alt Hacker NewsIt doesn't particularly matter, but it looks to me as if there are a couple of errors in the fragment of transcript provided by the author.
It says "the regular exercise thereof" where the scan looks to me much more like "the regular course thereof".
And -- this one is smaller but gave me more trouble -- there's a misplaced comma: it should be after "thereof", not after "intercept". (The sentence structure is a bit weird even with the comma in the right place, but having it in the wrong place makes it even more confusing.)
'exercise' makes more sense to me but you're right it doesn't look like exercise. Perhaps course and exercise mean the same in this context.
BTW, the lines appear about halfway down the scan.