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$0-- Qp5054
<br />3
<br />a!1 the property and franchises of the Railway Company mentioned in
<br />said indenture, and Supplemental Indentures dated respectively :March
<br />19, 1936, as of January 1, 1937, April 18, 1944, as of July 1, 1944, March
<br />20, 1945, as of Jtrly 1, 1945, two supplements dated as of January 1, 1946,
<br />as of July 2, 1353, a<: of September 1, 1954, two supplements dated as of
<br />iYIarch 2, 1970, as of Jvh~ I. 1970, as of .January- I, 1971, as of January 1,
<br />2974, as of July I, 1975, ss of January 1, 1978 and as of July 1, 1380 pro-
<br />viding for the issuance of General ilortgaRe Bonds, Series Y, to which
<br />reference is hereb~• made for a statement of the property and franchises
<br />mortgaged, ranreyPd. pledged. ar assigned, the nature and extent of the
<br />security, and the right.. of the holders of said bonds and of the said
<br />Trustee in respect to such setmritl.
<br />The authorized issue of bonds under said indenture is iimitQd to an
<br />amount which, together with all then outstanding prier debt of the Rail-
<br />way Company or of a sumessor corporation as defined in said indenttre,
<br />after deducting Lherefrom the amount of stl bonds then resen-eti under
<br />the pr=ovisions of said indenture zo retire prior debt at or before maturity,
<br />shall not exceed three times the par slue (which, as provided in s:zid
<br />Supplemental Indenture dated March 19, 1936, shall. in reslx~cz of sharra
<br />utithout par value, be deemed the stated ~~alue) of the then autst:tnding,
<br />fully paid capital stock of the Railu-av ('ompany or of ;t suct~c~ssor cor-
<br />poz-ation.
<br />The 4eries ~ Bands see redeematrle at the option of the Rudu•ac t'om_
<br />Pan}' as a whole or in part on any interest ;~aymertt date subs-~lue~nt to
<br />July t, 1980 upon publication of notice thereof in ricro newspapers of ~en-
<br />eral circulation in the Borough of ~Iauhattan. The City of \eu 5't>rk. at
<br />least twice a week far nine successive weeks neat prccedink such interest
<br />payment date, and in the manner and otherudse ss pnn-ided in .aid iu_
<br />denture, at the principal amount thereof, taQether a°tth :accrued interest
<br />to the date designated for redemntion-
<br />In else of certain defaults specifiett in said indenture, the principal of
<br />this bond and alI of the bands issued under said indenture ma} be de-
<br />clared and may become due and payable in the manner and wilt the
<br />erect provided in said ir.derature.
<br />This bond is transferable by the registered balder hereof in person or
<br />by attorney duly authorized in writing, either at. the office of the Raiiu•at.
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