Common use of Acknowledgement of Rights Clause in Contracts

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by any Sterling Capital Trust or a trustee of any such Trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the series of Securities held as the assets of such Sterling Capital Trust, any holder of Trust Preferred Securities may institute legal 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 interest on the applicable series of Securities when due, the Company acknowledges that a holder of Trust Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the applicable series of Securities having a principal amount equal to the aggregate liquidation amount of the Trust Preferred Securities of such holder on or after the respective due date specified in the applicable series of Securities.

Acknowledgement of Rights. The Company acknowledges that, with respect to any Securities held by any Sterling Webster Capital Trust or a trustee of any such Trusttrust, if the Property Trustee of such Trust fails to enforce its rights enforcx xxx xights under this Indenture as the holder of the series of Securities held as the assets of such Sterling Webster Capital Trust, Trust any holder of Trust Preferred Capital Securities may institute legal proceedings directly against the Company xxx Xxmpany to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person 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 applicable series of Securities when due, the Company acknowledges that a holder of Trust Preferred Capital Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the applicable series of Securities having a principal amount equal to the aggregate liquidation amount of the Trust Preferred Capital Securities of such holder on or after the respective due date specified in the applicable series of Securities.