Initial Series. Bonds in the aggregate principal amount of four million five hundred thousand dollars; ($4,500,000), being the initial issue of the first series of bonds, which series shall be known as "2½% First Mortgage Bonds, 1976 Series," shall forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (without awaiting the filing or recording hereof or of any supplemental indenture) to or upon the order of the Company. The bonds of said series shall have the terms and provisions provided for herein and in the indenture supplemental hereto, dated as of January 1, 1946, made by the Company and the Trustee hereunder and delivered simultaneously herewith, to which reference is hereby made for the provisions and agreements therein contained in respect of the bonds of said series.
Initial Series. Initially, the Trust shall be divided into the following two Series:
Initial Series. The Company hereby appoints the Adviser to act as adviser and investment manager to the Initial Series for the period and on the terms herein set forth. The Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.
Initial Series. This Plan shall become effective with respect to the Shares of the Initial Series as of the later of (i) the date on which an amendment to the Registration Statement on Form N-1A with respect to the Shares becomes effective under the Securities Act of 1933, as amended or (ii) the date on which the Initial Series commences offering the Shares to the public and shall continue in effect with respect to the Shares (subject to Section 4(d) hereof) until one year from the date of such effectiveness, unless the continuation of this Plan shall have been approved with respect to the Shares in accordance with the provisions of Section 4(c) hereof.