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Trustees and their successors as Trustees of said propcrty in the same
manner and with the same effect as if said property had been owned by the
Company at the time of the execution of the Mortgage, and had been
' specifically and at length described in and conveyed to said Trustees, by the
Mortgage as a part of the property therein stated to be conveyed.
-3'he Company further covenants and agrees to and with the Trustees
and their successors in said trust under the Mortgage, as follows: -
- ARTICLE- I
Thirty-eighth Series of Bonds
SECTION 1. (I) There shall be a series of bonds designated " 1 S y.Rb
Series due March 1, 2010", herein sometimes referred to as the "Thirty-
' eighth Series", each of which shall also bear the descriptive title First
Mortgage Bond, and the form thereof, which shall be established by
Resolution of the Board of Directors of the Company, shall contain suitable
provisions with respect to the matters hereinafter in this Section specified.
Bonds of she Thirty-eighth Series shall mature on March 1, 2010, and shall
be issued as fully registered bonds in denominations of -One Thousand
Dollars and, at the option of the Company, in any multiple or multiples of
One Thousand Dollars (the exercise of such option to be evidenced by the
execution and delivery thereof); they shall bear interest at the rate of 15~/~%
per annum, payable semi-annually on September 1 and March 1 ~of each
year, the principal of and interest on each said bond to be payable at the
office or agency of the Company in the Borough of Manhattan, The City of
New York, in such coin or currency of the United States of America as at the
time of payment is legal tender for public and private debts. Bonds of the
Thirty-eighth Series. shall be dated as in Section 10 of the Mortgage
provided.
_ (II) Bonds of the Thirty-eighth Series shall be redeemable either at the
option of the Company or pursuant to the requirements of the Mortgage
(including, among other requirements, the application of cash delivered to
or deposited with the Corporate Trustee pursuant to the provisions of
Section 39 or Section 64 of the Mortgage or with proceeds of Released
Property) in whole at any time, or in part from time to time, prior to
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