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## Restrictions 

Some of the credit agreements: 

• require us to meet specific financial ratios 

• restrict our acquisition of capital assets 

• restrict the payment of dividends. 

We are in compliance with all conditions and restrictions. 

## Note 18 : Long-Term Debt 

<img src='content_image/54721.jpg'>

## (a) BCE Inc. 

All notes are unsecured. BCE Inc. has the option to redeem $1.7 billion in notes at any time. 

## (b) Bell Canada 

All debentures and notes are unsecured. They include US$200 million maturing in 2006 and US$200 million maturing in 2010, which have both been swapped into Canadian dollars; $125 million of long-term debt in- cludes call options that allow for early repayment of the principal amounts when certain premiums are paid. 

## (c) Bell Canada 

Includes capital leases of $84 million in 2004 and $75 million in 2003, net of loans receivable of $284 mil- lion in 2004 and $300 million in 2003. These obliga- tions were from agreements that Bell Canada entered into in 1999 and 2001 to sell and lease back telecommu- nications equipment for a total of $399 million. Some of the proceeds were invested in interest-bearing loans receivable. The capital lease obligations, net of loans receivable, were originally issued for US$39 million and have been swapped into Canadian dollar obligations. 

