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200410978 SECTION 3. First Mortgage Bonds, Collateral (2004) Series C shall be subject to the following redemption and other terms and conditions: (I) First Mortgage Bonds, Collateral (2004) Series C shall be subject to redemption as follows (but shall not otherwise be or become subject to redemption, whether at the option of the holders thereof or the Company or pursuant to any other requirements or provisions of the Indenture): (A) on each day on which Senior Notes become due and payable in accordance with Section 405 of the Senior Note Indenture by reason of redemption in accordance with the Senior Note Indenture (a "Senior Notes Redemption Payment Date "), First Mortgage Bonds, Collateral (2004) Series C shall be subject to mandatory redemption by the Company in an aggregate principal amount equal to the Senior Notes Applicable Share of the aggregate principal amount of the Senior Notes that become so due and payable on such Senior Notes Redemption Payment Date (a "Corresponding Redemption "); and (B) on each day on which the Senior Notes become due and payable in accordance with Section 702 of the Senior Note Indenture by reason of acceleration of the Senior Notes in accordance with the Senior Note Indenture (a "Senior Notes Acceleration Payment Date "), the entire aggregate principal amount of First Mortgage Bonds, Collateral (2004) Series C shall be subject to mandatory redemption by the Company (an "Acceleration Redemption "); in each case, without any necessity for notice or call by the Company or by the Trustee (such notice and call being waived by the registered owners of First Mortgage Bonds, Collateral (2004) Series C by the acceptance of First Mortgage Bonds, Collateral (2004) Series C and in connection with each Redemption Demand hereinafter described); provided, however, that in the event of a rescission or annulment of an acceleration of the Senior Notes pursuant to the Senior Note Indenture, the related Acceleration Redemption shall be deemed to be rescinded or annulled (without prejudice to the occurrence of another Acceleration Redemption upon and by reason of a subsequent acceleration of the Senior Notes in accordance with the Senior Note Indenture). Each Corresponding Redemption of First Mortgage Bonds, Collateral (2004) Series C shall be at a redemption price equal to the redemption price payable in connection with the redemption of Senior Notes to which it corresponds (consisting of principal of and, if applicable to such redemption of Senior Notes in accordance with the Senior Note Indenture, premium on such Senior Notes), together with interest accrued on the principal included in such redemption price to such Senior Notes Redemption Payment Date (a "Corresponding Redemption Amount "); and such Corresponding Redemption Amount shall be due and payable on such Senior Notes Redemption Payment Date. Each Acceleration Redemption of First Mortgage Bonds, Collateral (2004) Series C on a Senior Notes Acceleration Payment Date shall be at a redemption price equal to the principal amount of the First Mortgage Bonds, Collateral (2004) Series C (without premium), together with interest accrued on said principal to the date of redemption (an "Acceleration Redemption Amount "); and such Acceleration Redemption Amount shall be due and payable on such Senior Notes Acceleration Payment Date. In the event of any failure by the Company to pay when due the Corresponding Redemption Amount with respect to a Corresponding Redemption of First Mortgage Bonds, Collateral (2004) Series C or the Acceleration Redemption Amount with respect to an Acceleration Redemption of First Mortgage Bonds, Collateral (2004) Series C, interest shall accrue on NY55/405431.7 20