Common use of Direct Action Clause in Contracts

Direct Action. Notwithstanding any other provision of the Indenture, for as long as any Preferred Securities remain outstanding, to the fullest extent permitted by law, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay principal of and interest on the Debentures on the date such principal or interest is otherwise payable, a holder of Preferred Securities may institute a proceeding directly against the Company (a "Direct Action") to enforce payment to such holder of the principal of or interest on Debentures having an aggregate principal amount equal to the aggregate stated liquidation amount of the Preferred Securities of such holder.