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54
<br />(1_) Said Trust Company shall pay over to the Com-
<br />pany out or any such proceeds sums equal to any ex-
<br />pendAures that shall have heir theretofore or may there -
<br />after be made by the C'onipany (a) for the pugmse of
<br />replacing the released property, or (b) of the wine char-
<br />acter as those which may he trade tine basis for the
<br />certification of additional bonds under the provisions of
<br />Suction 5 of Artiele T_ of this Indenture; Provided, that
<br />such expenditures shall not have been previously made
<br />the hasis for the certification of additional bonds or the
<br />payinernt of cash ender the provisions of Section 5 of
<br />Article I of this Indenture, or for the payment of insur-
<br />ance moneys or the proceeds of released property.
<br />(_') At the option of the Company, the Trust Com-
<br />pany shall apply such proceeds, or any part thereof, to
<br />the purchase, in the open market, of notes secured by
<br />this Indenture, at not ex"eding 101 per eentun -, or of
<br />underlying bonds at not exceeding 105 per centum, of
<br />the par value thereof, and accrued interest, or to the re-
<br />demption of underlying• bonds or notes outstanding u---
<br />der this Indenture in the manner provided in the nlort-
<br />pMgp securing• any such bonds or notes. and such bonds
<br />or notes so purehased or redeemed shall thereupon be
<br />cancelled and delivered to the Company*.
<br />The unaking of the expenditures mentioned in this Sec-
<br />tion, and any other -natters nceessary to he ascertained
<br />by the Trustees, or either of theni. hereunder, slinll be
<br />conclusively established inn favor of the Trustees, and
<br />each of therm, by a certificnte si,wwd by the President or
<br />Vice - President of the Cmupany, attested by its Secretary
<br />or :Assistant SecrehiT, under its corporate seal. and verb
<br />tied by the i idavit of the President, Vice- President or
<br />(;eneral Manager of the Company (subject, however, to
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<br />the right of invesHgntion conferred upon tlne Trustees
<br />by Subdivision (q) of Article X of this Indenture), and
<br />every request for the application of any such moneys
<br />shall he deemed sufficiently executed if signed in the
<br />mine of the Company by its President or Vice - President,
<br />with the seal of the corporation attached.
<br />The certificates, opinions and statemernts referred to
<br />and provided for in this Section shall be full warrant to
<br />the Trustees, and each of them, for their action on the
<br />faith thereof, and they- shall incur no liability for ally-
<br />thing done by them, or either of them, pursuant to this
<br />:article.
<br />The provisions of this Section are subject to the pro-
<br />visions of Section 2 of this Article.
<br />Src. °. While in the possession of the mortgn 'ed
<br />property, the Company shall also We full power in its
<br />discretion from time to dine to dispose, free from the
<br />lien of this Indenture, of any portion of the machinery,
<br />tools, appliances, furniture, fixtures and other -movable
<br />property embraced within this Tndenture, which may
<br />have become unfit for use, upon rcplaeing the same by
<br />or substituting for the saint, new machinery, tools, ap-
<br />pliances. furniture, fixtures and other property of equal
<br />value, which shall forthwith become subject to the lien
<br />of this WmAunn and may, from time to time, sell, free
<br />from the lien of this Indenture, sueh merchandise and
<br />supplies as are commonly dealt in by companies operat-
<br />ing like propertit,s, such snde or sales being in the usual
<br />course of trade with customers of the Company.
<br />Srcr-ox 1. T -ntil some default shall have been made
<br />in the due and pnuctual paynumt of the interest, or of
<br />
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