Common use of Right to Proceed Clause in Contracts

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer to pay the principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly against the Debenture Issuer for enforcement of its payment obligations in respect of the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Preferred Securities, in the event that a failure of the Trust to pay Distributions on the Capital Preferred Securities is attributable to the failure of the Debenture Issuer Company to pay the interest or principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly Direct Actions against the Debenture Issuer for enforcement of its payment obligations in respect of on the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer to pay the principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly against the Debenture Issuer for enforcement of its payment obligations in respect of the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Trust Preferred Securities, in the event that a failure of the Trust to pay Distributions on the Capital Trust Preferred Securities is attributable to the failure of the Debenture Issuer to pay the interest or principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly against the Debenture Issuer or the guarantor under the Indenture for enforcement of its payment obligations in respect of on the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Preferred Securities, in the event that a failure of the Trust to pay Distributions on the Capital Preferred Securities is attributable to the failure of the Debenture Issuer to pay the interest or principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly Direct Action against the Debenture Issuer for enforcement of its payment obligations in respect of on the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer Company to pay the interest or principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly against the Debenture Issuer for enforcement of its payment obligations in respect of on the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of the Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer to pay the interest or principal of or premium (if any) or interest on the Debentures, to institute a proceeding directly Direct Actions against the Debenture Issuer for enforcement of its payment obligations in respect of on the Debentures.

Right to Proceed. The Sponsor acknowledges the rights of the Holders of Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer to pay the interest or principal of or premium (if any) or interest on the Junior Subordinated Debentures, to institute a proceeding directly against the Debenture Issuer for enforcement of its payment obligations in respect of on the Junior Subordinated Debentures.