Common use of Institutional Up-Sizing Clause in Contracts

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.

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 the Auction, additional Securities Depositary Shares with terms identical to the Securities Depositary Shares 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 as the Zions Direct MTN Auction ProcessIssuer otherwise determines appropriate.