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1029ii <br />constitution or by the enforcement of any assessment or penalty <br />or otherwise, and all such liability of any such incorporators, <br />officers, directors, members, employees or agents, as such, is <br />hereby expressly waived and released as a condition of and <br />consideration for the execution of the Master Indenture and the <br />issuance of this Series 1987A Master Note. <br />The Corporation hereby waives presentment for payment, <br />demand, protest, notice of protest, notice of dishonor and all <br />defenses on the grounds of extension of time of payment for the <br />payment hereof which may be given (other than in writing) by the <br />Master Trustee to the Corporation. <br />This Series 1987A Master Note shall not be valid or <br />become obligatory for any purpose or be entitled to any security <br />or benefit under the Master Indenture until the certificate of <br />authentication hereon shall have been duly executed by the Master <br />Trustee. <br />-4- <br />L <br />L_ <br />01 <br />�1 <br />