The Following Token Is Added to the Text of an Email

The following token is added to the text of an email: {{lead.First Name:default=there}}. What is the purpose of the text ":default=there"?

A) To avoid an error message from showing if the field Company is empty
B) To display "there" in the email if the field First Name is empty
C) To avoid an error message from showing if the field First Name is empty
D) To populate the first name field with "there" if the field First Name is empty