Enforcement by Holders of Preferred Securities. Notwithstanding anything to the contrary contained herein, 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 Securities on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Preferred Securities may institute a legal proceeding directly 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 Preferred Securities of such Holder (a "Direct Action") on or after the respective due date specified in the Securities. The Company may not amend this Indenture to remove the foregoing right to bring a Direct Action without the prior written consent of all the holders of Preferred Securities. Notwithstanding any payment made to such holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and interest on the Securities (including Additional Payments, if any) held by the Trust or the Property Trustee and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company to such holder in any Direct Action. The holders of Preferred Securities will not be able to exercise directly any other remedy available to the Holders of the Securities.
Enforcement by Holders of Preferred Securities. Notwithstanding anything to the contrary contained herein, an event of default under the Declaration has occurred and is continuing and such event is attributable to the failure of the Company to pay interest, including any Additional Payments or Additional Redemption Distributions, or principal on the Securities on the date such interest, Additional Redemption Distributions and principal are otherwise payable (or in the case of redemption, the redemption date), a holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of, or Additional Redemption Distributions and interest, including any Additional Payments, on the Securities having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the due date specified in the Securities. In connection with such a direct proceeding, the Company will remain obligated to pay the principal and interest on the Securities and will be subrogated to the rights of such holders of Preferred Securities under the Declaration to the extent of any payment made by the Company to such holder of Preferred Securities in such a direct proceeding. ARTICLE SIX THE TRUSTEE
Enforcement by Holders of Preferred Securities. (1) Notwithstanding anything to the contrary contained herein, if the Trustee as Holder of the Securities fails to enforce its rights under the Securities (other than rights arising from an Event of Default described in Section 516(2)) after any holder of Preferred Securities shall have made a written request to the Trustee to enforce such rights, such holder of Preferred Securities may, to the fullest extent permitted by law, institute a Direct Action to enforce the Trustee's rights as Holder of the Securities, without first instituting any legal proceeding against the Trustee or any other Person.
Enforcement by Holders of Preferred Securities. Notwithstanding anything to the contrary contained herein and in addition to any other rights of the holders of the Preferred Securities provided herein or in the Declaration, if the Property Trustee fails to enforce its rights under the Securities for a period of 30 days after any holder of Preferred Securities shall have made a written request to the Property Trustee to enforce such rights, such holder may institute a legal proceeding directly against the Company to enforce the Property Trustee's rights, as Holder of the Securities, without first instituting any legal proceeding against the Property Trustee or any other Person.
Enforcement by Holders of Preferred Securities. If, prior to a Security Exchange with respect to the Debentures of any series, a Default with respect to the Debentures of such series shall have occurred, the Company expressly acknowledges that under the circumstances set forth in the applicable Declaration of Trust, any holder of Preferred Securities of the applicable Aetna Capital Trust may enforce directly against the Company the applicable Property Trustee's rights hereunder. In furtherance of the foregoing and for the avoidance of any doubt, the Company acknowledges that, under the circumstances described in the applicable Declaration of Trust, any such holder of Preferred Securities, in its own name, in the name of the applicable Aetna Capital Trust or in the name of the holders of the Preferred Securities issued by such Aetna Capital Trust, may institute or cause to be instituted a proceeding, including, without limitation, any suit in equity, an action at law or other judicial or administrative proceeding, to enforce the applicable Property Trustee's rights hereunder directly against the Company as issuer of the applicable series of Debentures, and may prosecute such proceeding to judgment or final decree, and enforce the same against the Company.
Enforcement by Holders of Preferred Securities. Notwithstanding anything to the contrary contained herein, if the Property Trustee of a CalEnergy Trust, as Holder of Debentures of a series issued to such CalEnergy Trust, fails to enforce its rights under the Debentures of such series (other than rights arising from an Event of Default described in Section 5.16(b)) after any holder of Preferred Securities of such CalEnergy Trust shall have made a written request to such Property Trustee to enforce such rights, such holder of Preferred Securities may, to the fullest extent permitted by law, institute a Direct Action to enforce such Property Trustee's rights as Holder of the Debentures of such series, without first instituting any legal proceeding against such Property trustee or any other Person. Notwithstanding anything to the contrary contained herein, if an Event of Default with respect to a series of Debentures has occurred and is continuing and such Event of Default is attributable to the failure of the Company to pay interest (subject to the right of the Company, if any, to extend the interest payment periods in respect of the Debentures of such series) or principal on the Debentures of such series on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Preferred Securities of the CalEnergy Trust which is the Holder of Debentures of such series may institute a Direct Action for enforcement of payment to such holder of the principal of or interest on the Debentures of such series 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 Debentures of such series, without first instituting any legal proceeding against the Property Trustee of such CalEnergy Trust or any other Person. Notwithstanding any payment made to such holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of or interest on the Debentures of such series held by such CalEnergy Trust or the Property Trustee of such CalEnergy Trust and the Company shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the Company to such holder in any Direct Action.
