Common use of Preferred Securities Clause in Contracts

Preferred Securities. To exercise the Change of Control Repurchase Right, a Holder who has not separated its Securities pursuant to clause (a) above must deliver to the Agent, no earlier than the 60th and no later than the 90th day following the Change of Control Notice Date, irrevocable written notice in the form of Exhibit E hereto, of such Holder's election to have Preferred Securities components of its Securities exchanged for an equivalent Accreted Value of Debentures and to have such Debentures repurchased on the date specified in the Indenture. The Agent, based on such notices, shall notify the Trust, KeySpan, the Property Trustee and the Exchange Agent, no later than the 90th day following the Change of Control Notice Date of the aggregate number of Preferred Securities to be exchanged for Debentures by the Trust and to be repurchased by KeySpan. An election to exchange Preferred Securities for Debentures and to have such Debentures repurchased by KeySpan shall also constitute an election to separate the related Securities into their component parts and the Agent, the Exchange Agent and the Property Trustee shall follow the procedures specified in Section 3.6 hereof (and Section 6.8 of the Declaration).

Preferred Securities. To exercise the Change of Control Repurchase Right, a Holder who has not separated its Securities Units pursuant to clause (a) above must deliver to the Unit Agent, no earlier than the 60th 180th and no later than the 90th 210th day following the Change of Control Notice Date, irrevocable written notice substantially in the form of Exhibit E hereto, of such Holder's election to have Preferred Securities components of its Securities Units exchanged for an equivalent Accreted Value of Debentures and to have such Debentures repurchased on the date specified in the Indenture. The Unit Agent, based on such noticesnotices received by it, shall notify the Trust, KeySpanthe Company, the Property Trustee and the Exchange Agent, no later than the 90th 211th day following the Change of Control Notice Date of the aggregate number of Preferred Securities to be exchanged for Debentures by the Trust and to be repurchased by KeySpanthe Company. An election to exchange Preferred Securities for Debentures and to have such Debentures repurchased by KeySpan the Company shall also constitute an election to separate the related Securities Units into their component parts and the Unit Agent, the Exchange Agent and the Property Trustee shall follow the procedures specified in Section 3.6 hereof (and Section 6.8 of the Declaration).

Preferred Securities. To exercise the Change of Control Repurchase Right, a Holder who has not separated its Securities pursuant to clause (a) above must deliver to the Agent, no earlier than the 60th and no later than the 90th day following the Change of Control Notice Date, irrevocable written notice in the form of Exhibit E hereto, of such Holder's election to have Preferred Securities components of its Securities exchanged for an equivalent Accreted Value of Debentures and to have such Debentures repurchased on the date specified in the Indenture. The Agent, based on such notices, shall notify the Trust, KeySpanIndyMac Bancorp, the Property Trustee and the Exchange Agent, no later than the 90th day following the Change of Control Notice Date of the aggregate number of Preferred Securities to be exchanged for Debentures by the Trust and to be repurchased by KeySpanIndyMac Bancorp. An election to exchange Preferred Securities for Debentures and to have such Debentures repurchased by KeySpan IndyMac Bancorp shall also constitute an election to separate the related Securities into their component parts and the Agent, the Exchange Agent and the Property Trustee shall follow the procedures specified in Section 3.6 hereof (and Section 6.8 of the Declaration)Trust Agreement.

Preferred Securities. To exercise the Change of Control Repurchase Right, a Holder who has not separated its Securities Units pursuant to clause (a) above must deliver to the Unit Agent, no earlier than the 60th 180th and no later than the 90th 210th day following the Change of Control Notice Date, irrevocable written notice substantially in the form of Exhibit E hereto, of such Holder's ’s election to have Preferred Securities components of its Securities Units exchanged for an equivalent Accreted Value of Debentures and to have such Debentures repurchased on the date specified in the Indenture. The Unit Agent, based on such noticesnotices received by it, shall notify the Trust, KeySpanthe Company, the Property Trustee and the Exchange Agent, no later than the 90th 211th day following the Change of Control Notice Date of the aggregate number of Preferred Securities to be exchanged for Debentures by the Trust and to be repurchased by KeySpanthe Company. An election to exchange Preferred Securities for Debentures and to have such Debentures repurchased by KeySpan the Company shall also constitute an election to separate the related Securities Units into their component parts and the Unit Agent, the Exchange Agent and the Property Trustee shall follow the procedures specified in Section 3.6 hereof (and Section 6.8 of the Declaration).

Preferred Securities. To exercise the Change of Control Repurchase Right, a Holder who has not separated its Securities pursuant to clause (a) above must deliver to the Agent, no earlier than the 60th and no later than the 90th day following the Change of Control Notice Date, irrevocable written notice in the form of Exhibit E hereto, of such Holder's election to have Preferred Securities components of its Securities exchanged for an equivalent Accreted Value of Debentures and to have such Debentures repurchased on the date specified in the Indenture. The Agent, based on such notices, shall notify the Trust, KeySpanWashington Mutual, the Property Trustee and the Exchange Agent, no later than the 90th day following the Change of Control Notice Date of the aggregate number of Preferred Securities to be exchanged for Debentures by the Trust and to be repurchased by KeySpanWashington Mutual. An election to exchange Preferred Securities for Debentures and to have such Debentures repurchased by KeySpan Washington Mutual shall also constitute an election to separate the related Securities into their component parts and the Agent, the Exchange Agent and the Property Trustee shall follow the procedures specified in Section 3.6 hereof (and Section 6.8 of the Declaration).