Common use of Preferred Security Holders' Rights Clause in Contracts

Preferred Security Holders' Rights. Notwithstanding Section 507 of the Indenture, if the Property Trustee fails to enforce its rights under the Senior Notes after a holder of Preferred Securities has made a written request, the holder of Preferred Securities may, to the fullest extent permitted by law, institute a legal proceeding directly against the Company to enforce the Property Trustee's rights under the Indenture without first instituting any legal proceeding against the Property Trustee or any other Person.