Common use of Meetings of Holders of Preferred Securities Clause in Contracts

Meetings of Holders of Preferred Securities. No annual meeting of Securityholders is required to be held. The Administrative Trustees, however, shall call a meeting of Securityholders to vote on any matter upon the written request of the Holders of 25% of the then outstanding Preferred Securities (based upon their aggregate Liquidation Amount) and may, at any time in their discretion, call a meeting of Holders of Preferred Securities to vote on any matters as to which the Holders of Preferred Securities are entitled to vote. Holders of 50% of the then outstanding Preferred Securities (based upon their aggregate Liquidation Amount), present in person or by proxy, shall constitute a quorum at any meeting of Securityholders. If a quorum is present at a meeting, an affirmative vote by the Holders of Preferred Securities present, in person or by proxy, holding more than the lesser of (x) 66 2/3% of the then outstanding Preferred Securities (based upon their aggregate Liquidation Amount) held by the Holders of then outstanding Preferred Securities present, either in person or by proxy, at such meeting and (y) 50% of the outstanding Preferred Securities (based upon their aggregate liquidation amount) shall constitute the action of the Securityholders, unless this Trust Agreement requires a greater number of affirmative votes.

Meetings of Holders of Preferred Securities. No annual meeting of Securityholders is required to be held. The Administrative Trustees, however, shall call a meeting of Preferred Securityholders to vote on any matter upon the written request of the Holders of 25% of the then outstanding Outstanding Preferred Securities (based upon their aggregate Liquidation Amount) and may, at any time in their discretion, call a meeting of Holders of Preferred Securities to vote on any matters as to which the Holders of Preferred Securities are entitled to vote. Holders of 50% of the then outstanding Outstanding Preferred Securities (based upon their aggregate Liquidation Amount), present in person or by proxy, shall constitute a quorum at any meeting of Preferred Securityholders. If a quorum is present at a meeting, an affirmative vote by the Holders of Preferred Securities present, in person or by proxy, holding more than the lesser of (x) 66 2/3% of the then outstanding Outstanding Preferred Securities (based upon their aggregate Liquidation Amount) held by the Holders of then outstanding Outstanding Preferred Securities present, either in person or by proxy, at such meeting and (y) 50% of the outstanding Outstanding Preferred Securities (based upon their aggregate liquidation amountLiquidation Amount) shall constitute the action of the Securityholders, unless this Trust Agreement requires a greater number of affirmative votes.