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(ii) If one or more but less tLan all of tlie then outstanding bonds
of Series N are ' red in the name of any of tLe initisl holders in
wLose names bon~ sucL series were first reg~stered, tLe ag~egafie
principal amount of the bonds of such series to be redeemed sball be
apporhoned in the manner provided in clause ( ii ) of Sectlon 2 hereof
an-
d redemption shall be made in aocordance with tLe pmvisians of
- said clause ( ii ) ezcept tLat the Company may, in lieu af depoaitfing
casL for the redemption of bonds not7ield by any sueL 'mitial Lolder,
svrrender bonds of Series N aoquired by the Co~mpasy and reoeive
credit against tbe sinldng fund payment to the ertent of the.pzt~oidpal
amount of bonds surrendered, not ezoeeding, however, tLe ~amount
of cash which would otbervvise be applied fio the redem~p~~ of bonds
o# Serie~ N not registered in the name of any initial holder of bonds
of said series, and the amount whicb waild othervvise be applied to
the redemption of such bonds not Leld by any initial holder af boads
sLall be reduced to the eztent of the am~nt of such c~+ed~tt .
If tLe Company elects M surrender bonds as a credit against the sinldng
fimd payment pursuant to t~e foregoing provision~ it shall. deposit such
bonds with the Tnistee at least 35 days and not more than ~5 days
prior to tbe date on which the neat sinking fund payment. beoomes
due. If the sinking fund payment is satisfied entirely by tLe surrendsr
af bonds pursuant to clause ( i) of this Section 5, complianoe with Section
_ 2 hereaf shall be unncoessary.
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€ ~ S~ctiox 6. In the event of the payment of a partia~ of t6e p~in-
~ cipal amount of any fully registered bond registered in the name of . ~
~ any initial purc6aser in whose name bonds were first registered, or
registered in the name of any subsequent holder designated in writing
by tbe Company fileci with the Trustee and stating tLat the provisions
of this parag~aph shall be applicable thereto; if there shall be filed widt
the Trustee a certificate of the Treasurer of the Company stating tLat
the registered holde~r of such bond ( or the person far whom such registered
holder is a nominee ) and the Company have entered into a wtitten agree-
ment that payment of any portion of such bond may be made to the
registered holder thereaf without presentation or surrender thereof, that
such registered holder will promptly make notation of any such payment on
~ such bond, and that such registered holder shall not sell, transfer or other-
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