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8~crtorr 3.10. The Com n witl not iesue inaur uaraniAe asswna or ~ermit to bQ out$tandin an ~
3± F?~ Y ~ ~ B , [ B Y
} : indebtedn~e, exoept, ~
(g) the F'iret Mortgaga Bonde;
• (b) current unsecurrxi liabiliCiee of the Company incurred in tha ordinsry couree of bueineee other thsn
- for bornowed money; ~
; (a) prnsently oxisting indebtedness of the Compsny not exceeding ~('~0,000 secured by purcha~e
money mortgagea; and
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(d) after tbe retirement of all the indebtedness of General I~velopment Corporation to banks the
pe4Yment of which is eecured by the lien.af ~ seaond martgage on the property of the Cc~mpany pursuaut ~
to ~ection 3.09, current uneecured debt of the Company not exceeding ~1,000,000 a~ any on,e tirae out-
~ standing may be incurred~far money borrowed from banke maturing not more than one year from th~ '
date thereof and not renewable at the option of the Company, and ~ ~
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: (e) current li~bilities ',of the Company for advanc~a fmm General Deve}opment CorporatiQn aot `
' exccedin =250 000 in the ' ~
. 8 , a;ggregate at any one time.
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SECTION 3.11. The Compariy will not declare or pay any dividend (athar than dividends payabls in its
own common stock), make any distribution of any kind whatsoever on any ahare~ of its capitsl st,ook, purchaee,
redeem or otherwise acquire for~a consideration any ehares of its capital stock, or make loane, advances, or
: cash paymente of nny kind f,o General Development Corporation, excepting vniy (a) payments for utility ~
pmpertiea oonstructed by Genersl Development Corpuration and eold to the Company pmvided always that i
such paymenta do not eaceed the'~air vaiue of such properties, (b) payment for eervices rendered to the Com-
pany by General I7evelopmen~ ~C~rporation pmvided that the charges therefor shall be no greater than that
which an independent, unaffiliated person wouid havo charged for aimilar services, and (a) repayment of ad-
vances tnade to the Company by General Development Corporation. '
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~ f ~ SEGTION 312. The Comp~ny, will ~ produce net operating income suihcient to provide and maintain Net '
F~arnings Avaitable for Interest (i) equal to an averaf;e in each period of tliree consecutive fiscal years of 180% of ~
the annual inteteat" requirementa on the average of ~11 bonds outstanding during such period, and (u) equal i
; to 210% in at least one of the last two fiscal years in eaah consecutive thres fiscal year period of the int,~;rest re-
i: quuements bn all bonds outstanding during the particular fiscal year selected by the Company for the purpo~e of
determi~ing compliance with thi,sa coveuant. The firet period af three consecutive fiac~al year$ shall oommence
~ January 1, 1964, and the eevond period of three conseautive fiscal ye:~rs shall commen+ce January 1, 19G5.
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- f; SECriorr 3.13. The Company will in e$ch catendar year, or period of annuul audit, if other tharz the
~ calendar year, f,o the extent permitted or,i+equired by any gtate regulstory bo~y h$ving jurisdiction, cr~iit
to its depreciation reserve asxaunt an amount equal ta st least 2°J'o of the value (before depre+aiation) at which
~ atl depreciable property of the Company i~ carried on ite books a8 of the commencement of each such calendar
year, or per~od of sanusl audit, if other than the c~lendaer year. Depreeiabl~e property for such purposea shall
include al! property on which depreoiation is require~i or permitted to be charged by au,q at~?te or la;s~l govern-
~ mental bo~dy having jurisdiction or ia cuatomarily charged by gaa or water utility companiea in accorda~ace with -
} gen~rally accepted princiglee of accounting.
; 1 • S~crcox 3.14. The Company v~ill at interval$ of not Ieee than threee yeats at the r~ques~. in writing of
s': ° the Iwldare of not lesa than 25% of (a) bonde of Serie$ A at the time oufistanding or (b) of all bonds outatand-
i; ~ ing hereunder, retain an Independent En~neer ae defined in Articte IZ hereo( ta make an examinatioa and
: ~ repott in res~ct to the adequacy of f,~e maint~enance of the phyaical property of the Comp~ny. A copy af
+ i , auch~ t+eport eha11 be delivered to tbe repr~entative of the bondhaldees reque~eting auch examination and re- •
e~ port who, in ma~ing the reqae~ for such easmination, stesil have bcen deevgnat~cd by tbe bondhokier~ w theiic
repreeentstiv~e to reoeive t~e report, and ~ oopp e~f euch i+eQort ahall -be delivered to tLe Tn~~ee,
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