Common use of Right of Exchange Clause in Contracts

Right of Exchange. Subject to and upon compliance with the provisions of this Section 201, at the option of the Holder thereof, beginning August 3, 1998, any Debenture or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000, may (unless the Company shall have elected, pursuant to Section 216 hereof, to pay to the Holder an amount in cash equal to the value of the Exchange Property, in which case the provisions of Section 216 hereof shall be followed), at any time on or before the close of business on August 15, 2008, or in the case of Debentures or portions thereof called for redemption in accordance with Section 1101 of the Indenture, on or before the close of business on the Business Day next preceding the Redemption Date, be exchanged for fully paid and nonassessable shares (calculated as to each exchange to the nearest 1/10,000 of a share) of Chevron Common Stock (as defined in Section 219 hereof) (or such other securities, property or cash as shall be added to such Chevron Common Stock or as such Chevron Common Stock shall have been changed into pursuant to this Article Two) at the Exchange Rate (as defined below) hereinafter provided. The rate at which shares of Chevron Common Stock shall be deliverable upon exchange (herein called the "Exchange Rate") shall be initially 9.3283 shares of Chevron Common Stock for each $1,000 principal amount of Debentures exchanged. The Exchange Rate shall be subject to adjustment as provided in Sections 204, 205, 211 and 215 hereof.

Right of Exchange. Subject to and upon compliance with the provisions of this Section 201, at the option of the Holder thereof, beginning August 3_______________, 1998, any Debenture or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000, may (unless the Company shall have elected, pursuant to Section 216 hereof, to pay to the Holder an amount in cash equal to the value of the Exchange Property, in which case the provisions of Section 216 hereof shall be followed), at any time on or before the close of business on August 15, 2008, or in the case of Debentures or portions thereof called for redemption in accordance with Section 1101 of the Indenture, on or before the close of business on the Business Day next preceding the Redemption Date, be exchanged for fully paid and nonassessable shares (calculated as to each exchange to the nearest 1/10,000 of a share) of Chevron Common Stock (as defined in Section 219 hereof) (or such other securities, property or cash as shall be added to such Chevron Common Stock or as such Chevron Common Stock shall have been changed into pursuant to this Article Two) at the Exchange Rate (as defined below) hereinafter provided. The rate at which shares of Chevron Common Stock shall be deliverable upon exchange (herein called the "Exchange Rate") shall be initially 9.3283 0.823 shares of Chevron Common Stock for each $1,000 principal amount of Debentures exchanged. The Exchange Rate shall be subject to adjustment as provided in Sections 204, 205, 211 and 215 hereof.

Right of Exchange. Subject to and upon compliance with the provisions of this Section 201, at the option of the Holder thereof, beginning August 3_______________, 1998, any Debenture or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000, may (unless the Company shall have elected, pursuant to Section 216 hereof, to pay to the Holder an amount in cash equal to the value of the Exchange Property, in which case the provisions of Section 216 hereof shall be followed), at any time on or before the close of business on August 15February 1, 2008, or in the case of Debentures or portions thereof called for redemption in accordance with Section 1101 of the Indenture, on or before the close of business on the Business Day next preceding the Redemption Date, be exchanged for fully paid and nonassessable shares (calculated as to each exchange to the nearest 1/10,000 of a share) of Chevron Common Stock (as defined in Section 219 hereof) (or such other securities, property or cash as shall be added to such Chevron Common Stock or as such Chevron Common Stock shall have been changed into pursuant to this Article Two) at the Exchange Rate (as defined below) hereinafter provided. The rate at which shares of Chevron Common Stock shall be deliverable upon exchange (herein called the "Exchange Rate") shall be initially 9.3283 0.823 shares of Chevron Common Stock for each $1,000 principal amount of Debentures exchanged. The Exchange Rate shall be subject to adjustment as provided in Sections 204, 205, 211 and 215 hereof.

Right of Exchange. Subject to and upon compliance with the provisions of this Section 201, at the option of the Holder thereof, beginning August 3_______________, 1998, any Debenture or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000, may (unless the Company shall have elected, pursuant to Section 216 hereof, to pay to the Holder an amount in cash equal to the value of the Exchange Property, in which case the provisions of Section 216 hereof shall be followed), at any time on or before the close of business on August July 15, 2008, or in the case of Debentures or portions thereof called for redemption in accordance with Section 1101 of the Indenture, on or before the close of business on the Business Day next preceding the Redemption Date, be exchanged for fully paid and nonassessable shares (calculated as to each exchange to the nearest 1/10,000 of a share) of Chevron Common Stock (as defined in Section 219 hereof) (or such other securities, property or cash as shall be added to such Chevron Common Stock or as such Chevron Common Stock shall have been changed into pursuant to this Article Two) at the Exchange Rate (as defined below) hereinafter provided. The rate at which shares of Chevron Common Stock shall be deliverable upon exchange (herein called the "Exchange Rate") shall be initially 9.3283 0.823 shares of Chevron Common Stock for each $1,000 principal amount of Debentures exchanged. The Exchange Rate shall be subject to adjustment as provided in Sections 204, 205, 211 and 215 hereof.