Common use of Issuer’s Option to Effect Defeasance or Covenant Defeasance Clause in Contracts

Issuer’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise designated pursuant to Section 301(15), the Securities of any series of Securities shall be subject to defeasance or covenant defeasance pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. The Issuers may elect, at their option, at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Board Resolution of each Issuer or in another manner specified as contemplated by Section 301 for such Securities.

Issuer’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise designated pursuant to Section 301(15), the Securities of any series of Securities shall be subject to defeasance or covenant defeasance pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. The Issuers may elect, at their its option, at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Board Resolution of each Issuer or in another manner specified as contemplated by Section 301 for such Securities.

Issuer’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise designated pursuant to Section 301(153.01(o), the Securities of any series of Securities shall be subject to defeasance or covenant defeasance pursuant to such Section 1302 13.02 or 130313.03, in accordance with any applicable requirements provided pursuant to Section 301 3.01 and upon compliance with the conditions set forth below in this Article. The Issuers may elect, at their option, at any time, to have Section 1302 13.02 or Section 1303 13.03 applied to any Securities or any series of Securities so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Board Resolution of each Issuer or in another manner specified as contemplated by Section 301 3.01 for such Securities.