Common use of Direct Action; Right of Set-Off Clause in Contracts

Direct Action; Right of Set-Off. In the event that an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest on or principal of the Debentures of any series on an Interest Payment Date or Maturity Date, as applicable, then a holder of Preferred Securities issued by a Trust to which such Debentures have been issued may institute a legal proceeding directly against the Company for enforcement of payment to such holder of the principal of or interest on such Debentures having a principal amount equal to the aggregate Liquidation Amount of such Preferred Securities of such holders (a "Direct Action"). In connection with such Direct Action, the Company will have a right of set-off under this Indenture with respect to such series of Debentures to the extent of any payment actually made by the Company to such holder of the Preferred Securities with respect to such Direct Action.

Direct Action; Right of Set-Off. In the event that an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest on or principal of the Debentures of any series on an Interest Payment Date, the Maturity Date or Maturity Dateany date designated for the redemption of any Debentures, as applicable, then a holder of Preferred Securities issued by a Trust to which such Debentures have been issued may institute and prosecute a legal proceeding directly against the Company for enforcement of payment to such holder of the principal of or interest on such Debentures having a principal amount equal to the aggregate Liquidation Amount of such the Preferred Securities of such holders (a "Direct Action"). In connection with such Direct Action, the Company will have a right of set-off under this Indenture with respect to such series of Debentures to the extent of any payment actually made by the Company to such holder of the Preferred Securities with respect to such Direct Action.