RecitalsReplacement Capital Covenant • June 30th, 2008 • Constellation Energy Group Inc • Electric services
either (i) during the first five years of any deferral period or (ii) with respect to deferred Distributions attributable to the first five years of any deferral period (provided that such limitation shall not apply after the ninth anniversary of the commencement of any deferral period), to a number of shares of Common Stock and Rights to acquire Common Stock which does not, in the aggregate, exceed 2% of the outstanding number of shares of such issuer’s Common Stock, in each case as of the date of the Corporation’s most recent publicly available consolidated financial statements at the time of such issuance (the “Common Cap”);
