Exhibit 10.2

AMENDMENT

                    AMENDMENT, dated as of March 25, 2011 (this “Amendment”), to
the Credit Agreement, dated as of June 21, 2007 (as amended, modified, restated
and supplemented from time to time, the “Existing Credit Agreement”), among XL
Group Ltd. (formerly, XL Capital Ltd), an exempted company incorporated in the
Cayman Islands with limited liability (“XL Group Ltd”), X.L. America, Inc., a
Delaware corporation (“XL America”), XL Insurance (Bermuda) Ltd, a Bermuda
limited liability company (“XL Insurance”) and XL Re Ltd, a Bermuda limited
liability company (“XL Re” and, together with XL Group Ltd, XL America and XL
Insurance, each an “Account Party” and each a “Guarantor” and collectively, the
“Account Parties” and the “Guarantors”), the several lenders from time to time
parties hereto (the “Lenders”), the several agents parties thereto and JPMORGAN
CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).

W I T N E S S E T H:

                    WHEREAS, pursuant to the Existing Credit Agreement, the
Lenders agreed to make, and have made, certain loans and other extensions of
credit to the Account Parties;

                    WHEREAS, the Account Parties have requested that certain
provisions of the Existing Credit Agreement be amended as set forth herein; and

                    WHEREAS, the Required Lenders are willing to agree to such
amendments on the terms set forth herein;

                    NOW, THEREFORE, the parties hereto hereby agree as follows:

                    SECTION 1. Defined Terms. Capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Existing
Credit Agreement.

                    SECTION 2. Amendments.

 

 

 

          2.1 Amendment to Section 1.01 (Defined Terms). Section 1.01 of the
Existing Credit Agreement is hereby amended by (i) adding the following terms in
proper alphabetical order:

 

 

 

          “First Amendment Effective Date” means March 25, 2011.

 

 

 

          “Secured Credit Agreement” means the proposed Credit Agreement to be
dated as of or about March 25, 2011 among XL Group plc (“XL Group”), XL Group
Ltd. (“XL Group Ltd”), XL America, XL Insurance, XL Re, XL Re Europe Limited, XL
Insurance Company Limited, XL Insurance Switzerland Ltd, XL Life Ltd, the
lenders party thereto and JPMCB, as administrative agent, as amended, restated,
supplemented or otherwise modified from time to time, including any renewals,
extensions or replacements thereof that increase the principal amount thereof as
of the First Amendment Effective Date; provided, however, that to the extent
such principal amount exceeds $1,000,000,000, such excess amount shall not be
deemed to be incurred under the Secured Credit Agreement.

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2

          (ii) deleting the definitions of “Commitment” and “Letter of Credit
Commitment” and substituting in lieu thereof the following:

                    “Commitment” means, with respect to any Lender, the Letter
of Credit Commitment or the Revolving Credit Commitment of such Lender, as
applicable. The aggregate amount of the Lenders’ Commitments as of the First
Amendment Effective Date is $3,000,000,000.

                    “Letter of Credit Commitment” means, with respect to any
Lender, the commitment of such Lender, if any, (a) to issue Syndicated Letters
of Credit and Non-Syndicated Letters of Credit and acquire participations in
Participated Letters of Credit and/or (b) to make Loans under Section
2.07(a)(I), in each case expressed as an amount representing the maximum
aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment
may be (i) reduced from time to time pursuant to Section 2.11 and (ii) reduced
or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 10.04. The initial amount of each Lender’s Letter of Credit
Commitment (including such Lender’s allocable portion of the RC Sublimit that
may be borrowed under Section 2.07(a)(I)) is set forth on Schedule I or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its
Letter of Credit Commitment, as applicable. The aggregate amount of the Lenders’
Letter of Credit Commitments as of the First Amendment Effective Date is
$3,000,000,000.

                    2.2 Amendments to Section 6.01 (Financial Statements and
Other Information).

 

 

 

          (a) Section 6.01(a) of the Existing Credit Agreement is hereby amended
by replacing such Section in its entirety with the following:

 

 

 

          (a) by April 10 of each year, (i) the audited balance sheet and
related statements of operations, stockholders’ equity and cash flows of XL
Group and its consolidated Subsidiaries as of the end of and for the immediately
preceding fiscal year, setting forth in comparative form the figures for (or, in
the case of the balance sheet, as of the end of) the previous fiscal year (if
such figures were already produced for such corresponding period), reported on
by independent public accountants of recognized national standing (without a
“going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit) to the effect that such financial
statements present fairly in all material respects the financial condition and
results of operations of XL Group and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied (it being
understood that delivery to the Lenders of XL Group’s Report on Form 10-K filed
with the SEC shall satisfy the financial statement delivery requirements under
this clause (i) so long as the financial information required to be contained in
such report is substantially the same as the financial information required
under this clause (i)); and (ii) the unaudited consolidated balance sheet and
related statements of operations, stockholders’ equity and cash flows of XL
Group Ltd and its consolidated Subsidiaries as of the end of and for the
immediately preceding fiscal year, setting forth in each case in comparative
form the figures for (or, in the case of the balance sheet, as of the end of)
the previous fiscal year (if such figures were already produced for such
corresponding period), certified by a Financial Officer of XL Group Ltd as
presenting fairly in all material respects the financial condition and results
of operations of XL Group Ltd and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes;

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3

 

 

 

 

          (b) Section 6.01(b) of the Existing Credit Agreement is hereby amended
by replacing such Section in its entirety with the following:

 

 

 

 

 

          (b) (i) by May 15 of each year, the balance sheet and related
statements of operations and stockholders’ equity of each of XL Insurance and XL
Re (in each case, in the event consolidated financial statements are prepared in
the ordinary course of business, prepared in a manner that consolidates the
applicable consolidated Subsidiaries) as of the end of and for the immediately
preceding year, setting forth in each case in comparative form the figures for
(or, in the case of the balance sheet, as of the end of) the previous fiscal
year (if such figures were already produced for such corresponding period), in
each case audited and reported on by independent public accountants of
recognized national standing (without a “going concern” or like qualification or
exception and without any qualification or exception as to the scope of such
audit) in accordance with GAAP, Local GAAP, SAP or SFR, as the case may be,
consistently applied; (ii) by June 15 of each year, the unaudited consolidated
balance sheet and related statements of operations, stockholders’ equity and
cash flows of XL America and its consolidated Subsidiaries as of the end of and
for the immediately preceding fiscal year, setting forth in each case in
comparative form the figures for (or, in the case of the balance sheet, as of
the end of) the previous fiscal year (if such figures were already produced for
such corresponding period), certified by a Financial Officer of XL America as
presenting fairly in all material respects the financial condition and results
of operations of XL America and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes; and (iii) by June 15 of each
year, audited statutory financial statements for each Insurance Subsidiary of XL
America as of the end of and for the immediately preceding fiscal year, in each
case reported on by independent public accountants of recognized national
standing (without a “going concern” or like qualification or exception and
without any qualification or exception as to the scope of such audit) to the
effect that such audited financial statements present fairly in all material
respects the financial condition and results of operations of such Insurance
Subsidiary in accordance with SAP consistently applied;

 

 

 

 

          (c) Section 6.01(c) of the Existing Credit Agreement is hereby amended
by replacing such Section in its entirety with the following:

 

 

 

 

 

          (c) within 60 days after the end of each of the first three fiscal
quarters of each fiscal year of XL Group, (i) the unaudited consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows
of XL Group and its consolidated Subsidiaries as of the end of and for such
fiscal quarter and the then elapsed portion of the fiscal year, setting forth in
each case in comparative form the figures for (or, in the case of the balance
sheet, as of the end of) the corresponding period or periods of the previous
fiscal year (if such figures were already produced for such corresponding period
or periods), all certified by a Financial Officer of XL Group as presenting
fairly in all material respects the financial condition and results of
operations of XL Group and its consolidated Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments and the absence of footnotes (it being understood that delivery to
the Lenders of XL

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4

 

 

 

 

 

Group’s Report on Form 10-Q filed with the SEC shall satisfy the financial
statement delivery requirements under this clause (i) so long as the financial
information required to be contained in such report is substantially the same as
the financial information required under this clause (i)); and (ii) an unaudited
balance sheet and related statements of operations and stockholders’ equity of
each of XL Group Ltd, XL America, XL Insurance and XL Re (in each case, in the
event consolidated financial statements are prepared in the ordinary course of
business, prepared in a manner that consolidates the applicable consolidated
Subsidiaries) as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the
figures for (or, in the case of the balance sheet, as of the end of) the
corresponding period or periods of the previous fiscal year (if such figures
were already produced for such corresponding period or periods), all certified
by a Financial Officer of the respective Account Party as presenting fairly in
all material respects the financial condition and results of operations of such
Account Party (or, if applicable, of such Account Party and its consolidated
Subsidiaries on a consolidated basis) in accordance with GAAP or SAP, as the
case may be, consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes;

 

 

 

 

          (d) Section 6.01(e) of the Existing Credit Agreement is hereby amended
by replacing such Section in its entirety with the following:

 

 

 

 

 

          (e) [Intentionally left blank];

 

 

 

 

          2.3 Amendment to Section 7.01 (Mergers). Section 7.01 of the Existing
Credit Agreement is hereby amended by replacing the word “and” appearing before
“(c)” with a comma and by adding the following to the end thereof:

 

 

 

 

          and (d) any Account Party may merge or consolidate with any other
Account Party if the obligations hereunder of the non-surviving Account Party
with respect to any outstanding Letters of Credit issued for its account have
been (i) assumed by another Account Party, (ii) terminated or expired or (iii)
dealt with in any other manner satisfactory to the Administrative Agent.

 

 

 

 

          2.4 Amendment to Section 7.03 (Liens). Section 7.03 of the Existing
Credit Agreement is hereby amended by replacing the words “date hereof” in
Section 7.03(a) with the words “First Amendment Effective Date”, by deleting the
word “and” appearing before “(j)”, by replacing the period at the end of Section
7.03(j) with “; and”, and by adding the following to the end thereof:

 

 

 

 

          (k) Liens securing Indebtedness incurred under the Secured Credit
Agreement.

 

 

 

 

          2.5 Amendment to Section 7.04 (Transactions with Affiliates). Section
7.04 of the Existing Credit Agreement is hereby amended by replacing the word
“and” appearing before “(iii)” with a comma, and by replacing the period at the
end thereof with the following:

 

 

 

 

          and (iv) the borrowings by and guarantees by and among the Account
Parties, certain of their Significant Subsidiaries and certain Affiliates
thereof under or pursuant to the Secured Credit Agreement.

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5

 

 

 

 

          2.6 Amendment to Section 7.07 (Indebtedness). Section 7.07 of the
Existing Credit Agreement is hereby amended by deleting the word “and” appearing
before “(f)”, and by replacing Section 7.07(f) in its entirety with the
following:

 

 

 

 

          (f) Indebtedness incurred under the Secured Credit Agreement; and

 

 

 

 

          (g) other Indebtedness existing on the First Amendment Effective Date
and described in Part A of Schedule II and extensions, renewals and replacements
of any such Indebtedness that do not increase the outstanding principal amount
thereof.

 

 

 

          2.7 Amendment to Schedule I. Schedule I to the Existing Credit
Agreement is hereby amended and restated to read in its entirety as set forth in
Exhibit A hereto.

 

 

 

          2.8 Amendment to Schedule II. Schedule II to the Existing Credit
Agreement is hereby amended and restated to read in its entirety as set forth in
Exhibit B hereto.

                    SECTION 3. Effective Date. This Amendment shall become
effective on the date (the “First Amendment Effective Date”) on which the
Administrative Agent shall have received (a) (i) a counterpart of the Secured
Credit Agreement and (ii) a counterpart of this Amendment, in each case executed
and delivered by a duly authorized officer of each of the Account Parties and
the Required Lenders and (b) an executed Acknowledgment and Consent, in the form
set forth at the end of this Amendment, from each Account Party.

                    SECTION 4. Expenses. The Account Parties agree to pay or
reimburse the Administrative Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with this Amendment, any other documents
prepared in connection herewith and the transaction contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent.

                    SECTION 5. Representations and Warranties. The Account
Parties hereby represent and warrant that (a) each of the representations and
warranties made in Section 4 of the Existing Credit Agreement shall be, after
giving effect to this Amendment, true and correct in all material respects as if
made on and as of the First Amendment Effective Date (or, if any such
representation or warranty is expressly stated to have been made as of a
specific date, as of such specific date), (b) after giving effect to this
Amendment, no Default or Event of Default shall have occurred and be continuing
and (c) this Amendment has been duly executed and delivered by each Account
Party and constitutes a legal, valid and binding obligation of such Account
Party, enforceable against such Account Party in accordance with its terms,
except as such enforceability may be limited by (x) bankruptcy, insolvency,
reorganization, moratorium, examination or similar laws of general applicability
affecting the enforcement of creditors’ rights and (y) the application of
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

                    SECTION 6. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY

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6

(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

                    SECTION 7. Amendments; Execution in Counterparts. (a) This
Amendment shall not constitute an amendment of any other provision of the
Existing Credit Agreement not referred to herein and shall not be construed as a
waiver or consent to any further or future action on the part of the Account
Parties that would require a waiver or consent of the Lenders or the
Administrative Agent. Except as expressly amended hereby, the provisions of the
Existing Credit Agreement are and shall remain in full force and effect. The
term “Credit Documents” in the Credit Agreement and the other Credit Documents
shall include, without limitation, this Amendment and any agreements,
instruments and other documents executed and/or delivered in connection
herewith.

                    (b) This Amendment may not be amended nor may any provision
hereof be waived except pursuant to a writing signed by the Account Parties, the
Administrative Agent and the Required Lenders. This Amendment may be executed by
one or more of the parties to this Amendment on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

                    SECTION 8. Release of Claims. Each Account Party, by signing
below, hereby waives and releases each of the Administrative Agent, the Issuing
Lender, the Lenders, their respective affiliates and their and their affiliates’
respective directors, officers, employees, attorneys, advisors and consultants
from any and all claims, offsets, defenses and counterclaims of any Account
Party arising on or prior to the execution of this Amendment in connection with
any action or inaction by any such Person under or in respect of the Credit
Documents or this Amendment, such waiver and release being with full knowledge
and understanding of the circumstances and effect thereof and after having
consulted legal counsel with respect thereto.

[Remainder of page intentionally left blank.]

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                    IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective proper and duly
authorized officers as of the day and year first above written.

 

 

 

 

 

X.L. AMERICA, INC.,

 

as an Account Party and a Guarantor

 

 

 

 

 

By 

/s/ Gabriel G. Carino III

 

 

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Name:

Gabriel G. Carino III

 

 

Title:

Vice President & Treasurer

 

 

 

 

 

XL INSURANCE (BERMUDA) LTD,

 

as an Account Party and a Guarantor

 

 

 

 

 

By

/s/ C. Stanley Lee

 

 

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Name:

C. Stanley Lee

 

 

Title:

Chief Financial Officer

 

 

 

 

 

XL RE LTD,

 

as an Account Party and a Guarantor

 

 

 

 

 

By

/s/ Mark Twite

 

 

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Name:

Mark Twite

 

 

Title:

Senior Vice President and

 

 

 

  Chief Financial Officer

 

 

 

 

 

XL GROUP LTD. (formerly, XL CAPITAL LTD),

 

as an Account Party and a Guarantor

 

 

 

 

 

By

/s/ Simon Rich

 

 

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Name:

Simon Rich

 

 

Title:

Director

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JPMORGAN CHASE BANK, N.A., as Lender

 

 

 

 

 

By:

/s/ Erin O’Rourke

 

 

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Name:

Erin O’Rourke

 

 

Title:

Managing Director

 

 

 

 

 

DEUTSCHE BANK AG NEW YORK BRANCH, as Lender

 

 

 

 

 

By:

/s/ Robert Chesley

 

 

--------------------------------------------------------------------------------

 

 

Name:

Robert Chesley

 

 

Title:

Director

 

 

 

 

 

By:

/s/ Kathleen Bowers

 

 

--------------------------------------------------------------------------------

 

 

Name:

Kathleen Bowers

 

 

Title:

Director

 

 

 

 

 

MIZUHO CORPORATE BANK LIMITED, as Lender

 

 

 

 

 

By:

/s/ David Lim

 

 

--------------------------------------------------------------------------------

 

 

Name:

David Lim

 

 

Title:

Authorized Signatory

 

 

 

 

 

THE BANK OF NOVA SCOTIA, as Lender

 

 

 

 

 

By:

/s/ David Schwartzbard

 

 

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Name:

David Schwartzbard

 

 

Title:

Director

 

 

 

 

 

THE BANK OF TOKYO-MITSUBISHI UFJ., NEW YORK BRANCH, as Lender

 

 

 

 

 

By:

/s/ Rick Adler

 

 

--------------------------------------------------------------------------------

 

 

Name:

Rick Adler

 

 

Title:

Authorized Signatory

 

 

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender

 

 

 

 

 

By: 

/s/ William R. Goley

 

 

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Name:

William R. Goley

 

 

Title:

Director

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LANDESBANK HESSEN-THÜRINGEN

 

GIROZENTRALE, New York Branch, as Lender

 

 

 

 

 

By: 

/s/ Samuel W. Bridges

 

 

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Name:

Samuel W. Bridges

 

 

Title:

Senior Vice President

 

 

 

Financial Institutions

 

 

 

Public Finance

 

 

 

 

 

By:

/s/ Irina Rakhlis

 

 

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Name:

Irina Rakhlis

 

 

Title:

Assistant Vice President

 

 

 

Financial Institutions

 

 

 

Public Finance

 

 

 

 

 

LLOYDS TSB BANK PLC, as Lender

 

 

 

 

 

By:

/s/ Shane Klein

 

 

--------------------------------------------------------------------------------

 

 

Name:

Shane Klein

 

 

Title:

Senior Vice President

 

 

 

 

 

By:

/s/ Candi Obrentz

 

 

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Name:

Candi Obrentz

 

 

Title:

Vice President

 

 

 

 

 

UBS AG, STAMFORD BRANCH, as Lender

 

 

 

 

 

By:

/s/ Mary E. Evans

 

 

--------------------------------------------------------------------------------

 

 

Name:

Mary E. Evans

 

 

Title:

Associate Director

 

 

 

 

 

By:

/s/ Omar Musule

 

 

--------------------------------------------------------------------------------

 

 

Name:

Omar Musule

 

 

Title:

Associate Director

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COMERICA BANK, as Lender

 

 

 

 

 

By: 

/s/ Chatphet Saipetch

 

 

--------------------------------------------------------------------------------

 

 

Name:

Chatphet Saipetch

 

 

Title:

Vice President

 

 

 

 

 

BARCLAYS BANK PLC, as Lender

 

 

 

 

 

By:

/s/ Alicia Borys

 

 

--------------------------------------------------------------------------------

 

 

Name:

Alicia Borys

 

 

Title:

Vice President

 

 

 

 

 

BNP PARIBAS, as Lender

 

 

 

 

 

By:

/s/ Nair P. Raghu

 

 

--------------------------------------------------------------------------------

 

 

Name:

Nair P. Raghu

 

 

Title:

Vice President

 

 

 

 

 

By:

/s/ Joseph Malley

 

 

--------------------------------------------------------------------------------

 

 

Name:

Joseph Malley

 

 

Title:

Managing Director

 

 

 

 

 

COMMERZBANK AG, New York and

 

Grand Cayman Branches, as Lender

 

 

 

 

 

By:

/s/ Paul Vedova

 

 

--------------------------------------------------------------------------------

 

 

Name:

Paul Vedova

 

 

Title:

Vice President

 

 

 

 

 

By:

/s/ Michael McCarthy

 

 

--------------------------------------------------------------------------------

 

 

Name:

Michael McCarty

 

 

Title:

Managing Director

 

 

 

 

 

CITIBANK, N.A., as Lender

 

 

 

 

 

By:

/s/ Peter C. Bickford

 

 

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Name:

Peter C. Bickford

 

 

Title:

Vice President

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender

 

 

 

 

 

By: 

/s/ Charles Kornberger

 

 

--------------------------------------------------------------------------------

 

 

Name:

Charles Kornberger

 

 

Title:

Managing Director

 

 

 

 

 

By:

/s/ Gina Harth-Cryde

 

 

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Name:

Gina Harth-Cryde

 

 

Title:

Managing Director

 

 

 

 

 

MORGAN STANLEY BANK, N.A., as Lender

 

 

 

 

 

By:

/s/ Harry Comninellis

 

 

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Name:

Harry Comninellis

 

 

Title:

Authorized Signatory

 

 

 

 

 

GOLDMAN SACHS BANK USA, as Lender

 

 

 

 

 

By:

/s/ Mark Walton

 

 

--------------------------------------------------------------------------------

 

 

Name:

Mark Walton

 

 

Title:

Authorized Signatory

 

 

 

 

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent

 

 

 

 

 

By: 

/s/ Erin O’Rourke

 

 

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Name:

Erin O’Rourke

 

 

Title:

Managing Director

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EXHIBIT B

Indebtedness and Liens

Part A – Indebtedness

 

 

 

 

1.

6.50% guaranteed senior notes due January 15, 2012, issued by XL Capital Finance
(Europe) plc and guaranteed by XL Capital Ltd, under the Indenture dated January
10, 2002, by and among XL Capital Finance (Europe) plc, XL Capital Ltd and State
Street Bank and Trust Company.

 

 

 

 

2.

Indenture, dated as of June 2, 2004, between XL Capital Ltd and The Bank of New
York, as Trustee.

 

 

 

 

3.

Indenture, dated as of January 10, 2002, among XL Capital Finance (Europe) plc,
XL Capital Ltd and State Street Bank and Trust Company.

 

 

 

 

4.

5.25% Senior Notes due 2014, under the First Supplemental Indenture, dated as of
August 23, 2004, to the Indenture dated as of June 2, 2004 between XL Capital
Ltd and the Bank of New York, as Trustee.

 

 

 

 

5.

6.375% Senior Notes due 2024, under the Second Supplemental Indenture, dated as
of November 12, 2004, to the Indenture, dated as of June 2, 2004, between XL
Capital Ltd and The Bank of New York, as Trustee.

 

 

 

 

6.

6.25% Senior Notes due May 15, 2027, under the Fourth Supplemental Indenture,
dated May 7, 2007, to the Indenture, dated as of June 2, 2004, between XL
Capital Ltd and The Bank of New York, as trustee.

 

 

 

 

7.

Replacement Capital Covenant, dated March 15, 2007.

 

 

 

 

8.

Pledge Agreement dated as of December 18, 2001, made by XL Investments Ltd, XL
Re Ltd, XL Insurance (Bermuda) Ltd and XL Europe Ltd as grantors and in favour
of Citibank, N.A.

 

 

 

 

9.

Amendment No. 1 dated as of July 1, 2003, to the Pledge Agreement dated as of
December 18, 2001, made by XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda)
Ltd and XL Europe Ltd as grantors and in favour of Citibank, N.A.

 

 

 

 

10.

Insurance Letters of Credit – Master Agreement dated May 19, 1993, between XL Re
Ltd and Citibank, N.A.

--------------------------------------------------------------------------------

 

 

 

 

11.

Service Agreement Relative to Sureties, Letters of Guarantees and International
Stand-by L/Cs dated April 25, 2003, between XL Re Europe Limited (formerly known
as Le Mans Re) and Calyon (formerly known as Credit Lyonnais).

 

 

 

 

12.

Assignment Agreement dated July 11, 2003, among XL Re Ltd, Mangrove Bay Trust
and The Bank of New York.

 

 

 

 

13.

Insurance Letter of Credit – Master Agreement, dated 11 November 2009, between
XL Insurance (Bermuda) Ltd and Citibank Europe PLC.

 

 

 

 

14.

Pledge Agreement dated as of 11 November 2009 between XL Insurance (Bermuda) Ltd
and XL Re Ltd as Pledgors and Citibank Europe PLC as Pledgee.

 

 

 

 

15.

Amendment No. 1, dated as of November 23, 2009, to Pledge Agreement dated as of
11 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
and Citibank Europe PLC as Pledgee.

 

 

 

 

16.

Amendment No. 2, dated as of December 23, 2009, to Pledge Agreement dated as of
11 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
and Citibank Europe PLC as Pledgee.

 

 

 

 

17.

Amendment No. 3, dated as of June 30, 2010, to Pledge Agreement dated as of 11
November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors and
Citibank Europe PLC.

 

 

 

 

18.

The London Market Letter of Credit Scheme, dated October 21, 1996, between Mid
Ocean Reinsurance Company Limited and Citibank, N.A.

 

 

 

 

19.

Amendment No. 1, dated June 24, 2002, to Pledge Agreement, dated December 18,
2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
Europe Ltd and Citibank, N.A.

 

 

 

 

20.

Amendment No. 2, dated February 24, 2009, to Pledge Agreement, dated December
18, 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
Insurance Company Ltd and Citibank, N.A.

 

 

 

 

21.

Amendment No. 3, dated March 20, 2009, to Pledge Agreement, dated December 18,
2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
Citibank, N.A.

 

 

 

 

22.

Amendment No. 4, dated December 14, 2010, to Pledge Agreement, dated December
18, 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
Citibank, N.A.

 

 

 

 

23.

Guarantee Agreement, dated December 18, 2001, between XL Re Ltd, XL Insurance
(Bermuda) Ltd, XL Insurance Company Ltd and Citibank, N.A.

--------------------------------------------------------------------------------

 

 

 

 

24.

Amendment No. 1, dated February 24, 2009, to Guarantee Agreement, dated December
18, 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
Europe Ltd and Citibank, N.A.

 

 

 

 

25.

Sixth Supplemental Indenture, dated as of June 30, 2010, to the Indenture, dated
as of June 2, 2004, and the Fifth Supplemental Indenture, dated as of August 5,
2008, between XL Capital Ltd, XL Group plc, as guarantor and The Bank of New
York Mellon, as trustee.

 

 

 

 

26.

Pledge Agreement, dated August 5, 2008, by and among XL Capital Ltd, XL Company
Switzerland GmbH and The Bank of New York Mellon, as Collateral Agent Custodial
Agent and Securities Intermediary and Purchase Contract Agent.

 

 

 

 

27.

First Amendment, dated as of June 30, 2010, to the Pledge Agreement, dated
August 5, 2008, by and among XL Capital Ltd, XL Company Switzerland GmbH and The
Bank of New York Mellon, as Collateral Agent Custodial Agent and Securities
Intermediary and Purchase Contract Agent.

 

 

 

 

28.

First Amendment, dated as of June 30, 2010, to the Purchase Contract Agreement,
dated August 5, 2008, between the Registrant, XL Capital Ltd, XL Company
Switzerland and The Bank of New York Mellon, as Purchase Contract Agent.

 

 

 

 

29.

Supplemental Indenture, dated as of June 30, 2010, to the Indenture, dated as of
January 10, 2002, among XL Capital Finance (Europe) plc, XL Capital Ltd, XL
Company Switzerland GmbH and State Street Bank and Trust Company.

 

 

 

 

30.

10.75% Equity Security Units, comprised of the 8.25% Notes due 2021, under the
Fifth Supplemental Indenture, dated August 5, 2008, to the Indenture, dated as
of June 2, 2004, between XL Capital Ltd and The Bank of New York Mellon, as
trustee, and a forward purchase contract.

 

 

 

 

31.

Lease Guarantee, dated April 30, 2007, between XL Capital Investment Partners
Inc., X.L. America, Inc. and 1540 Broadway Owner, LLC.

 

 

 

 

32.

Lease Guarantee and Surety Agreement, dated November 30, 2010, between XL Global
Services, Inc., X.L. America, Inc., and 505 Eagleview Blvd Assoc. LP.

 

 

 

 

33.

70 Gracechurch, London, EC3V 0XL Capital Lease.

--------------------------------------------------------------------------------

Part B – Liens

 

 

 

 

1.

Insurance Letters of Credit – Master Agreement dated May 19, 1993, between XL Re
Ltd and Citibank, N.A.

 

 

 

 

2.

Pledge Agreement dated as of December 18, 2001, made by XL Investments Ltd, XL
Re Ltd, XL Insurance (Bermuda) Ltd and XL Europe Ltd as grantors and in favour
of Citibank, N.A.

 

 

 

 

3.

Amendment No. 1 dated as of July 1, 2003, to the Pledge Agreement dated as of
December 18, 2001, made by XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda)
Ltd and XL Europe Ltd as grantors and in favour of Citibank, N.A.

 

 

 

 

4.

Service Agreement Relative to Sureties, Letters of Guarantees and International
Stand-by L/Cs dated April 25, 2003, between XL Re Europe Limited (formerly known
as Le Mans Re) and Calyon (formerly known as Credit Lyonnais).

 

 

 

 

5.

Assignment Agreement dated July 11, 2003, among XL Re Ltd, Mangrove Bay Trust
and The Bank of New York.

 

 

 

 

6.

Floating Charge, dated December 31, 2010, by XL Insurance (Bermuda) Ltd in
Favour of XL Insurance Company Limited.

 

 

 

 

7.

Pledge Agreement dated as of 11 November 2009 between XL Insurance (Bermuda) Ltd
and XL Re Ltd as Pledgors and Citibank Europe PLC as Pledgee.

 

 

 

 

8.

Amendment No. 1, dated as of November 23, 2009, to Pledge Agreement dated as of
11 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
and Citibank Europe PLC as Pledgee.

 

 

 

 

9.

Amendment No. 2, dated as of December 23, 2009, to Pledge Agreement dated as of
11 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
and Citibank Europe PLC as Pledgee.

 

 

 

 

10.

Amendment No. 3, dated as of June 30, 2010, to Pledge Agreement dated as of 11
November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors and
Citibank Europe PLC.

 

 

 

 

11.

Amendment No. 1, dated June 24, 2002, to Pledge Agreement, dated December 18,
2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
Europe Ltd and Citibank, N.A.

 

 

12.

Amendment No. 2, dated February 24, 2009, to Pledge Agreement, dated December
18, 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
Insurance Company Ltd and Citibank, N.A.

--------------------------------------------------------------------------------

 

 

 

 

13.

Amendment No. 3, dated March 20, 2009, to Pledge Agreement, dated December 18,
2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
Citibank, N.A.

 

 

 

 

14.

Amendment No. 4, dated December 14, 2010, to Pledge Agreement, dated December
18, 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
Citibank, N.A.

 

 

 

 

15.

Pledge Agreement, dated August 5, 2008, by and among XL Capital Ltd, XL Company
Switzerland GmbH and The Bank of New York Mellon, as Collateral Agent Custodial
Agent and Securities Intermediary and Purchase Contract Agent.

 

 

 

 

16.

First Amendment, dated as of June 30, 2010, to the Pledge Agreement, dated
August 5, 2008, by and among XL Capital Ltd, XL Company Switzerland GmbH and The
Bank of New York Mellon, as Collateral Agent Custodial Agent and Securities
Intermediary and Purchase Contract Agent.

--------------------------------------------------------------------------------

ACKNOWLEDGEMENT AND CONSENT

                    Each of the parties hereto hereby acknowledges and consents
to the Amendment, dated as of March 25, 2011 (the “Amendment”; capitalized terms
used herein, but not defined, shall have the meanings set forth in the
Amendment), to the Credit Agreement, dated as of June 21, 2007, among XL Group
Ltd (formerly, XL Capital), X.L. America, XL Insurance and XL Re, the several
lenders from time to time parties thereto, the several agents parties thereto
and JPMorgan Chase Bank, N.A., as administrative agent, and agrees, with respect
to each Credit Document to which it is a party, all of its obligations,
liabilities and indebtedness under such Credit Document, including guarantees,
shall remain in full force and effect on a continuous basis after giving effect
to the Amendment.

[Remainder of page intentionally left blank.]

--------------------------------------------------------------------------------

                    IN WITNESS WHEREOF, the parties hereto have caused this
Acknowledgement and Consent to be duly executed and delivered by their
respective proper and duly authorized officers as of the day and year first
above written.

 

 

 

 

 

X.L. AMERICA, INC.,

 

as an Account Party and a Guarantor

 

 

 

 

By 

/s/ Gabriel G. Carino III

 

 

--------------------------------------------------------------------------------

 

 

Name:

Gabriel G. Carino III

 

 

Title:

Vice President & Treasurer

 

 

 

 

XL INSURANCE (BERMUDA) LTD,

 

as an Account Party and a Guarantor

 

 

 

 

By

/s/ C. Stanley Lee

 

 

--------------------------------------------------------------------------------

 

 

Name:

C. Stanley Lee

 

 

Title:

Chief Financial Officer

 

 

 

 

XL RE LTD,

 

as an Account Party and a Guarantor

 

 

 

 

By

/s/ Mark Twite

 

 

--------------------------------------------------------------------------------

 

 

Name:

Mark Twite

 

 

Title:

Senior Vice President and
Chief Financial Officer

 

 

 

 

XL GROUP LTD. (formerly, XL CAPITAL LTD),

 

as an Account Party and a Guarantor

 

 

 

 

By

/s/ Simon Rich

 

 

--------------------------------------------------------------------------------

 

 

Name:

Simon Rich

 

 

Title:

Director

--------------------------------------------------------------------------------