Common use of Cash Equivalent Clause in Contracts

Cash Equivalent. Notwithstanding any other provisions in this Article Two, in lieu of delivering certificates representing shares of Chevron Common Stock or other Exchange Property in exchange for Debentures surrendered in accordance with Section 202 hereof, the Company may, at the Company's option, pay to the Holder surrendering such Debentures an amount in cash equal to the value of the Exchange Property for which such Debentures are exchangeable (based on the Market Price on the date of receipt by the Company of the notice of exchange delivered by such Holder pursuant to Section 202 hereof). Prior to so directing the Exchange Agent to make any such cash payment, the Company shall deposit with the Exchange Agent the cash so payable.