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the United States of America, State of New York or the City of New York (maturing not later than five years after the date of investment) as shall be designated from time to time by the Fair Corporation.

With the written consent of the registered owners of a majority in principal amount of the Debentures at any one time outstanding (not including for any purpose any Debentures owned by the Fair Corporation or held by the Comptroller of the City of New York as security under the aforementioned lease of the Fair site) the Trustee and the Fair Corporation may enter into one or more supplemental indentures which may provide that all the Debentures or the Indenture shall be changed, eliminated, modified or amended in any respect whatsoever.

Each Debenture shall contain on its face the following provision, and a corresponding provision will also be incorporated in the Indenture:
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"No recourse shall be had for the payment of the principal of, or interest on this Debenture, or for any claim based herein or otherwise in respect hereof, or of said Indenture against any incorporator or against any past, present or future stockholder, member, director or officer of the Fair Corporation or of any successor corporation, either directly or through the Fair Corporation, of any such successor corporation whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise howsoever; all such liability being by the acceptance hereof and as part of the consideration for the issue hereof expressly waived and released by every holder or owner hereof, as more fully provided in said Indenture."
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Mr. Harvey D. Gibson, who is Chairman of the Finance Committee and a member of the Executive Committee and the Board of Directors of the Fair Corporation is also President of Manufacturers Trust Company, Trustee under the Indenture. Mr. Bayard F. Pope, who is Treasurer and a member of the Executive and Finance Committees and of the Board of Directors of the Fair Corporation, is also Chairman of the Advisory Committee of The Marine Midland Trust Company of New York, which will act as Authenticating Agent under the Indenture and as Registrar of the Allotment Certificates hereinafter mentioned.

A complete description of the Debentures is contained in the Indenture, copies of which may be obtained from the Fair Corporation upon request. Copies of the Certificate of Incorporation and By-Laws of the Fair Corporation, and of the lease from the City of New York to the Fair Corporation, may be examined at the office of the Fair Corporation, 350 Fifth Avenue, New York City.

TERMS OF SALE

THE DISPOSITION of the entire issue will be in charge of the World's Fair Debenture Bond Sales Committee under the Chairmanship of Mr. Richard Whitney, Governor and former President of the New York Stock Exchange. Under this Committee separate borough committees will direct voluntary groups of business men representing all divisions of trade and industry. No commissions will be paid to dealers or salesmen in connection with the sale of this issue. The Debentures will be offered at par and accrued interest at the rate of four per cent per annum from January 1, 1937. The subscriber shall execute a subscription agreement providing for payment either (a) as a whole on or before January 1, 1937, or (b) in partial amounts as follows: ten per cent on or before January 1, 1937, twenty per cent on May 1, 1937, twenty per cent on October 1, 1937, twenty percent on April 1, 1938,

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