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10
after giving effect to such payment or aa~uisition, the aggregate of all such ~
dividencls subsequent to December 31, 1975, plus the excess, if any, of the
amount applied to or set a~art for the purchase or other acquisition of an?•
shares of capita! stock of any class, subsec~uent to December 31, 1975, over
the sum of (x) such amoi?nts as shall have been received b~~ the Compan~~
as the net cash proceeds of sales of shares of its capital stock, of any class,
subsec~uent to the iniHal issuance of bonds of Series R and (y) amounts
received as contribiitions to the rapital or surplus of the Company subse-
' quent to the initial issuance of bonds of Series R, shall not esceed the
totalof
(i) the sum of $10,000,000, plus, or mimis in case of a deficit in
net income;
- (ii) the income of the ComPany, earned after llecember 31, 1975,
available for dividends i~pon capital stock;
provided, ho~ve~•er, that nohvithstanding the foregoiug limitations, the
Company may pa~~ regular fixed dividends on, and mar make mandatory
~ sinking fi~nd redemptions or purchases oE, shares of an~- preferred stock
~ of the ComPan~~ but all such payments, reciemptions and purc~ases shall
E be included in all computations under this Section 10.
t
~ All compiitations of the amount avaiiable for the pa~~ment of dividends
~ or acquisition of stock as provided in this Section 10 shall be made in
~ accordance ~+•ith generall,y accepted accounting principles consistently
~ applied.
~ SECCtox 11. The Compan~- agrees that ( a) it ~~~ill at ali times main-
~ tain, preserve and keep the mortgaged and pledged property, ~vith the
~ a~purtenances and e~~er~ part and parccl thereof, in ~ood repair, working
~ order and condition and eqaipped with suitable ec~uipment and appliances
~ and in accordance ith the accepted standards anci requirements of ihe
~
~ Yuhlic Service Commission of Florida; (b) upon ~~~ritten re~~uest bv holders
3 of at least `la% in principal amo~int of Series R bonds then outstanding
( during any three-~•ear periocl i~eginning Januar~~ l, 1976) the Company will
ha~•e its properties inspeMed b~• an engineer or a firm of engineers (selected
~ . bv the Board of Directors and acceptable to the Truste~ ) who will, at the
Compant's expensc, file a written rej~ort ~vith the Trustee, stating the extent
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