Common use of Unconditional Right of Holders to Receive Principal and Interest Clause in Contracts

Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right that is absolute and unconditional to receive payment of the principal of and (subject to Section 3.08) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a Southern Financial Capital Trust, any holder of the corresponding series of Capital Securities shall have the right, upon the occurrence of an Event of Default described in Section 5.01(1) or 5.01(2) hereof, to institute a suit directly against the Company for enforcement of payment to such Holder of principal of and (subject to Section 3.08) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount of the Capital Securities of the corresponding series held by such Holder. Notwithstanding any payments made to a holder of Capital Securities by the Company in connection with a suit directly against the Company, the Company shall remain obligated to pay the principal of or interest on the Securities, and the Company shall be subrogated to the rights of the holder of such Capital Securities with respect to payments on the Capital Securities to the extent of any payments made by the Company to such holder in any suit directly against the Company. The holders of the Capital Securities will not be able to exercise directly any remedies, other than those set forth in this Section 5.08, available to the holders of the Securities unless there shall have been an Event of Default under the Trust Agreement.

Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right that is absolute and unconditional to receive payment of the principal of and (subject to Section 3.08) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a Southern Financial Resource Capital Trust, any holder of the corresponding series of Capital Securities shall have the right, upon the occurrence of an Event of Default described in Section 5.01(1) or 5.01(2) hereof, to institute a suit directly against the Company for enforcement of payment to such Holder of principal of and (subject to Section 3.08) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount of the Capital Securities of the corresponding series held by such Holder. Notwithstanding any payments made to a holder of Capital Securities by the Company in connection with a suit directly against the Company, the Company shall remain obligated to pay the principal of or interest on the Securities, and the Company shall be subrogated to the rights of the holder of such Capital Securities with respect to payments on the Capital Securities to the extent of any payments made by the Company to such holder in any suit directly against the Company. The holders of the Capital Securities will not be able to exercise directly any remedies, other than those set forth in this Section 5.08, available to the holders of the Securities unless there shall have been an Event of Default under the Trust Agreement.

Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right that is absolute and unconditional to receive payment of the principal of and (subject to Section 3.08) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a Southern Financial Highlands Capital Trust, any holder of the corresponding series of Capital Securities shall have the right, upon the occurrence of an Event of Default described in Section 5.01(1) or 5.01(2) hereof, to institute a suit directly against the Company for enforcement of payment to such Holder of principal of and (subject to Section 3.08) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount of the Capital Securities of the corresponding series held by such Holder. Notwithstanding any payments made to a holder of Capital Securities by the Company in connection with a suit directly against the Company, the Company shall remain obligated to pay the principal of or interest on the Securities, and the Company shall be subrogated to the rights of the holder of such Capital Securities with respect to payments on the Capital Securities to the extent of any payments made by the Company to such holder in any suit directly against the Company. The holders of the Capital Securities will not be able to exercise directly any remedies, other than those set forth in this Section 5.08, available to the holders of the Securities unless there shall have been an Event of Default under the Trust Agreement.

Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right that is absolute and unconditional to receive payment of the principal of and (subject to Section 3.08) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a Southern Financial Guaranty Capital Trust, any holder of the corresponding series of Capital Securities shall have the right, upon the occurrence of an Event of Default described in Section 5.01(1) or 5.01(2) hereof, to institute a suit directly against the Company for enforcement of payment to such Holder of principal of and (subject to Section 3.08) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount of the Capital Securities of the corresponding series held by such Holder. Notwithstanding any payments made to a holder of Capital Securities by the Company in connection with a suit directly against the Company, the Company shall remain obligated to pay the principal of or interest on the Securities, and the Company shall be subrogated to the rights of the holder of such Capital Securities with respect to payments on the Capital Securities to the extent of any payments made by the Company to such holder in any suit directly against the Company. The holders of the Capital Securities will not be able to exercise directly any remedies, other than those set forth in this Section 5.08, available to the holders of the Securities unless there shall have been an Event of Default under the related Trust Agreement.