Common use of Enforcement by Holders of Preferred Securities Clause in Contracts

Enforcement by Holders of Preferred Securities. Notwithstanding the foregoing, 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 Convertible Debentures on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Preferred Securities may institute a Direct Action for payment on or after the respective due date specified in the Convertible Debentures. The Company may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of all the holders of Preferred Securities. Notwithstanding any payment made to such holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and interest on the Convertible Debentures (including Additional Payments, if any) held by the Trust or the Property Trustee 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. The holders of Preferred Securities will not be able to exercise directly any other remedy available to the Holders of the Convert ible Debentures.

Enforcement by Holders of Preferred Securities. Notwithstanding the foregoing, 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 Convertible Debentures Securities on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Preferred Securities may institute a Direct Action for payment on or after the respective due date specified in the Convertible DebenturesSecurities. The Company may not amend this Indenture to remove the foregoing right to bring a Direct Action (or to change this Section 516) without the prior written consent of all the holders of Preferred Securities. Notwithstanding any payment made to such holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and interest on the Convertible Debentures Securities (including Additional Payments, if any) held by the Trust or the Property Trustee 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. The holders of Preferred Securities [, as such,] will not be able to exercise directly any other remedy available to the Holders of the Convert ible DebenturesSecurities.

Enforcement by Holders of Preferred Securities. Notwithstanding the foregoing, 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 Convertible Debentures Securities on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Preferred Securities may institute a Direct Action for payment on or after the respective due date specified in the Convertible DebenturesSecurities. The Company may not amend this Indenture to remove the foregoing right to bring a Direct Action (or to change this Section 516) without the prior written consent of all the holders of Preferred Securities. Notwithstanding any payment made to such holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and interest on the Convertible Debentures Securities (including Additional Payments, if any) held by the Trust or the Property Trustee 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. The holders of Preferred Securities Securities, as such, will not be able to exercise directly any other remedy available to the Holders of the Convert ible DebenturesSecurities.

Enforcement by Holders of Preferred Securities. Notwithstanding the foregoing, if If an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company Corporation to pay interest or principal on the Convertible Debentures Debt Securities on the date such interest or principal is otherwise payable, the Company Corporation acknowledges that, in such event, a holder of Preferred Securities may institute a Direct Action for the payment on or after the respective due date specified in the Convertible DebenturesDebt Securities. The Company Corporation may not amend this Indenture to remove the foregoing right to bring a Direct Action (or to change this Section) without the prior written consent of all the holders of Preferred Securities. Notwithstanding any payment made to such holder of Preferred Securities by the Company Corporation in connection with a Direct Action, the Company Corporation shall remain obligated to pay the principal of and interest on the Convertible Debentures Debt Securities (including Additional Payments, if any) held by the Trust or the Property Trustee and the Company Corporation 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 Corporation to such holder in any Direct Action. The holders of Preferred Securities will not be able to exercise directly any other remedy available to the Holders holders of the Convert ible DebenturesDebt Securities.