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Srxncm 2.02. The Company will not 87— 100441 r(a) declare or pay any dividends, either in cash or property, on any class of its stock, except dividends payable solely in common stock of the Company; or (b) directly or indirectly purchase, redeem or retire any of its stock of any class or any subordinated Indebtedness, except for as aggregate amount of purchases, redemptions or retirements in an amount not exceeding the net cash proceeds from the sale after December 31, 1985 of additional them of its stock; or (e) make any other distribution, either directly or indirectly, in respect of its stock of any class; (such non - excepted declarations or payments of dividends, purchases, redemptions or retirements of stock, and all such other distributions being herein collectively called "Restricted Payments ") unless, after giving effect thereto, the aggregate amount of Restricted Payments made during the period from December 31, 1985 to and including the date of the making of the Restricted Payment in question, will not exceed the sum of $15,000,000 plus (or minus, in can of a deficit) the net earnings of the Company available for dividends for such period (computed on a cumulative basis for said entire period). Swnor 2.03. The Company covenants that in addition to the requirements contained elsewhere in the Indenture for the issuance of additional bonds it will not create, guarantee, assume or become liable, directly or indirectly, in respect of any Funded Debt other than: (1) Bonds of Series J; (2) bonds issued pursuant to Article Four (bonds for refunding purposes), Article Five (bonds against physical property additions) and Article Six (bonds against cash) of the Original Indenture and underlying bonds permitted by Sections 7.06 and 7.10 of Article Seven of the Original Indenture, provided that at the time of issuance or incurrence thereof and after giving effect thereto and to the application of the proceeds thereof (a) net earnings of the Company for a period of 12 consecutive calendar months within the immediately preceding 15 calendar months were at least two rimes annual bond interest charges; (b) the aggregate principal amount of Secured Debt of the Company shall not exceed 65 % of Total Capitalization; and (c) the aggregate principal amount of Funded Debt of the Company shall not exceed 70% of Total Capitalization; (3) unsecured Funded Debt, provided that at the time of issuance and after giving effect thereto and to the application of the proceeds thereof (a) the net earnings of the Company for a period of 12 oonsecutive calendar months within the immediately preceding 15 calendar months were at least two times the annual interest charges on all Funded Debt of the Company; and (b) the aggregate principal amount of Funded Debt of the Company shall not exceed 700/c of Total Capitalization. For purposes of this Section 2.03, the terms "underlying bonds ", "net earnings of the Company" and "annual bond interest charges" shall have the meanings set forth in Section 1.01 of the Original Indenture. Prior to the issuance of additional bonds, the Company shall deliver to the Trustee an officer's oertificate, dated the date of authentication and delivery of the bonds, demonstrating, in reasonable detail, compliance with the applicable provisions of this Section 2.03. a