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 interest or principal on the Subordinated Debentures on the date such interest or principal is due and payable, any holder of Preferred Securities shall have the right to institute a proceeding directly against the Company for enforcement of payment to such holder of the principal of or interest (including any Compounded Interest or Additional Sums) on Subordinated Debentures having an aggregate principal amount equal to the aggregate liquidation amount of such holder's Preferred Securities (a "Direct Action"). The Company may not amend this Subordinated Indenture to remove the right to bring a Direct Action without the prior written consent of the holders of all the Preferred Securities then outstanding.

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 interest or principal on the Subordinated Debentures on the date such interest or principal is due and payable, any holder of Preferred Securities shall have the right to institute a proceeding directly against the Company for enforcement of payment to such holder of the principal of or interest (including any Compounded Interest or Additional Sums) on Subordinated Debentures having an aggregate principal amount equal to the aggregate liquidation amount of such holder's Preferred Securities (a "Direct Action"). The Company may not amend this Subordinated Indenture to remove the right to bring a Direct Action without the prior written consent of the holders of all the Preferred Securities then outstanding.