Common use of Applicability of Article; Company’s Option to Effect Defeasance Clause in Contracts

Applicability of Article; Company’s Option to Effect Defeasance. or Covenant Defeasance. ----------------------- Unless pursuant to Section 3.01 provision is made for the inapplicability of either or both of (a) defeasance of the Securities of a series under Section 15.02 or (b) covenant defeasance of the Securities of a series under Section 15.03, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either Section 15.02 (unless inapplicable) or Section 15.03 (unless inapplicable) be applied to the Outstanding Securities of such series upon compliance with the applicable conditions set forth below in this Article.

Applicability of Article; Company’s Option to Effect Defeasance. or Covenant Defeasance. ----------------------- Unless ---------------------- Unless, pursuant to Section 3.01 301, provision is made for the inapplicability of that either or both of (a) defeasance of the Securities of a series under Section 15.02 1502 or (b) covenant defeasance of the Securities of a series under Section 15.031503 shall not apply to the Securities of a series, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this ArticleArticle Fifteen, with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either Section 15.02 xxxx xxxxxx Xxxxxxx 0000 (unless inapplicablexx applicable) or Section 15.03 1503 (unless inapplicableif applicable) be applied to the Outstanding Securities of such series upon compliance with the applicable conditions set forth below in this ArticleArticle Fifteen.

Applicability of Article; Company’s Option to Effect Defeasance. or Covenant Defeasance. ----------------------- ---------------------- Unless pursuant to Section 3.01 301 provision is made for the inapplicability of either or both of (a) defeasance of the Securities of a series under Section 15.02 1302 or (b) covenant defeasance of the Securities of a series under Section 15.031303, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either Section 15.02 1302 (unless inapplicable) or Section 15.03 1303 (unless inapplicable) be applied to the Outstanding Securities of such series upon compliance with the applicable conditions set forth below in this Article.