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

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 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 NotesDebentures, any holder of the Preferred Securities of such RenaissanceRe Trust may institute a Direct Action against the Guarantor.