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demption~ at the foilowing general redemption prices~ expressed in per-
centages of the principai amount of the bonds to be redeemed:
GBNERAL REDEMPT[ON PRICES
If redeemed during the 12 month period ending the last day of Feb-
ruary, .
1982...... 115.88% 1992...... 110.41qo 2002...... 104.93qo
1983...... 115.33qo 1993...... 109.86% 2003...... 104.38%
1984 . . . . . . 114.79% 1994 . . . . . . 1(?9.31 qo 2004 . . . ~. . . 103.84 qo
1985 . . . . . . 114.24qo 1995 . . . . . . 108.76°Jo 2005 . . . . . . 10329°fo
1986...... 113.69qo 1996...... 1082`L% 2006...... 102.74~
1987...... 113.14% 1997...... 107.6fi% 2007...... I02.19°fo
1988...... 112.60% 1998...... 107.12% 2008...... 101.65°fo
1989 . . . . . . 112.05% 1999 . . . . . . 106.57% 2009 . . . . . . lO1.lOqo
1990 . . . . . . 111.50~ 2000 . . . . . . 106.03qo 2010 . . . . . . 100.55%
1991...... 110.95% 2001...... 105.48% 2011...... 100.00%
in each case, together with accrued interest to the date fixed for redemp-
tion; provided, however, that none oi the [wnds oi ine rorty-i'irsi ~ec~r~
shalt be redeemed prior to March 1, 1986, if such redemption is for the
purpose, or in anticipation, of refunding such bond of the Forty-first
Series thmugh the use~ directly or indirectly~ of funds borrowed by the
Company at an effective interest cost to the Company (calculated in
accordance with acceptable financial practice) of less than 16.0166~ per
annum.
(III) At the option of the registered owner, any bonds of the Forty-
first Series, upon surrender thereof for cancellation at the office 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 Company, duly executed by the registered owner or by his duly
authorized attorney, shall (subject to the provisions of Section 12 of the
Mortgage) be exchangeable for a like aggregate principal amount of
bonds of the same series of other authorized denominations.
Bonds of the Forty-first Series shall be transferable (subject to the
provisions of Section 12 of the Mortgage) at the office or agency of the
Company in the Borough of Manhattan, The City of New York.
Upon any exchange or transfer of bonds of the Forty-first Series, the
Company may make a charge therefor sufficient to reimburse it for any
~~~z350 P~GE 759
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