Common use of Direct Action Clause in Contracts

Direct Action. Notwithstanding any other provision of the Indenture, for as long as any Preferred Securities remain outstanding, to the fullest extent permitted by law, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay the principal of or premium, if any, or interest on the Debentures on the date such principal, premium, if any, or interest is otherwise payable, a holder of Preferred Securities may institute, to the fullest extent permitted by law, a proceeding directly against the Company (a "Direct Action") to enforce payment to such holder of the principal of or premium, if any, or interest on Debentures having an aggregate principal amount equal to the aggregate stated liquidation amount of the Preferred Securities of such holder.

Direct Action. Notwithstanding any other provision of the Indenture, for as long as any Preferred Securities remain outstanding, to the fullest extent permitted by law, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay the principal of or premium, if any, or interest on the Debentures on the date such principal, premium, if any, or interest is otherwise payable, a holder of Preferred Securities may institute, to the fullest extent permitted by law, a proceeding directly against the Company (a "“Direct Action"”) to enforce payment to such holder of the principal of or premium, if any, or interest on Debentures having an aggregate principal amount equal to the aggregate stated liquidation amount of the Preferred Securities of such holder.