Exhibit 10.2

 

FIRST AMENDMENT AND CONSENT TO CREDIT AGREEMENT

 

FIRST AMENDMENT AND CONSENT TO CREDIT AGREEMENT, dated as of September 10, 2004
(this “Amendment”), among ARCH CAPITAL GROUP LTD., a company organized under the
laws of Bermuda (the “Borrower”), the lenders from time to time party to the
Credit Agreement (the “Lenders”), and JPMORGAN CHASE BANK, as administrative
agent for the Lenders (in such capacity, the “Administrative Agent”).  All
capitalized terms used herein and not otherwise defined herein shall have the
respective meanings provided such terms in the Credit Agreement.

 

W I T N E S S E T H :

 

WHEREAS, the Borrower, Lenders and the Administrative Agent are parties to a
Credit Agreement, dated as of September 12, 2003 (as amended, restated, modified
and/or supplemented prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, subject to the terms, conditions and agreements herein set forth, the
parties hereto have agreed to amend the Credit Agreement as herein provided;

 

NOW, THEREFORE, it is agreed:

 

I.              Amendments.

 

1.  The definition of “Commitment Expiration Date” appearing in Section 1.01 of
the Credit Agreement is hereby amended by deleting said definition in its
entirety and inserting the following new definition in lieu thereof:

 

“Commitment Expiration Date” means (i) in the case of each Continuing Lender,
September 17, 2004 and (ii) in the case of each Lender other than a Continuing
Lender, September 10, 2004.

 

2.  The definition of “Maturity Date” appearing in Section 1.01 of the Credit
Agreement is hereby amended by deleting said definition in its entirety and
inserting the following new definition in lieu thereof:

 

“Maturity Date” means September 17, 2004.

 

3.  Section 1.01 of the Credit Agreement is hereby further amended by inserting
the following new definition in appropriate alphabetical order:

 

“Continuing Lender” means JPMorgan Chase Bank, Bank of America, N.A., The Bank
of Bermuda Limited (or its successor in interest), Wachovia Bank, National
Association, and The Bank of New York.

 

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II.            Consent.

 

1.  It is hereby understood and agreed that any reference to Commitment
Expiration Date appearing in the Credit Agreement shall be construed to be the
Commitment Expiration Date for a given Lender.

 

III.           Miscellaneous.

 

1.  In order to induce the Lenders to enter into this Amendment, the Borrower
hereby represents and warrants that (x) no Default or Event of Default exists as
of the First Amendment Effective Date after giving effect to this Amendment and
(y) all of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
the First Amendment Effective Date after giving effect to this Amendment, with
the same effect as though such representations and warranties had been made on
and as of such date (other than those representations or warranties which are
made as of a specified date or with respect to a specified period of time, in
which case such representations and warranties shall be made solely as of such
specified date or with respect to such specified period of time).

 

2.  This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement (or of any provision beyond the specific amendments granted hereby) or
any other Credit Document.

 

3.  This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which together
shall constitute one and the same instrument.  A complete set of counterparts
shall be lodged with the Borrower and the Administrative Agent.

 

4.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF
NEW YORK.

 

5.  This Amendment shall become effective on the first date (the “First
Amendment Effective Date”) on which the Borrower, each Continuing Lender and the
Lenders constituting the Required Lenders shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including
by way of facsimile transmission) the same to the White and Case LLP, 1155
Avenue of the Americas, New York, NY 10036, Attention: Gina Kwack (facsimile
number 212-354-8113).

 

6.  At all times on and after the First Amendment Effective Date, all references
in the Credit Agreement and each of the Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement after giving effect to
this Amendment.  It is agreed that this Amendment shall constitute a Credit
Document for all purposes under the Credit Agreement and the other Credit
Documents.

 

* * * *

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first written above.

 

 

ARCH CAPITAL GROUP LTD.

 

 

 

 

 

By:

/s/ John D. Vollaro

 

 

 

Name: John D. Vollaro

 

 

Title: Executive Vice President and Chief
Financial Officer

 

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JPMORGAN CHASE BANK, Individually
and as Administrative Agent

 

 

 

 

 

By:

/s/ Heather Lindstrom

 

 

 

Name: Heather Lindstrom

 

 

Title: Vice President

 

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BANK OF AMERICA, N.A., Individually and
as Syndication Agent

 

 

 

 

 

By:

/s/ Debra Basler

 

 

 

Name: Debra Basler

 

 

Title: Principal

 

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THE BANK OF BERMUDA LIMITED

 

 

 

 

 

By:

/s/ W. Graham Welton

 

 

 

Name: W. Graham Welton

 

 

Title: Head of Corporate Investment
Banking & Markets

 

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THE BANK OF NEW YORK

 

 

 

 

 

By:

/s/ Lizanne T. Eberle

 

 

 

Name: Lizanne T. Eberle

 

 

Title: Vice President

 

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WACHOVIA BANK, NATIONAL
ASSOCIATION

 

 

 

 

 

By:

/s/ Kimberly Shaffer

 

 

 

Name: Kimberly Shaffer

 

 

Title: Director

 

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BARCLAYS BANK PLC

 

 

 

 

 

By:

/s/ Brendan Mahoney

 

 

 

Name: Brendan Mahoney

 

 

Title: Director’s Assistant

 

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