Common use of Liability of the Holder of Common Securities Clause in Contracts

Liability of the Holder of Common Securities. As permitted under the Delaware Statutory Trust Act, the Sponsor hereby covenants to pay all debts and obligations (other than with respect to the Preferred Securities and the Common Securities) and all costs and expenses of the Issuer Trust, including, but not limited to, all costs and expenses relating to the organization of the Issuer Trust (without duplication of amounts paid pursuant to Section 2.3 hereof), the indemnities, fees and expenses (including reasonable counsel fees and expenses) of the Issuer Trustees (to the extent the same are provided for herein) and all costs and expenses relating to the offering, sale and issuance of the Trust Securities and the operation, maintenance and dissolution of the Issuer Trust (including, without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets and the enforcement by the Property Trustee of the rights of the holders of the Notes) and to pay any and all taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed on the Issuer Trust by the United States, or any other taxing authority, with respect to the aforesaid debts, obligations, costs and expenses. The Sponsor’s obligations under this Section 4.8 shall be for the benefit of, and shall, to the extent permitted by applicable law, be enforceable by, any Person to whom such debts, obligations and costs are owed (a “Creditor”) whether or not such Creditor has received notice hereof. To the extent permitted by applicable law, any such Creditor may enforce the Sponsor’s obligations under this Section 4.8 directly against the Sponsor and the Sponsor irrevocably waives any right or remedy to require that any such Creditor take any action against the Issuer Trust or any other Person before proceeding against the Sponsor. The Sponsor agrees to execute such additional agreements as may be necessary in order to give full effect to the provisions of this Section 4.8.