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, . - Qn. ~:<< <~~~6 ~AC.E 26
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; ARTICLE 7' ~
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~ Possession, Release and SubsiftuNon ot the Mortgaged Propert~+
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SECTION ~I.OI. Unless an event of default ahalt have occurt+ed and be cantinuing, the Company ehell be ;
~ permitted to possese and ueo the mortgaged pmperty, and to rec;eive and retain all inoome and esrn~inge ariein~ i
therefrom, other than moneya herein epeoificallq required to lae paid to the Tn~atee. _ . •
. BFCPION 7.02. Unle~ an event of default ehall have occun~ed and be continuing~ the Company ehall have
~ t,~e right, ae the proper management of ita buainese may require, to: . .
(a) alter, repair, or add to any part of its phyeical property;
(b) move any equipment fmm one part of the mart~ed pmpertiea to another;
(c) d~scontinue or abandoa the u~e of aay part of its phyeical property whioh mmy no longer be ueeful
in the operation~ of its bu$iness or neceseary to maintain its earning capacity; ;
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(d) dispose, free of the lien hereof and ~vithvut release by the Trustee, of any equipment a•hich hae ;
becnme unservicetible~ through dama~e, wear, or ob~ole~cence, if the Company ehall firat have replaced
the same with other equipment, or ehall hav4 aubstituted tharefor other property, equ&lly ueeful in ite
bueinees; :
(e) substitute for any existing permit, licenee, franchiee, es~ment, leaee, or ~amil8r right, a aew such
x~ight at lesat equally advantageous to the Company in the operation of its buaineae, and expreaseci eo to ~
be in a resolution adnpted by the Boar~ of Direcstora; and j
eell, free of the lien hereof and without release by the Z~ustee, auch water metere an~i other e~tock
: in tratle as ie commonly dealt in by compauie$ operating like propertiee, such sale or salee being in the ~ :
usual cauree of trade with customera. ~ '
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~ $ECTION 7.03. At any time when there is no default hereunder to the knowledge of the Trustee, the Trustee ~
~ ehall execute a releaee covering any patt of the mortgaged property, but not the mortgaged property in its !
; entuety, for eale or exchange by the Company~ free aud elear of the lien hereof, for cash or Pmperty Additiona i
. at not leee than t~he fair value of t~he property to be releaeed, upon reoeipt of :
(a) a Re~quest for auch releasQ, and eetting forth the terme of the eale or ~ccbange;
; (b) a certi&ed copy of e~ reeolut~on of fi~he Board of Direateora: authorising ueh sele or ezahange and
j . auch Request; . .
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s (o) a cer~ifieats of ~?n engineer, or of an Independent Appraieer if ~h~ property to be releaeed ia de-
E acribed in fichedule B, Part III~ Batiafactor~? to the Trustee etating the fair value of t~he property to be re-
. lessed and of any ~dditional property to be acquired, se of e? dste ~within 60 dsya of the Truatee'e requeeted
. ~ action; .
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. - (d) cash in an amount equal to the caah consideration, if any, received upon euch eale or exabange
` ~a ehown by ~id written requeat, and being not l~e thsn eueh fa'v value;
(e) where epplicable, a cerEificats purguant to Section 12.05(1), inaluding therein any Property Addi-
~ tiona received upon such ssle or eacl~ange, and evidenoing s Gmes Amount of Property Additiana eqwal
~ ~ to the fair value thereof; ~ad - • - ~ ' ~
~ sn Offiaecs' Certifia?te st~ating ~rhether~ snd if eD in wha~ reepea~ a?~d ta w~t e~cteat, aqy defe?u~t
~ Y exiats hereund~, provided tbmt na euoh cortificate ~ll be required ~e oondition of the 7'rnstee'o re- ;
` ~ leuae of m tekea b muniai or eat~l ~ut6ority in f~he ea~eraiee of pow~ere of emin~ent
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