Common use of COMPANY COMMON SECURITIES AND COMPANY PREFERRED SECURITIES Clause in Contracts

COMPANY COMMON SECURITIES AND COMPANY PREFERRED SECURITIES. (a) The Company Securities shall be divided into two classes, Company Common Securities and Company Preferred Securities. TECO, as the initial Common Securityholder, shall be deemed to have been issued [_______] Company Common Securities upon its designation as the Common Securityholder pursuant to Section 2.2 of this Agreement. (b) A Company Preferred Security shall be represented by the corresponding Company Preferred Certificate. Company Common Securities shall not be evidenced by any certificate or other written instrument, but shall only be evidenced by this Agreement. (c) In purchasing Company Preferred Securities, each Company Preferred Securityholder agrees with TECO and the Company that TECO, the Company, and the Company Preferred Securityholders (i) will treat Company Preferred Securityholders as holders of the Company Preferred Securities for all purposes, and not as the holders of an interest in TECO or in any other Person and (ii) will follow allocations made by the Company, pursuant to Section 4.4 of this Agreement. (d) The Company Common Securities shall rank junior to the Company Preferred Securities as to payment of dividends. Holders of Company Common Securities will only receive dividends out of interest payments received by the Company on the Notes not required to be applied to fund Preferred Dividends with respect to the Company Preferred Securities or expenses of the Company. So long as the Company Preferred Securities are outstanding, no dividends or other distributions (including redemptions and purchases) may be made with respect to Company Common Securities unless all accrued and unpaid Preferred Dividends on the Company Preferred Securities have been paid. Upon issuance of the Company Common Securities as provided in this Agreement, the Company Common Securities shall be validly issued, fully paid and nonassessable. (e) As long as any Company Preferred Securities are outstanding, TECO agrees that it shall continue to own, directly or indirectly, one hundred percent (100%) of the outstanding Company Common Securities.

COMPANY COMMON SECURITIES AND COMPANY PREFERRED SECURITIES. (a) The Company Securities shall be divided into two classes, Company Common Securities and Company Preferred Securities. TECO, as the initial Common Securityholder, shall be deemed to have been issued [_______] Company Common Securities upon its designation as the Common Securityholder pursuant to Section 2.2 of this Agreement. (b) A Company Preferred Security shall be represented by the corresponding Company Preferred Certificate. Company Common Securities shall not be evidenced by any certificate or other written instrument, but shall only be evidenced by this Agreement. (c) In purchasing Company Preferred Securities, each Company Preferred Securityholder agrees with TECO and the Company that TECO, the Company, and the Company Preferred Securityholders (i) will treat Company Preferred Securityholders as holders of the Company Preferred Securities for all purposes, and not as the holders of an interest in TECO or in any other Person and (ii) will follow allocations made by the Company, pursuant to Section 4.4 of this Agreement. (d) The Company Common Securities shall rank junior to the Company Preferred Securities as to payment of dividends. Holders of Company Common Securities will only receive dividends out of interest payments received by the Company on the Subordinated Notes not required to be applied to fund Preferred Dividends with respect to the Company Preferred Securities or expenses of the Company. So long as the Company Preferred Securities are outstanding, no dividends or other distributions (including redemptions and purchases) may be made with respect to Company Common Securities unless all accrued and unpaid Preferred Dividends on the Company Preferred Securities have been paid. Upon issuance of the Company Common Securities as provided in this Agreement, the Company Common Securities shall be validly issued, fully paid and nonassessable. (e) As long as any Company Preferred Securities are outstanding, TECO agrees that it shall continue to own, directly or indirectly, one hundred percent (100%) of the outstanding Company Common Securities.Preferred

COMPANY COMMON SECURITIES AND COMPANY PREFERRED SECURITIES. (a) The Company Securities shall be divided into two classes, Company Common Securities and Company Preferred Securities. TECO, as the initial Common Securityholder, shall be deemed to have been issued [_______] 248,000 Company Common Securities upon its designation as the Common Securityholder pursuant to Section 2.2 of this Agreement. (b) A Company Preferred Security shall be represented by the corresponding Company Preferred Certificate. Company Common Securities shall not be evidenced by any certificate or other written instrument, but shall only be evidenced by this Agreement. (c) In purchasing Company Preferred Securities, each Company Preferred Securityholder agrees with TECO and the Company that TECO, the Company, and the Company Preferred Securityholders (i) will treat Company Preferred Securityholders as holders of the Company Preferred Securities for all purposes, and not as the holders of an interest in TECO or in any other Person and (ii) will follow allocations made by the Company, pursuant to Section 4.4 of this Agreement. (d) The Company Common Securities shall rank junior to the Company Preferred Securities as to payment of dividends. Holders of Company Common Securities will only receive dividends out of interest payments received by the Company on the Subordinated Notes not required to be applied to fund Preferred Dividends with respect to the Company Preferred Securities or expenses of the Company. So long as the Company Preferred Securities are outstanding, no dividends or other distributions (including redemptions and purchases) may be made with respect to Company Common Securities unless all accrued and unpaid Preferred Dividends on the Company Preferred Securities have been paid. Upon issuance of the Company Common Securities as provided in this Agreement, the Company Common Securities shall be validly issued, fully paid and nonassessable. (e) As long as any Company Preferred Securities are outstanding, TECO agrees that it shall continue to own, directly or indirectly, one hundred percent (100%) of the outstanding Company Common Securities.Preferred