Acknowledgment of Rights of Holders of Preferred Securities. The Company hereby acknowledges the right of each holder of Preferred Securities, upon and during the continuance of an Event of Default under the Declaration that results from the failure of the Company to pay principal of or interest on the Notes when due, to directly institute proceedings against the Company to obtain payment to such holder of an amount equal to the principal or interest so defaulted on with respect to Notes in a principal amount equal to the aggregate liquidation amount of the Preferred Securities owned by such holder.
Acknowledgment of Rights of Holders of Preferred Securities. The Company hereby acknowledges the right of each holder of Preferred Securities, upon and
Acknowledgment of Rights of Holders of Preferred Securities. The Company acknowledges that, with respect to any Notes held by the Trust or a trustee of the Trust, if the Property Trustee fails to enforce its rights under the Indenture and this First Supplemental Indenture as the Holder of the Notes held as the assets of the Trust, any holder of Preferred Securities may institute legal proceedings directly against the Company to enforce such Property Trustee's rights under the Indenture and this First Supplemental 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 interest or principal on the Notes on the date such interest or principal is otherwise payable (or in the case of redemption, on the Redemption Date), the Company acknowledges that a holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Notes having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due date specified in the Notes.
Acknowledgment of Rights of Holders of Preferred Securities. The Company acknowledges that, with respect to any Notes held by the Trust or a trustee of the Trust, if the Property Trustee fails to enforce its rights under the Indenture and this Second Supplemental Indenture as the Holder of the Notes held as the assets of the Trust, any holder of Preferred Securities may, to the extent permitted by applicable law, institute legal proceedings directly against the Company to enforce such Property Trustee's rights under the Indenture and this Second Supplemental 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 interest or principal on the Notes on the date such interest or principal is otherwise payable (or in the case of redemption, on the Redemption Date), the Company acknowledges that a holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Notes having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due date specified in the Notes.
Acknowledgment of Rights of Holders of Preferred Securities. The Company acknowledges that the holders of the Preferred Securities are each entitled to enforce and exercise the rights and remedies under the Indenture to the extent set forth in Section 5(b) of Exhibit A to the Declaration.
