Univ.of Ill. Litoar^ 
 
 deed of trust 
 
 OF 
 
 DALLAS ELFXTRIC CORPORATION 
 
 TO 
 
 CITY TRUST COMPANY 
 
 TRUSTEE 
 
 T' ’ * 
 
 Dated January i, 1902 
 
 THE BONDS SECURED HEREBY 
 
 (1) Are authorized to the amount of $4,000,000 
 
 (2) Are to be issued forthwith upon execution hereof to the 
 
 amount of $3,000,000 
 
 (3) Are to be issued hereafter for additional property to the 
 
 amount of $i 000,000 
 
 (4) Are due April i, 1922 
 
 (5) Are subject to call as a whole at 105 per cent and accrued 
 
 interest on October i, 1904 or any interest day thereafter 
 
 (6) Draw interest at 5 per cent per annum payable April ist and 
 
 October ist at office of City Trust Company, Boston, 
 Massachusetts 
 
 (7) Are further secured by sinking fund of one per cent per annum 
 
 on outstanding bonds; the first payment thereon to be 
 made October ist, 1904; the first two payments are non- 
 cumulative and payable only out of net earnings, but 
 thereafter the payments to the sinking fund become a 
 fixed charge irrespective of net earnings 
 
INDEX. 
 
 TAGZ 
 
 
 Acknowledgments, ... . . . 
 
 Bonds, Salient features of,.. . . 
 
 Form of,... 
 
 How numbered,... 
 
 Execution and delivery oil 4 t * . 
 
 Denominations of,. 
 
 Sinatures to,. «... . 
 
 Certification of, by Trustee,. 
 
 Additional,. 
 
 (a) To be certified when,. . 
 
 ■ (b) Ratio of issue to cost of additional property,. 
 
 (c) Evidence of cost of, . . . 
 
 Exchangeable when,... 
 
 of Underlying Companies, extension or renewal of,. 
 
 Call and payment of, .. 
 
 (a) Notice of, . . . . 
 
 (b) How published,. 
 
 (c) Interest ceases when,. 
 
 Payment in, upon sale,. 
 
 Covenants of Electric Company, . 
 
 To pledge granted property,. 
 
 To pay bonds and coupons, etc.,. 
 
 To comply with provisions of bonds and mortgages of Underlying Com¬ 
 panies, . 
 
 To pay taxes, assessments, etc., and to preserve franchises,. 
 
 To acquire or discharge tax titles, etc.,. 
 
 To record deed of trust,. 
 
 To insure property of Underlying Companies,. 
 
 To make confirmatory and renewal deeds, and transfers, . 
 
 To prevent new or increased issues of bonds, etc., by Underlying Com¬ 
 panies, unless,. 
 
 To prevent disposition of property by Underlying Companies, unless, . . 
 
 To pledge after acquired property,. 
 
 To provide funds to purchase property, when,. 
 
 Coupons, Form of,. 
 
 How numbered,. 
 
 Transfer of,. 
 
 Default in payment of,.. 
 
 Payment in, upon sale,. 
 
 Signatures to,. 
 
 Declaration of Trust,. 
 
 Default by Electric Company,. 
 
 Cumulative remedies for,. 
 
 Delay or omission after, no waiver of,. 
 
 Period of grace before,. 
 
 Effect of,. 
 
 Notice of,. 
 
 Restoration to former position after,. 
 
 Waiver of,. 
 
 42 
 
 4 
 
 9 
 
 18 
 
 18 
 
 19 
 19 
 19 
 
 19 
 
 20 
 20 
 
 28 
 
 29 
 
 29 
 
 30 
 30 
 30 
 
 37 
 
 12 
 
 12 
 
 12 
 
 13 
 13 
 
 13 
 
 14 
 14 
 14 
 
 14 
 
 15 
 
 16 
 26 
 
 7 
 
 9 
 
 30 
 
 30 
 
 37 
 
 19 
 
 12 
 
 30 
 
 33 
 
 35 
 
 31 
 
 30 
 
 31 
 
 33 
 
 33 
 
IV 
 
 PAGE 
 
 Definitions,.. 
 
 Directors, Qualified with pledged stock,.23 
 
 Immunity of, .... .38 
 
 Resolutions of,.^ .. 
 
 Dissolution of Underlying Company,.25 
 
 Granting Clause,.-.. 
 
 Habendum Clause,.. 
 
 Liability, of officers, directors and stockholders, waived,.38 
 
 Merger of Underlying Companies,.27 
 
 Notice of Call,.30 
 
 of Default,. 
 
 of Sale, after default,.32 
 
 of Resignation of Trustee,.40 
 
 Officers, Immunity of,.38 
 
 Pledged Property, Description of,. 10 
 
 Sales and reorganizations affecting,.24 
 
 Pledged Stock, Electric Company to vote before default,.23 
 
 Directors to be quahfied with,.23 
 
 Sale of,.24 
 
 Principal, Precipitation of, wffien,.30 
 
 Property of Underlying Companies, Disposition of,.24 
 
 Purchase of, by Underlying Company,.25 
 
 Purchase of, by Electric Company,.25 
 
 Proxies, Revocation of, on default,.31 
 
 Receipt by Trustee from reorganizations .27 
 
 of Trustee for purchase money, .... 36 
 
 Recital of authority,. >7. 
 
 Redemption waived,.35 
 
 Registration clause, form of. ... 8 
 
 Reorganizations, Affecting pledged property,.24 
 
 of Underlying Companies,.26 
 
 Expenditures in, by Trustee, . 27 
 
 Receipts from, by Trustee,.27 
 
 Resolutions of Directors, recital of,.2 
 
 of Stockholders, reference to,.9 
 
 Sale, Affecting pledged property,... 24 
 
 of Pledged Property,.24 
 
 of"Property of Underljdng Companies,.25 
 
 Power of, by Trustee after default,.31 
 
 Notice of after default,.32 
 
 Distribution of proceeds from, after default,.37 
 
 Transfer to purchaser, after default,.35 
 
 Sinking fund. Provisions of,.17 
 
 To begin October i, 1904,.17 
 
 ‘ First two payments to, non-cumulative and from net earnings, . . . . 17 
 
 Investment of,.17 
 
 Default in payment to, .30 
 
 Stockholders, Immunity of,.38 
 
 Suit, Power to bring by Trustee, after default,.32 
 
 None by bondholders,.34 
 
 Trustee, Duties of,.19 
 
 Before default,.19 
 
 To certify bonds forthwith,.19 
 
 To certify additional bonds, when, . . 19 
 
 To cancel coupons, when,.21 
 
 To collect and receive interest, dividends, etc., on pledged property, . 21 
 
V 
 
 PAGE 
 
 To retain interest and sinking fund payments and to pay balance to 
 
 Electric Company,.22 
 
 To hold dividends on underlying shares payable other than in 
 
 money,.23 
 
 To permit Electric Company to vote on pledged stock,.23 
 
 To qualify Directors with pledged stock,.23 
 
 To deposit uninvested money to draw interest, . . .... 39 
 
 To release securities of an Underlying Company after disposal of its 
 
 property,.24 
 
 To permit sale of pledged property, when,.24 
 
 To purchase property of Underlying Company, when,.26 
 
 After default,.32 
 
 To retain all sums paid to it,.31 
 
 To proceed upon request and indemnity,.'.32 
 
 To protect bondholders,.32 
 
 To waive default, when,.33 
 
 Trustee, Attorney of Electric Company,.35 
 
 Appointment of successor to,.40 
 
 Compensation and expenses of,.39 
 
 May purchase upon sale,.38 
 
 May deposit moneys with City Trust Company,.39 
 
 Reasonable care and diligence required of,.39 
 
 No obligation to keep informed, prior to default,.39 
 
 No responsibility as to validity or recording,.40 
 
 May resign, when,. 40 
 
 No bond required of,.40 
 
 Consent of, to merger of Underlying Companies,.28 
 
 May revoke proxies, etc., on default,.31 
 
 Acceptance of Trust by,.41 
 
 Certificate of, form of,.8 
 
 Underlying Companies, Dissolution of,.25 
 
 Reorganizations of,.26 
 
 Merger of, .27 
 
 Property of, purchase of by Electric Company,.28 
 
 Waiver of appraisement, etc., by Electric Company,.35 
 
 Witness clause, .41 
 

 
 t , 
 
 r 
 
 ^ Jl : 
 
THIS DEED OF TRUST made this first day of January, 
 A.D. 1902, by DALLAS ELECTRIC CORPORATION (a 
 corporation under the Laws of the state of New Jersey with its 
 office at East Orange in said State) to CITY TRUST COMPANY 
 (a corporation under the Laws of the Commonwealth of Massa¬ 
 chusetts with its usual place of business in Boston in said Com¬ 
 monwealth) as Trustee, witnesseth that; 
 
 DEFINITIONS. 
 
 Whereas certain terms used herein are defined as follows:— 
 
 “Electric Company” shall mean Dallas Electric Corpora¬ 
 tion and shall include its successors and assigns wherever the 
 context admits of such construction. 
 
 “Trustee” shall mean City Trust Company as Trustee, and 
 shall include its successor as Trustee hereunder wherever the 
 context admits of such construction. 
 
 “Securities” shall mean the bonds or other evidences of in¬ 
 debtedness and the shares of stock or other certificates of inter¬ 
 est pledged hereunder. 
 
 “Underlying Companies” shall mean the companies issu¬ 
 ing any of the bonds or other evidences of indebtedness or the 
 shares of stock or other certificates of interest pledged here¬ 
 under. ) 
 
2 
 
 Recital of 
 authority. 
 
 RESOLUTIONS BOARD OF DIRECTORS. 
 
 Whereas, at a meeting of the Board of Directors of the Elec¬ 
 tric Company, duly called for the purpose, the following pre¬ 
 amble and resolutions were unanimously adopted:— 
 
 * 
 
 Whereas it is necessary and convenient for the attainment 
 of the objects of this company as set forth in its certificate of 
 incorporation to borrow money to the amount ‘of $4,000,000, 
 and to execute the bonds of the company for the amount so 
 borrowed, and 
 
 Whereas it is desirable to mortgage and pledge the prop¬ 
 erty of the company to secure such bonds: 
 
 Now, THEREFORE, Resolved, That this corporation borrow 
 
 the sum of $4,000,000 and issue therefor its bonds, dated April 
 
 0 
 
 I, 1902 (although in fact executed at a later date), aggregat¬ 
 ing at their face value such amount payable to bearer or to 
 the registered holder in gold coin of the United States of 
 America of or equal in weight and fineness to the present stand¬ 
 ard on the first day of April, 1922, at the office of City Trust 
 Company, in Boston, Massachusetts, with interest thereon 
 from the first day of April, 1902, payable semi-annually in 
 like gold coin at the rate of five (5) per cent, per annum in 
 accordance with coupons evidenced by the facsimile signa¬ 
 ture of the treasurer, to be attached to each of said bonds. 
 Said bonds shall be issued at the option of this company 
 in pieces of $100 or $1,000 each, ten of the $100 bonds to be 
 convertible into one $1,000 bond at the option of the holder 
 
3 
 
 upon presentation and surrender to the Trustee with written 
 request for such conversion. Said bonds shall be subject, 
 at the option of this company, to call and payment (provided 
 all other bonds of this series are simultaneously called and 
 paid) on October i, 1904, or on any interest day thereafter 
 at one hundred and five per cent, of the principal thereof and 
 interest then accrued. All said bonds and coupons shall be 
 paid without deduction of any tax or taxes. The president 
 and secretary of this company are hereby authorized to make, 
 execute and dehver such bonds substantially in the form here¬ 
 with presented. 
 
 Resolved, That this corporation, to secure the payment of 
 all of said bonds and coupons equally and ratably without 
 priority or distinction, make, execute, acknowledge and de¬ 
 liver a deed of trust to said City Trust Company as Trustee 
 dated January i, 1902 (although in fact executed at a later 
 date), and substantially in the form submitted to this meet¬ 
 ing, pledging in trust the bonds or other evidences of in¬ 
 debtedness and the shares of stock or other certificates of 
 interest of or in 
 
 (a) Metropolitan Street Railway Company, 
 
 {h) Dallas Electric Light & Po^ver Company, 
 
 (c) Any other company owning property situated 
 IN OR NEAR Dallas, Texas, 
 
 which are now owned by this corporation and the treasurer of 
 this corporation is hereby authorized to dehver all such bonds 
 and other evidences of indebtedness ’and shares of stock or 
 other certificates of interest duly indorsed so as to carry title 
 
4 
 
 Form of bond. 
 
 to City Trust Company, Trustee, as collateral security for the 
 payment of the principal and interest of the bonds herein 
 authorized and for the full performance of all the terms 
 and conditions of said deed of trust; and the president and 
 secretary are hereby authorized to make, execute, acknowl¬ 
 edge and deliver such deed of trust and to cause each of 
 said bonds to be certified by the Trustee and without such 
 certification said bonds shall not be obligatory. 
 
 Whereas the bonds, coupons. Trustee’s certificate and regis¬ 
 tration privilege, and the terms and conditions of said deed of 
 trust authorized and approved at said meeting of the Board of 
 Directors, are substantially in the form following, viz.:— 
 
 BOND. 
 
 UNITED STATES OF AMERICA. 
 
 STATE OF NEW JERSEY. 
 
 Dallas Electric Corporation. 
 
 No. $ 
 
 Firk Mortgage Collateral Trust Five Per Cent. Twenty Year 
 
 Gold Bond. 
 
 For Value Received, Dallas Electric Corporation, a 
 corporation organized and existing under the laws of New Jersey, 
 promises to pay to the bearer hereof, or in case of registration 
 to the registered holder hereof, the sum of one 
 dollars ($ ) in gold coin of the United States of 
 
 America equal in weight and fineness to the present standard at 
 
5 
 
 the office of City Trust Company in Boston, Massachusetts on 
 April I, 1922 (or earlier at the option of the obligor as herein¬ 
 after provided) with interest on said sum from the date hereof 
 at the rate of five per centum per annum, payable in like gold 
 coin on the first days of April and October in each year at the said 
 office in accordance with and upon the presentation and surrender 
 of the coupons attached hereto. 
 
 The bonds of this issue are all of the same general tenor 
 except as to distinguishing numbers and as to principal sum, and 
 in the aggregate shall never exceed the sum of [four milhon dol¬ 
 lars ($4,000,000) principal. Such bonds are issued, at the 
 option of the company, in pieces of $1,000 each numbered 
 from one (i) upwards, or $100 each numbered from Ai upwards. 
 Ten of the $100 bonds are convertible into one $1,000 bond be¬ 
 fore call or maturity at the option of the holder upon presenta¬ 
 tion and surrender to Dallas Electric Corporation with written 
 request for such conversion, but Dallas Electric Corporation may 
 charge not exceeding fifty cents for each new bond issued through 
 such conversion. 
 
 This bond and its coupons and all others of this issue are pay¬ 
 able without deduction of any tax or taxes and are issued under 
 and secured by a deed of trust dated January first, 1902, exe¬ 
 cuted and delivered by Dallas Electric Corporation to City Trust 
 Company, of Boston, Massachusetts, as Trustee, pledging the 
 property mentioned and described in said deed of trust, to which 
 deed of trust the holder of this bond is hereby expressly referred 
 for a statement of the property pledged, the conditions of such 
 pledge, and the rights and remedies of bondholders thereunder. 
 The obligor at its option may call and pay this bond (provided 
 
6 
 
 all other outstanding bonds of this series are simultaneously called 
 and paid) on October i, 1904, or on any interest day thereafter, 
 at one hundred and five per centum of the principal thereof with 
 interest then accrued, subject to the conditions governing such call 
 and payment in said deed of trust contained. Said deed of trust 
 provides for the creation of a sinking fund of one per centum of 
 the amount of the outstanding bonds payable to the Trustee annu¬ 
 ally on and after October i, 1904, the first two payments to be 
 made only out of net earnings, in the benefits of which sinking fund 
 the holder of this bond is entitled to participate. 
 
 The holder of this bond in consideration of its issue hereby 
 expressly waives all right of recourse to or recovery from any 
 stockholder, oificer or director of Dallas Electric Corporation under 
 any existing or future provisions of constitution or statute or upon 
 any principle of law or equity for the payment of all or any part 
 of the debt and interest evidenced by this bond. 
 
 This bond, but not its coupons, is subject to registration from 
 
 p 
 
 time to time in accordance with the registration provisions in¬ 
 dorsed hereon. Registration shall not affect the negotiability of 
 the coupons, which shall continue to be transferable by delivery, 
 and the payment of any coupon to the bearer thereof shall be a 
 discharge of Dallas Electric Corporation in respect of the interest 
 therein mentioned. 
 
 This bond shall not be obligatory until the certificate indorsed 
 hereon shall have been signed by the Trustee. 
 
 In Witness Whereof, Dallas Electric Corporation has caused 
 this bond to be duly executed in its behalf by its president and 
 secretary, under its corporate seal, and has caused the coupons 
 
7 
 
 hereto attached to be evidenced by the facsimile signature of its 
 treasurer all on this first day of April, a.d. 1902. 
 
 DALLAS ELECTRIC CORPORATION. 
 
 Attest: 
 
 By 
 
 President. 
 
 Secretary. 
 
 COUPON. 
 
 (Numbers i to s inclusive) 
 
 No. $ 
 
 «On , upon surrender hereof, Dallas Electric 
 
 Corporation will pay to the bearer 
 
 in gold coin of the United States of America equal in weight and 
 fineness to the present standard without deduction of any tax 
 or taxes, at the office of City Trust Company in Boston, Massachu¬ 
 setts, being six months’ interest then due on its First Mortgage 
 Collateral Trust Five Per Cent. Twenty Year Gold Bond No. 
 
 T reasurer 
 
 (Numbers 6 to 40 inclusive) 
 
 No. $ 
 
 On , upon surrender hereof, unless the 
 
 bond to which this coupon is attached has been redeemed on a 
 prior interest day as therein provided, Dallas Electric Cor¬ 
 poration will pay to the bearer in gold 
 
 coin of the United States of America equal in weight and fine- 
 
 Forms of 
 coupons. 
 
8 
 
 Form of 
 
 Trustee’s 
 
 certificate 
 
 Form of 
 
 registration 
 
 clause. 
 
 ness to the present standard without deduction of any tax or 
 taxes, at the oJSice of City Trust Company in Boston, Massa¬ 
 chusetts, being six months’ interest then due on its First 
 Mortgage Collateral Trust Five Per Cent. Twenty Year Gold 
 Bond No. 
 
 T reasurer. 
 
 TRUSTEE’S CERTIFICATE. 
 
 The undersigned Trustee hereby certifies that this bond is one 
 of the bonds referred to within. 
 
 CITY TRUST COMPANY, Trustee. 
 
 By 
 
 Secretary. 
 
 REGISTRATION. 
 
 This bond, but not its coupons, may be registered from time 
 to time, at the option of the holder, on the books of the Trustee, 
 and, if registered, shall pass only by transfer upon such books, 
 unless the last transfer shall have been made and registered to 
 bearer, in which case it shall again pass by dehvery until again 
 registered. 
 
 Notice: No writing on this Bond, except by an officer of the 
 Company or of the Trustee. 
 
9 
 
 Date of Registry. 
 
 In whose Name Registered. 
 
 Trustee. 
 
 
 
 
 RESOLUTIONS OF STOCKHOLDERS. 
 
 Whereas, at a meeting of the stockholders of the Electric 
 Company duly called for the purpose, all of the stockholders 
 being present and participating, the foregoing preamble and 
 
 V 
 
 resolutions adopted by the Board of Directors, authorizing the 
 making, executing, acknowledging and delivering of said deed 
 of trust, the transfer of the bonds or other evidences of indebt¬ 
 edness and the shares of stock or other certificates of interest 
 to the Trustee and the making, executing and dehvering of the 
 bonds and coupons of the Electric Company, were also passed 
 by unanimous vote and duly ratified, confirmed and approved. 
 
 NUMBERS OF BONDS AND COUPONS. 
 
 Whereas the bonds to be issued as authorized and directed in 
 denominations of $i,ooo are numbered from i upwards and of $ioo 
 are numbered from Ai upwards and the coupons attached to each 
 of said bonds bear the number of the bond to which they are 
 
Description of 
 property. 
 
 IC 
 
 attached and are numbered from one (i) to forty (40) both in-' 
 elusive,— 
 
 Whereas by reason of distance, lapse of time or other circum¬ 
 stances this instrument and the bonds hereby secured may be 
 physically executed on a day different from the day on which 
 they respectively bear date, it is understood, stipulated and agreed 
 that the said bonds and this instrument shall bear date the ist day 
 of April and Januar}^, 1902, respectively, and be vahd and effectual 
 from that date. 
 
 Whereas, all the conditions necessary to authorize the exe¬ 
 cution of the said bonds and of these presents have been complied 
 with. 
 
 NoWf Therefore, This Indenture Witnesseth, 
 
 GRANTING CLAUSE". 
 
 That the Electric Company, tin consideration of the premises 
 and of one dollar to it in hand paid by the Trustee, the receipt 
 whereof is hereby acknowledged and in order to secure the pay¬ 
 ment of the principal and interest of said bonds according to the 
 tenor thereof, has granted, bargained, sold, released, conveyed, 
 assigned, transferred, set over and confirmed, and by these pres¬ 
 ents doth grant, bargain, sell, release, convey, assign, transfer, 
 set over and confirm unto the Trustee, its successors and assigns 
 forever: 
 
 (a) Dallas Consohdated Electric Street Railway Company. 
 $1,050,000, par value, of its first mortgage bonds, being 
 all of its mortgage bonds now issued and outstanding 
 out of an authorized issue of $2,000,000. 
 
 c 
 
 
 
II 
 
 14,993 shares of its common capital stock out of an 
 authorized and present issue of 15,000 shares. 
 
 2,100 shares of its preferred capital stock, being all of 
 ^ the present issue thereof out of an authorized issue of 
 5,000 shares. 
 
 (b) Dallas Electric Light & Power Company. 
 
 $650,000, par value, of its first mortgage bonds, being 
 ; all its mortgage bonds now issued and outstanding out 
 of an authorized issue of $1,000,000. 
 
 6.995 shares of its capital stock out of a present issue of 
 7,000 shares and an authorized issue of 10,000 shares. 
 
 (c) Rapid Transit Railway Company. 
 
 $100,000, par value, first mortgage bonds, being all of 
 its first mortgage bonds now issued and authorized. 
 
 473 shares of its capital stock out of a present issue of 
 480 shares and an authorized issue of 1,000 shares. 
 $207,849.42, face value of its notes. 
 
 {(i) Metropolitan Street Railway Company. 
 
 $500,000, par value, of its first mortgage bonds, being 
 all of such bonds now issued and outstanding out of an 
 authorized issue of $4,000,000. 
 
 4.995 shares of its capital stock out of a present issue 
 of 5,000 shares and an authorized issue of 45,000 
 shares. 
 
 To HAVE AND TO HOLD all and singular the above described 
 property and all additional property which hereafter shall 
 become subject to this indenture unto the Trustee, its succes¬ 
 sors and assigns forever, but, 
 
 * 
 
 i 
 
 Habendum 
 
 clause. 
 
 I 
 
 
 j. ILL UB. 
 
12 
 
 Declaration of 
 trust. 
 
 To pledge 
 
 granted 
 
 property. 
 
 To pay bonds 
 and coupons, etc. 
 
 • I 
 
 IN TRUST nevertheless for the equal pro rata benefit of all 
 and every person or persons and body or bodies corporate, hold¬ 
 ers of any bonds hereby secured and for the enforcement of the 
 payment of said bonds and interest, when payable, according to 
 the tenor, purport and effect of such bonds and coupons and to 
 secure the performance and observance of and compliance with 
 the covenants and conditions of this indenture, without prefer¬ 
 ence, priority or distinction as to lien or otherwise of one bond 
 over any other bond by reason of priority in, issue, sale or negoti¬ 
 ation thereof, or by reason of the purpose of its issue, so that each 
 and every bond issued or to be issued hereunder shall have the 
 same right, lien and privilege under and by virtue of this indent¬ 
 ure, and so that the principal and interest of every such bond shall, 
 subject to the terms hereof, be equally and proportionately secured 
 hereby, as if all had been duly issued, sold and negotiated simul¬ 
 taneously with the execution and delivery hereof. 
 
 PARTICULAR COVENANTS OF ELECTRIC 
 
 COMPANY. 
 
 The Electric Company shall simultaneously with the execution 
 of these presents pledge, assign, transfer and set over to and deposit 
 with the Trustee the bonds or other evidences of indebtedness and 
 the shares of stock or other certificates of interest hereinbefore 
 specified in the granting clauses hereof. 
 
 The Electric Company shall pay the bonds and coupons 
 issued hereunder when the same shall become due and payable, 
 without deduction of any tax or taxes as stated in said bonds, 
 
13 
 
 and shall make all payments to the sinking fund and perform all 
 other covenants, conditions or provisions of said bonds and cou¬ 
 pons, and of this deed of trust by it to be performed; and, if 
 the company shall do all of the foregoing, then and thereupon 
 all the estate, right, title and interest of the Trustee hereunder 
 shall terminate, and the securities then deposited with the Trus¬ 
 tee shall be retransferred,and returned to the Electric Company: 
 otherwise this deed of trust shall remain in full force and effect. 
 
 The Electric Company shall comply with and cause the 
 Underlying Companies to comply with each and all of the terms 
 conditions, covenants, and agreements contained in their bonds 
 for the time being pledged hereunder and the respective mort¬ 
 gages or deeds of trust securing the same. 
 
 The Electric Company shall pay all taxes, government 
 charges, calls and assessments of every kind and nature as 
 sessed or laid upon the property hereby pledged, or upon the 
 income and profits thereof, shall preserve all rights attached to 
 said property and shall use every endeavor to preserve and main¬ 
 tain the corporate existence, franchises, rights and property of 
 the Underlying Companies and shall not suffer any hen, supe¬ 
 rior or equal to the lien hereof, to attach to the property hereby 
 pledged. 
 
 And if any of the Underlying Companies or any other com¬ 
 pany whose capital in the greater part shall be pledged with the 
 Trustee hereunder shall fail to pay such taxes, assessments, or 
 charges lawfully imposed upon the property of such company, 
 or upon the income and the profits thereof, and any other liens 
 or charges, and the validity of any such tax, assessment, charge or 
 lien shall not be contested in good faith and proceedings therein 
 
 To comply with 
 provisions of 
 bonds and 
 mortgages of 
 Underlying 
 Companies. 
 
 To pay taxes, 
 assessments, etc., 
 and to preserve 
 franchises. 
 
 To acquire or 
 discharge tax, 
 titles, etc. 
 
14 
 
 To record this 
 deed. 
 
 To insure 
 property of 
 Underljdng 
 Companies. 
 
 To make con¬ 
 firmatory and 
 renewal deeds 
 and transfers. 
 
 To prevent new 
 or increased 
 issues of bonds, 
 etc., by Under¬ 
 lying Companies 
 unless 
 
 stayed pending such contest, then the Electric Company shall 
 pay and discharge the same, or acquire and cause the same to be 
 vested in the Trustee. 
 
 The Electric Company shall cause this deed of trust at all times 
 to be kept properly recorded and filed in such manner and in such 
 places as may be required to establish and maintain the lien hereof 
 and the rights of the Trustee hereunder. 
 
 The Electric Company shall cause the insurable property of 
 the Underlying Companies to be kept suitably insured in such 
 insurance companies and with policies payable to such persons 
 or corporations as will reasonably protect the interests of the 
 bondholders hereunder in the property of such Underlying Com¬ 
 panies respectively. 
 
 The Electric Company, whenever and as often as it may be 
 requested by the Trustee, shall make, execute, acknowledge and 
 dehver to the Trustee, and properly record and file a confirma¬ 
 tion of this deed of trust, or a renewal hereof, or a new deed of 
 trust, and such further instruments, transfers and conveyances 
 as, in the opinion of the Trustee, are or may be necessary or de¬ 
 sirable to carry out the intention hereof and to facilitate the exe¬ 
 cution of this trust. 
 
 Neither the Electric Company nor the Trustee shall authorize 
 or permit any of the Underlying Companies to increase their 
 present outstanding issues of bonds or other evidences of in¬ 
 debtedness or shares of stock or other certificates of interest or to 
 create any new issues thereof nor to create any mortgage or other 
 lien unless 
 
 deposited 
 with Trustee 
 and 
 
 {A) Such new issues or a percentage of any increased issue 
 equal to the percentage of that issue theretofore depos¬ 
 ited hereunder, shall be deposited and pledged with 
 
15 
 
 the Trustee subject to all the trusts created by this deed 
 of trust to the same effect as if such bonds and shares 
 had been delivered and pledged or assigned to the Trus¬ 
 tee herein and at the time of the making hereof, and all 
 additional shares of stock so received and pledged shall 
 be fully paid and non-assessable, or unless 
 {B) Such new issues or any increased issues are merely 
 temporary issues of evidences of indebtedness in the 
 ordinary course of business, the total of which together 
 with all other temporary evidences of indebtedness of 
 any Underlying Company issued, outstanding and 
 undeposited with the Trustee hereunder shall not ex¬ 
 ceed $50,000 at any one time, or unless 
 (C) Such new issues or any increased issues are made in 
 consideration of and to an amount not greater at their 
 face or par value than the actual cost of further ex¬ 
 tensions, improvements and acquisitions not including 
 therein replacements and repairs made to the property 
 of the company issuing the same, and such new or in¬ 
 creased issues are pledged with the Trustee hereunder 
 subject to the lien of this deed of trust, but additional 
 bonds may be issued thereon as hereinafter provided, 
 but never exceeding the total authorized issue. 
 
 The Electric Company shall not authorize or permit any of the 
 Underlying Companies to sell or otherwise dispose of or lease 
 (unless such lease is made terminable upon the default of the 
 Electric Company in any of the covenants or provisions of this 
 
 in ordinary 
 
 business 
 
 or 
 
 for further 
 extensions. 
 
 To prevent 
 disposition of 
 property by 
 Underlying 
 Companies 
 unless 
 
in ordinary 
 course of 
 business or 
 
 under terms of 
 an imderlying 
 mortgage or 
 
 other property 
 substituted or 
 
 disposed of to 
 another Under¬ 
 lying Company. 
 
 To pledge after 
 
 acquired 
 
 property. 
 
 l6 
 
 deed of trust) any property now owned or hereafter acquired by 
 any of such companies unless 
 
 {a) In the ordinary course of business of the company mak¬ 
 ing such disposal, and not exceeding in value the sum 
 of $10,000 in any given six months, or 
 
 (b) In accordance with and under the provisions of the 
 mortgage or mortgages of the Underlying Company so 
 selling, relating to release or substitution of property 
 under such mortgage, or 
 
 (c) Other property of equal value in the opinion of the 
 Trustee hereunder shall have been acquired by the 
 company making such disposal for the purposes of 
 substitution and shall have been substituted for the 
 property disposed of, or 
 
 (d) The property is disposed of for an adequate consider¬ 
 ation in the opinion of the Trustee hereunder and the 
 whole or the proper proportionate part of such consid¬ 
 eration is pledged and deposited with the Trustee here¬ 
 under. The Trustee may act on the certificate of a dis¬ 
 interested person selected by it to determine the adequacy 
 of such consideration and the proper proportionate part 
 thereof to be deposited hereunder, and so acting the 
 Trustee shall be without hability and the expense in¬ 
 curred in obtaining such certificate shall be paid by the 
 Electric Company. 
 
 The Electric Company shall pledge and deposit with the Trus¬ 
 tee hereunder, subject to the hen of this deed of trust, any and 
 all claims or indebtedness and all further interest which it may 
 acquire against or in any Underlying Company. 
 
17 
 
 SINKING FUND PROVISIONS. 
 
 The Electric Company shall pay or cause to be paid to the 
 Trustee on or before the first day of October in each year begin¬ 
 ning with the first day of October, 1904, and continuing during 
 the term of the bonds secured hereby, a sum of money, as a sink¬ 
 ing fund, equal to one (i) per centum of the total amount of 
 such bonds issued and outstanding at the time of each of such 
 payments; the first two annual payments of such one per centum 
 shall be non-cumulative and payable only out of the net earnings 
 of the Electric Company, if any, after the payment of all fixed 
 charges, but thereafter such annual payments of one (i) per 
 centum shall be payable absolutely and non-payment thereof 
 shall be a default in the payment to the sinking fund with the 
 consequences hereinafter provided for default. The retention 
 by the Trustee of the payments made to it, of interest and divi¬ 
 dends on the securities, for the purpose of discharging the sink¬ 
 ing fund payments herein provided, shall to the extent of such 
 retention be considered a payment to the sinking fund by the 
 Electric Company. 
 
 The Trustee shall invest such sinking fund in the outstand¬ 
 ing bonds of the Electric Company secured hereby, at a pur¬ 
 chase price not exceeding one thousand and fifty dollars ($1,050) 
 and accrued interest for each bond so purchased and if after 
 advertisement for bonds at such price once each week for four 
 successive weeks in two newspapers of general circulation, one 
 published in New York, New York, and one in Boston, Massa¬ 
 chusetts, such bonds cannot be purchased at such price or if a 
 
 To begin Oct. i, 
 
 igo4. 
 
 First two 
 pxiyments non- 
 cumulative and 
 from net 
 earnings. 
 
 Investment of 
 sinking fund. 
 
i8 
 
 sufficient number of such bonds cannot be purchased at such 
 price to exhaust such sinking fund then such sinking fund or 
 the amount thereof remaining uninvested shall be invested by 
 the Trustee in its discretion in such outstanding bonds at a higher 
 price or in other first mortgage bonds of street railway or electric 
 lighting companies doing business in the United States. Bonds 
 of this issue so purchased by the Trustee shall at once be stamped 
 “not transferable, held for sinking fund,” and shall be held as 
 existing obligations for the security of the outstanding bonds 
 liereby secured, and shall continue to bear interest, which inter¬ 
 est shall become part of the sinking fund, in addition to the sums 
 heretofore provided to be paid therein. 
 
 The Trustee shall have full powers of sale of, and investment 
 and re-investment in such other securities, and such sinking fund 
 shall always be subject to the lien of this deed of trust and for the 
 benefit of bondholders hereunder. 
 
 EXECUTION AND DELIVERY OF BONDS. 
 
 Execution and 
 delivery of 
 bonds. 
 
 Denominations. 
 
 The Electric Company shall immediately execute all of the 
 bonds to be secured hereby and shall deliver such bonds to the 
 Trustee for certification. All or any part of such bonds may be 
 in denominations either of $ioo or $i,ooo each at the option of 
 the Electric Company and thereafter from time to time in order 
 to carry out the convertible provisions of said bonds, the Electric 
 Company shall execute and deliver such additional $i,ooo bonds 
 as may be requested by the Trustee, provided that simultane¬ 
 ously there be surrendered to the Electric Company by the Trus¬ 
 tee ten $ioo bonds duly cancelled. 
 
19 
 
 The interest coupons attached to the bonds secured hereby 
 shall be valid and binding upon the Electric Company if they 
 bear the engraved facsimile signature of a person purporting to 
 be its treasurer, whether he be the one who held that office April 
 I, 1902, or at any subsequent date; and the bonds themselves, 
 at whatever time executed or delivered, shall likewise be valid 
 and binding from and after the certification thereof respectively 
 by the Trustee, regardless of whether the persons signing them 
 were on April i, 1902, or are then the officers of the Electric Com¬ 
 pany. Only such bonds as shall bear thereon indorsed a cer¬ 
 tificate substantially in the form hereinbefore mentioned, exe¬ 
 cuted by the Trustee, shall be secured by this indenture or en¬ 
 titled to any lien, right or benefit hereunder; and such certificate 
 of the Trustee upon any such bond, executed on behalf of the 
 Electric Company, shall be conclusive evidence that the bond 
 so certified has been duly issued hereunder, and that the holder 
 or registered owner is entitled to the benefit of the trusts hereby 
 created. 
 
 DUTIES OF TRUSTEE BEFORE DEFAULT. 
 
 The Trustee shall certify and deliver the bonds secured hereby 
 to the Electric Company as follows, namely:— 
 
 A. The Trustee shall forthwith certify and deliver to the 
 Treasurer of the Electric Company or upon his written order 
 $3,000,000 of said bonds. 
 
 B. The Trustee shall certify and deliver to the Treasurer 
 of the Electric Company or upon his written order accompanied 
 by a certified copy of a resolution of the Board of Directors of 
 
 Signatures to 
 bonds and 
 coupons and 
 certification of 
 bonds by 
 Trustee. 
 
 To certify bonds 
 forthwith. 
 
 To certify 
 additional bonds, 
 when 
 
20 
 
 Ratio of issue to 
 cost of additional 
 property. 
 
 the Electric Company authorizing such order, the remainder 
 of the authorized issue of said bonds, namely, $1,000,000, or 
 any part thereof, when the Electric Company shall have legally 
 acquired and deposited, with the Trustee, in addition to the secu¬ 
 rities, the bonds or other evidences of indebtedness, or the shares 
 of stock or other certificates of interest of or in an Underlying 
 Company, provided however, that the bonds hereunder shall 
 be certified and delivered only at their face value to the extent 
 of eighty per centum of the actual cost of such additional prop¬ 
 erty acquired by the Electric Company:— 
 
 The Trustee shall as a condition precedent to the certification 
 and delivery of said $1,000,000 of bonds obtain the following 
 evidence of compliance with the foregoing requirements:— 
 
 A certificate signed and sworn to by a majority of the direc¬ 
 tors of the Electric Company, stating in substance that the Elec¬ 
 tric Company has legally acquired at an actual cost in cash to 
 it of not less than the amount named in such certificate certain 
 bonds or other evidences of indebtedness or shares of stock or 
 other certificates of interest of or in one of the Underlying Com¬ 
 panies, and that the same were issued for further extensions, ad¬ 
 ditions, improvements or acquisitions (not including replacements 
 and repairs) to the property of the Underlying Company issuing 
 the same; that said actual cost to the Electric Company as named 
 in such certificate of such bonds or other evidences of indebted¬ 
 ness or shares of stock or other certificates of interest is not greater 
 than the actual cost to the Underlying Company of the exten¬ 
 sions, additions, improvements and acquisitions for which the 
 same were issued, and 
 
21 
 
 A report of some engineer selected by the Trustee and be¬ 
 lieved by it to be competent and disinterested, certifying that he 
 has examined the property owned by the Underlying Company 
 named in the certificate last before referred to, and that in his 
 opinion such extensions, additions, improvements and acqui¬ 
 sitions do not include replacements and repairs and actually cost 
 and are worth to such Underlying Company not less than the 
 amount named in the certificate last before referred to as the 
 actual cost to the Electric Company of the bonds or other evidences 
 of indebtedness or shares of stock or other certificates of inter¬ 
 est proposed to be deposited hereunder as the basis of an issue 
 of bonds. 
 
 In no event shall the Trustee be responsible for the certification 
 or delivery of additional bonds hereunder if made upon a certifi¬ 
 cate and report as hereinbefore provided, and all expenses attend¬ 
 ant upon obtaining such certificate and report shall be paid by 
 the Electric Company. 
 
 The Trustee before delivering any bond hereunder shall cut 
 off and cancel all coupons thereof then matured. 
 
 The Trustee shall collect and receive any and all interest, 
 dividends, tolls, incomes, issues, revenues and profits accruing 
 and becoming payable on or in respect to the property pledged; 
 and a copy of this deed of trust, filed with an Underlying Com¬ 
 pany shall constitute the full, irrevocable and continuing author¬ 
 ity of such company as against the Electric Company, to pay 
 to the Trustee during the term of this deed of trust aU such in¬ 
 terest, dividends, tolls, incomes, issues, revenues and profits, 
 but until default shall have been made in the payment of the 
 bonds or coupons, or any of them secured hereby or in payments 
 to the sinking fund or in the performance by the Electric Com- 
 
 To cancel 
 coupons. 
 
 To collect and 
 receive interest, 
 dividends, etc., 
 on pledged 
 property. 
 
22 
 
 
 To retain interest 
 and sinking fund 
 paj'ments and 
 to pay balance 
 to Electric 
 Company. 
 
 pany of any of the covenants, conditions or provisions of said 
 bonds or coupons, or of this deed of trust by it to be performed, 
 and such default shall have continued beyond the period of grace 
 hereinafter provided in respect of such default, the Trustee from 
 time to time and without delay shall pay over to the Electric 
 Company all such amounts so received by it except the amounts 
 so received by it after August first and prior to October first and 
 after February first and prior to April first in each year of which 
 amounts the Trustee shall pay over to the Electric Company such 
 part and no more as shall remain after deducting and retaining 
 from such amounts all such sums as shall be necessar}^ to pay 
 and discharge all interest and sinking fund payments then due 
 and payable and the semi-annual interest instalment next there¬ 
 after to become due and payable; and the Trustee shall also 
 retain from such amounts so received by it after August first and 
 prior to October first in each year, all such sums as shall be nec¬ 
 essary to make the annual payment to the sinking fund next there- 
 after to become due, and the sums so deducted and retained by 
 the Trustee shall by it be applied in payment and discharge of 
 all such interest and sinking fund payments due or as the same 
 may become due and payable as provided herein and in said 
 bonds and coupons. 
 
 Nothing in the foregoing paragraph contained with reference 
 to the collection and retention by the Trustee of interests, divi¬ 
 dends, tolls, incomes, issues, revenues and profits accruing and 
 becoming payable on or in respect of the property pledged shall 
 be taken or deemed in any wise to limit the contract contained in 
 the bonds secured hereby to pay interest thereon at the rate men¬ 
 tioned or to hmit the payment of such interest to the funds so 
 collected or retained by the Trustee. 
 
23 
 
 Any and all dividends payable in stock which may be declared 
 and become payable upon any of the shares of stock of any com¬ 
 pany held by the Trustee hereunder shall be transferred and 
 delivered to the Trustee arid be by it held as security for the bene¬ 
 fit of the holders of the bonds secured hereby, with the same 
 effect and subject to all the conditions and provisions hereof as if 
 originally pledged hereunder. Should any company, the shares 
 of stock of which are pledged hereunder, pay dividends in the 
 form of certificates of indebtedness or in any form other than 
 money, the Trustee shall also be entitled to receive and so hold 
 such dividends and certificates of indebtedness and collect and 
 pay over the interest which may be paid upon such certificates 
 of indebtedness, as above provided concerning dividends in 
 money. 
 
 Unless default shall have been made as aforesaid, in the pay¬ 
 ment of the interest or principal of any of the bonds secured 
 hereby, or part of such principal or interest, or in any of the 
 covenants and provisions in this deed of trust contained, the 
 Electric Company shall have the right to vote on all stock de¬ 
 posited with the Trustee hereunder with the same force and 
 effect as though this deed of trust and the pledge of such stock 
 had not been made. Tor all purposes not inconsistent with the 
 security hereby created and the provisions or purposes of this 
 deed of trust; and from time to time, when the same shall be 
 necessary and requested by the Electric Company, the Trustee 
 forthwith shall execute and deliver to the Electric Company or 
 to its nominee suitable powers of attorney or proxies for all of 
 such purposes. 
 
 The Trustee also, whenever requested by the Electric Com¬ 
 pany, shall assign and transfer to the persons designated by the 
 
 To hold divi¬ 
 dends on 
 underlying 
 shares payable 
 other than in 
 money. 
 
 To permit 
 Electric 
 Company to 
 vote on 
 pledged stock. 
 
 To qualify 
 directors with 
 pledged stock. 
 
24 
 
 To release 
 securities of an 
 Underlying 
 Company after 
 disposal of its 
 property. 
 
 To permit 
 Sale of Pledged 
 Property when. 
 
 Electric Company such number of the shares of stock deposited 
 hereunder with the Trustee as may be necessary or desirable to 
 qualify such persons as directors of the Underlying Company 
 issuing such stock. 
 
 The Trustee also from time to time may release from pledge 
 under this deed of trust the securities of any Underlying Com¬ 
 pany which shall have disposed of all its property in accordance 
 with the provisions herein provided for such disposal. A copy 
 of the instrument making such disposal duly certified as a true 
 copy by a majority of the directors of the Electric Company and 
 filed with the Trustee, shall be sufficient evidence thereof to au¬ 
 thorize the Trustee to release under this paragraph. 
 
 SALES AND REORGANIZATIONS AFFECTING 
 
 PLEDGED PROPERTY. 
 
 0 
 
 The Electric Company may, after fifteen days notice of the 
 proposition to sell and its terms mailed to all of the holders of 
 the bonds secured hereby, whose names and addresses are re¬ 
 corded with the Trustee and with the approval in writing 
 filed with the Trustee of the holders of a majority in interest 
 of outstanding bonds and with the written consent of the 
 Trustee, but not otherwise, sell and dispose of, free from the 
 lien of this instrument, any part or all of the property pledged 
 with the Trustee hereunder, provided the Electric Company 
 substitutes as security hereunder property of equal or greater 
 value or pays over the proceeds of such sale to the Trustee, to 
 be held as hereinafter provided. Before consenting to any such 
 sale or other disposition the Trustee shall have the right to ap- 
 
25 
 
 point some disinterested person, to be selected by it, but paid by 
 the Electric Company, to investigate and determine whether the 
 security hereunder will be impaired by such sale or other disposi¬ 
 tion, and as to whether or not the other property so to be substi¬ 
 tuted, in case of substitution, is of equal or greater value than 
 the property so to be sold or disposed of, or whether or not, in case 
 of a sale for cash, the price is a fair and reasonable one for the 
 property so to be sold. The Trustee may rely upon the approval 
 in writing of the holders of a majority in interest of outstanding 
 bonds and upon the written certificate of such person, and it shall 
 be under no liability for consenting to such sale or other dispo¬ 
 sition if it acts in reliance upon such approval and such certifi¬ 
 cate. The Trustee shall do such acts and execute such instru¬ 
 ments in writing as may be necessary to release from the lien of 
 this instrument any property which may, with its consent as afore¬ 
 said, be sold or disposed of. In such case the Trustee shall have 
 the right, but shall not be under obligation unless it elects so to 
 do, to require the bonds held by said majority deposited with it 
 for the purpose of having stamped thereon by the Trustee proper 
 evidence that the holder of said bond has consented to said sale 
 or disposition. 
 
 In case at any time any Underlying Company shall be dis¬ 
 solved or in case all or any of the property of any such company 
 shall be offered for sale, under any foreclosure proceeding or 
 other sale judicial or otherwise, then and in such case the Electric 
 Company or any other Underlying Company may purchase and 
 the Trustee may, and if requested in writing and furnished with 
 funds therefor either by the Electric Company or the holders of 
 three-fourths in amount of any of the bonds secured hereby then 
 
 Sale of property 
 of Underlying 
 Companies. 
 
26 
 
 Trustee to 
 purchase when. 
 
 Reorganizations 
 of Underlj'ing 
 Companies. 
 
 outstanding shall, purchase or shall cause to be purchased such 
 property, and in such case, if payment for such property may be 
 made by crediting on the bonds, claims, indebtedness or shares 
 of stock of such company held by the Trustee hereunder, then 
 such sum, or any part thereof accruing or to be received by the 
 Trustee out of the proceeds of said property, shall be used in pay¬ 
 ment therefor. In case of such purchase such proceedings shall 
 be taken as may be proper to subject such property to the lien 
 hereof, and for that purpose the said property may be vested in 
 the Electric Company, or in any other company organized or to be 
 organized, and whose bonds or other evidences of indebtedness 
 and shares of stock or other certificates of interest are or shall be 
 pledged hereunder. 
 
 The Trustee, when directed and indemnified by the Electric 
 Company or the holders of three-fourths in amount of the bonds 
 issued hereunder and then outstanding, shall take all proper 
 steps to protect the bondholders’ interest hereunder in respect 
 to the Securities, and for that purpose the Trustee may exercise 
 all of the powers of an absolute owner of the Securities, and is 
 hereby expressly empowered to authorize, institute or join in any 
 suit or suits, whether of foreclosure or otherwise, and to author¬ 
 ize, institute and join in any plan or plans of reorganization in 
 respect to any of such Securities, and may accept and hold here¬ 
 under in exchange for any of the Securities any moneys, prop¬ 
 erty or bonds or other evidences of indebtedness or shares of 
 stock or other certificates of interest which may be issued. 
 
 The Electric Company shall on demand of the Trustee or of 
 three-fourths in interest of the holders of bonds secured by this 
 deed of trust pay or satisfactorily provide for all sums required 
 
27 
 
 to purchase any property of an Underlying Company under any 
 sale last above referred to, together with all necessary expenses 
 and disbursements of the Trustee. And in case the Electric Com¬ 
 pany shall fail so to do, the Trustee, without prejudice to any of 
 its rights hereunder, may or, when so directed and indemnified by 
 the holders of three-fourths in amount of the bonds issued here¬ 
 under and then outstanding, shall advance the payments, ex¬ 
 penditures and expenses incurred or which may be necessary to 
 be incurred in carrying out any of the foregoing provisions, and 
 the Trustee shall have and may assert a lien prior to these pres¬ 
 ents for such payments, expenditures and expenses upon the 
 bonds, obligations, claims, indebtedness or stock in respect to 
 which such advances have been made. In case the Trustee 
 shall not purchase or cause to be purchased the property sold 
 at any such sale, and shall not join in a plan of reorganization 
 as aforesaid in respect to such bonds, obligations or stock, then 
 the Trustee shall receive any portion of the proceeds of the sale 
 accruing on the bonds, or other evidences of indebtedness or on 
 the shares of stock or other certificates of interest held hereunder, 
 and hold the same subject to the lien hereof. 
 
 Anything in this indenture to the contrary notwithstanding, 
 any Underlying Company may be merged or consolidated with, 
 or all or any part of its property sold to either the Electric Com¬ 
 pany or any other Underlying Company or any other Company 
 formed for the purpose of merging or consolidating two or more 
 of the Underlying Companies; but no such merger, consolida¬ 
 tion or sale to or with any company other than the Electric Com¬ 
 pany shall be made except upon condition (first) that the stock 
 of the consolidated company or the company into which any 
 such company shall be merged shall be received and held, or 
 
 Expenditures by 
 Trustee. 
 
 Receipts by 
 Trustee. 
 
 Merger of 
 
 Underbdng 
 
 Companies. 
 
28 
 
 Collateral trust 
 bonds 
 
 exchangeable 
 
 when. 
 
 Purchase by 
 Electric 
 Company of 
 properties 
 of Underljing 
 Companies. 
 
 shall continue to be held, by the Trustee under this deed of trust; 
 (second) that in case of any such merger, consolidation or sale 
 neither of the companies which shall be parties thereto, nor any 
 consohdated or new company formed thereby, shall, in connec¬ 
 tion therewith, create or incur any indebtedness or any lien, 
 charge or encumbrance upon its property except for the purpose 
 of taking up or satisfying underlying Hens, unless the same shall 
 be transferred to and deposited with the Trustee and become 
 subject to the lien of this deed of trust and in case of the merger 
 or consolidation of the property of all the Underlying Companies 
 the bonds issued hereunder may be exchanged for bonds secured 
 by a first mortgage on the property of the Underlying Com¬ 
 panies, authorized and issued to same amount as the bonds here¬ 
 under. 
 
 Upon the conditions aforesaid any such merger, consoHdation 
 or sale may be made, provided the laws to which such company 
 or companies are subject permk, and upon request of the Elec¬ 
 tric Company the Trustee shall consent to all acts proper to carry 
 into effect the purposes of this section. 
 
 If the Electric Company at any time in the future having the 
 right so to do shall acquire the property, rights, privileges and 
 franchises of all or any of the Underlying Companies and shall 
 desire to do so, it may do so, provided that the same shall imme¬ 
 diately become subject to the lien of this deed of trust and that 
 it shall upon request make, execute, acknowledge and deliver a 
 vaHd mortgage or deed of trust supplemental hereto, covering 
 said properties, rights, privileges and franchises, to secure the 
 bonds issued or to be issued hereunder; which said mortgage 
 or deed of trust shall be a first mortgage or deed of trust on all 
 of such properties, rights, privileges and franchises, subject only 
 
29 
 
 to the underlying mortgages on such properties. Such first 
 mortgage or deed of trust shall be in form satisfactory to the Trus¬ 
 tee, and in the event of all the bonds of such an Underlying Com¬ 
 pany being deposited hereunder, then and in that event such 
 bonds and the mortgage or deed of trust securing the same may 
 be released so that the said first mortgage or deed of trust shall 
 constitute and be in law and in fact a first mortgage on all of 
 such properties, rights, privileges and franchises. If, however, 
 all of such underlying bonds of the Underlying Companies shall 
 not be deposited hereunder, then and in that event such bonds 
 shall not be cancelled, but shall be kept alive as additional secu¬ 
 rity for the bonds issued or to be issued hereunder. 
 
 The Electric Company may at any time in its discretion con¬ 
 sent to the extension or renewal of any bonds or obligations now 
 held, or which hereafter shall be held by the Trustee hereunder, 
 and the other outstanding bonds of the same issue, and to the 
 extension or renewal of any mortgage or lien securing such bonds 
 or obligations; provided, however, that such renewal or exten¬ 
 sion shall not be for a greater principal amount than the origi¬ 
 nal principal amount of the bonds outstanding under such mort¬ 
 gages, and shall not be at a greater rate of interest than the pres¬ 
 ent rate. And new bonds or obligations shall be deposited and 
 held by the Trustee hereunder. 
 
 Extension or 
 renewal of bonds 
 of Underlying 
 Companies. 
 
 . CALL AND PAYMENT OF BONDS. 
 
 The Electric Company simultaneously, but not otherwise, may 
 call and pay all the bonds secured hereby on October i, 1904, 
 
30 
 
 Publication 
 of notice. 
 
 Interest ceases. 
 
 Precipitation of 
 principal. 
 
 or on any interest day thereafter, at $1,050 for each $1,000 face 
 value principal thereof, and interest accrued at the date fixed for 
 such payment, by causing notice of such call and payment to be 
 published once a week for three successive weeks in two news¬ 
 papers, one published in New York, New York, and one in 
 Boston, Massachusetts, the last publication thereof to be not less 
 than thirty (30) days before the date fixed for such payment; 
 and on and after the date fixed for such payment interest on said 
 bonds shall cease, provided the amount required for the payment 
 of all the bonds of this series shall have then been deposited with 
 the Trustee for that purpose. 
 
 TRANSFER OF COUPONS. 
 
 The coupons secured hereby are transferable by delivery, 
 
 and, when paid, shall be cancelled, and, after default in the 
 
 o 
 
 payment of any coupon or coupons, such coupon or coupons 
 shall not be secured by, or embraced within, the trusts hereof 
 unless accompanied by the bond or bonds to which the same 
 were originally attached. Nor shall any coupon or coupons in 
 default be assignable separately from the bond or bonds to which 
 the same were originally attached. 
 
 DEFAULT BY ELECTRIC COMPANY. 
 
 In case default shall be made in the payment of any coupon 
 on any of said bonds or in the payment to the sinking fund as 
 hereinbefore required or in case ’of default in any other covenant 
 or condition of this deed of trust by the Electric Company, and 
 
31 
 
 such default shall continue for a period of sixty days after 
 written notice thereof shall have been given to the Electric 
 Company by the Trustee, then during the continuance of any 
 such default the Trustee may, and upon the written request of 
 the holders of twenty-five per centum in amount of the bonds 
 hereby secured then outstanding, shall, by notice in writing, de¬ 
 livered to the Electric Company, declare the principal of the bonds 
 hereby secured and then outstanding to be due and payable im¬ 
 mediately; and upon such declaration the same shall become and 
 be immediately due and payable, anything herein or in said bonds 
 contained to the contrary notwithstanding. 
 
 In case default shall be made and continue as aforesaid or in 
 case default shall be made in the payment of any of said bonds, 
 when the same shall become due, and any such default shall 
 continue for a period of sixty days after written notice thereof 
 shall have been given to the Electric Company by the Trustee, 
 then and in every such case during the continuance of any such 
 default, 
 
 (a) The Trustee may revoke all assignments, orders, proxies, 
 or other instruments by it executed, enabling the Electric Com¬ 
 pany to vote or otherwise receive any benefit from the property 
 hereby pledged. During the continuance of such default the 
 Trustee shall retain all sums paid to it, either as interest or divi¬ 
 dends upon the property pledged, or otherwise, and may vote 
 upon all shares of stock and otherwise act as the absolute owner 
 of all the property pledged, and 
 
 (b) The Trustee may sell or cause to be sold to the highest 
 and best bidder in one lot and as an entirety all and singular the 
 property then held by the Trustee hereunder, which sale shall 
 be made at public auction, at such place in the City of Boston, 
 
 Period of grace. 
 
 Revocation of 
 rights of Electric 
 Company in 
 pledge 
 property. 
 
 Power of sale. 
 
32 
 
 Notice of sale. 
 
 Power to bring 
 suit. 
 
 Trustee shall 
 proceed upon 
 request and 
 indemnity. 
 
 Massachusetts, or the City of New York, New York, and on 
 such day and terms as the Trustee may determine, and as 
 shall be specified in a notice of said sale, which notice shall be 
 given by publication at least twice in each calendar week for 
 three successive calendar weeks next prior to the date of such sale, 
 in a newspaper of general circulation published in said City of 
 Boston, and in a newspaper of general circulation published in 
 said City of New York. The Trustee may adjourn any sale to 
 be made hereunder as often as it may desire by announcement 
 at the time and place appointed for such sale or any adjourned 
 sale; and, without further notice or publication, the Trustee may 
 make such sale at the time and place to which the same shall be 
 so adjourned, and 
 
 (c) The Trustee may proceed to protect and to enforce its 
 rights and the rights of the bondholders under this deed of trust 
 by a suit or suits in equity or at law, whether for the specific per¬ 
 formance of any covenant or agreement contained herein or in 
 aid of the execution of any power herein granted or for the fore¬ 
 closure of this deed of trust for interest or principal, or both, or 
 for the enforcement of any other appropriate legal or equitable 
 remedy as the Trustee, being advised by counsel, shall deem most 
 effectual to protect and enforce its rights and those of the bond¬ 
 holders hereunder. 
 
 And, in case default shall be made and continue as aforesaid, 
 it shall be the duty of the Trustee, upon the written request of 
 the holders of twenty-five per centum in amount of the bonds 
 hereby secured and then outstanding, and upon being indemni¬ 
 fied, to take such steps as in its opinion are needful or proper for 
 the protection and enforcement of its rights and the rights of the 
 bondholders hereby secured and to exercise the powers herein 
 
33 
 
 conferred as the Trustee shall deem most effectual to enforce such 
 rights. 
 
 The rights of revocation, sale and suit hereunder are cumu¬ 
 lative remedies, additional to all other remedies in law or in equity, 
 and such rights of revocation, sale and suit, or the exercise of 
 any of them, shall not in any manner whatsoever deprive the 
 Trustee or any holder or holders of a bond or bonds secured hereby 
 of any remedy or remedies in law or in equity consistent with the 
 provisions hereof. 
 
 The foregoing provisions for default, however, are subject to 
 the condition that if, at any time after such default, all arrears 
 of interest, and of payments to the sinking fund, with, interest at 
 the rate of five per centum per annum on overdue instalments of 
 interest and payments to the sinking fund, shall either be paid 
 by the Electric Company or be collected out of the property 
 pledged or be paid before any sale of the pledged property shall 
 have been made, or, if any default in the observance or perform¬ 
 ance of any covenant or condition herein not relating to a pay¬ 
 ment of interest or to the sinking fund shall be cured or adequate 
 satisfaction, in the opinion of the Trustee, made therefor, then 
 the Trustee may, and upon the written request of the holders of 
 a majority in amount of the bonds hereby secured then outstand¬ 
 ing, shall waive such default and its consequences; but no such 
 waiver shall extend to or affect any subsequent default or impair 
 any right consequent thereon. 
 
 In case the Trustee shall have proceeded to enforce any right 
 under this deed of trust by foreclosure, or otherwise, and such 
 proceeding shall have been discontinued or abandoned because of 
 such waiver, or for any other reason, or shall have been deter¬ 
 mined adversely to the Trustee, then and in every such case the 
 
 Cumulative 
 
 remedies. 
 
 Waiver of 
 default. 
 
 Restoration to 
 former position. 
 
 « 
 
34 
 
 No suit by 
 bondholders. 
 
 Electric Company and the Trustee shall be restored to their former 
 position and rights hereunder in respect of the property pledged 
 hereunder, and all rights and powers of the Trustee shall con¬ 
 tinue as though no such proceeding had been taken. 
 
 No holder of any bond or coupon hereby secured shall have 
 any right to institute any suit, action or proceeding in equity or 
 at law for the foreclosure of this deed of trust, or for the execu¬ 
 tion of any trust hereof, or for the appointment of a receiver, or 
 for any other remedy hereunder, unless the holders of twenty- 
 five per centum in amount of the bonds hereby secured, then out¬ 
 standing, shall have made written request upon the Trustee to 
 take action in respect to the matter complained of, and shall 
 have afforded to it a reasonable opportunity, either to proceed 
 to exercise the powers hereinbefore granted, or to institute such 
 action, suit or proceeding in its own name; and unless, also, 
 they shall have tendered to the Trustee adequate security and 
 indemnity against the costs, expenses and liabilities to be in¬ 
 curred therein or thereby; and such notification, request and 
 tender of indemnity are hereby declared, in every such case, at 
 the option of the Trustee, to be conditions precedent to the ex¬ 
 ecution of the powers and trusts of this deed of trust and to any 
 action or cause of action for foreclosure, or for the appointment 
 of a receiver, or for any other remedy hereunder, it being under¬ 
 stood and intended that no one or more holders of bonds or cou¬ 
 pons shall have any right in any manner whatever to affect, 
 disturb or prejudice the lien of this deed of trust by his or their 
 action, or to enforce any right hereunder, except in the manner 
 herein provided, and that all proceedings at law or in equity 
 shall be instituted, had and maintained in the manner herein 
 provided, and for the equal benefit of all holders of such out¬ 
 standing bonds and coupons. 
 
The Trustee shall not be bound to recognize any person or 
 persons, or body or bodies corporate, as a holder or holders of 
 any of said bonds, nor to take any action at his, its or their re¬ 
 quest, unless first furnished with adequate security and indemnity 
 against costs, expenses and liabilities to be incurred, as here¬ 
 inbefore provided, and unless such bond or bonds are submitted 
 to the Trustee for inspection. 
 
 No delay or omission of the Trustee or of any holder of bonds 
 hereby secured to exercise any right or power accruing upon any 
 default, continuing as aforesaid, shall impair any such right or 
 power, or shall be construed to be a waiver of any such default, 
 or of any subsequent default, or an acquiescence therein; and 
 every power and remedy given hereunder to the Trustee or to 
 the bondholders mav be exercised, from time to time and as often 
 as may be deemed expedient by the Trustee or by the bond 
 holders. 
 
 THE SALE AND ITS PROCEEDS. 
 
 Upon the completion of any sale under this deed of trust the 
 Trustee shall transfer or deliver to the accepted purchaser all the 
 property sold, and the Trustee is hereby appointed the true and 
 lawful attorney irrevocable of the Electric Company in its name 
 and stead, to make all necessary assignments and transfers of 
 the property thus sold and the Trustee may substitute any one 
 or more persons with like power, the Electric Company hereby 
 ratifying and confirming all that its said attorney or such sub¬ 
 stitute or substitutes may do by virtue hereof. 
 
 Any sale made under or by virtue of this deed of trust, 
 whether under the power of sale hereby granted and conferred, 
 or under or by virtue of judicial proceedings, shall operate to 
 
 Delay or omis¬ 
 sion after default 
 no waiver. 
 
 Transfer to 
 purchaser. 
 
 Waiver of 
 appraisement, 
 exemption and 
 redemption. 
 
Receipt of 
 Trustee for 
 purchase money. 
 
 Precipitation of 
 principal upon 
 sale. 
 
 divest all right, title, interest, claim and demand whatsoever^ 
 either at law or in equity of the Electric Company, in and to the 
 property sold, and shall be a perpetual bar both at law and in 
 equity against the Electric Company and its successors and 
 assigns and against any and all persons claiming or to claim 
 the property sold or any part thereof, from, through or under 
 the Electric Company or its successors or assigns, and the 
 Electric Company waives the benefit of any and all stay, valua¬ 
 tion, appraisement and exemption laws and all right of redemp¬ 
 tion, whether by virtue of any present or any future law of the 
 State of New Jersey or of any other state or territory where 
 such laws may affect the property hereby pledged; and the 
 Electric Company agrees that it will forthwith, upon any such 
 sale or sales, upon request of the purchaser or purchasers thereat, 
 make, execute, acknowledge and deliver to such purchaser or 
 purchasers good and sufficient conveyances and transfers to con¬ 
 firm the title in such purchaser or purchasers. 
 
 The receipt of the Trustee for the purchase money shall be a 
 sufficient discharge to any purchaser of the property or any part 
 thereof, sold as aforesaid; and no such purchaser or his repre- ■ 
 sentatives, grantees or assigns, after paying such purchase money 
 and receiving such receipt shall be bound to see to the appli¬ 
 cation of such purchase money upon or for any trust or pur¬ 
 pose of this deed of trust or in any manner whatsoever be an¬ 
 swerable for any loss, misapplication or non-application of any 
 such purchase money or any part thereof, or be bound to inquire 
 as to the authorization, necessity, expediency or regularity of any 
 such sale. 
 
 In case of such sale, whether made under the power of sale 
 hereby granted or pursuant to judicial proceedings, the whole of 
 the principal sums of the bonds hereby secured, if not previously 
 
37 
 
 due, shall at once become due and payable, anything in said 
 bonds or in this deed of trust to the contrary notwithstanding. 
 
 The purchase money, proceeds or avails of any such sale, 
 whether under the power of sale hereby granted or pursuant to 
 judicial proceedings, together with any other sums which then 
 may be held by the Trustee under any of the provisions of this 
 deed of trust as part of the trust estate or the proceeds thereof, 
 shall be applied as follows: 
 
 First. To the payment of the costs and expenses of such 
 sale, including a reasonable compensation to the Trustee, its 
 agents, attorneys and counsel and of all expenses, liabilities 
 and advances made or incurred by the Trustee hereunder. 
 
 Second. To the payment of the whole amount then owing 
 or unpaid upon the bonds hereby secured for principal and 
 interest, with interest at the rate of five per cent, per annum 
 on the overdue instalments of interest; and, in case such pro¬ 
 ceeds shall be insufficient to pay in full the whole amount so 
 due and unpaid upon the said bonds, then ratably to the pay- 
 ■ ment of such principal and interest without preference or 
 priority of principal over interest or of interest over principal 
 or of any instalment of interest over any other instalment of 
 interest. 
 
 Third. The surplus remaining shall be paid over to the 
 Electric Company, its successors or assigns or to whomsoever 
 shall be lawfully entitled to receive the same. 
 
 Upon any sale hereunder by the Trustee or pursuant to 
 judicial proceedings, any purchaser, for or in settlement or pay¬ 
 ment of the purchase price of the property purchased, shall be 
 entitled to use and apply any bonds and any matured and unpaid 
 coupons hereby secured, by presenting such bonds and coupons 
 that there may be credited thereon the sums applicable to the 
 payment thereof out of the net proceeds of such sale, after mak- 
 
 Distribution of 
 proceeds. 
 
 Payment in 
 bonds and 
 coupons. 
 
38 
 
 ing any deductions which may be made from the proceeds of 
 sale for costs, expenses, compensations and other charges; and 
 such purchaser thereupon shall be credited, on account of such 
 purchase price payable by him, with the sums applicable out of 
 such net proceeds to the payment of and credited on the bonds 
 and coupons so presented. And, at any such sale, the Trustee 
 or any bondholder or bondholders may bid for and purchase such 
 property, or cause such property to be purchased, and may make 
 payment therefor as aforesaid, and, upon compliance with the 
 terms of sale, may hold, retain and dispose of such property with¬ 
 out further accountability. 
 
 IMMUNITY OF OFFICERS, DIRECTORS AND 
 
 STOCKHOLDERS. 
 
 No recourse under or upon any obligation, covenant or agree¬ 
 ment contained in this deed of trust, or imphed therefrom, or 
 in any bond or coupon hereby secured, or because of the crea¬ 
 tion of any indebtedness hereby secured, shall be had against 
 any stockholder, officer or director of the Electric Company, 
 by the enforcement of any assessment or by any legal or equi¬ 
 table proceeding by virtue of any constitution, statute or other¬ 
 wise, it being expressly agreed and understood that this deed 
 of trust and the obligations hereby secured are solely corporate 
 obhgations and that no personal liabihty whatever shall attach 
 to or be incurred by the stockholders, officers or directors of 
 the Electric Company whether arising at common law or in 
 equity or created by statute or constitution, the same, if any, 
 being hereby expressly released and waived by the holders of 
 any of the bonds secured hereby as a condition of and as part 
 
39 
 
 of the consideration for the execution of this deed of trust and 
 the issue of the bonds and interest coupons secured hereby. 
 
 CONCERNING THE TRUSTEE. 
 
 The Trustee shall be entitled to repayment of all proper out¬ 
 lays incurred in or about this trust, and to a reasonable compen¬ 
 sation for any duties that it may at any time perform in the 
 discharge of the same, and the Electric Company shall pay the 
 Trustee such outlays and compensation. 
 
 All moneys in the hands of the Trustee from time to time, 
 whether the uninvested portion of the sinking fund, revenue 
 from securities, proceeds of securities or other property sold or 
 released, or otherwise derived from the operation of this Trust,' 
 shall draw interest at the current rate paid by the City Trust 
 Company upon funds held by it on deposit. 
 
 The Trustee, prior to notice of default, shall be under no 
 obligation to keep itself informed or advised as to the per¬ 
 formance of any of the Electric Company’s covenants, or the 
 payment or discharge of any taxes, assessments or liens that may 
 be imposed upon the property hereby pledged, but the Trustee 
 shall have the right, in case of neglect by the Electric Company, 
 to attend to any of these matters. 
 
 The Trustee shall be held only to the exercise of reasonable 
 care and diligence in relation to holding, controlling, manag¬ 
 ing and selling the property hereby conveyed, or otherwise 
 carrying out the provisions hereof; and where it acts by agents 
 or attorneys it shall not be responsible for their negligence or 
 wrong-doing; but it shall exercise reasonable care in selecting, 
 retaining and discharging them. 
 
 Compensation 
 and expenses. 
 
 Interest on 
 uninvested 
 money. 
 
 No obligation 
 to keep informed 
 when. 
 
 Reasonable care 
 and diligence. 
 
40 
 
 No responsibility 
 as to validity 
 or record hereof. 
 
 Trustee’s resig¬ 
 nation or 
 removal. 
 
 Appointment of 
 successor. 
 
 Bond of Trustee. 
 
 ' TKe Trustee shall’have no'responsibility. as to th€ validity of 
 this deed of trust, nor as to the rnaliirig, executing, acknowledg¬ 
 ing, recording, re-recording, filing or the renewal hereof, nor as 
 to the amount or adequacy, as security, of the property hereby 
 pledged, nor'as'to the transfer to it of prbpeffy'acquired by-the 
 Electric Company subsequently to' the date hereof, and-the-re¬ 
 citals herein contained are those of the Electric Company, and 
 not of the Trustee. - > 
 
 The Trustee may at any time resign this trust by written 
 notice delivered to the Electric Company thirty days before the 
 resignation is to take effect, and in case of such resignation, or 
 the removal or incapacity of the Trustee for any reason, the 
 Electric Company shall have the right to nominate and appoint 
 a successor to the Trustee with the consent in writing of the 
 owners of a majority in interest of the bonds hereby secured and 
 then outstanding; but any vacancy of more than thirty days^ 
 standing may be filled by any, court having jurisdiction, on ap¬ 
 plication of any person interested. 
 
 No bond shall be required of the Trustee unless ordered by a 
 court having jurisdiction and for cause shown. Upon the ap¬ 
 pointment of any successor or successors to the trust, all the title 
 to all the property pledged shall immediately, and-without further 
 evidence of transfer, vest in such successor or successors; the out¬ 
 going Trustee shall deliver the property pledged to such successor 
 or successors and shall, also, at the request of any person inter¬ 
 ested, and at the expense of the trust, execute and deliver to its 
 successor such transfers, conveyances or other instruments in 
 writing as may be appropriate to vest or confirm in the new 
 Trustee the title to such property pledged. 
 
 The index, divisional headings, and marginal notes are no part 
 of this deed of trust. 
 
41 
 
 In Witness Whereof, Dallas Electric Corporation has 
 caused this deed of trust to be executed in its name and be¬ 
 half and under its corporate seal by its president and attested 
 by its secretary, and City Trust Company in token of its accept¬ 
 ance hereof has caused this deed of trust to be executed in its 
 name and behalf and under its corporate seal by its president 
 and attested by its secretary, the day and year first above 
 written. 
 
 DALLAS ELECTRIC CORPORATION. 
 
 By 
 
 ; CHARLES SPRAGUE 
 
 PresidenL 
 
 A * 
 
 FRANK C. MILDRAM 
 
 Secretary, 
 
 CITY TRUST COMPANY. 
 
 By 
 
 PHILIP STOCKTON 
 
 President 
 
 Attest: 
 
 GEORGE S. MUMFORD 
 
 Secretary, 
 
 [Seal] 
 
 [Seal] 
 
Commonwealth of Massachusetts, h .... 
 
 ' -- ■■■Suffolk, ‘i ■- V- ps. , , ■; - ... , 
 
 ' V * ‘ ' - - July2 1903. - 
 
 • 'On this second day of July, 1903,' before nie'', the sub¬ 
 scriber, a notary* public within and for the Cornmonwealth of 
 Massachusetts, personally appeared Charles Sprague and > Frank 
 C. Mildram, to me personally known, who by me being duly 
 and severally sworn did each for himself and upon his oath say, 
 the said Charles Sprague that he is' the president and the 
 said Frank C. Mildram that he is the secretary of Dallas Elec¬ 
 tric Corporation, the company named in and which executed the 
 foregoing deed of trust; that the seal affixed to said deed of 
 trust is the corporate seal of said company, and that said deed 
 of trust was signed and sealed in behalf of said company by 
 authority of its directors and stockholders, and the said Charles 
 Sprague and the said Frank C. Mildram duly acknowledged 
 said deed of trust to be the free act and deed of said company. 
 
 My commission expires 
 Jany 21, 1910 
 
 |M 9 BIRNEY C. PARSONS 
 Notary Public for 
 
 the Commonwealth of Massachusetts. 
 
 [Seal] 
 
 tar 
 
 
43 
 
 Commonwealth of Massachusetts, ) 
 Suffolk, J 
 
 July 2 1903. 
 
 On this second day of July, 1903, before me the subscriber, 
 a Notary Public within and for the Commonwealth of Massa¬ 
 chusetts, personally appeared Philip Stockton and George 
 S. Mumford, to me personally known, who by me being duly 
 and severally sworn did each for himself and upon his said oath 
 say, the said Phihp Stockton that he is the president and 
 the said George S. Mumford that he is the Secretary of 
 CITY TRUST COMPANY, the company named in and 
 which executed the foregoing deed of trust, that the seal affixed 
 to said deed of trust is the corporate seal of said company and 
 that said deed of trust was signed and sealed in behalf of said 
 company by authority of its directors and stockholders and the 
 said Philip Stockton and the said George S. Mumford duly ac¬ 
 knowledged the said deed of trust to be the free act and deed of 
 said company. ^ . 
 
 BIRNEY C. PARSONS [Seal] 
 Notary Public 
 
 For the Commonwealth of Massachusetts, 
 
 My commission expires 
 
 Jan’y 21, 1910 
 
44 
 
 GEORGE 
 
 Commonwealth of Massachusetts, | 
 
 Suffolk, \ == 
 
 July 2, 1903 
 
 George S. Mumford, of Boston in said County, having been 
 duly sworn, on his oath says that he is the Secretary of City 
 Trust Company, Trustee, and that for the purpose of this 
 affidavit he is the agent of said City Trust Company, Trustee, 
 the holder of the foregoing deed of trust, and that the con¬ 
 sideration of said deed of trust is the amount due and to become 
 due by the terms of said deed of trust from the pledgor there¬ 
 under for and upon $4,000,000 of bonds mentioned in said deed 
 of trust in accordance with the terms thereof, and also the 
 various covenants and agreements therein contained; and that 
 the amount due and to grow due thereon is the sum of $4,000- 
 000, payable on the first day of April, 1922, together with 
 interest on the same at the rate of five per cent, per annum 
 from the first day of April, 1902, payable semi-annually on the 
 first days of April and October in each year. 
 
 Sworn to and subscribed this second day of July, 1903, 
 before me 
 
 S. MUMFORD BIRNEY C. PARSONS 
 
 Notary Public 
 
 For the Commonwealth of Massachusetts, 
 
 My commission expires 
 Jan’y 21, 1910 
 
 [Seal] 
 
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