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<br />eighty per cenhun of the actual cost of said property- so
<br />coulpnted, after reserving hands to the amount of such
<br />lieu or liens other than the lien of current taxes and of
<br />the undorl.-in aunt n,e ns hereinlaofore provided.
<br />(5) State the earnings <and operatin',' expenses of the
<br />Company for the 1,vriml of twelve eousvcn vp calendar
<br />months endin ". 'lot mmre than sixty -da*-s prior to the np-
<br />plie�ation for the eertifiiention and delirerT of said dotes,
<br />dividing said earnings and expenses into their rvgwwHvc,
<br />distril,utivo groups, and the annual interest ehar.Ife upon
<br />Me notes outstanding under this Tndenhare ;am! those np-
<br />plied for, and upon any other indebtedness seenred In- a
<br />lien or liens prior to the lien of dies iudcmture 111mu all
<br />or any part of the naorQn od property, exelnsive. h(nv-
<br />eaer, of nuderlYin- bonds held hr the Trust Compnuy
<br />under this indenture, or held bY the Trustee under the
<br />underlying moit,-a,ge in the fiend therein pro -
<br />vidod for.
<br />(D) Tf any part of the propery- forming the basis for
<br />the application for the certifieution and deliv,rN_ of r:utes
<br />consists of land or private ri-lit of way, there shall be
<br />de limed to the 11"St Conapaaty the opinion of counsel,
<br />or the "'unrnntee certificate of a title guarantee cotnpany
<br />haling a cnpitnl and surplus of not less than ' "' O Ann-
<br />Thousand Dollars (?t111 C1i1(1) s<atisfartor� to the
<br />Trust Conipan�-. certifying, that the y- Compan has t-'ood
<br />title to such land and statin, whether or not the same is
<br />subject to ntv, and if so "That, liens prier to the lien of
<br />His iai bl"1r0, to- gethor with a proper instrument of con -
<br />veyanee aliproved by counsel the saint, to the
<br />lien of this Tndeaatnnq if in the opinion of sued, euunsel
<br />sM'h courevnnco is neeessarv. Any- -11('11 eouis('l near be
<br />couuSel fur the Company.
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<br />Whenever old or worn out property- is replaced by
<br />property of "_'reater cost than the cost of the property
<br />rclJwgW if now at the time of suela replacement, sueh ey-
<br />cess e04, and such execs• only, shall be deeuaed perma-
<br />nent extensions, i'ulnr- genients and additions Within the
<br />menning of this Seetion, and it is also understood that
<br />pormanenl exteusions, enlarponneuts and additions in
<br />l,rocess of conshmalJou or erection, and so far as netnally
<br />construed or erected and paid for and pinecd under the
<br />W" of this indenture, shall be deemed permanent exten-
<br />sious, eutar'!"ements quid additions within the meatin,•
<br />of this Section.
<br />In case of the nequisition of any public utility property
<br />as all entiret* - or snbstantialk- as an entirety, the earn -
<br />ogs and expenses of such property- ma }- he iuclude(l ns n
<br />part of the Partings and expomes of the Ompatuy.
<br />Notwithstandin arnythiu'," Contained in, this Section,
<br />the Trust Couipan' shall certify- anal delivor to the Cmn-
<br />pany any of the notes roserved under this Section (5) at
<br />any time, subject to the provisions horeinbefore coaatniuod
<br />Opt respect to the earnings of the Compm y. upon the
<br />Company depositing, with the Trust company the full
<br />par value of said notes in eash, wlieli cash shall be
<br />hell until paid over as hereinafter inrovided as a Bart
<br />of the nmrtga,od l" operty; 14" ided, Imr-ewer, that the
<br />amount of cash so oil with the Trust Conapnr.�
<br />shell at no time exeeed the sin , of (due hundred Thonsnnd
<br />i>ollnr� !:ai ?�I,ilil(1), '►'h(' 'I,rust C uip"In - shall thereaficr,
<br />at thy• )ptiou of tv, ( "ngmn'-, in lieu of eortifying and
<br />delivi -ring, uote.�, pad- to the CWHI ily, out Of the funds so
<br />on delm'sit with the Trust Cunlpony, cash c(lual to ei""hty
<br />tier of any expeuditures theretofore or thereafter
<br />made by the Compauy of the sanw character as those
<br />
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