HomeMy WebLinkAbout0083ARTICLE THREE
REDEMPTION OR CONVERSION OF BONDS
°ec. 3.1 Series "A" Bonds shall be subject to Redemption at the op-
tion of The Company, as a whole or in part, on any Interest-payment date,
upon payment to the holders thereof of as amount equal to 10696 of the
principal amount of the Bc-nds to be Redeemed, together with (a) Unpaid
Earned Interest accrued thereon; (b) Unearned ~Intereat accumulated with
respect to Semi-annual Accounting Perloda in years prior to the year in
which the Bonds are Redeemed, but not in excess of 16-~ 90 of the princi-
pal amount thereof ;and (c) if the Redemption Date is September 1 of any
year, the interest, if any, payable with respect to the first Semi-annual
Accounting Period in that year (exclusive of any accumulated Unearned
Interest in that Period).
Sec. 8.2 Such of the Bonds of any other series as are by their terms
Redeemable before Maturity may be Redeemed at such times, and on such
ucaiaio witu %GTiti1L1l~ILY, t18 itisiy i~ eiiiet;iiitti %iiCi rill vi iii vi ~ Uiij~YiCiu~iieol
Indenture in respect of such Bonds.
~- 3.g Whenever The C'.om~np shall, in the exercise of a Hower
reserved to it, elect to effect Redemption of Bonds, it shall give the Trustee
written notice of such election at least 76 days prior to the Redemption
Date named therein, specifying the series of Bonds to be Redeemed, the
aggregate principal amount thereof and the Redemption Date. If less than
all of the Bonds of any aeries then Outstanding are to be Redeemed, the
Trustee shall determine by lot the specific Bonds or portions of Bonds to
be Redeemed. Notice of the call far Redemption shall be given by the Trus-
tee, in the name of The Company, as follows
(1) In the case of Coupon Bonds registered as to principal and
of Fully Registered Bonds, notice shall be sent by mail, postage pre-
paid, at least 60 days prior to the Redemption Date to each of the
Persons named in Section 8.4 hereof.
(2) In the case of Coupon Bonds not registered as to principal
_ Holies shall be published at least once in each of two consecutive
weeks, on any business day in the week, in daily newspapers printed
in the English language customarily on each business day, and at
least one of which is of general circulation in the Borough of Man-
hattan, City and State of New York, one in the City of Jacksonville
and one in the City of Miami, State of Florida. The first of each such
notices shall be published at least t30 days prior to the Redemption
Date.
(3) The notice shall specify the Bonds or portions of Bonds
called for Redemption, the Redemption Date, the Redemption Price,
the place at which the Bonds must be presented for Redemption, and
shall also state that from and after the Redemption Date interest on
the Bonds and portions of Bonds ao called will cease to accrue.
In the case of a Bond, only a portion of the principal amount of which
has been called for Redemption, a notation will be made thereon of the
payment of the portion of the principal amount so paid and the Bond re-
turned to the holder thereof.
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Sec. 3.4 To the extent that cash for that purpose is not then available RMiw~
to the Trustee under the provituons hereof, The Company shall, prior to Fwds
the date fixed for Redemption of anq Bonds, deposit with the Trustee, if so
requested by it, New York funds sufficient to effect Redemption of the
Bonds so called.
Sec. 3.6 All Bonds called for Redemption under the provisions of this
Article shall cease to have any right as to principal, interest, or security
hereunder, ether than the right to receive the Redemption Price on or alter
the Redemption Date, provided that funds sufficient to pay the Redemp-
tion Price were on deposit with the Trustee on or prior to the Redemption
Date.
Sec. S.6 In the case of any Bonds, other than Series "A" Bonds, with
respect to which a Sinking Fund is to be created, the method of creation
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