Exhibit - 10.32

 

 

FIRST AMENDMENT AGREEMENT

 

THIS FIRST AMENDMENT AGREEMENT, dated as of November 27, 2007 (this
“Amendment”), amends the Credit Agreement, dated as of June 8, 2007 (the “Credit
Agreement”), among MONTPELIER REINSURANCE LTD., MONTPELIER RE HOLDINGS LTD., the
various financial institutions parties thereto (collectively, the “Lenders”) and
BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”) for
the Lenders.  Terms defined in the Credit Agreement are, unless otherwise
defined herein or the context otherwise requires, used herein as defined
therein.

 

WHEREAS, the parties hereto desire to amend the Credit Agreement as hereinafter
set forth;

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto agree as follows:

 

SECTION 1.           AMENDMENTS.  Effective as of the Amendment Effective Date
(as hereinafter defined), § 7.6(b)(xi) of the Credit Agreement is amended by
deleting the amount of “$10,000,000” and inserting the amount of “$20,000,000”
therefor.

 

SECTION 2.           CONDITIONS PRECEDENT.  This Amendment shall become
effective on the date (the “Amendment Effective Date”) when each of the
conditions precedent set forth in this Section 2 shall have been satisfied, and
notice thereof shall have been given by the Administrative Agent to the Borrower
and the Lenders.

 

2.1           Receipt of Documents.  The Administrative Agent shall have
received this Amendment, duly executed by the Borrower, the Administrative Agent
and the Required Lenders.

 

2.2           Compliance with Warranties, No Default, etc.  After giving effect
to the effectiveness of this Amendment, the following statements by the
Borrowers shall be true and correct (and each Borrower, by its execution of this
Amendment, hereby represents and warrants to the Administrative Agent and each
Lender that such statements are true and correct as at such times):

 

(a)           the representations and warranties set forth in Article 5 of the
Credit Agreement as amended hereby are true and correct with the same effect as
if made on the Amendment Effective Date (unless stated to relate solely to an
earlier date, in which case such representations and warranties shall be true
and correct as of such earlier date; and

 

(b)           no Event of Default or Default shall have then occurred and be
continuing.

 

 

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SECTION 3.           REPRESENTATIONS AND WARRANTIES.  To induce the Lenders and
the Administrative Agent to enter into this Amendment, each Borrower hereby
represents and warrants to the Administrative Agent and each Lender as follows:

 

3.1           Due Authorization, Non-Contravention, etc.  The execution,
delivery and performance by such Borrower of this Amendment are within such
Borrower’s corporate powers, have been duly authorized by all necessary
corporate action, and do not

 

(a)           contravene such Borrower’s Organization Documents;

 

(b)           contravene any contractual restriction, law or governmental
regulation or court decree or order binding on or affecting such Borrower; or

 

(c)           result in, or require the creation or imposition of, any Lien on
any of such Borrower’s properties.

 

3.2           Government Approval, Regulation, etc.  No authorization or
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution,
delivery or performance by such Borrower of this Amendment.

 

3.3           Validity, etc.  This Amendment constitutes the legal, valid and
binding obligation of such Borrower enforceable in accordance with its terms.

 

SECTION 4.           MISCELLANEOUS.

 

4.1           Continuing Effectiveness, etc.  This Amendment shall be deemed to
be an amendment to the Credit Agreement, and the Credit Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified, approved
and confirmed in each and every respect.  After the effectiveness of this
Amendment in accordance with its terms, all references to the Credit Agreement
in the Loan Documents or in any other document, instrument, agreement or writing
shall be deemed to refer to the Credit Agreement as amended hereby.

 

4.2           Payment of Costs and Expenses.  The Borrowers agree to pay on
demand all expenses of the Administrative Agent (including the fees and
out-of-pocket expenses of counsel to the Administrative Agent) in connection
with the negotiation, preparation, execution and delivery of this Amendment.

 

4.3           Severability.  Any provision of this Amendment which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

4.4           Headings.  The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.

 

 

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4.5           Execution in Counterparts.  This Amendment may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

 

4.6           Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

4.7           Successors and Assigns.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

 

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IN WITNESS WHEREOF, the undersigned have duly executed this First Amendment
Agreement as of the date first set forth above.

 

 

MONTPELIER REINSURANCE LTD.

 

 

 

 

 

 

MONTPELIER RE HOLDINGS LTD.

 

 

 

 

S-1

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BANK OF AMERICA, N.A., individually as
Administrative Agent, Fronting Bank, L/C
Administrator and Lender

 

 

 

 

 

 

S-2

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HSBC BANK (USA), NATIONAL
ASSOCIATION, as Lender and Syndication Agent

 

 

 

 

 

 

S-3

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CREDIT SUISSE, Cayman Islands Branch

 

 

 

 

 

 

S-4

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THE BANK OF NEW YORK

 

 

 

 

 

 

S-5

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DEUTSCHE BANK AG NEW YORK BRANCH

 

 

 

 

 

 

S-6

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ING BANK N.V., LONDON BRANCH

 

 

 

 

 

 

S-7

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LEHMAN BROTHERS BANK, FSB

 

 

 

 

 

 

S-8

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