Common use of Acknowledgement of Rights Clause in Contracts

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by BankBoston Capital Trust or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of BankBoston Capital Trust any holder of Capital Securities may institute legal proceed- ings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, 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 or premium, if any, or interest on the Securities when due, the Company acknowledges that a holder of Capital Securities may di- rectly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by BankBoston PBI Capital Trust or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of BankBoston PBI Capital Trust any holder of Capital Securities may may, to the extent permitted by applicable law, institute legal proceed- ings proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, 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 or premium, if any, or interest on the Securities when due, the Company acknowledges that a holder of Capital Securities may di- rectly directly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.

Acknowledgement of Rights. The Company Corporation acknowledges that, with respect to any Securities held by BankBoston Peoples Heritage Capital Trust or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of BankBoston Peoples Heritage Capital Trust any holder of Capital Securities may institute legal proceed- ings proceedings directly against 70 79 the Company Corporation to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company Corporation to pay principal of or premium, if any, or interest on the Securities when due, the Company Corporation acknowledges that a holder of Capital Securities may di- rectly directly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by BankBoston X.X. Xxxxxxx Capital Trust or a trustee of such trustTrust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of BankBoston X.X. Xxxxxxx Capital Trust Trust, any holder of Capital Securities may institute legal proceed- ings proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, 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 (or premium, if any, ) or interest on the Securities when due, the Company acknowledges that a holder of Capital Securities may di- rectly directly institute a proceeding for enforcement of payment to such holder of the principal of (or premium, if any, ) or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by BankBoston Argo Capital Trust Co. or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of BankBoston Argo Capital Trust Co. any holder of Capital Securities may institute legal proceed- ings proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, 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 or premium, if any, or interest on the Securities when due, the Company acknowledges that a holder of Capital Securities may di- rectly directly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.