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I 87- 104276 public and private debts; provided that, unless other arrangements acceptable to the Corporate Trustee are made (the Corporate Trustee hereby agreeing that the arrangements provided for in the Bond Purchase Agree- ment dated May 1, 1987, between the Company and certain institutional purchasers are acceptable to it), inter- est will be paid by check to persons in whose names the Bonds of Series I are registered; (5) not be redeemable prior to maturity or enti- tled to any sinking fund; (6) be issuable only as registered Bonds without coupons in denominations of $1,000 and any integral multiple thereof; and (7) be limited (except as provided in Section 1.09 of the Indenture) in aggregate principal amount to $150,000,000. So long as there is no existing default in the payment of interest on Bonds of Series I, the person in whose name any Bond of Series I is registered at the close of business on any Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date notwithstanding any transfer or exchange of such Bond of Series I subsequent to such Record Date. If and to the extent that the Company shall default in the payment of interest due on any Interest Payment Date with respect to any Bond of Series I, such defaulted interest shall be paid to the person in whose name such Bond of Series I is registered at the close of business on a subsequent record date established by notice given by mail, first -class postage prepaid, by or on behalf of the Company to the holders of Bonds of Series I not less than 15 days prior to such subsequent record date, such record date to be not less than five days preceding the date of payment of such defaulted interest. Notwithstanding anything to the contrary provided herein, interest shall accrue on the Bonds of Series I from the Interest Payment Date on which the Company shall have defaulted in the payment of interest due on the Bonds of Series I to the date such defaulted interest is paid at the rate of 9 -7/8$ per annum. The term "Record Date ", when used herein with the respect to an Interest Payment Date, shall mean the May 15 or November 15 (whether or not a business day), as the case may be, next preceding such Interest Payment Date. Default in the payment of interest means in this Section 1.01 W