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`4' r <br />Page 21 <br />(2) Lessee may replace any item of machinery or equip- <br />ment with machinery and equipment of the same or different <br />kind but of an equal or greater value in which event the <br />replacement machinery or equipment shall become the pro- <br />perty of Lessor and the machinery or equipment so removed <br />by Lessee shall become the property of Lessee and may be <br />sold or otherwise disposed of without accounting to Lessor <br />with respect thereto, provided, however, that within 30 days <br />after any such replacement, Lessee shall furnish to Lessor <br />and the Trustee for the Act No. 9 Bondholders a certificate <br />setting forth a description of such replacement. <br />(3) Lessee may sell or otherwise dispose of any of Lessor's <br />machinery or equipment without replacement, but prior to any <br />such sale or disposition shall furnish evidence satisfactory <br />to Lessor and the Trustee for the Act No. 9 Bondholders <br />that the sale or disposition is for a consideration repre- <br />senting the fair market value of such machinery or equip- <br />ment in the form of an offer to buy such machinery or <br />equipment from a third party, not regularly employed or <br />retained by or affiliated with Lessee, and, if requested <br />in writing by the Trustee for the Act No. 9 Bondholders <br />or Lessor within ten days after furnishing such evidence, <br />Lessee shall give Lessor thirty days within which to <br />locate a purchaser for said machinery or equipment at a <br />higher price and if such a purchaser is located the said <br />machinery or equipment shall be sold to said purchaser <br />in accordance with the direction of Lessor. Any con- <br />sideration received from such a sale or disposition shalt <br />be remitted to the Trustee for the Act No. 9 Bondholders <br />and deposited in the Act No. 9 Bond Fund for applica- <br />tion in accordance with the provisions governing ex- <br />penditures from the Act No. 9 Bond Fund. Lessee shall <br />receive credit on basic annual rental payments for any <br />such consideration received but the credit shall be applied <br />on the installments of basic annual rent in inverse numerical <br />