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 the Auction, additional Depositary Shares with terms identical to the 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 Auction Document or as the Issuer otherwise determines appropriate.

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 the an Auction, additional Depositary Shares Securities with terms identical to the Depositary Shares 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 as the Issuer otherwise determines appropriateZions Direct MTN Auction Process.