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This excerpt taken from the PCG 8-K filed Oct 28, 2005. pari passu with the Utilitys other unsecured debt. Under the indenture for the Senior Notes, the
Utility has agreed that it will not incur secured debt (except for (1) debt
secured by specified liens, and (2) secured debt in an amount not
exceeding 10% of the Utilitys net tangible assets, as defined in the
indenture) unless the Utility provides that the Senior Notes will be equally
and ratably secured with the new secured debt.
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