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(III) At the option of the registered owner, any bonds of the Thirty-
seventh Series, upon surrender thereof for cancellation at the office or
agency of the Company in the Borough of Manhattan, The City of New
York, together with a written instrument of transfer wherever required
by the Company, duly executed by the registered owner or by his duly
authorized attorney, shall (subject to the provisions of Section 12 of the
Mortgage) be exchangeable for a like aggregate principal amount of
bonds of the same series of other authorized denominations.
Bonds of the Thirty-seventh Series shall be transferable (subject to
the provisions of Section 12 of the Mortgage) at the office or agency of
the Company in the Borough of Manhattan, The City of New York.
Upon any exchange or transfer of bonds of the Thirty-seventh Series,
'i the Company may make a charge therefor sufficient to reimburse it for
any tax or taxes or other governmental charge, as provided in Section 12
of the Mortgage, but the Company hereby waives any right to make a
! charge in addition thereto for any exchange or transfer of bonds of the
Thirty-seventh Series.
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