Common use of Acknowledgment of Rights Clause in Contracts

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series held by a 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 Debentures held as the assets of such Trust, any holder of Preferred Securities may institute legal proceedings, subject to Section 5.08, directly against -61- 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 Debentures when due, 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 Debentures having an aggregate 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 Debentures.

Acknowledgment of Rights. The Company Corporation acknowledges that, with respect to any Debentures of any series Securities held by a the 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 Debentures Securities held as the assets of such the Trust, any holder of Preferred Capital Securities may institute legal proceedings, subject to Section 5.085.09, directly against -61- 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 Debentures Securities when due, the Company Corporation acknowledges that a holder of 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 Debentures Securities having an aggregate principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a the 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 Debentures Securities held as the assets of such Trust, the Trust any holder of Preferred Securities may may, to the full extent permitted by law, institute legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, 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 premium, if any, or interest on the Debentures Securities having an aggregate 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 DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a LFC 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 Debentures Securities held as the assets of such LFC Trust, any holder of Preferred Capital Securities may institute institute, to the fullest extent permitted by law, legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, the Company acknowledges that a holder of 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 Debentures Securities having an aggregate a principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a Dynegy 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 Debentures Securities held as the assets of such Trust, Dynegy Capital Trust any holder of Preferred Securities may may, to the full extent permitted by law, institute legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, 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 premium, if any, or interest on the Debentures Securities having an aggregate 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 DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a BFC Capital Trust or a trustee of such Trusttrust, if the Property Trustee of such Trust trust fails to enforce its rights under this Indenture as the holder of the Debentures Securities held as the assets of such Trust, BFC Capital Trust any holder of Preferred Capital Securities may institute legal proceedings, subject to Section 5.08, proceedings directly against -61- the Company in the form of a Direct Action in order 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 Debentures Securities when due, the Company acknowledges that a holder of Preferred Capital Securities may directly institute a proceeding Direct Action directly against the Company for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Debentures Securities having an aggregate a principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a NGC Corporation 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 Debentures Securities held as the assets of such Trust, NGC Corporation Capital Trust any holder of Preferred Capital Securities may may, to the full extent permitted by law, institute legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, the Company acknowledges that a holder of 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 Debentures Securities having an aggregate a principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a Imperial 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 Debentures Securities held as the assets of such Imperial Capital Trust, any holder of Preferred Capital Securities may institute institute, to the fullest extent permitted by law, legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, the Company acknowledges that a holder of 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 Debentures Securities having an aggregate a principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures of any series Securities held by a NYB 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 Debentures Securities held as the assets of such NYB Trust, any holder of Preferred Capital Securities may institute institute, to the fullest extent permitted by law, legal proceedings, subject to Section 5.08, proceedings directly against -61- 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 Debentures Securities when due, the Company acknowledges that a holder of 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 Debentures Securities having an aggregate a principal amount equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder on or after the respective due date specified in the DebenturesSecurities.