Common use of DIRECT ACTION BY HOLDERS OF PREFERRED SECURITIES Clause in Contracts

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.

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)(i8.1(a)(i) or 7.1(a)(ii8.1(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.