Section 2
SEC. 2. In consideration of the agreements executed by the bondholders of the first and second mortgages of The Manila Railroad Company in favor of the Central Trust Company of New York and of The New York Trust Company, subordinating the lien of the said first and second mortgages to that mentioned in the preceding section, which shall be filed with the mortgage and contract of guaranty referred to in section one hereof, the provisions of Act Numbered Eighteen hundred and twelve are hereby modified: Provided, however, That the lien granted in said mortgages shall continue in force and effect in so far as it does not refer to all the properties set forth in the deed of mortgage executed in favor of the Government of the Philippine Islands, and of the Farmers' Loan and Trust Company of New York, as trustees. The said subordination shall commence to take effect from the date of the filing with the division of archives, patents, copyrights, and trade-marks of the Executive Bureau, of the subordinating agreements executed by the Manila Railroad Company with the bondholders of the first and second mortgages.