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

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 and the Guarantor hereby acknowledge that, to the extent specifically set forth herein, the holders of the Preferred Securities of an ACE a Trenwick 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 Trenwick Trust, any holder of the Preferred Securities of such ACE Trenwick Trust may institute a Direct Action against the Company or the Guarantor.