53 STAT.] 76TH CONG. , 1ST SESS.-CH. 411-AUG. 3, 1939 1169 employee of such obligor who is specified in the indenture, as to (A) dates or periods not covered by annual reports required to be filed by the obligor, in the case of conditions precedent which depend upon a state of facts as of a date or dates or for a period or periods different from that required to be covered by such annual reports, or (B) the amount and value of property additions, except as provided in paragraph (3) of subsection (d), or (C) the adequacy of depreciation, maintenance, or repairs. "Certificates of Fair Value "(d) If the indenture to be qualified is or is to be secured by the mortgage or pledge of property' or securities, such indenture shall contain provisions- "(1) requiring the obligor upon the indenture securities to furnish to the indenture trustee a certificate or opinion of an engineer, appraiser, or other expert as to the fair value of any property or securities to be released from the lien of the inden- ture, which certificate or opinion shall state that in the opinion of the person making the same the proposed release will not impair the security under such indenture in contravention of the provisions thereof, and requiring further that such certificate or opinion shall be made by an independent engineer, appraiser, or other expert, if the fair value of such property or securities and of all other property or securities released since the commence- ment of the then current calendar year, as set forth in the cer- tificates or opinions required by this paragraph, is 10 per centum or more of the aggregate principal amount of the indenture securities at the time outstanding; but such a certificate or opin- ion of an independent engineer, appraiser, or other expert shall not be required in the case of any release of property or securi- ties, if the fair value thereof as set forth in the certificate or opinion required by this paragraph is less than $25,000 or less than 1 per centum of the aggregate principal amount of the indenture securities at the time outstanding; "(2) requiring the obligor upon the inidenlturel securities to furnish to the indenture trustee a certificate or opinion of an engineer, appraiser, or other expert as to the fair value to sueht obligor of aniy securities (other than indentlure securities and securities secured by a lien prior to the lien of the indenture upon property subject to the lien of the indenture), the deposit of which with the trustee is to be made the basis for the authenti- cation and delivery of indenture securities, the withdrawal of cash constituting a part of the trust estate or the release of property or securities subject to the lien of the indenture, and requiring further that if the fair value to such obligor of such securities and of all other such securities made the basis of any such authentication and delivery, withdrawal, or release since the commencement of the then current calendar year, as set forth in the certificates or opinions required by this paragraph, is 10 per centum or more of the aggregate principal amount of the indenture securities at the time outstanding. such certificate or opinion shall be made by an independent engineer, appraiser, or other expert and, in the case of the authentication and delivery of indenture securities, shall cover the fair value to such obligor of all other such securities so deposited since the commencement of the current calendar year as to which a certificate or opinion of an independent engineer, appraiser, or other expert has not previously been furnished; but such a certificate of an inde- Certificates of fair value; provisions re- quired. Certificate or opin- ion of engineer, etc., that proposed release will not impair secu- rity. Expert opinion re- quired if fair value of property released during any calendar year reaches total of 10 percent of principal. Exceptions. Where deposit of seclcritlis A itl trus- tie irllvryof ilrides st ulritivs, etrc.
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