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I 88- 101583 ARTICLE I CREATION OF BONDS OF SERIES J SECTION 1,01. There is hereby created a tenth series of Bonds to be issued under and secured by the Indenture to be known as "Consolidated Mortgage 10% Bonds, series J, Due 1997". The Bonds of Series J shall: (1) be dated the date of authentication; (2) mature on November 1, 1997; (3) bear interest at the rate of 10\ per annum, payable semiannually on November 1 and May 1 of each year, hereinafter sometimes called an "Interest Payment Date," from the Interest Payment Date next preceding the date of authentication thereof until payment of the principal amount thereof has been made or duly provided for except that: (a) any Bond of Series J authenticated before May 1, 1988, shall bear interest from the original issue date of the Bonds of Series J.unless clause (c) below is applicable; (b) if the Company shall default or be in default in the payment of interest upon Bonds of Series J. such Bonds of Series J shall bear interest from the date of the beginning of the period for which interest is 50 in default; and (c) so long as there is no existing default in the payment of interest on the Bonds of Series J, any Bond of Series J authenticated after the close of business on any Record Date, as hereinafter defined. with respect to any Interest Payment Date and on or prior to such Interest Payment Date shall bear interest from such Interest Payment Date (other than in the case of the initial payment of interest from the original issue date of the Bonds of Series J): (4) be payable as to principal and interest at the office or agency of the Company in the Borough of Manhattan. City and State of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts; provided that, unless other arrangements acceptable to the Corporate Trustee are made, interest will be paid by check to persons in whose names the Bonds of Series J are registered; (5) not be redeemable prior to November 1, 1994 and be redeemable thereafter at the option of the Company as provided in Section 1.02 hereof; ,. -2- r i ; i I i L -.J .; h. L