Common use of SATISFACTION OF SINKING FUND PAYMENTS WITH DEBENTURES Clause in Contracts

SATISFACTION OF SINKING FUND PAYMENTS WITH DEBENTURES. The Company (a) may deliver Outstanding Debentures of any series (other than any previously called for redemption), together in the case of any Bearer Debentures of such series with all unmatured Coupons appertaining thereto, and (b) may apply as a credit Debentures of such series which have been redeemed either at the election of the Company pursuant to the terms of the Debentures of such series or through the application of permitted optional sinking fund payments pursuant to the terms of the Debentures of such series, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Debentures of such series required to be made pursuant to the terms of the Debentures of such series; provided that the Debentures of such series have not been previously so credited. The Debentures of such series shall be received and credited for such purpose by the Trustee at the Redemption Price specified in the Debentures of such series for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.