Common use of Acknowledgement of Rights Clause in Contracts

Acknowledgement of Rights. The Company and the Guarantor acknowledge that, with respect to any Securities held by a MediaOne Trust or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the series of Securities held as the assets of such MediaOne Trust, any holder of Preferred Securities of such MediaOne Trust may, after a period of 30 days has elapsed from such holder's written request to such Property Trustee to enforce such rights, institute legal proceedings directly against the Company and the Guarantor to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. In addition, the Company and the Guarantor acknowledge that, notwithstanding the foregoing, if a an event of default under the Declararion of such MediaOne Trust has occurred and is continuing and such event is attributable to the failure of the Company or the Guarantor to pay interest or principal on such Securities on the date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then any holder of such Preferred Securities may institute a proceeding for enforcement of payment to such holder of the principal of, or interest on, an aggregate principal amount of such Securities equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due date specified in such Securities.

Acknowledgement of Rights. The Company and the Guarantor acknowledge acknowledges that, with respect to any Securities ICONs held by a MediaOne the Trust or a trustee of such trustthe Trustee, if the Property Trustee of such Trust fails to enforce its rights right under this Supplemental Indenture as the holder of the series of Securities ICONs held as the assets of such MediaOne the Trust, any holder of Preferred Capital Securities of such MediaOne Trust may, after a period of 30 days has elapsed from such holder's written request to such Property Trustee to enforce such rights, may institute legal proceedings directly against the Company and the Guarantor to enforce such Property the Trustee's rights under this Supplemental Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. In addition, the Company and the Guarantor acknowledge that, notwithstanding Notwithstanding the foregoing, if a an event Event of default under the Declararion of such MediaOne Trust Default has occurred and is continuing and such event is attributable to the failure of the Company or the Guarantor to pay interest or principal on such Securities the ICONs on the date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then any the Company acknowledges that a holder of Capital Securities issued by the Trust which is, or the Trustee of which is, the holder of such Preferred Capital Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of, of or interest on, an aggregate on the ICONs having a principal amount of such Securities equal to the aggregate liquidation amount of the Preferred Capital Securities of such holder (a "Direct Action") on or after the respective due date specified of such holder on or after the respective due date specified in the ICONs. Notwithstanding any payments made to such Securitiesholder of Capital Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of or interest on the ICONs held by the Trust or Trustee, and the Company shall be subrogated to the rights of the holder of such Capital Securities to the extent of any payments made by the Company to such holder in any Direct Action.

Acknowledgement of Rights. The Company and the Guarantor acknowledge acknowledges that, with respect to any Securities held by a MediaOne Citicorp Capital Trust or a trustee of such a trust, if the Property Institutional Trustee of such a Trust fails to enforce its rights under this Indenture as the holder of the series of Securities held as the assets of such MediaOne Citicorp Capital Trust, any holder of Preferred Securities of such MediaOne Trust may, after a period of 30 days has elapsed from such holder's written request to such Property Trustee to enforce such rights, may institute legal proceedings directly against the Company and the Guarantor to enforce such Property Institutional Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Institutional Trustee or any other person or entity. In addition, the Company and the Guarantor acknowledge that, notwithstanding Notwithstanding the foregoing, if a an event Event of default under the Declararion of such MediaOne Trust Default has occurred and is continuing and such event is attributable to the failure of the Company or the Guarantor to pay interest or principal on such the applicable series of Securities on the date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then any the Company acknowledges that a holder of such Preferred Securities may directly institute a proceeding against the Company for enforcement of payment to such holder of the principal of, of or interest on, an aggregate on the applicable series of Securities having a principal amount of such Securities equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due date specified in such the applicable series of Securities.

Acknowledgement of Rights. The Company and the Guarantor acknowledge that, with respect to any Securities held by a MediaOne any Countrywide Trust or a trustee of such trust, if the Property Institutional Trustee of such Trust trust fails to enforce its rights under this Indenture as the holder of the series of Securities held as the assets of such MediaOne Trust, Countrywide Trust any holder of Preferred Securities of such MediaOne Trust may, after a period of 30 days has elapsed from such holder's written request to such Property Trustee to enforce such rights, may institute legal proceedings directly against the Company and or the Guarantor to enforce such Property Institutional Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Institutional Trustee or any other person or entity. In addition, the Company and the Guarantor acknowledge that, notwithstanding Notwithstanding the foregoing, if a an event Event of default under the Declararion of such MediaOne Trust Default has occurred and is continuing and such event is attributable to the failure of the Company or the Guarantor to pay interest or principal on such the applicable series of Securities on the date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then any the Company and the Guarantor acknowledge that a holder of such Preferred Securities may directly institute a proceeding for or enforcement of payment to such holder of the principal of, of or interest on, an aggregate on the applicable series of Securities having a principal amount of such Securities equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due date specified in such the applicable series of Securities.