Release of part of mortgaged property.

Company may from time to time sell, exchange or otherwise dispose of any such apparatus, machinery, equipment or materials of a movable or a consumable nature at any time held or required for its use in connection with its plants, as may have become unfit for use or may be unnecessary or undesirable for the purpose of its business, upon renewing or replacing them or acquiring in substitution other property of equal or greater value so as to keep the value of the security unimpaired, and all the property so acquired shall immediately be and become, without any other act or conveyance upon the part of company, subject to the operation and lien of this deed.

If company should deem it advantageous to sell, exchange or otherwise dispose of any other of its property, company may procure a release of them from the lien or operation of this deed upon applying at any time in writing to trustee, and delivering to trustee in substitution other property approved by or acceptable to trustee, which shall be at least equal in value to the property to be released, taking into account the value of the property as connected with and a part of the whole security at that time covered by this mortgage. The value of any property sought to be released and of any property or consideration tendered in substitution shall be determined by trustee, which may satisfy itself in respect to the value in any manner and by any means it may deem reasonable and proper. The certificate of the president or any other officer of company may be accepted as sufficient evidence of the value of any property sought to be released or of any property sought to be substituted, but trustee shall not be precluded in any case from requiring other and further proof of the value and other facts certified if in its judgment any good reason shall exist for doing so. Any property of any kind, and any interest, whenever acquired by company in renewal, replacement or substitution of property released from the lien of this deed, shall immediately upon acquisition, without any further conveyance or assignment, become and be subject to the lien of this mortgage, as fully and completely as though now owned by the company and expressly and specifically conveyed by this mortgage. The company shall, if requested by trustee, execute an apt and proper instrument in writing to extend the lien of this mortgage specifically over the property or interest so acquired. Any money received by trustee at any time as a consideration for any release shall be held by trustee subject to this mortgage and be kept invested for the benefit of the holders of the bonds and coupons secured, or may in the discretion of trustees be applied to the redemption of outstanding bonds in accordance with the terms of section _________ of this instrument. Upon receiving approved property or consideration for any release desired for the company, trustee shall execute and deliver to company a proper release such as desired. All expense attended upon any release, or any investigation conducted in that connection shall be paid by company.