Common use of DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES Clause in Contracts

DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES. If an Event of Default has occurred and is continuing and is attributable either to (a) the failure of the Company to pay the principal of or premium, if any, or interest on the Debentures on the due date therefor or (b) the failure by the Company to deliver the required securities or other rights upon an appropriate conversion or exchange right election, and an event of default has occurred and is continuing under the applicable Trust Agreement, a holder of the related Preferred Securities, in lieu of any action that may otherwise be taken hereunder as a Holder of Debentures, may institute a legal proceeding directly against the Company for enforcement of payment to such holder of the principal of or premium, if any, or interest on such Debentures having a principal amount equal to the liquidation amount of the Preferred Securities held by such holder or for enforcement of such conversion or exchange rights, as the case may be (a "Direct Action"). Notwithstanding anything contained herein to the contrary, the Company may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of the holders of all of the Preferred Securities outstanding. Notwithstanding any payments made to a holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and premium, if any, or interest on the related Debentures, and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company to such holder in any Direct Action.

DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES. If an Event of Default has occurred and is continuing and is attributable either to (a) the failure of the Company to pay the principal of or premium, if any, or interest on the Debentures on the due date therefor or (b) the failure by the Company to deliver the required securities or other rights upon an appropriate conversion or exchange right election, and an event of default has occurred and is continuing under the applicable Trust AgreementDeclaration of Trust, a holder of the related Preferred Securities, in lieu of any action that may otherwise be taken hereunder as a Holder of Debentures, may institute a legal proceeding directly against the Company for enforcement of payment to such holder of the principal of or premium, if any, or interest on such Debentures having a principal amount equal to the liquidation amount of the Preferred Securities held by such holder or for enforcement of such conversion or exchange rights, as the case may be (a "Direct Action"). Notwithstanding anything contained herein to the contrary, the Company may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of the holders of all of the Preferred Securities outstanding. Notwithstanding any payments made to a holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and premium, if any, or interest on the related Debentures, and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company to such holder in any Direct Action.

DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES. If an Event of Default has occurred and is continuing and is attributable either to (a) the failure of the Company or the Guarantor to pay the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to the Debentures Securities on the due date therefor or (b) the failure by the Company or the Guarantor to deliver the required securities or other rights property upon an appropriate conversion or exchange right election, and an event of default has occurred and is continuing under the applicable Trust Agreement, a holder of the related Preferred Securities, in lieu of any action that may otherwise be taken hereunder as a Holder of DebenturesSecurities, may institute a legal proceeding directly against the Company and/or the Guarantor for enforcement of payment to such holder of the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to such Debentures Securities having a principal amount equal to the liquidation amount of the Preferred Securities held by such holder or for enforcement of such conversion or exchange rights, as the case may be (a "Direct Action"). Notwithstanding anything contained herein to the contrary, neither the Company nor the Guarantor may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of the holders of all of the Preferred Securities outstandingoutstanding affected thereby. Notwithstanding any payments made to a holder of Preferred Securities by the Company or the Guarantor in connection with a Direct Action, the Company and the Guarantor shall remain obligated to pay the principal of and premiumof, if any, any premium or interest Interest on or Additional Amounts with respect to the related DebenturesSecurities, and the Company and the Guarantor shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company or the Guarantor, as the case may be, to such holder in any Direct Action.. ARTICLE SIX

DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES. If an Event of Default has occurred and is continuing and is attributable either to (a) the failure of the Company or the Guarantor to pay the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to the Debentures Securities on the due date therefor or (b) the failure by the Company or the Guarantor to deliver the required securities or other rights property upon an appropriate conversion or exchange right election, and an event of default has occurred and is continuing under the applicable Trust Agreement, a holder of the related Preferred Securities, in lieu of any action that may otherwise be taken hereunder as a Holder of DebenturesSecurities, may institute a legal proceeding directly against the Company and/or the Guarantor for enforcement of payment to such holder of the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to such Debentures Securities having a principal amount equal to the liquidation amount of the Preferred Securities held by such holder or for enforcement of such conversion or exchange rights, as the case may be (a "Direct Action"). Notwithstanding anything contained herein to the contrary, neither the Company nor the Guarantor may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of the holders of all of the Preferred Securities outstandingoutstanding affected thereby. Notwithstanding any payments made to a holder of Preferred Securities by the Company or the Guarantor in connection with a Direct Action, the Company and the Guarantor shall remain obligated to pay the principal of and premiumof, if any, any premium or interest Interest on or Additional Amounts with respect to the related DebenturesSecurities, and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the 52 Preferred Securities to the extent of any payments made by the Company or the Guarantor as the case may be to such holder in any Direct Action.. ARTICLE SIX

DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES. If an Event of Default has occurred and is continuing and is attributable either to (a) the failure of the Company or the Guarantor to pay the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to the Debentures Securities on the due date therefor or (b) the failure by the Company or the Guarantor to deliver the required securities or other rights property upon an appropriate conversion or exchange right election, and an event of default has occurred and is continuing under the applicable Trust Agreement, a holder of the related Preferred Securities, in lieu of any action that may otherwise be taken hereunder as a Holder of DebenturesSecurities, may institute a legal proceeding directly against the Company and/or the Guarantor for enforcement of payment to such holder of the principal of or premium, if any, any premium or interest Interest on or Additional Amounts with respect to such Debentures Securities having a principal amount equal to the liquidation amount of the Preferred Securities held by such holder or for enforcement of such conversion or exchange rights, as the case may be (a "Direct Action"). Notwithstanding anything contained herein to the contrary, neither the Company nor the Guarantor may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of the holders of all of the Preferred Securities outstandingoutstanding affected thereby. Notwithstanding any payments made to a holder of Preferred Securities by the Company or the Guarantor in connection with a Direct Action, the Company and the Guarantor shall remain obligated to pay the principal of and premiumof, if any, any premium or interest Interest on or Additional Amounts with respect to the related DebenturesSecurities, and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company or the Guarantor as the case may be to such holder in any Direct Action.. ARTICLE SIX