TRUST DEEDS 237 



per thousand feet on the estimated stumpage 

 for the timber on each description or group 

 of descriptions which the Company then desires 

 the right to cut, as the estimated stumpage 

 thereon is shown on a list called "Estimated 

 Stumpage List," signed in triplicate by the 

 Company, by the Corporation Trustee and by 

 said Lyon, Gary & Company; and one original 

 of which list is deposited with each of the sig- 

 natories thereto. Consideration for the privi- 

 lege of obtaining such releases may be given 

 by the Company in any of the following three 

 ways: 



(a) By payment in cash. 



(b) By delivery to the Trustees of any 

 of the bonds hereby secured and then out- 

 standing, which it may have acquired; in 

 which case, for the purpose of obtaining 

 releases the amoimt of the principal of 

 such bonds so delivered shall be treated 

 the same as if a like amount had been paid 

 to the Trustees in cash. 



(c) By payment of any of the bonds se- 

 cured hereby — treating only the amount of 

 principal paid as a consideration for re- 

 leases. 



In the event that the Company shall acquire 

 and deliver bonds to the Trustees, as provided 

 in paragraph (b) above, the Trustees shall 

 cancel the said bonds so delivered and forming 

 the consideration or part of the consideration 

 for such releases and also the coupons attached 

 thereto. 



