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

Option to Effect Defeasance or Covenant Defeasance. The Company or the Parent Guarantor may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible 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. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

Option to Effect Defeasance or Covenant Defeasance. The Each of the Company or and the Parent Guarantor may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities and their related Guarantees or any series of SecuritiesSecurities and their related Guarantees, as the case may be, designated pursuant to Section 301 as being defeasible 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. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

Option to Effect Defeasance or Covenant Defeasance. The Each of the Company or and the Parent Guarantor may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities and their related Guarantees or any series of SecuritiesSecurities and their related Guarantees, as the case may be, designated pursuant to Section 301 as being defeasible 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. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. SECTION 1302.