Common use of Holders of Preferred Securities as Third Party Beneficiaries Clause in Contracts

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. In the event that any series of the Debentures are issued to a PartnerRe Trust, The Company and the Guarantor hereby acknowledges acknowledge 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 AgreementIndenture. The Company and the Guarantor further acknowledges acknowledge that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company and/or the Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the DebenturesSecurities 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 and/or the Guarantor.