Common use of Duties of Directors Clause in Contracts

Duties of Directors. Subject to the provisions contained in Section 7.3(i) hereof, the Board of Directors shall, in considering any proposed action or inaction with respect to the Subordinated Notes (including any substitute therefor) to the fullest extent permitted by law, including Section 18-1101(c) of the Delaware Act, take into account the interest of both the Company Preferred Securityholders and TECO, as Securityholder of the Company Common Securities. No member of the Board of Directors shall have any liability to any Company Preferred Securityholder or the Company for not voting to take any enforcement action under the Subordinated Notes in the event of a default by TECO in performing any of its obligations (including payment obligations) thereunder.

Duties of Directors. Subject to the provisions contained in Section 7.3(i) hereof, the Board of Directors shall, in considering any proposed action or inaction with respect to the Subordinated Notes (including any substitute therefor) to the fullest extent permitted by law, including Section 18-1101(c) of the Delaware Act, take into account the interest of both the Company Preferred Securityholders and TECO, as Securityholder of the Company Common Securities. No member of the Board of Directors shall have any liability to any Company Preferred Securityholder or the Company for not voting to take any enforcement action under the Subordinated Notes in the event of a default by TECO in performing any of its obligations (including payment obligations) thereunder.

Duties of Directors. Subject to the provisions contained in Section 7.3(i7.3(j) hereof, the Board of Directors shall, in considering any proposed action or inaction with respect to the Subordinated Notes (including any substitute therefor) to the fullest extent permitted by law, including Section 18-1101(c) of the Delaware Act, take into account the interest of both the Company LLC Preferred Securityholders and TECO, as Securityholder of the Company LLC Common Securities. No member of the Board of Directors shall have any liability to any Company LLC Preferred Securityholder or the Company LLC for not voting to take any enforcement action under the Subordinated Notes in the event of a default by TECO in performing any of its obligations (including payment obligations) thereunder.