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<br /> � 7T= �= 001196 . �
<br /> 7t1 , Article IL uf the 1{ortKnye Le hereby nmended by adding et the end
<br /> thereof the follovinq new section :
<br /> ' ' SECTION L2 . 11�e tlortRnror aill not , e+ ithout the uritten approval
<br /> 4 of the majority noteholders , herenfter make any loan or ndvance to , or make
<br /> r nny investment ln , or purchase or make any commitment to purchase nny atock ,
<br /> � bonde , notee or other aecuritiea oE , or guarenty , nsaume or otheraise become
<br /> y obligated or linbie vith respect to the obligationa of , any pereon , firm or
<br /> � � ,
<br /> i corporntion , except ( i ) eecurities or depoaita isaued , guaranteed or fully
<br /> �u insured as xo payment. by the United States Gavernment or any agency thezeof ,
<br /> 3' ( 11 ) Capitul Term Certificatee or other securities of the ltational Rural
<br /> �; lltilities Cooperative Finance : Corporation , ( iii) capital credits resulting
<br /> f ' ; from the payment for power_ and energy purchused and actually received from e
<br /> ; generating and transmiselon cooperative of Which the Mortgugor is a member ,
<br /> �� ( iv ) loane , deposits , ndvances , investments , securities and obligationa vhich
<br /> i the Nortgagor hus , prior to the date hereof , co�nitted iteeif to make , purchasa
<br /> , ,;r or undertnke , ne the case may be , and ae to which [he Mortgagor has given the
<br /> _� majority noteholdere notice in writing prior to the dnte hereof , and (vj euch
<br /> � ' `t other loans , deposite , ndvancee , investmente and obllgatLons ne zwy fron time
<br /> A to time be mnde , parchaeed or undertaken by the Mortgaqor ; provided , hor+evr, r , ' �
<br /> : that the aRgregate cost of invesGments , plue the total unpaid princlpal amount ,
<br /> � of loans , deposits , advancea and obligations , permitced under this cleuse (vj ': ;
<br /> :*�' ehall not at any tir�e ex.ceed 37. of the totnl utility plant (ae such term ie
<br /> '� defined in the Uniform Syctem of Accounts ) of the 24ortgagor .
<br /> �F
<br /> d�f
<br /> x SECTIOti 23 . The hbrtqagor will not , in any one year , vithout the
<br /> � npproval in vriting of the vu►jority noteholders , declare or pay any dividenda .
<br /> �
<br /> S or pap or detcrmine [o pay any pntronnRe refundB , or retire any patronage
<br /> �': capital or make nny other cnsh distribntiom ( such dividenda , refunde , recire-
<br /> � ments and other dlatributione beinq hereinafter collec [ ively called " dietribu-
<br /> '�; tiona" ) , to ita members , e [oekholders or consumera if after giving effect to
<br /> " any such distribution che total Equtty cf the Hortgagor vill not equal or exceed
<br /> �i 40z of its total assets and other debits ; erovided , hovevec , that in any event
<br /> 'g the HortgaQor may make distributions to eatatea of deeeaeed patruna to the
<br /> ` =�'' extent reQuired or permitted by its nrticlea of incozporation and bylava , and ,
<br /> s ---_ _ _ - - - ----- — - -- .._ _._
<br /> n -- _ _ _ ---
<br /> , � Lf euch dietributions to euch eetntea do not exceed 25Z of the patronage
<br /> _ .� capittll and margins received by the TSortgegor Sa the next preceding year .
<br /> � make auch additional diBtrl6utionB in any year ae vill not cauee the Cotal
<br /> ;s; diatributiona in such year to exceed 25x of the patronage capitel and marglna
<br /> } received in such next precedinR year , and provided , further , hovever , that in
<br /> �;.;� no event vill the HnrtgaRor aake any distributiona if there Le unpaid vhen ?
<br /> � due any ineteilmtnt of prindpal of or interest on the noree „ if the Hortgagor
<br /> ' �` ia othervise in default hercunder or if , after giving effect to anq such
<br /> fdiatribution , the Hortgagar � e [otal current and acerued aaaets vould be leea
<br /> ;� than ita total current and accrued 11abi11tiee .
<br /> � For the purpoae of thia eection : ( 1 ) n " cash distribution" shell be
<br /> „: deemed to include any qenerni cancellatlon or abatemen[ of chazgee for electrie
<br /> .�, energq or aerviees furnished by the Hortga�or , but not the repayment of a
<br /> '' membecship fee of not in excesa of S25 upon terminatlon of a memberehip ;
<br /> � ( 2 ) "Eqaity" shall aenn the aggregate of Equities and Hargins ( aa euch termn
<br /> .;� are defined in the Uniform Sqstem of Aecounts ) and Subordinated Indeb [edneas ;
<br /> "r and ( 3 ) "Subordinated Indebtedneae" shall mean unaecured indebtedness of the
<br /> -_�� 24ortgagor payment of vhich ehnli be eubordinated to [he prior payment of Che
<br /> ' '�' notee bq subordination aqreement in form and substance eatiafactory to the
<br /> ;; majoritq noteholdere .
<br /> �
<br /> SECTIOti 24 • In thc event thnt the HortRaged Property or anp part
<br /> a thereof , ahall be tnken under the paver of eminent domain , all proceede and
<br /> availn [herefroa, ezcept to the extent that all noteholdere ahall coneent [o
<br /> ` other vee end application thcreof by the Hortgagor , ahall forthvith be applied
<br /> a by the Hortgagor : fizet , [o the ratable payment of anq indebtedneea by thia
<br /> " Hortgage eecured other than prineipal of or interest on the notea ; second , to
<br /> '; the ratable payment of inieree [ vhlch ahall hnve aecrued on [he notea ead be
<br /> t unpaid ; third , to the ratable payment of or on account of the unpaid principni
<br /> .`5 of the aote� ta euch ina [allmeata thereof aa muy be designated b� the respee-
<br /> ' tive noteholders at the tine of any such paqment ; nnd , fourth , the balanee �'! _� "' :
<br /> ;_
<br /> - eha1Z be paid to vhoaoever ehall be entitled thereto ; prwided , hovever , that a; `�"
<br /> (y any noteholder may eause funda to vhieh it may be entitled under clause [hird � <> :
<br /> � hereoi ta be appiied 'uy thz �,nztgagor t3 the aaking �f :. deposit in L�t cvn- " � �-
<br /> .:�; atruction fuad eontemplated by Account 131 . 2 of the Unifom System of Acconnte � r�
<br /> instead of causing auch funda ' being npplied to the prepaycunt of aaq note held �
<br /> by euch notehoider. _
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