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Trustees and_ their successors as Trustees of said property 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.
The Company further covenants and agrees to and with the Trustees
and their successors in said trust under the Mortgage, as follows:
ARTICLE 1
Thirty-ninth Series of Bonds
SECTION 1. (I) There shall be a series of bonds designated " 11.309b
Series due May 1, 2010", herein sometimes referred to as the "Thirty-ninth
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 the
I! Thirty-ninth Series shall mature on May 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
f Dollars (the exercise of such option to be evidenced by the execution and
delivery thereof); they shall bear interest at the rate of 11.30°.6 per annum,
~ payable semi-annually on November 1 and May 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-
. ninth Series shall be dated as in Section 10 of the Mortgage provided.
(II) Bonds of the Thirty-ninth 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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