Common use of DESCRIPTION OF BONDS OF THE TWENTY-FIRST SERIES Clause in Contracts

DESCRIPTION OF BONDS OF THE TWENTY-FIRST SERIES. SECTION 1.1 The Bonds of the Twenty-First Series shall be designated as "South Jersey Gas Company First Mortgage Bonds, 10% Medium Term Notes Series B," and shall be issuable as fully registered Bonds, substantially in the form hereinbefore recited, but they may bear and contain such legends and modifications as may be required by law or as may be necessary to comply with requirements of any stock exchange or of any regulatory board, body or official and shall be issued initially to the Note Trustee. Except as provided in Section 2.11 of the Original Indenture, the aggregate principal amount of Bonds authorized by the Twenty-Third Supplement is limited to $150,000,000, and except as aforesaid, and except for exchanges and transfers, the Company shall not execute and the Trustee shall not authenticate or deliver Bonds of the Twenty-First Series in excess of such aggregate principal amount. SECTION 1.2 Except as otherwise provided in Section 2.11 of the Original Indenture, Bonds of the Twenty-First Series shall be dated and shall bear interest from the May 1 or November 1 next preceding the date of authentication thereof by the Trustee, except that if the authentication date is an interest payment date, such Bonds shall be dated, and shall bear interest from, the authentication date; provided, however, that if upon authentication of any Bonds of the Twenty-First Series upon transfer or in exchange for other such Bonds, interest on the Bonds of the Twenty-First Series shall be in default, the date from which such Bond shall bear interest shall be the date to which interest shall have been paid upon the Bonds transferred or surrendered in exchange for the Bond so authenticated; and provided further, however, that in the case of the authentication of Bonds of the Twenty-First Series upon an original issue hereunder, such Bonds may be dated the date of authentication thereof and in such case shall bear interest from such date of authentication.

DESCRIPTION OF BONDS OF THE TWENTY-FIRST SERIES. SECTION 1.1 The Bonds of the Twenty-First Series shall be designated as "South Jersey Gas Company First Mortgage Bonds, 10% Medium Term Notes Series B," and shall be issuable as fully registered Bonds, substantially in the form hereinbefore recited, but they may bear and contain such legends and modifications as may be required by law or as may be necessary to comply with requirements of any stock exchange or of any regulatory board, body or official and shall be issued initially to the Note Trustee. Except as provided in Section 2.11 of the Original Indenture, the aggregate principal amount of Bonds authorized by the Twenty-Third Supplement is limited to $150,000,000, and except as aforesaid, and except for exchanges and transfers, the Company shall not execute and the Trustee shall not authenticate or deliver Bonds of the Twenty-First Series in excess of such aggregate principal amount. SECTION 1.2 Except as otherwise provided in Section 2.11 of the Original Indenture, Bonds of the Twenty-First Series shall be dated and shall bear interest from the May 1 or November 1 next preceding the date of authentication thereof by the Trustee, except that if the authentication date is an interest payment date, such Bonds shall be dated, and shall bear interest from, the authentication date; provided, however, that if upon authentication of any Bonds of the Twenty-First Series upon transfer or in exchange for other such Bonds, interest on the Bonds of the Twenty-First Series shall be in default, the date from which such Bond shall bear interest shall be the date to which interest shall have been paid upon the Bonds transferred or surrendered in exchange for the Bond so authenticated; and provided further, however, that in the case of the authentication of Bonds of the Twenty-First Series upon an original issue hereunder, such Bonds may be dated the date of authentication thereof and in such case shall bear interest from such date of authentication. SECTION 1.3 Each bond of the Twenty-First Series shall mature forty years from the date of its original issuance, and shall bear interest on the unpaid principal amount thereof at the rate of 10% per annum (computed on the basis of a 360-day year of twelve 30-day months), payable on May 1 and November 1 in each year, until the obligation of the Company with respect to the payment thereof shall be discharged; provided, however, that the Company shall receive certain credits against principal and interest as set forth in Section 2.1 hereof. Subject to the provisions of Section 2.1 below, all payments of principal and interest shall be made at the corporate trust office of the Trustee, or at such other places as the Company may agree, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts.