Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not of collection (i.e., a Covered Person may institute a legal proceeding directly against the Guarantor to enforce its rights under this Preferred Securities Guarantee without first instituting a legal proceeding against any other person or entity). This Preferred Securities Guarantee will not be discharged except by payment of the Guarantee Payments in full to the extent not previously paid or upon Distribution to the Holders of the corresponding series of Debentures as provided in the Declaration.
Appears in 12 contracts
Sources: Preferred Securities Guarantee Agreement, Preferred Securities Guarantee Agreement (St. Paul Travelers Capital Trust IV), Preferred Securities Guarantee Agreement (Forest City Enterprises Capital Trust I)
Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not of collection (i.e., a Covered Person may institute a legal proceeding directly against the Guarantor to enforce its rights under this the Preferred Securities Guarantee without first instituting a legal proceeding against any other person or entity). This Preferred Securities Guarantee will not be discharged except by payment of the Guarantee Payments in full to the extent not previously paid or upon Distribution to the Holders of the corresponding series of Debentures as provided in the Declaration.
Appears in 8 contracts
Sources: Preferred Securities Guarantee Agreement (Hartford Life Capital Iii), Preferred Securities Guarantee Agreement (Hartford Life Capital V), Preferred Securities Guarantee Agreement (Hartford Life Capital V)
Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not of collection (i.e., a Covered Person the guaranteed party may institute a legal proceeding directly against the Guarantor to enforce its rights under this the Preferred Securities Guarantee without first instituting a legal proceeding against any other person or entity). This Preferred Securities Guarantee will not be discharged except by payment of the Guarantee Payments in full to the extent not previously paid or upon Distribution to the Holders of the Preferred Securities of the corresponding series of Debentures as provided in the Declaration.
Appears in 8 contracts
Sources: Guarantee Agreement (Public Service Co of Colorado), Guarantee Agreement (Scottish Annuity & Life Holdings LTD), Guarantee Agreement (Nationwide Financial Services Inc/)
Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not of collection (i.e., a Covered Person may institute a legal proceeding directly against the Guarantor to enforce its rights under this Preferred Securities Guarantee without first instituting a legal proceeding against any other person Person or entity). This Preferred Securities Guarantee will not be discharged except by payment of the Guarantee Payments in full to the extent not previously paid or upon Distribution to the Holders of the corresponding series of Debentures as provided in the Declaration.
Appears in 1 contract
Sources: Preferred Securities Guarantee Agreement (Travelers Capital Trust V)
Guarantee of Payment. This Preferred Securities Guarantee creates a guarantee of payment and not of collection (i.e., a Covered Person the guaranteed party may institute a legal proceeding directly against the Guarantor to enforce its rights under this the Preferred Securities Guarantee without first instituting a legal proceeding against any other person or entity). This Preferred Securities Guarantee will not be discharged except by payment of the Guarantee Payments in full to the extent not previously paid or upon Distribution to the Holders of the corresponding series Preferred Securities of the Debentures as provided in the Declaration.
Appears in 1 contract