Exhibit 10.1

 

FIRST AMENDMENT TO LOAN AGREEMENT

 

THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered
into as of September 22, 2011 by and among HCC INSURANCE HOLDINGS, INC., a
Delaware corporation (the “Borrower”); each of the Lenders which is a party to
the Loan Agreement (as defined below) (individually, a “Lender” and,
collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
Administrative Agent for the Lenders and Lead Arranger (in such capacity,
together with its successors in such capacity, the “Agent”).

 

RECITALS

 

A.                                   The Borrower, the Lenders and the Agent
executed and delivered that certain Loan Agreement dated as of March 8, 2011. 
Said Loan Agreement, as heretofore amended,  is herein called the “Loan
Agreement”.  Any capitalized term used in this Amendment and not otherwise
defined shall have the meaning ascribed to it in the Loan Agreement.

 

B.                                     The Borrower, the Lenders and the Agent
desire to amend the Loan Agreement in certain respects.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties herein set forth, and further good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Lenders and the Agent do hereby agree as follows:

 

SECTION 1. Amendment to Loan Agreement.  Section 8.5 of the Loan Agreement is
hereby amended to read in its entirety as follows:

 

8.5                                 Redemption, Dividends and Distributions.  At
any time:  (a) redeem, retire or otherwise acquire, directly or indirectly, any
equity interest in Borrower other than redemptions, retirements and stock
repurchases not exceeding, in the aggregate and on a cumulative basis from and
after the Effective Date, $750,000,000 which may be made so long as no Event of
Default has occurred which is continuing (or would result therefrom) or (b) make
any distributions of any Property or cash to the owner of any of the equity
interests in Borrower or any of its Material Subsidiaries other than Permitted
Dividends.

 

SECTION 2. Ratification.  Except as expressly amended by this Amendment, the
Loan Agreement and the other Loan Documents shall remain in full force and
effect.  None of the rights, title and interests existing and to exist under the
Loan Agreement are hereby released, diminished or impaired, and the Borrower
hereby reaffirms all covenants, representations and warranties in the Loan
Agreement (except such representations and warranties which are, by their
express terms, limited to a prior date).

 

SECTION 3. Expenses.  The Borrower shall pay to the Agent all reasonable fees
and expenses of its respective legal counsel (pursuant to Section 11.3 of the
Loan Agreement) incurred in connection with the execution of this Amendment.

 

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SECTION 4. Certifications.  The Borrower hereby certifies that after giving
effect to this Amendment (a) no material adverse change in the assets,
liabilities, financial condition, business or affairs of the Borrower has
occurred since December 31, 2010 and (b) no uncured Default or uncured Event of
Default has occurred and is continuing or will occur as a result of this
Amendment.

 

SECTION 5. Miscellaneous.  This Amendment (a) shall be binding upon and inure to
the benefit of the Borrower, the Lenders and the Agent and their respective
successors, assigns, receivers and trustees; (b) may be modified or amended only
by a writing signed by the required parties; (c) shall be governed by and
construed in accordance with the laws of the State of Texas and the United
States of America; (d) may be executed in several counterparts by the parties
hereto on separate counterparts, and each counterpart, when so executed and
delivered, shall constitute an original agreement, and all such separate
counterparts shall constitute but one and the same agreement and (e) together
with the other Loan Documents, embodies the entire agreement and understanding
between the parties with respect to the subject matter hereof and supersedes all
prior agreements, consents and understandings relating to such subject matter. 
The headings herein shall be accorded no significance in interpreting this
Amendment.

 

NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02

 

THE LOAN AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER LOAN DOCUMENTS
EXECUTED BY ANY OF THE PARTIES PRIOR HERETO OR SUBSTANTIALLY CONCURRENTLY
HEREWITH CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

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IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have caused this
Amendment to be signed by their respective duly authorized officers, effective
as of the date first above written.

 

 

HCC INSURANCE HOLDINGS, INC.,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ Brad T. Irick

 

 

Brad T. Irick, Executive Vice President &

 

 

Chief Financial Officer

 

[Signature Page for First Amendment to Loan Agreement]

 

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WELLS FARGO BANK, NATIONAL

 

ASSOCIATION, as Administrative Agent

 

and as a Lender

 

 

 

 

 

By:

/s/ Chad D. Johnson

 

Name:

Chad D. Johnson

 

Title:

Senior Vice President

 

[Signature Page for First Amendment to Loan Agreement]

 

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BANK OF AMERICA, N.A.

 

 

 

 

 

By:

/s/ Debra Basler

 

Name:

Debra Basler

 

Title:

Managing Director

 

[Signature Page for First Amendment to Loan Agreement]

 

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BARCLAYS BANK PLC

 

 

 

 

 

By:

/s/ John French

 

Name:

John French

 

Title:

Director - Insurance

 

[Signature Page for First Amendment to Loan Agreement]

 

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JPMORGAN CHASE BANK, N.A.

 

 

 

 

 

By:

/s/ Thomas A. Kiepura

 

Name:

Thomas A. Kiepura

 

Title:

Vice President

 

[Signature Page for First Amendment to Loan Agreement]

 

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THE ROYAL BANK OF SCOTLAND PLC

 

 

 

 

 

By:

/s/ Barrie Davison

 

Name:

Barrie Davison

 

Title:

Director

 

[Signature Page for First Amendment to Loan Agreement]

 

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KEYBANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Thomas J. Purcell

 

Name:

Thomas J. Purcell

 

Title:

Senior Vice President

 

[Signature Page for First Amendment to Loan Agreement]

 

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AMEGY BANK, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Kelly Nash

 

Name:

Kelly Nash

 

Title:

Assistant Vice President

 

[Signature Page for First Amendment to Loan Agreement]

 

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