120 TIMBER BONDS 



other, or of bonds over coupons, or of coupons 

 over bonds, with the same effect as if all of said 

 bonds matured upon the same date, and regard- 

 less of the date or time of the issue or negotia- 

 tion thereof; and subject to the following pro- 

 visions, restrictions and conditions, to wit : 



ARTICLE I. 



All of the bonds issued and certified here- 

 under shall stand upon equality without re- 

 gard to date of issue, certification or delivery. 

 Only such bonds as shall bear thereon endorsed 

 the certificate of the Corporation Trustee or 

 its successor hereunder, by it duly executed, 

 shall be valid or obligatory for any purpose or 

 shall be secured by this instrument or entitled 

 to any lien or benefit hereunder, and every such 

 certificate of said Corporation Trustee upon 

 any bond executed in behalf of the Company 

 shall be the only and conclusive evidence that 

 the bond so certified has been duly issued here- 

 under and is entitled to the benefit of the trust 

 hereby created and no holder of any bond is- 

 sued hereunder which shall be so certified by 

 said Corporation Trustee shall be under a duty 

 to ascertain whether the same shall have been 

 duly issued, certified and delivered, according 

 to the provisions hereof. 



The entire issue of said bonds shall be ex- 

 ecuted by the Company and at once certified 

 and delivered by said Union Trust Company to 



