246 TIMBER BONDS 



ARTICLE XV. 



If default shall he made in the payment of 

 any bond or coupons when the same become 

 due (whether such default shall have continued 

 for the period of sixty days or not), or if de- 

 fault be made in the payment of taxes, as is 

 herein provided, and such default shall con- 

 tinue for the period of sixty days, the Trus- 

 tees may, and upon the request in writing of 

 the holders of ten (10) per centum in interest 

 of the bonds and coupons then outstanding, and 

 upon being indemnified to their satisfaction for 

 any expenses and liabilities which they may 

 incur, shall, as the agents and attorneys in fact 

 of the Company herein, enter into and take 

 full possession of the lands and all other prop- 

 erty hereby mortgaged (except such as may 

 have been theretofore released under the pro- 

 visions of this instrument) and hold, use, man- 

 age, maintain and operate the same ; collect and 

 receive all moneys and revenues arising from 

 such management and operation, and apply the 

 same, first to the expenses of such operation, 

 including reasonable compensation for their 

 own services and for the services of their 

 counsel, attorneys, agents and servants; sec- 

 ond, to the maintenance, management and op- 

 eration of the property, including the pajTuent 

 of taxes, assessments and other governmental 

 charges, and, third, to the payment pro rata of 

 any amount, principal or interest, that may be 



