal holiday or a day on which banking institutions in the city where the principal corpo- rate trust office of the Trustee is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such day shall have the same force and effect as if made on the nominal date of payment. Section 6. The Bonds, together with interest thereon, shall be payable out of the basic rentals paid by the College pursuant to the Lease - Purchase Agreement. The Bonds shall be substantially in the form following, to-wit: 6 2(11204664