Common use of Holders to Be Treated as Owners Clause in Contracts

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the Person in whose name any Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, on such Security and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depository and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository as holder of any Security.

Holders to Be Treated as Owners. The IssuerCompany, the Trustee and any agent of the Issuer Company or the Trustee may deem and treat the Person person in whose name any Subordinated Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Subordinated Security (whether or not such Subordinated Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Subordinated Indenture, interest, if any, interest on such Subordinated Security and for all other purposes; and none of neither the Issuer, Company nor the Trustee and nor any agent of the Issuer Company or the Trustee shall be affected by any notice to the contrary. The IssuerCompany, the Trustee and any agent of the Issuer Company or the Trustee may treat the Holder of any Unregistered Subordinated Security and the Holder of any Coupon as the absolute owner of such Unregistered Subordinated Security or Coupon (whether or not such Unregistered Subordinated Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; purposes and none of neither the IssuerCompany, the Trustee and Trustee, nor any agent of the Issuer Company or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Subordinated Security or Coupon. No holder If the Subordinated Securities of any series are issued in the form of one or more Global Subordinated Securities, the Depository therefor may grant proxies to Persons having a beneficial interest ownership in such Global Subordinated Security or Subordinated Securities for purposes of voting or otherwise responding to any Registered Global request for consent, waiver or other action which the Holder of such Subordinated Security held on its behalf by a Depository is entitled to grant or take under this Subordinated Indenture and the Trustee shall accept such proxies for the purposes granted; provided that neither the Trustee nor the Company shall have any rights under this Indenture obligation with respect to such Registered Global Security, and such Depository may be treated the grant of or solicitation by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner Depository of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depository and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository as holder of any Securityproxies.

Holders to Be Treated as Owners. The Issuer, the Guarantors, the Trustee and any agent of the Issuer Issuer, the Guarantors or the Trustee may deem and treat the Person person in whose name any Security of any series shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none neither the Issuer, the Guarantors nor the Trustee nor any agent of the Issuer, the Trustee and any agent of the Issuer Guarantors or the Trustee shall be affected by any notice to the contrary. The Issuer, the Guarantors, the Trustee and any agent of the Issuer Issuer, the Guarantors or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; purposes and none neither the Issuer, the Guarantors, the Trustee, nor any agent of the Issuer, the Trustee and any agent of the Issuer Guarantors or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Security or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depository and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository as holder of any Security.

Holders to Be Treated as Owners. The IssuerCompany, the Guarantor, the Trustee and any agent of the Issuer Company, the Guarantor or the Trustee may deem and treat the Person in whose name any Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of andof, and premium, if any, and (subject to the provisions of Section 2.7 of this Indenture, 3.6 and Section 3.9) interest, if any, on on, such Security Security, and for all other purposes; purposes whatsoever, whether or not such Security be overdue, and none of neither the IssuerCompany, the Guarantor, the Trustee and nor any agent of the Issuer Company, the Guarantor or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his orderHolder for the time being, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security or CouponSecurity. No holder None of any beneficial interest in any Registered Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the IssuerCompany, the TrusteeGuarantor, and the Trustee or any agent of the Issuer Company, the Guarantor or the Trustee as shall have any responsibility or liability for any aspect of the owner records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such Registered Global Security for all purposes whatsoeverbeneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Company, the Guarantor or the Trustee or any agent of the Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between a such Depository and such holders owners of beneficial interestsinterests in such Global Security, the operation of customary practices governing the exercise of the rights right of the such Depository (or its nominee) as holder of any such Global Security.

Holders to Be Treated as Owners. The Prior to the due presentment for registration of transfer of any Security, the Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the Person in whose name any Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of of, and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none of neither the Issuer, the Trustee and Trustee, nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent sole registered holder of the Issuer or the Trustee may treat the Holder of any Unregistered a Global Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof Depositary or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contraryits nominee. All such payments so made to any such PersonHolder, or upon his such Holder’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security Security. None of the Trustee, the Paying Agent or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository Registrar shall have any rights responsibility or obligation to any beneficial owner in a Global Security, a Depositary participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership interest in the Securities or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under this Indenture or with respect to such Registered Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities and this Indenture shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to the applicable procedures. The Trustee, the Paying Agent and the Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee, the Paying Agent and the Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and any Depositary participant or between or among the Depositary, any such Depository may be treated by Depositary participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer, the Trustee, and or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its nominee), as the owner of a Holder, with respect to such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein or shall impair, as between a Depository such Depositary and such holders owners of beneficial interestsinterests in such Global Security, the operation of customary practices governing the exercise of the rights of the Depository such Depositary (or its nominee) as holder Holder of any such Global Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the Person person in whose name any Security of any series shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none of neither the Issuer, Issuer nor the Trustee and nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon or, if a series of Securities is held by PXRE Capital Trust, the holder of any unregistered Capital Security as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; purposes and none of neither the Issuer, the Trustee and Trustee, nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Security or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, if the Securities of such series are held by PXRE Capital Trust, nothing herein in this Section 7.03 shall impair, as between a Depository and such holders be deemed to impair the right of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository as any holder of any SecurityCapital Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity of such series.

Holders to Be Treated as Owners. The IssuerCompany, the Trustee and any agent of the Issuer Company or the Trustee may deem and treat the Person person in whose name any Debt Security of any series shall be registered upon the Debt Security Register for such series as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Debt Security and for all other purposes; purposes and none of to the Issuer, extent permitted by law neither the Company or the Trustee and nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer Company or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Debt Security. Title to any Bearer Debt Security and any coupons appertaining thereto shall pass by delivery. The Company, the Trustee, each Paying Agent and any agent of any of them may treat the bearer of any Bearer Debt Security and the bearer of any coupon as the absolute owner of such Debt Security or Couponcoupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Debt Security or coupons be overdue, and none of the Company, the Trustee, any Paying Agent or any agent of any of them shall be affected by notice to the contrary. No holder of any beneficial interest in any Global Registered Global Debt Security held on its behalf by a Depository Depositary shall have any rights under this Indenture with respect to such Global Registered Global Debt Security, and such Depository Depositary may be treated by the IssuerCompany, the Trustee, and any agent of the Issuer Company or the Trustee as the owner of such Global Registered Global Debt Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depository Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository Depositary as holder Holder of any Debt Security.

Holders to Be Treated as Owners. The IssuerCompany, the Trustee and any agent of the Issuer Company or the Trustee may deem and treat the Person person in whose name any Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of andof, and premium, if any, and (subject to the provisions of Section 2.7 of this Indenture, 3.8) interest, if any, on on, such Security Security, and for all other purposes; purposes whatsoever, whether or not such Security be overdue, and none of neither the IssuerCompany, the Trustee and nor any agent of the Issuer Company or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his orderHolder for the time being, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of the Company, the Trustee or any such Security agent of the Company or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository the Trustee shall have any rights under this Indenture responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Not withstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall or impair, as between a such Depository and such holders owners of beneficial interestsinterests in such Global Security, the operation of customary practices governing the exercise of the rights right of the such Depository (or its nominee) as holder of any such Global Security.

Holders to Be Treated as Owners. The IssuerCompany, the Trustee Trustee, the Registrar, the Co-Registrar and each Paying Agent and Transfer Agent and any agent of the Issuer or the Trustee any of them may deem and treat the any Person in whose name any Security of any series Registered Note shall be registered upon the Security Register for such series as the absolute owner of such Security Note (whether or not such Security Note shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interestinterest on such Note (including Additional Amounts, if any, on such Security ) and for all other purposes; and none of the IssuerCompany, the Trustee Trustee, the Registrar, the Co-Registrar, any Paying Agent, any Transfer Agent and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee them shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security or Couponnote. No holder of Title to any beneficial interest in Bearer Note and any Registered Global Security held on its behalf coupons appertaining thereto shall pass by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuerdelivery. The Company, the Trustee, each Paying Agent and any agent of any of them may treat the Issuer or bearer of any Bearer Note and the Trustee bearer of any coupon as the absolute owner of such Registered Global Security Note or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Note or coupons be overdue, and none of the Company, the Trustee, any Paying Agent or any agent of any of them shall be affected by notice to the contrary. None of the Company, the Trustee, the Registrar, the Co-Registrar, any Transfer Agent or any Paying Agent will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Note in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any Global Note, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with respect to such Global Note or impair, as between a Depository such depositary and such holders owners of beneficial interestsinterests in such Global Note, the operation of customary practices governing the exercise of the rights of the Depository such depositary (or its nominee) as holder Holder of any Securitysuch Global Note.

Holders to Be Treated as Owners. The Issuer, the Trustee Guarantors, the Trustee, the Agent and any agent of the Issuer Issuer, the Guarantors, the Trustee or the Trustee may Agent shall deem and treat the Person in whose name any Security of any series Note shall be registered upon the Security Register for such series Note register as the absolute owner of such Security Note (whether or not such Security Note shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of the recognition of any Notes or consent or receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security Note and for all other purposes; and none of the Issuer, the Guarantors the Trustee and or the Agent or any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security Note. Notwithstanding the foregoing, payment of an amount sufficient to pay the sum due in respect of the Notes made in accordance with Section 2 of Schedule 5 to this Indenture by or Couponon behalf of the Issuer or any Guarantor to the Trustee or the Agent as provided in this Indenture shall, to that extent, satisfy such obligation by the Issuer or such Guarantor. No holder of any beneficial interest in any Registered Global Security Note held on its behalf by a Depository the Depositary shall have any rights under this Indenture with respect to such Registered Global SecurityNote, and such Depository depositary may be treated by the Issuer, the Guarantors, the Trustee, the Agent and any agent of the Issuer, the Trustee or the Agent as owner of such Global Note for all purposes whatsoever. None of the Issuer, the Guarantors, the Trustee, the Agent, any paying agent or any security registrar, or any of their respective agents, shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any Global Note, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certifications, proxy or other authorization furnished by any Depositary, as the owner of a Holder, with respect to such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoingNote, nothing herein shall or impair, as between a Depository this Depositary and such holders owners of beneficial interestsinterests in such Global Note, the operation of customary practices governing the exercise of the rights of the Depository such Depositary (or its nominee) as holder Holder of any Securitysuch Global Note.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the any Person in whose name any Security of any series Registered Note shall be registered upon the Security Register for such series as the absolute owner of such Security Note (whether or not such Security Note shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon Note (whether or not such Unregistered Security or Coupon shall be overdueincluding Additional Amounts) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security or CouponNote. No holder of Title to any beneficial interest in Bearer Note and any Registered Global Security held on its behalf coupons appertaining thereto shall pass by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the delivery. The Issuer, the Trustee, Trustee and any agent of the Issuer or the Trustee may treat the bearer of any Bearer Note and the bearer of any coupon as the absolute owner of such Registered Global Security Note or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Note or coupons be overdue, and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary. None of the Issuer, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Note in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any global Note, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with respect to such global Note or impair, as between a Depository such depositary and such holders owners of beneficial interestsinterests in such global Note, the operation of customary practices governing the exercise of the rights of the Depository such depositary (or its nominee) as holder Holder of any Securitysuch global Note.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the Person in whose name any Security of any series shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none of neither the Issuer, Issuer nor the Trustee and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee and nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so to be paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security or CouponSecurity. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository Depositary shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository Depositary may be treated by the Issuer, the Trustee, Trustee and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. None of the Issuer, the Trustee, any paying agent or any security registrar shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary, as a Holder, with respect to such Global Security, or impair, as between a Depository such Depositary and such holders owners of beneficial interestsinterests in such Global Security, the operation of customary practices governing the exercise of the rights of the Depository such Depositary (or its nominee) as holder Holder of any such Global Security.

Holders to Be Treated as Owners. The Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may deem and treat the Person person in whose name any Security of any series shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of Section 2.7 of this Indenture, interest, if any, interest on such Security and for all other purposes; and none of neither the Issuer, Issuer nor the Indenture Trustee and nor any agent of the Issuer or the Indenture Trustee shall be affected by any notice to the contrary. The Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon or, if a series of Securities is held by a GW Capital Trust, the holder of any unregistered Trust Preferred Security as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; purposes and none of neither the Issuer, the Trustee and Indenture Trustee, nor any agent of the Issuer or the Indenture Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Security or Coupon. No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security for all purposes whatsoever. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing herein in this Section 7.03 shall impair, as between a Depository and such holders be deemed to impair the right of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depository as any holder of any SecurityTrust Preferred Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity of such series.