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ital stock of the Company (eaclnding from snch restriction and from
all calenlations under tbis ~ 3.01 di~idends paid in any such capital stock `
and any such capital stock pnrchased, redeemed or otherwise aoqnired to ~
the egtent that it was so acquired in eschange for, or from fihe cash pro- .z
ceeds of the snbstantially concnrrent sale of, other such capital stock or ~
out of snbstantially concnrrent cash contribntions to the capital of the
Company) if, after giving effect to snch dividend, distribntion, pnr- . {
" chase, redemption or acquisition, z
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(a) the ontstanding Funded Debt (inclnding for this F~:-
pose Bonds ~chich are not Ontstanding solely by reason of the
provisions of clause (d) of the definition of the term "Ontstand- ~
ing") of the Company wonld egceed 7~% of the Total Capitaliza- '
_ tion of the Company; or °
(b) from December .31,1966, the aggregate amount of
{i) all dividends and distribntions declared or paid on any
_ capital stock of the Company, plns
(ii) the eacess, if any, of the aggregate amonnt of all
payments for the pnrchase, redemption or acqnisition of any ?
capital stock of the Company over ~the aggregate amonnt of '
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the net cash proceeds to the Company from saies of capital ;
stock of the Compans, ;
wonld egceed the algebraic sum of (x) $5,000,000 plns (y) Net
Earnings of the Company Available for Interes~ since Decem- _
' ber 31, 1966, after dedncting from such Net Earnings the pro-
vision for tazes based on or measnred by inoome or profite,
± after dednc~ting therefrom interest paid or accrned by the Com-
pany to the eatent .that such interest is not charged and properly h
' chargeable to property acconnts of the Company, and after
~ dedncting therefram the net earnings or adding thereto the net *
losses of any Acquired Ssstem for any period prior to its ~
acqnisition by the Company to the eztent that snch net earnings t
or net losses would have been inclnded in the compntation of ~
Net Earnings of the Companr Available for Interest pnrsnant ~
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8~~ 167 Fa~2672
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