Holders of Preferred Securities as Third Party Beneficiaries. The Company hereby acknowledges that, to the extent specifically set forth herein, prior to a Security Exchange with respect to the Debentures of any series held as assets of a Trust, the holders of the Preferred Securities of such Trust shall expressly be third party beneficiaries of this Indenture. The Company further acknowledges that, prior to a Security Exchange with respect to Debentures of any series held as assets of a Trust, if an Event of Default has occurred and is continuing and is attributable to (i) the failure of the Company to pay the principal of or premium, if any, or interest on the Debentures or (ii) the failure by the Company to deliver the required securities or other rights upon an appropriate conversion or exchange right election, any holder of the Preferred Securities of such Trust may institute a Direct Action against the Company.
Holders of Preferred Securities as Third Party Beneficiaries. In the event that any series of the Debentures are issued to a PartnerRe Trust, the Guarantor hereby acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of a PartnerRe Trust shall expressly be third party beneficiaries of this Guarantee Agreement. The Guarantor further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Debentures, any holder of the Preferred Securities of such PartnerRe Trust may institute a Direct Action against the Guarantor.
Holders of Preferred Securities as Third Party Beneficiaries. The Guarantor hereby acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of a RenaissanceRe Trust shall expressly be third party beneficiaries of this Guarantee Agreement. The Guarantor further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Junior Subordinated Notes, any holder of the Preferred Securities of such RenaissanceRe Trust may institute a Direct Action against the Guarantor.
Holders of Preferred Securities as Third Party Beneficiaries. The Guarantor hereby acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of a PartnerRe Trust shall expressly be third party beneficiaries of this Guarantee Agreement.
Holders of Preferred Securities as Third Party Beneficiaries. The Company and the Guarantor hereby acknowledge that, to the extent specifically set forth herein, the holders of the Preferred Securities of an ACE Trust shall expressly be third party beneficiaries of this Indenture. The Company and the Guarantor further acknowledge that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company and the Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Securities of the series held by such ACE Trust, any holder of the Preferred Securities of such ACE Trust may institute a Direct Action against the Company or the Guarantor.
Holders of Preferred Securities as Third Party Beneficiaries. The Company acknowledges that, prior to a Security Exchange with respect to Debentures of any series held as trust assets of a Trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Debentures of a series held as trust assets of such Trust, any holder of the Preferred Securities of such Trust may in accordance with the provisions of the Declaration of Trust of such Trust, institute legal proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other Person; provided that, if an Event of Default has occurred and is continuing and such event is attributed to the failure of the Company to pay principal of, any premium or interest on or Additional Amounts with respect to the Debentures on the date such amounts are otherwise payable (or in the case of redemption, on the redemption date), then a holder of Preferred Securities of such Trust may directly institute a proceeding for enforcement of payment to such holder of such amounts on the Debentures having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder (a "Holder Direct Action") on or after the respective due date specified in the Debentures. In connection with such Holder Direct Action, the Company shall be subrogated to the rights of such holder of Preferred Securities to the extent of any payment made by the Company to such holders of Preferred Securities in such Holder Direct Action. Except as provided in the preceding sentences or Section 6.01(e), the holders of Preferred Securities of such Trust shall not be able to exercise directly any other remedy available to the holders of the Debentures.
Holders of Preferred Securities as Third Party Beneficiaries. The Company and the Guarantor hereby acknowledge that, to the extent specifically set forth herein, the holders of the Preferred Securities of an Assured Guaranty Trust shall expressly be third party beneficiaries of this Indenture. The Company and the Guarantor further acknowledge that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company and the Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Securities of the series held by such Assured Guaranty Trust, any holder of the Preferred Securities of such Assured Guaranty Trust may institute a Direct Action against the Company or the Guarantor.
Holders of Preferred Securities as Third Party Beneficiaries. The Company hereby acknowledges that, to the extent specifically set forth herein, prior to a Security Exchange with respect to the Debentures held as trust assets of the Trust, the holders of the Preferred Securities of the Trust shall expressly be third party beneficiaries of this Indenture. ARTICLE FOURTEEN
Holders of Preferred Securities as Third Party Beneficiaries. The Company hereby acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of a PartnerRe Trust shall expressly be third party beneficiaries of this Indenture. The Company further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Securities of the series held by such PartnerRe Trust, any holder of the Preferred Securities of such PartnerRe Trust may institute a Direct Action against the Company.
Holders of Preferred Securities as Third Party Beneficiaries. The Issuer hereby acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of a Scottish Holdings Trust shall expressly be third party beneficiaries of this Indenture. The Issuer further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Issuer to pay the principal of or premium, if any, or interest on the Securities of the series held by such Scottish Holdings Trust, any holder of the Preferred Securities of such Scottish Holdings Trust may institute a Direct Action against the Issuer.
