Common use of Acknowledgment of Rights Clause in Contracts

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures held by the Trust or a trustee of the Trust, if the Property Trustee fails to enforce its rights under this Indenture as the holder of the Debentures held as the assets of the Trust, any holder of Trust Preferred Securities may, to the extent permitted under applicable law, 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 interest or principal on the Debentures 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 Trust Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures 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 Debentures.

Acknowledgment of Rights. The Company acknowledges that, with respect to any series of Debentures held by the a Trust or a trustee of the such Trust, if the applicable Property Trustee fails to enforce its rights under this Indenture as the holder of the such Debentures held as the assets of the such Trust, any holder of Trust the applicable Preferred Securities may, to the extent permitted under applicable law, 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 with respect to a series of Debentures has occurred and is continuing and such event is attributable to the failure of the Company to pay interest or principal on the such Debentures 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 Trust the applicable Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the such Debentures having a principal amount equal to the aggregate liquidation amount of the Trust such Preferred Securities of such holder on or after the respective due date specified in the such Debentures.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures held by the Trust or a trustee of the Trust, if the Property Trustee fails to enforce its rights under this Indenture as the holder of the Debentures held as the assets of the Trust, any holder of Trust Preferred Capital Securities may, to the extent permitted under applicable law, 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 interest or principal on the Debentures 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 Trust Preferred Capital Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures 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 Debentures.

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

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

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures Securities held by the an American Equity Trust or a trustee of the such Trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Debentures series of Securities held as the assets of the such American Equity Trust, any holder of Trust Preferred Securities may, to the extent permitted under applicable law, 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 interest or principal on the Debentures applicable series of Securities 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 Trust Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures applicable series of Securities having a principal amount equal to the aggregate liquidation amount of the Trust Preferred Securities of such holder on or as determined after the respective due date specified in the Debenturesapplicable series of Securities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures Securities held by the a Trust or a trustee of the Trustsuch trust, if the Property Trustee of such trust fails to enforce its rights under this Indenture as the holder Holder of the Debentures series of Securities held as the assets of the such Trust, any holder of Trust Preferred Securities may, to the extent permitted under applicable law, 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 the 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 Debentures applicable series of Securities 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 Trust Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures applicable series of Securities having a principal amount equal to the aggregate liquidation amount preference of the Trust Preferred Securities of such holder on or after the respective due date specified in the Debentures.applicable series of Securities. [Signature Page Follows]

Acknowledgment of Rights. 62 71 The Company acknowledges that, with respect to any Debentures Securities held by the a MetLife Trust or a trustee of the such Trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Debentures series of Securities held as the assets of the such MetLife Trust, any holder of Trust Preferred Securities may, to the extent permitted under applicable law, 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 interest or principal on the Debentures applicable series of Securities 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 Trust Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures applicable series of Securities having a principal amount equal to the aggregate liquidation amount of the Trust Preferred Securities of such holder on or as determined after the respective due date specified in the Debenturesapplicable series of Securities.

Acknowledgment of Rights. The Company acknowledges that, with respect to any Debentures Securities held by the Interpool Capital Trust or a trustee of the Trustsuch trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Debentures series of Securities held as the assets of the Interpool Capital Trust, any holder of Trust Preferred Capital Securities may, to the extent permitted under applicable law, 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 interest or principal on the Debentures applicable series of Securities 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 Trust Preferred Capital Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the Debentures 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 Debentures.applicable series of Securities. 64 ARTICLE