Institutional Up-Sizing Clause Samples

Institutional Up-Sizing. Notwithstanding anything to the contrary in this Agreement, the Issuer reserves the right to sell, through the Auction Agent and outside of an Auction, additional Securities with terms identical to the Securities being auctioned and of the same series, to any institutional or individual Qualified Bidder who satisfies all of the requirements specified in the applicable Auction Document or the Zions Direct MTN Auction Process.