Common use of Trustee May Enforce Claims Without Possession of Securities or Coupons Clause in Contracts

Trustee May Enforce Claims Without Possession of Securities or Coupons. The Trustee may maintain a proceeding even if it does not possess any of the Securities or coupons or does not produce any of them in the proceeding. If an Event of Default in payment of principal, premium, if any, or interest specified in clause (1) or (2) of Subsection 501(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust, against the Company for the whole amount of principal, premium, if any, and interest remaining unpaid with respect to such Securities, and interest on overdue principal and premium, if any, and to the extent lawful, interest on overdue interest, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation and expenses of the Trustee, its agents and counsel. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.