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use, directly or indirecdy, of funds borrowed by the Company at an et~ective
interesc cost to the Company ( calculated in accordance with acceptable ~
financial practices) of less than 10.052°b per annum.
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( ill ) Bonds of the Thirty-first Series shall also be redeemable in whole -
at any time, or in part from time to time, prior to maturity, upon like notice,
by the application ( either at the option of the Company or pursuant to the
requirements of the Mortgage ) of cash delivered to or deposited with the
Corporate Trustee pursuant to the provisions of Section 39 or Section 64 of
che Mortgage or with Proceeds of Released Property, at the following
special redemption prices, expressed in percentages of the principal amount
of the bonds to be redeemed:
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; SPECIAL REDEMPTION PRICES
~ If redeemed during the 12 month period ending the last day of
~ February,
~ 1976 101.67~ 1986 101.51~ 1996 101.10~
~ t977.__..... 101.66~ 1987........ 101.49~ 1997.._..... 101.03~ -
= 1978 101.65°k 1988 101.46°b 1998 100.95`A~
~ t 979 101.64~ 1989 101.43% 1999 100.879b ~
~ t980 101.62% 1990 101.39°b 2000 100.78%
~ 1981._...... 101.61~ 1991..._.... 101.35~ 2001........ 100.68%
} 1982...---._ 101.59~ 1992........ 101.31~ 2002........ 100.57~0
~ 1983 101.58°.~0 1993 101.27% 2003 100.45%
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~ I984...._... tO1.56% 1994........ 101.22~?'0 2004....._.. 100.32
~ 1985........ 101.53`70 1995........ 101.16°~(0 2005......._ 100.00%
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~ in each case, together wich accrued interest to the date fixed for redemption.
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~ ( IV ) At the option of the registered owner, any bonds of the Thirty-first
- Series, upon surrender thereof for cancellation at the office or agency of the
£ Company in the Borough of Manhattan, The City of New York, together
~ with a written instrument of transfer wherever required by the Company,
~ duly executed by the registered owner or by his duly authorized attorney,
shall ( subject to the provisions of Section 12 of the Mortgage ) be
- exchangeable for a like aggregate principal amount of bonds of the same
= series of other authorized denominations.
~3
- . ~~~K237 P~~F1??6
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