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ARTICLE 3.
COVENANT6 OF THB COMPANT,
~ 3.01. ~gcunst p~ayment of divide~ds or certain other distribu-
tions, except under certain condition~s. So long as any Banda of the
1990 Series are Ontstanding, the Companp will not dealare any divi-
dends on any of its capital stock unless anch dividends are deelared
to be payable not more than 90 days after the date of declaration, and
will not declare or pay anp dividend or make any other distribu~ion
(whether bp pnrchase, redemption or otherwise) on, or pnrebase or
redeem or otherwise acquire for a consideration, any capital stock of
the Company (ezclnding from snch restriction and from all calcnla-
tions nnder this ~ 3.01 dividends paid in any such oapital atock and
any anch capital stock pnrchased, redeemed or otherwise aoqnired to
the eztent that it v~as so aoqnired in ez~hange for, or from the eash pro-
ceeda of the snbstantially concnrrent sale of, other snch capital stc~
or out of snbstantially concurrent cash contribntions to the capital of
the Company) if, after g'iving effect to such dividend, diatribntion, pnr-
chase, redemption or aoqnisition,
(a) the ontstanding Fnnded Debt (inclnding for thia pnr-
pose Bonds which are not Outstanding solely by reason of the
provisions of clause (d) of the definition of the term "Ontstand- -
ing") vvonld ezceed 75% of the Total Capitalization of the Com-
pany; or
(b) from December 31, 1968, the aggregate of
(i) all dividends and distributions declar2d or paid on
any capital stock of the Company, plns
(u) the ezcess, if any, of the aggregate amonnt of all
payments for tbe pnrchase, redemption or acqniaition of any
capital stack of the Company over the aggregate amount of
the net cash proceeds to the Company from sales of capital
stock of the Companp,
wonid ezceed the algebraic snm of (g) $10,000,000 plns (y) Net
• Earninga of the Company .A.vailable fox Interest since Decem-
ber 31, 1968, after dedncting from such Net Earninga the pro-
vision for tages based on or measnred by income or profita,
after dedncting therefrom interest paid or accrned by the Com-
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