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12 104276 decree or order for relief in respect of it in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization or relief under any applicable. Federal or State law, or consents to the filing of such peti- tion or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of it or of any substantial part of its property, or makes an assign- ment for the benefit of creditors, or admits in writing its inability to pay, or fails to pay, its debts generally as they become due, or takes any corporate action in furtherance of any such action; SECTION 3.03. Article Eleven of the Indenture is hereby supplemented and amended so as to delete any refer- ence to "Section 7.01(5) hereof" and insert in lieu thereof "Section 7.01(5) and Section 7.01(6) hereof ". SECTION 3.04. Article Eleven of the Indenture is hereby supplemented and amended so as to delete the last sentence of the first paragraph and the second paragraph of Section 11.03(a) and insert in lieu thereof the following: If any such U.S. Government Obligations are callable at the option of the issuer, the proceeds which would be received upon the call thereof on each call date must be sufficient to pay the principal of, and premium, if any, and accrued interest on the Bonds of such series (a) if redeemed on the earliest date on or after such call date on which redemption of the Bonds of such series would be permitted by the provi- sions of this Indenture or (b) if no such redemption of the Bonds of such Series is permitted, at maturity. Before or after a deposit the Company will (if necessary) make arrangements satisfactory to the Trustees for the redemption of Bonds (if the Bonds are subject to redemption) at a future date in accordance with Article Three (including any redemption required in order to satisfy any sinking fund obligation in respect of such Bonds). SECTION 3.05. Article Eleven hereby supplemented and amended so as to immediately following Section 11.03(g), tion 11.03(h), reading as follows: M of the Indenture is insert therein, a new Sec- IF