Common use of Suits by Holders of Trust Preferred Securities Clause in Contracts

Suits by Holders of Trust Preferred Securities. Notwithstanding anything else contained herein, 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 Debentures held by a Trust on the date such interest or principal is otherwise payable, a holder of Trust Preferred Securities of such Trust may institute a direct action for payment against the Company after such respective due date and this Indenture may not be amended to remove the foregoing right to bring such a direct action without the prior written consent of all the Holders of such Trust Preferred Securities affected thereby. Notwithstanding any payment made to such holder of Trust Preferred Securities in connection with a direct action, the Company shall remain obligated to pay the principal of, premium on, if any, or interest on the Debentures held by such Trust or the relevant Property Trustee and shall be subrogated to the rights of the holders of such Trust Preferred Securities with respect to payments on such Trust Preferred Securities to the extent of any payments made by the Company to such holder in any direct action.