Exhibit 10.1

FIRST AMENDMENT

          FIRST AMENDMENT (this “First Amendment”), dated as of December 23,
2002, among PARTNERRE LTD., a company organized under the laws of Bermuda (the
“Company”), the Designated Subsidiary Borrowers (as defined in the Credit
Agreement referred to below), the lending institutions from time to time party
to the Credit Agreement referred to below (each a “Lender” and, collectively,
the “Lenders”), and JPMORGAN CHASE BANK, as Administrative Agent (the
“Administrative Agent”).  Unless otherwise defined herein, all capitalized terms
used herein and defined in the Credit Agreement referred to below are used
herein as so defined.

W I T N E S S E T H:

          WHEREAS, the Company, the Designated Subsidiary Borrowers, the Lenders
and the Administrative Agent have entered into a Credit Agreement, dated as of
June 19, 2002 (the “Credit Agreement”);

          WHEREAS, subject to the terms and conditions set forth below, the
parties hereto wish to amend certain provisions of the Credit Agreement as
provided herein;

          NOW, THEREFORE, it is agreed;

             A.          Amendment to the Credit Agreement

 

 

             1.          Section 2 of the Credit Agreement is hereby amended by
inserting the following new Section 2.08 at the end thereof:

 

 

          “2.08  Confirming Letters of Credit.  Notwithstanding anything
contained herein, to the extent a Letter of Credit has been requested by a
Borrower subject to and upon the terms and conditions set forth herein, and the
Borrower has requested that the Issuing Agent have such Letter of Credit
confirmed by a confirming bank, each Lender hereby makes, constitutes, and
appoints the Issuing Agent its true and lawful attorney-in-fact, in its name,
place and stead, giving the Issuing Agent the full power to enter into, on
behalf of each Lender, a customary confirming agreement with such confirming
bank relating to such Letter of Credit and to take other any action with respect
to the confirmation of such Letter of Credit as the Issuing Agent deems
necessary; provided that the Issuing Agent shall have no liability for any
reimbursement or other obligations to any confirming bank. Promptly upon request
of the Issuing Agent, each Lender will furnish to the Issuing Agent such powers
of attorney or other evidence as any confirming bank may reasonably request in
order to demonstrate that the Issuing Agent has the power to act as
attorney-in-fact for such Lender to have such Letter of Credit confirmed by such
confirming bank.”

 

 

             B.          Miscellaneous Provisions

             1.          In order to induce the Lenders to enter into this First
Amendment, the Company hereby represents and warrants to each of the Lenders
that (i) all of the representations and warranties contained in the Credit
Agreement and in the other Credit Documents are true and correct in all material
respects on and as of the First Amendment Effective Date (as defined below),
both before and after giving effect to this First Amendment (unless such
representations and warranties relate to a specific earlier date, in which case
such representations and warranties shall be true and correct as of such earlier
date) and (ii) there exists no Default or Event of Default on the First
Amendment Effective Date, both before and after giving effect to this First
Amendment.

             2.          This First Amendment is limited as specified and shall
not constitute a modification, acceptance or waiver of any other provision of
the Credit Agreement or any other Credit Document.

             3.          This First Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together

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constitute one and the same instrument.  A set of counterparts executed by all
the parties hereto shall be lodged with the Company and the Administrative
Agent.

             4.          THIS FIRST AMENDMENT AND THE OTHER CREDIT DOCUMENTS AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. 

             5.          This First Amendment shall become effective on the date
(the “First Amendment Effective Date”) when the Borrower and each Lender 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 Administrative Agent at the Notice Office;

             6.          From and after the First Amendment Effective Date, all
references in the Credit Agreement and in the other Credit Documents to the
Credit Agreement shall be deemed to be referenced to the Credit Agreement as
modified hereby.

*     *     *

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

 

PARTNERRE LTD.,

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

Title:

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

PARTNERRE REINSURANCE COMPANY LTD.,

 

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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

 

 

Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

Title:

 

 

 

 

 

 

 

 

 

 

PARTNERRE S.A.,

 

 

 

as a Borrower

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

PARTNER REINSURANCE COMPANY OF THE U.S.,

 

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

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By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

 

 

 

 

 

PARTNERRE INSURANCE COMPANY OF NEW YORK,

 

 

 

as a Borrower

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

JPMORGAN CHASE BANK,

 

 

 

Individually, as Issuing Agent and as Administrative Agent

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

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Name:

 

 

 

Title:

 

 

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