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 interest or principal on the Senior Notes on the date such interest or principal is otherwise payable (or in the case of redemption, the redemption date), then a holder of Preferred Securities may institute a proceeding directly against the Company (a "Direct Action") to enforce payment to such holder of the principal or interest on Senior Notes having an aggregate principal amount equal to the aggregate 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 interest or principal on the Senior Deferrable Notes on the date such interest or principal is otherwise payable (or in the case of redemption, the redemption dateTax Event Redemption Date or Repurchase Date), then a holder of Preferred Securities may institute a proceeding directly against the Company (a "Direct Action") to enforce payment to such holder of the principal or interest on Senior Deferrable Notes having an aggregate principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder.