274 TIMBER BONDS 



rights of the holders thereof under the same 

 and the terms and conditions upon which said 

 bonds are issued, reference is hereby made to 

 said mortgage or deed of trust with the same 

 force and effect as if the provisions thereof 

 were herein fully set forth. 



In the manner provided in said mortgage or 

 deed of trust, this bond may be redeemed at 

 the election of the Company, at any interest 

 payment date before its date of absolute ma- 

 turity upon payment to the holder hereof, or 

 to Union Trust Company, one of the Trustees 

 thereunder, for the benefit of such holder, of 

 the principal hereof together with all interest 

 due hereon at the date fixed for such redemp- 

 tion, and a premium of three (3) per centum on 

 the principal hereof, and in event of default as 

 defined in the aforesaid mortgage or deed of 

 trust, the principal of this bond may be de- 

 clared and become due and payable in the man- 

 ner and with the effect therein provided. 



This bond shall pass by delivery unless reg- 

 istered, but it may be registered as to the prin- 

 cipal hereof in the holder's name on registra- 

 tion books kept for that purpose by the said 

 Union Trust Company, Eegistrar, such regis- 

 try being noted hereon by said Registrar, after 

 which only such registered holder shall be en- 

 titled to receive the principal hereof; and if 

 registered no subsequent transfer hereof shall 

 be valid, unless made on said Registrar's books 

 and similarly noted hereon; but the same may 



