Issuer's Option to Effect Defeasance or Covenant Clause Samples

Issuer's Option to Effect Defeasance or Covenant. Defeasance. ----------- The Issuer may at its option by Board Resolution, at any time, elect to have either Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may be, upon compliance with the conditions set forth below in this Article 13. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.

Issuer's Option to Effect Defeasance or Covenant. Defeasance. The Issuer may at its option by a Board Resolution, at any time, ---------- elect to have either Section 13.2 or Section 13.3 applied to the Notes upon compliance with the conditions set forth below in this Article XIII.