Rights of the Holders. (a) The Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting of any proceeding for any remedy available to the Preferred Guarantee Trustee in respect of this Preferred Securities Guarantee or exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities Guarantee. (b) Any Holder of Preferred Securities may institute and prosecute a legal proceeding directly against the Guarantor to enforce its rights under this Preferred Securities Guarantee, without first instituting a legal proceeding against the Trust, the Preferred Guarantee Trustee or any other Person.
Appears in 10 contracts
Samples: Preferred Securities Guarantee Agreement (Great Southern Capital Trust I), Preferred Securities Guarantee Agreement (S Y Bancorp Inc), Preferred Securities Guarantee Agreement (S Y Bancorp Capital Trust I)
Rights of the Holders. (a) The Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting of any proceeding for any remedy available to the Preferred Guarantee Trustee in respect of this Preferred Securities Guarantee or exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities Guarantee.
(b) Any Holder of Preferred Securities may institute and prosecute a legal proceeding directly against the Guarantor to enforce its rights under this Preferred Securities Guarantee, without first instituting a legal proceeding against the Trust, the Preferred Guarantee Trustee or any other Person.
Appears in 7 contracts
Samples: Preferred Securities Guarantee Agreement (Itla Capital Corp), Preferred Securities Guarantee Agreement (Itla Capital Corp), Preferred Securities Guarantee Agreement (Mb Financial Inc /Md)
Rights of the Holders. (a) The Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting of any proceeding for any remedy available to the Preferred Guarantee Trustee in respect of this Preferred Securities Guarantee or exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities Guarantee.
(b) Any Holder of Preferred Securities may institute and prosecute a legal proceeding directly against the Guarantor to enforce its rights under this Preferred Securities Guarantee, without first instituting and prosecuting a legal proceeding against the Trust, the Preferred Guarantee Trustee or any other Person.
Appears in 5 contracts
Samples: Preferred Securities Guarantee Agreement (First Busey Statutory Trust V), Preferred Securities Guarantee Agreement (Baylake Capital Trust I), Preferred Securities Guarantee Agreement (Baylake Capital Trust I)
