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

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 in whose name any Security 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 this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Indenture Trustee 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 and neither the Issuer, the 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 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 Unregistered Security or Coupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred 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 Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may deem and treat the person any Person in whose name any Security Registered Note shall be registered upon the Security register for such series 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 receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security Note (including Additional Amounts) and for all other purposes; and neither the Issuer nor the Indenture Trustee nor any agent none 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 and neither the Issuer, the 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 Note. Title to any Bearer Note and any coupons appertaining thereto shall pass by delivery. The Issuer, the Trustee and any agent of the Issuer or Couponthe Trustee may treat the bearer of any Bearer Note and the bearer of any coupon as the absolute owner of such 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, if with respect to any global Note, nothing herein shall prevent the Securities 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 such depositary and owners of beneficial interests in such global Note, the operation of customary practices governing the exercise of the rights of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred Securities to institute a Direct Action depositary (or to declare an Event of Default and accelerate the maturity its nominee) as Holder of such seriesglobal Note.

Holders to Be Treated as Owners. The IssuerCompany, the Indenture Trustee Trustee, the Registrar, the Co-Registrar and each Paying Agent and Transfer Agent and any agent of the Issuer or the Indenture Trustee any of them may deem and treat the person any Person in whose name any Security Registered Note shall be registered upon the Security register for such series 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 receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security Note (including Additional Amounts, if any) and for all other purposes; and neither the Issuer nor the Indenture Trustee nor any agent none of the Issuer or the Indenture Trustee shall be affected by any notice to the contrary. The IssuerCompany, the Indenture Trustee Trustee, the Registrar, the Co-Registrar, any Paying Agent, any Transfer Agent and any agent of the Issuer or the Indenture Trustee may treat the Holder any 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 and neither the Issuer, the Indenture Trustee, nor any agent of the Issuer or the Indenture Trustee them 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 note. Title to any Bearer Note 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 Note and the bearer of any coupon as the absolute owner of such Note or Couponcoupon 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, if with respect to any Global Note, nothing herein shall prevent the Securities 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 such depositary and owners of beneficial interests in such Global Note, the operation of customary practices governing the exercise of the rights of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred Securities to institute a Direct Action depositary (or to declare an Event of Default and accelerate the maturity its nominee) as Holder of such seriesGlobal Note.

Holders to Be Treated as Owners. The IssuerCompany, the Indenture Trustee and any agent of the Issuer Company or the Indenture Trustee may deem and treat the person in whose name any Subordinated Security shall be registered upon the Security register 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 this Subordinated Indenture, interest on such Subordinated Security and for all other purposes; and neither the Issuer Company nor the Indenture Trustee nor any agent of the Issuer Company or the Indenture Trustee shall be affected by any notice to the contrary. The IssuerCompany, the Indenture Trustee and any agent of the Issuer Company or the Indenture Trustee may treat the Holder of any Unregistered Subordinated 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 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 and neither the IssuerCompany, the Indenture Trustee, nor any agent of the Issuer Company or the Indenture 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 Unregistered Subordinated Security or Coupon. Notwithstanding If the foregoing, if the Subordinated Securities of such any series are held by issued in the form of one or more Global Subordinated Securities, the Depository therefor may grant proxies to Persons having a GW Capital Trustbeneficial ownership in such Global Subordinated Security or Subordinated Securities for purposes of voting or otherwise responding to any request for consent, nothing in this Section 7.03 shall be deemed to impair waiver or other action which the right of any holder of Trust Preferred Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity Holder of such seriesSubordinated Security 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 obligation with respect to the grant of or solicitation by the Depository of such proxies.

Holders to Be Treated as Owners. Holders to Be Treated as Owners. The Issuer, the Indenture Guarantor, the Trustee and any agent of the Issuer Issuer, the Guarantor or the Indenture Trustee may deem and treat the person Person in whose name any Security 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 this Indenture, interest on such Security and for all other purposes; and neither the Issuer Issuer, the Guarantor nor the Indenture Trustee nor any agent of the Issuer Issuer, the Guarantor or the Indenture Trustee shall be affected by any notice to the contrary. The Issuer, the Indenture Guarantor, the Trustee and any agent of the Issuer Issuer, the Guarantor or the Indenture Trustee may treat the Holder of any Unregistered Bearer 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 Bearer Security or Coupon (whether or not such Unregistered Bearer Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the Issuer, the 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 monies payable upon any such Unregistered Bearer Security or Coupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred 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 IssuerPrior to due presentment for registration of transfer of any Registered Security, the Indenture Company, the Trustee and any agent of the Issuer Company or the Indenture Trustee may deem and treat the person Person in whose name any Registered Security shall be is registered upon the Security register Register for such series as the absolute owner of such Registered Security (whether or not such Registered Security shall be is 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 this Indenture, interest on such Registered Security and for all other purposes; and neither the Issuer Company nor the Indenture Trustee nor any agent of the Issuer Company or the Indenture Trustee shall will be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, will 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 Registered Security. The IssuerCompany, the Indenture Trustee and any agent of the Issuer Company or the Indenture Trustee may treat the Holder of any Unregistered Bearer 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 Bearer Security or Coupon (whether or not such Unregistered Bearer Security or Coupon shall be is overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the IssuerCompany, the Indenture Trustee, nor any agent of the Issuer Company or the Indenture Trustee shall will be affected by any notice to the contrary. All such payments so made to any such personPerson, or upon his order, shall will 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 Bearer Security or Coupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred 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 Issuer, the Indenture Guarantors, the Trustee and any agent of the Issuer Issuer, the Guarantors or the Indenture Trustee may deem and treat the person in whose name any Security 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 this Indenture, interest on such Security and for all other purposes; and neither the Issuer Issuer, the Guarantors nor the Indenture Trustee nor any agent of the Issuer Issuer, the Guarantors or the Indenture Trustee shall be affected by any notice to the contrary. The Issuer, the Indenture Guarantors, the Trustee and any agent of the Issuer Issuer, the Guarantors 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 and neither the Issuer, the Indenture Guarantors, the Trustee, nor any agent of the Issuer Issuer, the Guarantors or the Indenture 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 Unregistered Security or Coupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred 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 Prior to the due presentment for registration of transfer of any Security, 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 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 of, and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor Issuer, the Indenture Trustee Trustee, 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 sole registered holder of any unregistered Trust Preferred a Global 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 Depositary or on account thereof and for all other purposes and neither the Issuer, the Indenture Trustee, nor any agent of the Issuer or the Indenture 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 Unregistered Security. None of the Trustee, the Paying Agent or Registrar shall have any 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 or with respect to such 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 Coupondirections 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 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, if with respect to any Global Security, nothing herein shall prevent the Securities 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 (or its nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred Securities to institute a Direct Action Depositary (or to declare an Event of Default and accelerate the maturity its nominee) as Holder of such seriesGlobal Security.

Holders to Be Treated as Owners. The Issuer, the Indenture Trustee Guarantors, the Trustee, the Agent and any agent of the Issuer Issuer, the Guarantors, the Trustee or the Indenture Trustee may Agent shall deem and treat the person Person in whose name any Security Note shall be registered upon the Security Note 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 the recognition of any Notes or consent or receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security Note and for all other purposes; and neither the Issuer nor the Indenture Trustee nor any agent none 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 and neither the Issuer, the Indenture Trustee, nor Guarantors the Trustee or the Agent or any agent of the Issuer or the Indenture Trustee thereof 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 CouponNote. Notwithstanding the foregoing, if payment of an amount sufficient to pay the Securities sum due in respect of the Notes made in accordance with Section 2 of Schedule 5 to this Indenture by or on 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 Global Note held on its behalf by the Depositary shall have any rights under this Indenture with respect to such Global Note, and such 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 series are held by 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 GW Capital TrustGlobal 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 a Holder, with respect to such Global Note, or impair, as between this Depositary and owners of beneficial interests in this Section 7.03 shall be deemed to impair such Global Note, the right operation of any holder customary practices governing the exercise of Trust Preferred Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity rights of such seriesDepositary (or its nominee) as Holder of such Global Note.

Holders to Be Treated as Owners. The IssuerCompany, the Indenture Trustee and any agent of the Issuer Company or the Indenture Trustee may deem and treat the person in whose name any Debt Security shall be registered upon the Debt Security register for such series Register 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 this Indenture, interest on such Debt Security and for all other purposes; purposes and to the extent permitted by law neither the Issuer nor Company or the Indenture Trustee nor any agent of the Issuer Company 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 and neither the Issuer, the 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 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 Unregistered 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 Debt Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Registered Debt Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Registered Debt Security for all purposes whatsoever. Notwithstanding the foregoing, if nothing herein shall impair, as between a Depositary and such holders of beneficial interests, the Securities operation of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair customary practices governing the right exercise of the rights of the Depositary as Holder of any holder of Trust Preferred Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity of such seriesDebt 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 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 this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Indenture Trustee 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 and neither the Issuer, the 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 to be paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Security. No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as owner of such 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 Couponfor maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, if with respect to any Global Security, nothing herein shall prevent the Securities 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 such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred Securities to institute a Direct Action Depositary (or to declare an Event of Default and accelerate the maturity its nominee) as Holder of such seriesGlobal Security.

Holders to Be Treated as Owners. The Issuer, the Indenture Guarantor and the Trustee and any agent of the Issuer Issuer, the Guarantor or the Indenture Trustee may deem and treat the person Person in whose name any Security 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 this Indenture, interest on such Security and for all other purposes; and neither none of the Issuer nor Issuer, the Indenture Guarantor, the Trustee nor or any agent of the Issuer Issuer, the Guarantor or the Indenture Trustee shall be affected by any notice to the contrary. The Issuer, the Indenture Guarantor, the Trustee and any agent of the Issuer Issuer, the Guarantor 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 and neither none of the Issuer, the Indenture Guarantor, the Trustee, nor or any agent of the Issuer Issuer, the Guarantor 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. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred 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 Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may deem and treat the person in whose name any Security 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 this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Indenture Trustee 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 PXRE Capital Trust, the holder of any unregistered Trust Preferred 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 and neither the Issuer, the 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 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 Unregistered Security or Coupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW PXRE Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right of any holder of Trust Preferred Capital 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 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 interest, if any, on such Security and for all other purposes; and neither none of the Issuer nor Issuer, the Indenture Trustee nor and 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 neither none of the Issuer, the Indenture Trustee, nor Trustee and 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 nothing herein shall impair, as between a Depository and such holders of beneficial interests, the Securities operation of such series are held by a GW Capital Trust, nothing in this Section 7.03 shall be deemed to impair customary practices governing the right exercise of the rights of the Depository as holder of any holder of Trust Preferred Securities to institute a Direct Action or to declare an Event of Default and accelerate the maturity of such seriesSecurity.