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maturity, upon notice, as provided in Section 52 of the Mortgage, mailed at
least thirty (30) days prior to the date fixed for redemption, at the following
general redemption prices, expressed in per~oentages of the principal amount
of the bonds to be redeemed:
G~Fx~u. REDEMPTION PRICES - -
If redeemed during the 12 month period ending the last day of
February,
1981 i 15.25% 1991 110.00% 2001 104.74%
1982............114.73% 1992............109.47% 2002............104.21%
- 1983............114.20% 1993............108.94% 2003............103.69%
' 1984.....:......113.68% 1994............108.42% 2004............103.16%
l 985 113.1 S% 1995 107.89'X, 2005 102.63%
1986 112.6396 1996 107.3796 2006 102.11 ~
1987............112.10% 1997............106.84% 2007............101.5896
1988............111.57% 1998............106.3296 2008............101.06%
1989............111.0596 1999............105.7996 2009............100.53%
1990............110.52% 2000............105.26% 2010............100.00%
in each case, together with accrued interest to the date fixed for redemption;
provided, however, that none of the bonds of the Thirty-eighth Series shall
be redeemed prior to M_ arch 1, 1985, if such redemption is for the purpose,
or in anticipation, of refunding such bond of the Thirty-eighth Series
through the use, directly or indirectly, of funds borrowed by the Company at
an etlective interest cost to the Company (calculated in accordance with
acceptable financial practice) of less than 15.386% per annum.
(III) At the option of the registered owner, any bonds of the Thirry-
eighth Series, upon surrender thereof for cancellation at the ofllce 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
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