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3 <br />87_.- 104276 <br />NOW, THEREFORE, THIS FOURTEENTH SUPPLEMENTAL <br />INDENTURE WITNESSETH: <br />That the Company covenants and agrees with the <br />Trustees and with the respective holders from time to time <br />of the Bonds and coupons issued and to be issued under the <br />Indenture as follows: <br />ARTICLE I <br />CREATION OF BONDS OF SERIES I <br />SECTION 1.01. There is hereby created a ninth <br />series of Bonds to be issued under and secured by the <br />Indenture to be known as "Consolidated Mortgage 8 -7/8% <br />Bonds, Series I, Due 1994 ". The Bonds of Series I shall: <br />(1) be dated the date of authentication; <br />(2) mature on May 30, 1994; <br />(3) bear interest at the rate of 8 -7/8t per annum, <br />payable semiannually on May 30 and November 30 of each <br />year, hereinafter sometimes called an "Interest Payment <br />Date ", from the Interest Payment Date next preceding <br />the date of authentication thereof until payment of the <br />principal amount thereof has been made or duly provided <br />for except that: (a) any Bond of Series I authenti- <br />cated before November 30, 1987, shall bear interest <br />from the original issue date of the Bonds of Series I <br />unless clause (c) below is applicable; (b) if the <br />Company shall default or be in default in the payment <br />of interest upon Bonds of Series I, such Bonds of <br />Series I shall bear interest from the date of the <br />beginning of the period for which interest is so in <br />default; and (c) so long as there is no existing <br />default in the payment of interest on the Bonds of <br />Series I, any Bond of Series I authenticated after the <br />close of business on any Record Date, as hereinafter <br />defined, with respect to any Interest Payment Date and <br />on or prior to such Interest Payment Date shall bear <br />interest from such Interest Payment Date (other than in <br />the case of the initial payment of interest from the <br />original issue date of the Bonds of Series I); <br />(4) be payable as to principal and interest at the <br />office or agency of the Company in the Borough of <br />Manhattan, City and State of New York, in such coin or <br />currency of the United States of America as at the time <br />of payment shall be legal tender for the payment of <br />W <br />