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bonds then outstunding (dnring a three-year period beginning Novem-
bcr l, 1969) the Company ~rill ]ia~~e its prop~rties inspected b~~ an
engineer or a firni of engi~eers. (selected Uy the Board of Directors
and acceptflble to the Trustee) wlio will, nt the Company's expense,
file n~vritten reporf~ ~vith the Trustee, stating t)~e extent to ~vhich the `
Company's -properties have beeu maintained in compliAnce ~vith this
covenant. Copies of the report ~vill be mailed to each of the Series L
bond holders ~vithin 10 days after the report is filed ~vith the Trustee.
The provisions_of tius Section 10 shall apply i~i respect of reqnireinents
relati~ig to Series L bonds wliile au~ lwnds of such series are ontstand-
ing hereuiider Rnd shall be instead and in lieu of any other rec~uirement
for tlie applieation of revenues for the maintenance, repair, rene~val
and replacement of niortgaged and pledged property a~hich mav other-
~vise be required under Section ~0 of the Original Indenture.
~ Sgcriox 11. The Company shall be anthorized to declare and pay
dividends to its stockholders of record provided that tLe snm of (a)
- cash dividends on capital stock and net redemptions of capital stock
snbsequent to December 31, 1963, shall not eaceed the sum of net in-
come accrued subsequent to December 3l, •19fi8, plns $750,000.00. Pro-
< <~ided, ]zo~vever, that notwiths~anding the foregoing limitations, the
` Company may, in any Sear, but not esceeding two (2) sears in the
f aggregate, pay dividends on preferred stock from income eurned prior
~ to December 31, 19fi8.
~ SECrio~ 12. Anything contained in the Indenture to the contrary
not~vithstanding, no amendment or modification of the Indentnre or
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of this Sixteenth Supplemental Indenture affecting the bonds of _
Series L shull be entered into Ly the Company and thQ Trastees ezcept
~vith the written consent of holders of 6G 2/3 Jo in principal amonnt
of the i~onds of Series L then outstanding : provideci, however, that
no such amendment or u~odification sl~nll eztend the fised matnrit~•
of the bonds of Series L, or reduce the rate or ex~end the date of
pa~nient of interest thereon, or rednce the principal amount or re-
demption prices thereof, or permit the creation of any lien on the
assets or propert3 of the Coinpany prior to the lien of the Indentnre,
~vitliout the written consent of the holder of eacli bond of Series L
affected by such action. ~
~ ABTICLE II. '
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~DITIO~TAI. PROVISION3. -
S~criox 13. Tlie Original Indenture as }~eretofore supplei~~eiited
and modified is in all respects ratified and confirmed i~y this Si~c- °
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