HomeMy WebLinkAbout1352 _ ~
a
16
issued against unfunded net property additions as provided in Article
IV of the Original Indenture, as amended.
SsoTTON 7. The Company agrees that it will at all times main-
tain, preserve and keep the mortgaged and pledged property, with the _
. appurtenances and every part and parcel thereof, in good repair, work-
ing order and condition and equipped with suitable equipment and ap-
pliances and in accordance w ith good industry standards.
SSOTTON 8. The Company covenants and agrees that, so long as -
any bonds of Series S shall remain outstanding, no dividend shall be
paid on any shares of any class of capital stock of the Company, except
dividends payable solely in stock of the Company, nor shall any shares
of any capital stock of the Company be purchased, retired, or otherwise
acquired by the Company, unless after giving eilect to such payment or
acquisition, the aggregate of all such dividends subsequent to Decem-
ber 31, 1978, plus the excess, if any, of the amount applied to or set
apart for the purchase or other acquisition of any shares of capital
stock of any class, subsequent to December 31, 1978, over the sum of
(x) such amounts as shall have been received by the Company as the
net cash proceeds of sales of shares of its capital stock, of any class,
s subsequent to the initial issuance of bonds of Series S and (y) amounts
received as contributions to the capital or surplus of the Company
subsequent to the initial issuance of bonds of Series S, shall not exceed
~ the total of
(i) the income of the Company, earned after December 31,
1978, available for dividends upon capital stock; plus
1
(ii) all other proper net credits to surplus made after the
initial issuance of bonds of Series S (except amounts included
in (x) and/or (y) above) ;plus
(iii) the sum of $17,000,000;
provided, however, that notwithstanding the foregoing limitations, the
Company (a) may, for any year, but not ezceeding two years in the
aggregate, pay dividends from income of the Company earned prior
to December 31, 1978, on any shares of any preferred stock of the
-
8~~zo a,~ 150