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the conditions provided in Section 31 of the Mortgage or in subdivisions (3)
and/or (4) of Section 61 of the Mortgage; provided, however, that the
retirement of no bonds of any series other than the Eighteenth Series shall
be made the basis of the withdrawal of cash deposited unde: this Secdon and
provided #urther that no bonds of ar~y series other than the Eighteenth Series
shall be pur;.hased or redeemed with cash deposited under the provisions
of this Secdon and that no bonds of the Eighteenth Series shall be peuchased _
with cash deposited under this Secrion at such price (including accrued
interest and brokerage) that the cost thereof to the Company is in eacess of
the cost of redeeming such bonds oa a date forty (40) days after the date
of such purchase (including premium, if any, ~nd accrued inter~st from the
interest date next preceding the date of purchase to such redemption data
in such cost); and provided further that the Company may not deposit cash
prior to December 1, 1971 in anticipation of the requirements of this Section,
if the cash would be used for the redemption of bonds of the Eighteenth
Series, and if such redemption would be for the purpose. or in anticipation, of
refunding such bonds of the Eighteenth Series prior to D~cember 1, 1971
through the use, direcdy or indirecdy, of funds bornowed by the Company at
an effective interest cost to the Company (calculated in accordance with
acceptable financial practices) of less than 5.97% per annum.
In case credit under the provisions of this Section is applied for in whole
or in part upon the basis of the right to the authentication and drlivery of
bonds, the Company shall comply with all applicable provisions of the Mort-
gage relating `to such authentication and delivery; eacept that the Company
shall not be required to comply with any earning requirements or deliver
to the Corporate Tn~stee any Resoiution, Otficerss Certificate, Net Earning
_ Certificate or Opinioa of Counsel such as is described in subdivisions (1
- (2), (6) and (8) of Section 28 of tl~e Mortgage.
So long as any bonds of the Eighteenth Series shall remain Ontstanding,
any election by the Company pursuant to clause (f) of subdivision (A) of this
~ . Section to make its right to the authentication and delivery of any bond(s)
or fraction of a bond the basis of a credit under this Section shall operate as
a waiver by the Company of its right to the authentication and delivery of
such bond(s) or fraction of a bond, and such bond(s) or fraction of a bond
may not thereafter be authenticated and delivered under the Mortgage, and
any Properiy Additions wluch have been made the hasis of any such right
to the authentication and delivery of bona(s) or fraction of a bond so waived
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' 90U!( ~ V~~ PAGE 4~0
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