Common use of Company's Option to Effect Clause in Contracts

Company's Option to Effect. DEFEASANCE OR COVENANT DEFEASANCE The Company may elect, at its option by Board Resolution at any time, to have either Section 11.02 or 11.03 hereof applied to the Outstanding Securities of any series designated pursuant to Section 3.01 hereof as being defeasible pursuant to this Article 11 (hereinafter called a "Defeasible Series"), upon compliance with the conditions set forth below in this Article 11.