DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES Sample Clauses

The "Direct Action by Holders of Preferred Securities" clause grants holders of preferred securities the explicit right to take legal or other formal action directly against the issuer or relevant parties, rather than relying solely on a trustee or intermediary to act on their behalf. In practice, this means that if the issuer defaults on payments or breaches certain obligations, individual or collective preferred security holders can initiate proceedings to enforce their rights. This clause is essential for empowering investors, ensuring they have a direct remedy in situations where their interests may not be adequately represented by a trustee, and providing a mechanism to address breaches or defaults efficiently.
DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Any registered holder of the Preferred Securities issued by the Trust shall have the right, upon the occurrence of an Event of Default described in Section 7.1(a)(i) or 7.1(a)(ii), to institute a suit directly against the Company for enforcement of payment to such holder of principal of and (subject to Sections 2.4 and 4.1) interest (including any Additional Interest) on the Debentures having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Preferred Securities held by such holder. The Company may not amend this Indenture to remove this right to institute a suit directly against the Company without the prior consent of the holders of all the Preferred Securities.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Any registered holder of the Preferred Securities issued by the Trust shall have the right, upon the occurrence of an Event of Default described in Section 7.1(a)(i) or 7.1(a)(ii), to institute
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium on such Security at its Maturity and payment of interest (including any Additional Interest) on such Security when due and payable and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. Any registered holder of the Preferred Securities shall have the right, upon the occurrence of an Event of Default described in SECTION 5.1(A) or SECTION 5.1(B), to institute a suit directly against the Company for enforcement of payment to such holder of principal of and any premium and interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of the Preferred Securities held by such holder.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Notwithstanding the provisions of Section 2.10 of this Indenture, any registered holder of the Preferred Securities issued by the Trust shall have the right, upon the occurrence of an Event of Default described in Section 7.1(a)(i) or 7.1(a)(ii), to institute a suit directly against the Corporation for enforcement of payment to such holder of principal of and interest on the Debentures having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Preferred Securities held by such holder (a "Direct Action"). The Corporation may not amend this Indenture to remove this right to institute a suit directly against the Corporation without the prior written consent of the holders of all the Preferred Securities. In connection with such Direct Action, the Corporation will have a right of set-off under this Indenture to the extent of any payment actually made by the Corporation to such holder of the Preferred Securities with respect to such Direct Action.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a PCC Trust, any holder of the corresponding series of Preferred Securities issued by such PCC Trust shall have the right, upon the occurrence of an Event of Default described in Section 5.1(1) or 5.1(2), to institute a suit directly against the Company for enforcement of payment to such holder of principal of (premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement under which such PCC Trust is formed) of such Preferred Securities of the corresponding series held by such holder.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. In the case of Securities of a series held by a Company, any holder of the corresponding series of Preferred Securities held by such Company shall have the right, upon the occurrence of an Event of Default described in Section 5.1(1) or 5.1(2), to institute a suit directly against Group for enforcement of payment to such holder of principal of (premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the Company Agreement under which such Company is formed) of such Preferred Securities of the corresponding series held by such holder.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Notwithstanding any other provision in this Indenture, the Holder of any Debenture shall have the right which is absolute and unconditional to receive payment of the principal of, premium, if any, and (subject to Section 3.7) interest (including any Additional Interest) on such Debenture on the respective Stated Maturities expressed in such Debenture (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Debentures held by the Trust, any holder of the Preferred Securities shall have the right, upon the occurrence of an Event of Default described in Section 5.1(1) or 5.1(2), to institute a suit directly against the Company for enforcement of payment to such holder of principal of, premium, if any, and (subject to Section 3.7) interest (including any Additional Interest) on the Debentures having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Preferred Securities held by such holder.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Any registered holder of the Preferred Securities issued by the Trust shall have the right, upon the occurrence of an Event of Default described in Section 7.1(a)(i) or 7.1(a)(ii), to direct the Property Trustee to enforce its rights under this Indenture. If the Property Trustee fails to enforce its rights under this Indenture to the fullest extent permitted by applicable law, any registered holder of the Preferred Securities issued by the Trust may institute a suit directly against the Company for enforcement of payment to such holder of principal of and (subject to Sections 2.4 and 4.1) interest (including any Additional Interest) on the Debentures having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Preferred Securities held by such holder.
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DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES. Notwithstanding the provisions of ss.
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Related to DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES

  • Control by Holders of Securities The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series and any Coupons appertaining thereto, provided that (1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of such series, (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and (3) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action.

  • Communication by Holders of Notes with Other Holders of Notes Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

  • Indemnification by Holders of Registrable Securities Each selling holder of Registrable Securities will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder.

  • Additional Rights of Holders of Transfer Restricted Securities In addition to the rights provided to Holders of Notes under the Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights Agreement dated as of ________________, among the Issuers, the Guarantors and the Initial Purchasers (the “Registration Rights Agreement”).

  • Meetings of Holders of the Preferred Securities (a) No annual meeting of Holders is required to be held. The Property Trustee, however, shall call a meeting of the Holders of the Preferred Securities to vote on any matter upon the written request of the Holders of at least twenty five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Preferred Securities to vote on any matters as to which such Holders are entitled to vote. (b) The Holders of at least a Majority in Liquidation Amount of the Preferred Securities, present in person or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred Securities. (c) If a quorum is present at a meeting, an affirmative vote by the Holders present, in person or by proxy, holding Preferred Securities representing at least a Majority in Liquidation Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of the Preferred Securities, unless this Trust Agreement requires a lesser or greater number of affirmative votes.