Bonds of Series N. Section 1.01. There is hereby created and authorized two new series of bonds which shall be designated First Mortgage 4.625% Bonds, Series N-1, due May 1, 2013 and First Mortgage 4.625% Bonds, Series N-2 due May 1, 2013. The aggregate principal amount of bonds of Series N which may be executed by the Company and authenticated by the Trustee shall be limited to $40,000,000 (that is $40,000,000 for each of the bonds of Series N-1 and the bonds of Series N-2) (exclusive of bonds authenticated and delivered upon interdenominational or other exchanges and transfers pursuant to Section 3 of Article I hereof and Sections 9, 10, 11 and 12 of Article II of the Original Indenture and delivered pursuant to Section I of Article VI of the Original Indenture as the same may relate to fully registered bonds including, without limitation, any exchange of bonds of Series N-1 for bonds of Series N-2); provided, however, that no more than $40,000,000 aggregate principal amount of bonds of Series N shall be outstanding at any given time. All bonds of Series N shall be registered bonds without coupons and shall be dated as provided in Section 1 of Article II of the Indenture and so long as there is no existing default in the payment of interest upon the bonds of Series N, any bond of Series N issued after the close of business on any Record Date, as hereinafter defined, with respect to any interest payment date (May 1 or November 1, as the case may be) and prior to such interest payment date shall be dated as of such interest payment date; provided, however, that if and to the extent that the Company shall default in the payment of interest due on such interest payment date, then any such bond of Series N shall bear interest from the May 1 or November 1, as the case may be, being the interest payment date for bonds of Series N to which interest has previously been paid or made available for payment on the outstanding bonds of said series, or if the Company shall default in the payment of interest on the first interest payment date for bonds of Series N, then from the date of the commencement of the first interest period of such bonds of Series N-1, which date shall be the date of initial issuance of the bonds of Series N-1. All bonds of Series N shall bear interest from the date thereof, payable at or before 9:00 o’clock a.m. Chicago time on the first day of May and the first day of November in each year, commencing November 1, 2003, until the principal thereof shall have become due and payable, at the rate of 4.625% per annum, and on any overdue principal and (to the extent that payment of such interest is enforceable under the applicable law) on any overdue installment of interest at the same rate per annum, and shall be payable both as to principal and interest, and as to premium, if any, in coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, at the office or agency of the Trustee in St. ▇▇▇▇, Minnesota provided, however, that if a Registration Default (as defined in the Registration Rights Agreement by and among the Company and the Initial Purchasers (as defined therein), dated as of April 29, 2003 (the “Registration Rights Agreement”)) occurs, additional interest will accrue on the bonds of Series N at a rate of 0.25% per annum (increasing by an additional 0.25% per annum after each consecutive 90-day period that occurs, after the date on which such Registration Default occurs up to a maximum additional interest rate of 1.00% per annum) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. So long as there is no existing default in the payment of interest on the bonds of Series N, the interest payable on any interest payment date shall be paid to the person in whose name any bond of Series N is registered at the close of business on the Record Date with respect to such interest payment date, and such person shall be entitled to receive the interest payable on such interest payment date notwithstanding the cancellation of any such bond of Series N on any exchange or transfer of registration thereof subsequent to the Record Date and prior to such interest payment date, except as and to the extent the Company shall default in the payment of interest due on such interest payment date, in which event such defaulted interest shall be paid to the person in whose name each bond of Series N is registered on the close of business on a subsequent Record Date, which shall not be less than five (5) days prior to the date of payment of such defaulted interest, established by notice given by mail by or on behalf of the Company to the persons in whose names such bonds of Series N are registered and to the Trustee not less than ten (10) days preceding such subsequent Record Date.
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Bonds of Series N. Section 1.01. There is hereby created and authorized two new series of bonds which shall be designated First Mortgage 4.625% Bonds, Series N-1, due May 1, 2013 and First Mortgage 4.625% Bonds, Series N-2 due May 1, 2013. The aggregate principal amount of bonds of Series N which may be executed by the Company and authenticated by the Trustee shall be limited to $40,000,000 (that is $40,000,000 for each of the bonds of Series N-1 and the bonds of Series N-2) (exclusive of bonds authenticated and delivered upon interdenominational or other exchanges and transfers pursuant to Section 3 of Article I hereof and Sections 9, 10, 11 and 12 of Article II of the Original Indenture and delivered pursuant to Section I of Article VI of the Original Indenture as the same may relate to fully registered bonds including, without limitation, any exchange of bonds of Series N-1 for bonds of Series N-2); provided, however, that no more than $40,000,000 aggregate principal amount of bonds of Series N shall be outstanding at any given time. All bonds of Series N shall be registered bonds without coupons and shall be dated as provided in Section 1 of Article II of the Indenture and so long as there is no existing default in the payment of interest upon the bonds of Series N, any bond of Series N issued after the close of business on any Record Date, as hereinafter defined, with respect to any interest payment date (May 1 or November 1, as the case may be) and prior to such interest payment date shall be dated as of such interest payment date; provided, however, that if and to the extent that the Company shall default in the payment of interest due on such interest payment date, then any such bond of Series N shall bear interest from the May 1 or November 1, as the case may be, being the interest payment date for bonds of Series N to which interest has previously been paid or made available for payment on the outstanding bonds of said series, or if the Company shall default in the payment of interest on the first interest payment date for bonds of Series N, then from the date of the commencement of the first interest period of such bonds of Series N-1, which date shall be the date of initial issuance of the bonds of Series N-1. All bonds of Series N shall bear interest from the date thereof, payable at or before 9:00 o’clock o'clock a.m. Chicago time on the first day of May and the first day of November in each year, commencing November 1, 2003, until the principal thereof shall have become due and payable, at the rate of 4.625% per annum, and on any overdue principal and (to the extent that payment of such interest is enforceable under the applicable law) on any overdue installment of interest at the same rate per annum, and shall be payable both as to principal and interest, and as to premium, if any, in coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, at the office or agency of the Trustee in St. ▇▇▇▇, Minnesota provided, however, that if a Registration Default (as defined in the Registration Rights Agreement by and among the Company and the Initial Purchasers (as defined therein), dated as of April 29, 2003 (the “"Registration Rights Agreement”")) occurs, additional interest will accrue on the bonds of Series N at a rate of 0.25% per annum (increasing by an additional 0.25% per annum after each consecutive 90-day period that occurs, after the date on which such Registration Default occurs up to a maximum additional interest rate of 1.00% per annum) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. So long as there is no existing default in the payment of interest on the bonds of Series N, the interest payable on any interest payment date shall be paid to the person in whose name any bond of Series N is registered at the close of business on the Record Date with respect to such interest payment date, and such person shall be entitled to receive the interest payable on such interest payment date notwithstanding the cancellation of any such bond of Series N on any exchange or transfer of registration thereof subsequent to the Record Date and prior to such interest payment date, except as and to the extent the Company shall default in the payment of interest due on such interest payment date, in which event such defaulted interest shall be paid to the person in whose name each bond of Series N is registered on the close of business on a subsequent Record Date, which shall not be less than five (5) days prior to the date of payment of such defaulted interest, established by notice given by mail by or on behalf of the Company to the persons in whose names such bonds of Series N are registered and to the Trustee not less than ten (10) days preceding such subsequent Record Date.
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