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

Issuer’s Option to Effect Defeasance or Covenant Defeasance. The Issuers may elect, at their option at any time, to have Section 8.02 or Section 8.03 applied to any series of Notes upon compliance with the conditions set forth below in this ARTICLE 8. Any such election shall be evidenced by a Board Resolution.

Issuer’s Option to Effect Defeasance or Covenant Defeasance. The Issuers Issuer may electat its option by Board Resolution, at their option at any time, elect to have either Section 8.02 1302 or Section 8.03 1303 applied to any series of Notes Securities upon compliance with the conditions set forth below in this ARTICLE 8Article Thirteen. Any such election shall be evidenced by a Board Resolution.