EXHIBIT 10.1
 Execution Version
 Syndicated CUSIP: 72765VAA3




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TABLE OF CONTENTS
 PageARTICLE IDEFINITIONSSection 1.1
    
    Defined Terms
    
    
    1Section 1.2
    
    Accounting Terms; GAAP and SAP
    
    
    32Section 1.3
    
    Other Terms; Construction
    
    
    32Section 1.4
    
    Exchange Rates; Currency Equivalents
    
    
    32Section 1.5
    
    Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts
    
    
    33ARTICLE IIAMOUNT AND TERMS OF THE CREDITSection 2.1
    
    Commitments
    
    
    33Section 2.2
    
    Borrowings
    
    
    35Section 2.3
    
    Disbursements; Funding Reliance; Domicile of Loans
    
    
    36Section 2.4
    
    Evidence of Debt; Notes
    
    
    37Section 2.5
    
    Termination and Reduction of Commitments
    
    
    38Section 2.6
    
    Mandatory Payments and Prepayments
    
    
    38Section 2.7
    
    Voluntary Prepayments
    
    
    39Section 2.8
    
    Interest
    
    
    40Section 2.9
    
    Fees
    
    
    41Section 2.10
    
    Conversions and Continuations
    
    
    42Section 2.11
    
    Method of Payments; Computations; Apportionment of Payments
    
    
    43Section 2.12
    
    Recovery of Payments
    
    
    46Section 2.13
    
    Use of Proceeds
    
    
    46Section 2.14
    
    Pro Rata Treatment
    
    
    46Section 2.15
    
    Increased Costs; Change in Circumstances; Illegality
    
    
    47Section 2.16
    
    Taxes
    
    
    50Section 2.17
    
    Compensation
    
    
    52Section 2.18
    
    Replacement of Lenders; Mitigation of Costs
    
    
    53Section 2.19
    
    Increase in Commitments
    
    
    54Section 2.20
    
    Defaulting Lenders
    
    
    57ARTICLE IIILETTERS OF CREDITSection 3.1
    
    Syndicated Letters of Credit
    
    
    60Section 3.2
    
    Participated Letters of Credit
    
    
    64Section 3.3
    
    Existing Letters of Credit
    
    
    68Section 3.4
    
    Conditions Precedent to the Issuance of Letters of Credit
    
    
    69
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TABLE OF CONTENTS
 PageSection 3.5
    
    Obligations Absolute
    
    
    70Section 3.6
    
    Secured Tranche 1 Letters of Credit
    
    
    71Section 3.7
    
    Interest
    
    
    72Section 3.8
    
    Interest Rate Determination
    
    
    72Section 3.9
    
    Collateralization of Letters of Credit
    
    
    72Section 3.10
    
    Use of Letters of Credit
    
    
    74ARTICLE IVCONDITIONS PRECEDENTSection 4.1
    
    Conditions Precedent to the Restatement Effective Date
    
    
    74Section 4.2
    
    Conditions Precedent to All Credit Extensions
    
    
    77ARTICLE VREPRESENTATIONS AND WARRANTIESSection 5.1
    
    Organization and Power
    
    
    78Section 5.2
    
    Authorization; Enforceability
    
    
    78Section 5.3
    
    No Violation
    
    
    79Section 5.4
    
    Governmental and Third-Party Authorization; Permits
    
    
    79Section 5.5
    
    Litigation
    
    
    80Section 5.6
    
    Taxes
    
    
    80Section 5.7
    
    Subsidiaries
    
    
    80Section 5.8
    
    Full Disclosure
    
    
    81Section 5.9
    
    Margin Regulations
    
    
    81Section 5.10
    
    No Material Adverse Effect
    
    
    81Section 5.11
    
    Financial Matters
    
    
    81Section 5.12
    
    ERISA
    
    
    82Section 5.13
    
    Environmental Matters
    
    
    83Section 5.14
    
    Compliance With Laws
    
    
    83Section 5.15
    
    Investment Company Act
    
    
    83Section 5.16
    
    Insurance
    
    
    84Section 5.17
    
    OFAC; PATRIOT Act
    
    
    84Section 5.18
    
    Security Documents
    
    
    84Section 5.19
    
    Stamp Taxes
    
    
    84ARTICLE VIAFFIRMATIVE COVENANTSSection 6.1
    
    GAAP Financial Statements
    
    
    85Section 6.2
    
    Statutory Financial Statements
    
    
    85
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TABLE OF CONTENTS
 PageSection 6.3
    
    Other Business and Financial Information
    
    
    86Section 6.4
    
    Corporate Existence; Franchises; Maintenance of Properties
    
    
    88Section 6.5
    
    Compliance with Laws
    
    
    89Section 6.6
    
    Payment of Obligations
    
    
    89Section 6.7
    
    Insurance
    
    
    89Section 6.8
    
    Maintenance of Books and Records; Inspection
    
    
    89Section 6.9
    
    Dividends
    
    
    89Section 6.10
    
    OFAC; PATRIOT Act Compliance
    
    
    90Section 6.11
    
    Collateral
    
    
    90Section 6.12
    
    Further Assurances
    
    
    90ARTICLE VIIFINANCIAL COVENANTSSection 7.1
    
    Maximum Consolidated Indebtedness to Total Capitalization
    
    
    91Section 7.2
    
    Minimum Consolidated Tangible Net Worth
    
    
    91ARTICLE VIIINEGATIVE COVENANTSSection 8.1
    
    Fundamental Changes
    
    
    92Section 8.2
    
    Indebtedness
    
    
    92Section 8.3
    
    Liens
    
    
    93Section 8.4
    
    Disposition of Assets
    
    
    93Section 8.5
    
    Investments
    
    
    94Section 8.6
    
    Transactions with Affiliates
    
    
    95Section 8.7
    
    Restricted Payments
    
    
    95Section 8.8
    
    Lines of Business
    
    
    96Section 8.9
    
    Fiscal Year
    
    
    96Section 8.10
    
    Ratings
    
    
    96Section 8.11
    
    Accounting Changes
    
    
    96Section 8.12
    
    Limitation on Certain Restrictions
    
    
    96Section 8.13
    
    Private Act
    
    
    96ARTICLE IXEVENTS OF DEFAULTSection 9.1
    
    Events of Default
    
    
    96Section 9.2
    
    Remedies; Termination of Commitments, Acceleration, Etc.
    
    
    99Section 9.3
    
    Remedies; Setoff
    
    
    100
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TABLE OF CONTENTS
 PageARTICLE XTHE ADMINISTRATIVE AGENTSection 10.1
    
    Appointment and Authority
    
    
    100Section 10.2
    
    Rights as a Lender
    
    
    100Section 10.3
    
    Exculpatory Provisions
    
    
    101Section 10.4
    
    Reliance by Administrative Agent
    
    
    102Section 10.5
    
    Delegation of Duties
    
    
    102Section 10.6
    
    Resignation of Administrative Agent
    
    
    102Section 10.7
    
    Non-Reliance on Administrative Agent and Other Lenders
    
    
    103Section 10.8
    
    No Other Duties, Etc.
    
    
    103Section 10.9
    
    Collateral and Guaranty Matters
    
    
    103Section 10.10
    
    Fronting Banks
    
    
    104ARTICLE XIMISCELLANEOUSSection 11.1
    
    Expenses; Indemnity; Damage Waiver
    
    
    104Section 11.2
    
    Governing Law; Submission to Jurisdiction;
Waiver of Venue; Service of Process
    
    
    106Section 11.3
    
    Waiver of Jury Trial
    
    
    107Section 11.4
    
    Notices; Effectiveness; Electronic Communication
    
    
    107Section 11.5
    
    Amendments, Waivers, etc.
    
    
    108Section 11.6
    
    Successors and Assigns
    
    
    110Section 11.7
    
    No Waiver
    
    
    114Section 11.8
    
    Survival
    
    
    114Section 11.9
    
    Severability
    
    
    114Section 11.10
    
    Construction
    
    
    115Section 11.11
    
    Confidentiality
    
    
    115Section 11.12
    
    Judgment Currency
    
    
    116Section 11.13
    
    Counterparts; Integration; Effectiveness
    
    
    116Section 11.14
    
    Disclosure of Information
    
    
    116Section 11.15
    
    USA PATRIOT Act Notice
    
    
    116Section 11.16
    
    Effectiveness of the Amendment and Restatement;
Existing Credit Agreement
    
    
    117ARTICLE XIITHE GUARANTYSection 12.1
    
    The Guaranty
    
    
    117Section 12.2
    
    Guaranty Unconditional
    
    
    117
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TABLE OF CONTENTS
 PageSection 12.3
    
    Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances
    
    
    118Section 12.4
    
    Waiver by the Guarantors
    
    
    118Section 12.5
    
    Subrogation
    
    
    118Section 12.6
    
    Stay of Acceleration
    
    
    119Section 12.7
    
    Continuing Guaranty; Assignments
    
    
    119
 EXHIBITS
 Exhibit A
    
    Form of NoteExhibit B-1
    
    Form of Notice of BorrowingExhibit B-2
    
    Form of Notice of Conversion/ContinuationExhibit C-1
    
    Form of Syndicated Letter of CreditExhibit C-2
    
    Form of Participated Letter of CreditExhibit D
    
    Form of Compliance CertificateExhibit E
    
    Form of Assignment and AssumptionExhibit F
    
    Form of Second Amended and Restated Security AgreementExhibit G-1
    
    Form of Opinion of Dewey & LeBoeuf LLPExhibit G-2
    
    Form of Opinion of Conyers, Dill & Pearman LimitedExhibit G-3
    
    Form of Opinion of Funk & Bolton, P.A.Exhibit H
    
    Form of Borrowing Base ReportExhibit I
    
    Form of Existing Lender Agreements
 SCHEDULES
 Schedule 1.1(a)
    
    Commitments and Notice AddressesSchedule 1.1(b)
    
    Borrowing BaseSchedule 3.3
    
    Existing Letters of CreditSchedule 5.4
    
    LicensesSchedule 5.6
    
    Unresolved Tax ClaimsSchedule 5.7
    
    SubsidiariesSchedule 8.2
    
    IndebtednessSchedule 8.3
    
    Liens
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SECOND AMENDED AND RESTATED CREDIT AGREEMENT
 THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT PLATINUM UNDERWRITERS HOLDINGS, LTD. Platinum
Holdings ING BANK N.V., LONDON BRANCH Documentation Agent U.S. BANK NATIONAL ASSOCIATION Syndication Agent WELLS FARGO BANK, NATIONAL ASSOCIATION Wells
Fargo
 RECITALS
 Existing Credit Agreement
    AGREEMENT
 NOW, THEREFORE
 ARTICLE I
 DEFINITIONS
 Defined Terms




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Account Control Agreements
 Account Designation Letter
 Account Party Account Parties
 Acquisition
 Acquisition Amount
 Additional Lender Section 2.19(a)
 Adjusted Base Rate
 Adjusted LIBOR Rate
 Administrative Agent Section 10.1
 2




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Administrative Questionnaire
 Affiliate
 Aggregate Credit Exposure sum plus
 Agreement
 Annual Statement
 Applicable Currency
 Applicable Percentage Debt Rating
 3




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Applicable Margin
    
    ApplicableStandard &
    
    Tranche 1
    
    for LIBOR Loans;
    
    MarginPoors /
    
    Commitment
    
    Tranche 1 Letter of
    
    for BaseLevel
    
    Moodys Rating
    
    Fee
    
    Credit Fee
    
    Rate LoansI
    
    A/A2 or above
    
    
    0.175
    %
    
    
    1.125
    %
    
    
    0.125
    %II
    
    A-/A3
    
    
    0.200
    %
    
    
    1.375
    %
    
    
    0.375
    %III
    
    BBB+/Baa1
    
    
    0.225
    %
    
    
    1.625
    %
    
    
    0.625
    %IV
    
    BBB/Baa2
    
    
    0.275
    %
    
    
    1.875
    %
    
    
    0.875
    %V
    
    BBB-/Baa3 or below
    
    
    0.350
    %
    
    
    2.125
    %
    
    
    1.125
    %
 provided however
 Approved Fund
 Arrangers
 Assignment and Assumption Section
11.6(b) Exhibit E
 Authorized Officer
 Availability Period
 4




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Bankruptcy Code
 Bankruptcy Event Section
9. 1(f) 9.1(g)
 Base Rate
 Base Rate Loan
 Borrower Borrowers
 Borrowing Section 2.10 Section 2.2
 Borrowing Base Schedule 1. 1(b) Section
3.1(i) provided Schedule 1.1(b) provided further
 5




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Borrowing Base Report Section 6.11(c)
 Borrowing Date
 Business Day
 Canadian Dollars
 Capital Lease
 Capital Lease Obligations
 Capital Stock
 Cash Collateral Account Section 3.9
 Cash Collateralize Cash Collateral
 Cash Equivalents
 6




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Catastrophe Bonds
 Catastrophe Losses
 Change in Law provided
 Claims
 Code
 Collateral
 7




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Commitment
 Commitment Increase Section 2.19(a)
 Commitment Increase Date Section 2.19(c)
 Commitment Termination Date
 Compliance Certificate Exhibit D
 Consolidated Indebtedness
 Consolidated Net Income
 Consolidated Net Worth
 Consolidated Tangible Net Worth
 Control
 8




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Controlled Controlling
 Covenant Compliance Worksheet Exhibit D
 Credit Documents
 Credit Exposure sum plus
 Credit Extension
 Credit Party Credit Parties
 Currency
 Custodial Account
 Custodial Agreement
 Custodian
 Debtor Relief Laws
 Default
 Defaulting Lender Section 2.20(b)
 9




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provided provided Section
2.20(b)
 Disqualified Capital Stock
 10




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Documentation Agent
 Dollar Amount
 Dollars $
 Eligible Assignee provided
 Eligible Collateral Schedule 1.1(b)
 Eligible Percentage Schedule 1. 1(b)
 Environmental Claims Claims
 Environmental Laws
 11




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ERISA
 ERISA Affiliate controlled
group
 ERISA Event
 Euro
 Event of Default Section 9.1
 12




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Exchange Act
 Excluded Taxes Section 2.18(a) Section 2.16(e) Section 2.16(a)
 Existing Credit Agreement
 Existing Lender
 Existing Lender Agreements Exhibit I
 Existing Letters of Credit Schedule 3.3 Section 3.3
 Existing Syndicated Letters of Credit Section
3.3(b)
 Fair Market Value
 13




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FASB
 Federal Funds Rate
 Federal Reserve Board
 Fee Letters
 Final Expiry Date
 Final Maturity Date
 Financial Officer
 Financial Strength Rating
 Foreign Currency
 Foreign Currency Equivalent
 14




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Fiscal Quarter
 Fiscal Year
 Foreign Lender
 Foreign Pension Plan
 Foreign Subsidiary
 Fronting Bank  Section 3.1(i)
 Fronting Exposure Section 2.20
 Fund
 GAAP Section 1.2
 Governmental Authority
 15




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Guarantors
 Guaranty Article XII
 Guaranty Obligation primary obligation primary obligor provided however
 Hazardous Substance
 Hedge Agreement
 16




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Hedge Party
 Historical Statutory Statements Section
5.11(b)
 Hybrid Equity Securities
 Increasing Lender Section 2.19(a)
 Indebtedness provided
 17




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Indemnified Taxes
 Indemnitee Section 11.1(b)
 ING
 Initial Loans Section 2.19(d)
 Insurance Regulatory Authority
 Insurance Subsidiary
 Interest Period provided
       18




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Invested Assets
 Investment
 Investment Policy
 Issue Issued Issuing Issuance
 Issuing Bank Section 11. 6(b)
 L/C Advance Section 3.2(f)
 L/C Disbursement
 L/C Disbursement Date
 19




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Lender Lender Section 2.18 2.19 11.6(b)
 Lending Office
 Letter of Credit Letters of Credit
 Letter of Credit Documents
 Letter of Credit Exposure
 Letter of Credit Fee
 Letter of Credit Notice
 LIBOR Loan
 LIBOR Rate
 20




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Licenses Section 5.4(c)
 Lien
 Loans Section 2.1
 Losses Section 11.1(b)
 Margin Stock
 Material Adverse Effect provided Section
7.1 7.2
 Material Insurance Subsidiary
 Material Subsidiary Section 6.1 Section 6.1 Section 5.11(a)
 21




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Section 6.2 Section 6.2 Section
5.11(b)
 Moodys
 Multiemployer Plan
 NAIC
 Net Income
 Non-Consenting Lender
 Non-Defaulting Lender
 Non-NAIC Lender
 Non-U.S. Lender
 Notes Section 2.1 Exhibit A
 Notice of Borrowing Section 2.2(b)
 Notice of Conversion/Continuation Section
2.10(b)
 Obligations
 22




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OFAC
 Other Taxes
 Over-Advance Section 2.6(b)
 Participant Section 11.6(e)
 Participant Register Section 11.6(e)
 Participated Letter of Credit Notice Section
3.2(b)
 Participated Letters of Credit Section 3. 2(a) Schedule 3.3
 Participated Reimbursement Obligation Section
3.2(e)
 Participating Member State
 PATRIOT Act
 Payment Office Schedule
1. 1(a)
 PBGC
 23




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Percentage Obligations Exhibit C-1
 Permitted Liens Section
6.6
 Person
 Plan
 Platform Section 11.4(b)
 Platinum Bermuda
 Platinum Finance
 Platinum Holdings
 Platinum US
 PPA 2006 Effective Date provided
 24




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however
 Primary Policies
 Pounds Sterling
 Preferred Securities
 Private Act
 Prohibited Transaction
 Quarterly Statement
 Ratable Share
 Register Section 11.6(d)
 Regulations D, T, U and X
 Reimbursement Obligations
 Reinsurance Agreement
 25




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Related Parties
 Reportable Event
 Required Lenders provided
 Required Tranche 1 Lenders provided
 Required Tranche 2 Lenders provided
 Requirement of Law
 Reserve Requirement th
 26




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Responsible Officer
 Restatement Effective Date Section 4.1
 Revaluation Date
 Sanctioned Country
 Sanctioned Person
 SAP Section 1.2
 Secured L/C Obligations
 Secured L/C Exposure sum plus
 Security Agreement Exhibit F
 27




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Security Documents Section 6.12
 Spot Rate
 Standard & Poors
 Stated Amount
 Subsequent Borrowing Section 2.19(d)
 Subsidiary
 Subsidiary Credit Party Subsidiary Credit Parties
 Syndicated L/C Participant Section 3.3(b)
 Syndicated Letter of Credit Notice Section
3.1(b)
 Syndicated Letters of Credit Section 3. 1(a) Schedule 3.3
 Syndicated Reimbursement Obligation Section
3.1(f)
 Syndication Agent
 28




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TARGET Day
 Taxes
 Total Capitalization sum plus
 Total Commitments sum plus
 Total Voting Power
 Tranche 1 Commitment Schedule 1. 1(a) Section 11. 6(d)
 Tranche 1 Commitment Fee Section 2.9(b)
 Tranche 1 Credit Exposure sum plus
 Tranche 1 Credit Extension
 Tranche 1 Lender
 Tranche 1 Letters of Credit
 29




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Schedule 3.3
 Tranche 1 Letter of Credit Exposure sum plus
 Tranche 1 Maturity Date
 Tranche 1 Ratable Share provided
 Tranche 1 Reimbursement Obligations
 Tranche 1 Termination Date Section 2.5 9.2
 Tranche 2 Commitment Schedule 1. 1(a) Section 11. 6(d)
 Tranche 2 Commitment Fee Section 2.9(d)
 Tranche 2 Lender
 Tranche 2 Letters of Credit Schedule 3.3
 Tranche 2 Letter of Credit Exposure sum
 30




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plus
 Tranche 2 Letter of Credit Fee Section 2.9(e)
 Tranche 2 Maturity Date
 Tranche 2 Ratable Share provided
 Tranche 2 Reimbursement Obligations
 Tranche 2 Termination Date Section 2.5 9.2
 Type Section 2.2(a)
 U.S. Person
 Unfunded Pension Liability
 Unutilized Tranche 1 Commitment less sum plus
 Unutilized Tranche 2 Commitment less
 Wells Fargo
 Wholly Owned
 31




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Accounting Terms; GAAP and SAP provided
 Other Terms; Construction
 include includes including without limitation will shall herein hereof hereunder asset property
 Article III
 Exchange Rates; Currency Equivalents
  32




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Section 1.4
 Redenomination of Certain Foreign Currencies and Computation of Dollar
Amounts
    ARTICLE II
 AMOUNT AND TERMS OF THE CREDIT
 Commitments
  33




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Article III Article III Loan Loans provided Section 3.4 Section 2.20(a)(iv)
 Article III Article III provided
 34




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Section 3.4 Section 2.20(a)(iii)
 Borrowings
 Type provided
 Section 2.10 Notice of Borrowing Exhibit B-1
    35




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Section 4.2 Section 4.1 Section 2.3(a)
 Disbursements; Funding Reliance; Domicile of Loans
 provided
 Section 2.2
 provided
 36




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Section 11.1
 Evidence of Debt; Notes
  Section 11.6(d)
 Section 2.4(b) Section 2.4(a) provided however
 Exhibit A
 37




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Termination and Reduction of Commitments
  provided Section 2. 5(b)
 provided Section 2. 5(c)
  Mandatory Payments and Prepayments
  Over-Advance provided Section 3.9
 38




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Section 3.9
 Sections 2. 6(c) 3.9(a)
 Voluntary Prepayments
 provided Section 2.17 Section 2. 7(a) Section 2.7(a) provided
 Section 2.7
 39




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Interest
 Section 2.8(b)
 Section 9.1(a) Section 3.6
 Section 3.6
 Section 2.6 2.7 provided
 Section 2.6 2.7 provided
  40




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provided
 provided however
 Fees
  Tranche 1 Commitment Fee
 Section 2.9(e) Tranche 1 Letter of Credit Fee
 41




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Tranche 2 Commitment Fee
 Tranche 2 Letter of Credit Fee
  Conversions and Continuations
 provided
 42




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Section 2.15(f) Section 2.17
 Notice of Conversion/Continuation Exhibit B-2
 Method of Payments; Computations; Apportionment of Payments
 Section 2.15 2.16 2.17
 43




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44




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Section 9.2
 first
 second
 third
 fourth
 fifth
 sixth
 seventh
 eighth
  45




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Section 3.9
 Recovery of Payments
   Use of Proceeds
 Pro Rata Treatment
 Section 2.10
   46




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provided Section 2.14(c) Section 2.14(c) Section
2.14(c) Section 2.14(c)
 Increased Costs; Change in Circumstances; Illegality
   Section 2.16
 Section 2.16
 
 47




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Section 2. 15(a) 2.15(b)
 Section 2.15 provided Section 2.15
 48




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49




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Taxes
 Section 2.16(e) provided Section 2.16
 Section 2.16(a)
 Section 2.16(e) Section 2.16
   50




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Section 2.16 Section 2.16
 51




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provided Section 2.16(f)
 Section 2.16
 Compensation Section 2. 18(a) 2.19 Section 9.2 Section 2.17 provided however Section 2.17
 52




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Section 2.17 Section 2.17 Section 2.17
 Replacement of Lenders; Mitigation of Costs
 Section 2. 15(a) 2. 15(b) Section 2.16 Section 2.15(f) Section 11.6 provided
 Section 11. 6(b)(iv)
 Section 2.17
 Section 2.18
 Section 2. 15(a) 2. 15(b) Section 2.16
  53




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Section 2. 15(a) 2.15(b) Section 2.16 Section
2.15(f) Section 2.15(a) 2. 15(b) 2.16 Section 2.15(f)
 Increase in Commitments
 Commitment
Increase Increasing Lender Additional Lender provided
  54




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Commitment Increase Date
 Section 2.19 Section 2.19
  Section 2.19(b)
    55




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Section 4.2
 Initial Loans Subsequent Borrowings Section 2.10 Schedule 1. 1(a) Section 2.17
 Section
2.19(f)
 56




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Section 2.19(f)
 Defaulting Lenders
  Section 11.5
 Article IX
 first
 second
 third
 fourth
 fifth
 sixth
 seventh
 57




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eighth
 provided Section 4.2 Section 2. 20(a)(ii)
  Section 2. 20(a)(iii) Section 2. 20(a)(iii) Section 2.20(c)
  58




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Section 2.20(a)(iii) provided provided further
 Section 2. 20(c)(ii)
 Section 2.20
 provided however Section 2.20 Section 2.14
 59




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ARTICLE III
 LETTERS OF CREDIT
 Syndicated Letters of Credit
 General Exhibit C-1 provided Section 3.1(i) provided Section 3.1(i)
 Notice of Issuance Syndicated Letter of Credit Notice
 60




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Section 3.1(c) Section 3.1(c)
 Expiration of Syndicated Letters of Credit provided however Section 4.2
 Obligation of Lenders provided Section 3.1(i) Section 2.19 Section 2.18 11. 6(b)
 61




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Section 2.20
 Issuance Administration provided Section 3.1(e)
 Reimbursement Syndicated Reimbursement Obligation
 62




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Disbursement Procedures provided
 Letter of Credit Reports
 Non-NAIC Lenders provided however
 63




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Section 3.2(d) Section 3.1(i)
 Participated Letters of Credit
 General Section 3.2 Exhibit C-2 provided
 Notice of Issuance Participated Letter of Credit Notice Section 3.2(c) Section 3.2(c)
 64




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Expiration of Participated Letters of Credit provided however Section 4.2
 Participations Section
3.1(i) Section 3. 2(d)
 65




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Section 3.2(e) Section 3.2(d) Section 3.2(d) Section 2.19
 Reimbursement Participated Reimbursement
Obligation
 Disbursement Procedures; Funding of Participations
 provided
 66




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##### 



Section 3.2(e) Section 3. 1(i) L/C Advance
 Section 3. 2(f) Section 3. 2(f)(i) Section 3. 2(f)(ii) Section 3. 2(f)
 Repayment of Participations
 Section 3.2(f)
 Section 3. 2(f)(i)
 67




---



##### 



Section 2.12
 Letter of Credit Reports
 Failure to Make L/C Advances Section 3. 2(f)
 Existing Letters of Credit
 Schedule 3.3
 Existing Syndicated Letter of Credit Section 3.3(b) Syndicated L/C Participant Section 3. 3(b)
 68




---



##### 



Section 3.3(b)
 Section 3.5
 Conditions Precedent to the Issuance of Letters of Credit
  Section 2. 1(a)
 Section 2. 1(b)
 Section 2.15(g)
 Sections 3. 1(c) 3.2(c)
 Section 4.2
 69




---



##### 



Exhibit C-1 Exhibit
C-2 provided
  Section 3. 2(f)
  Obligations Absolute
    70




---



##### 



provided
   provided
 Secured Tranche 1 Letters of Credit
 71




---



##### 



provided Section 3. 6(b)
 Interest
 Interest Rate Determination Section 3.7
 Collateralization of Letters of Credit
 plus minus Cash Collateral Account
 72




---



##### 



Section 2. 6(b) 2.6(c)
 minus
 Section 3.9(e)
 Section 2. 6(b) 2.6(c) provided
 73




---



##### 



Section 3.9(a) Section 3.6
 Use of Letters of Credit
 ARTICLE IV
 CONDITIONS PRECEDENT
 Conditions Precedent to the Restatement Effective Date Restatement Effective Date Section 11.5
  Exhibit G-1 Exhibit G-2 Exhibit G-3
  74




---



##### 



75




---



##### 



76




---



##### 



A-
     Section 10.4 Section 4.1
 Conditions Precedent to All Credit Extensions
  Section 2. 2(b) Section 3. 1(b) 3.2(b)
  Section 2.1
 77




---



##### 



Section
3.4
   Section 4. 2(c) Section 4. 2(g)
 ARTICLE V
 REPRESENTATIONS AND WARRANTIES
  Organization and Power
 Authorization; Enforceability
 78




---



##### 



No Violation
 Governmental and Third-Party Authorization; Permits
   Schedule 5.4 Licenses
 79




---



##### 



Schedule 5.4
 Litigation
 Taxes Schedule 5.6
 Subsidiaries
 Schedule 5.7 Schedule 5.7 Schedule 5.7
  80




---



##### 



Full Disclosure
 Margin Regulations
 No Material Adverse Effect
 Financial Matters
  81




---



##### 



Section 6.1
 Historical Statutory Statements
 ERISA
   82




---



##### 



value shortfall
 Environmental Matters
 Compliance With Laws
 Investment Company Act
 83




---



##### 



Insurance
 OFAC; PATRIOT Act
   Security Documents
 Stamp Taxes
 ARTICLE VI
 AFFIRMATIVE COVENANTS
  84




---



##### 



GAAP Financial Statements
   Statutory Financial Statements
 85




---



##### 



Section 6.1 6.2 6. 3(c) provided
 Other Business and Financial Information
 Section 6.1 Exhibit D Article VII
 Statement of Actuarial Opinion
 86




---



##### 



Section 5.5 Section 6.3(d)
   87




---



##### 



Corporate Existence; Franchises; Maintenance of Properties Section 8.1
 88




---



##### 



Compliance with Laws
 Payment of Obligations provided however
 Insurance
 Maintenance of Books and Records; Inspection provided
 Dividends
 89




---



##### 



OFAC; PATRIOT Act Compliance
 Collateral
  Section 2.6(d)
 Exhibit H Borrowing Base Report
 Further Assurances
 90




---



##### 



ARTICLE VII
 FINANCIAL COVENANTS
  Maximum Consolidated Indebtedness to Total Capitalization
 Minimum Consolidated Tangible Net Worth sum plus plus minus
 ARTICLE VIII
 NEGATIVE COVENANTS
  91




---



##### 



Fundamental Changes Section 8.4 provided however
 Indebtedness
 Section 8.3
   Schedule
8.2
   Section
8.3
 provided
 92




---



##### 



Liens
   Schedule
8.3
  provided
 Section 8. 2(b)(iii)
 Section 8.3
 Disposition of Assets
 93




---



##### 



provided Section 8.4(iii)
 provided provided
further
 Investments
       provided sum plus Section 8.5(viii)
 94




---



##### 



provided Section 8.5(viii) Section 8.5(vii)
 Transactions with Affiliates
   Restricted Payments
 95




---



##### 



Section 9.1(a) Section
9.1(e) Section 9.1(f) Section 9.1(g)
 Lines of Business
 Fiscal Year
 Ratings
 Accounting Changes
 Limitation on Certain Restrictions
 Private Act
 ARTICLE IX
 EVENTS OF DEFAULT
 Events of Default Event of Default
 96




---



##### 



Section 2.13 6. 3(d)(i) 6. 4(i) 6.11 Article VII VIII
 Sections 9. 1(a) 9.1(b)
   Section 9.1(g)
 97




---



##### 



Article XII
  98




---



##### 



Remedies; Termination of Commitments, Acceleration, Etc.
 provided
 provided Section 9.1(j) Section 9.2(b)
 Section 9.1(j) Section 3.9
 99




---



##### 



Remedies; Setoff provided however
 ARTICLE X
 THE ADMINISTRATIVE AGENT
 Appointment and Authority Article X Article X Section 3.1(e)
 Rights as a Lender
 100




---



##### 



Exculpatory Provisions
  provided
  Sections 9.2 11.5
  101




---



##### 



Article IV
 Reliance by Administrative Agent
 Delegation of Duties Article X
 Resignation of Administrative Agent provided
 102




---



##### 



Section 10.6 Section 10.6 Section 11.1 Article X
 Non-Reliance on Administrative Agent and Other Lenders
 No Other Duties, Etc.
 Collateral and Guaranty Matters
   103




---



##### 



Section 10.9(b)
 Fronting Banks Article X Section
10.2 mutatis mutandis
 ARTICLE XI
 MISCELLANEOUS
 Expenses; Indemnity; Damage Waiver
 Section 11.1
 Indemnitee
 104




---



##### 



Losses provided
 Section 11. 1(a) 11. 1(b) provided Section 11. 1(c) Section
2.3(d)
  105




---



##### 



Section 11.1
 Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of
Process
 PROVIDED ISP
  SECTION 11.2(b)
 106




---



##### 



SECTION 11.4
 Waiver of Jury Trial SECTION 11.3
 Notices; Effectiveness; Electronic Communication
 Section 11.4(b)
 Schedule 1.1(a)
  Section
11. 4(b)
 Platform provided Article II
 107




---



##### 



provided provided Agent
Parties
  Amendments, Waivers, etc. provided however
   108




---



##### 



Section 2.14 Section 11.5
 Article XII
  Section 1.1 Section 4.2
 Section 1.1
  Section 1.1 Schedule 1. 1(b)
   109




---



##### 



Successors and Assigns
 Section 11.6(b) Section 11. 6(e) Section 11. 6(g) Section 11. 6(e)
 Section 2.18 Section 11.6(b) provided
   110




---



##### 



Section
11.6(d) Sections 2.15(a) 2.15(b) 2.16 2.17 11.1 PROVIDED HOWEVER Section 11.6 Section 2.16(e) Section 11.6(b) Section 11.6(e)
  111




---



##### 



Section 11.6(c)
 Schedule 1. 1(a) Register
 Participant provided provided Sections 11. 5(a) 11. 5(d) Section 11.6(f) Sections 2.15(a) 2.15(b) 2.16 2.17 Section 11.6(b)
 112




---



##### 



Participant Register Section
11.6(e) Section 11.6(e)
 Section 2.15(a) 2. 15(b) 2.16 Section 2.16 Section 2. 16(e) Section 2. 16(e)
 provided
  Section 11.6 provided Section 11.11
 Section 11.6
 113




---



##### 



provided Article III
 No Waiver
 Survival Sections 2.15(a) 2.15(b) 2.16 2.17 11.1
 Severability Section 11.9
 114




---



##### 



Construction
 Confidentiality Section 11.11 Section
11.11
 Section 11.11 Information provided Section 11.11
 115




---



##### 



Judgment Currency Judgment Currency Agreement Currency
 Counterparts; Integration; Effectiveness Section 4.1
 Disclosure of Information Gold Sheets
 USA PATRIOT Act Notice
 116




---



##### 



Effectiveness of the Amendment and Restatement; Existing Credit
Agreement Schedule 1. 1(a)
 ARTICLE XII
 THE GUARANTY
 The Guaranty
  Guaranty Unconditional Article XII
    117




---



##### 



provided
   Section 12.2(viii) Article XII
 Discharge Only upon Payment in Full; Reinstatement in Certain
Circumstances Article XII Article XII
 Waiver by the Guarantors Section 12.4
 Subrogation
 118




---



##### 



Stay of Acceleration Article XII
 Continuing Guaranty; Assignments Section 11.6(b)
  119




---



##### 



IN WITNESS WHEREOF
 PLATINUM UNDERWRITERS HOLDINGS, LTD.By:
    /s/ Allan C. DecleirName:
    Allan C. DecleirTitle:
    Executive Vice President and Chief Financial
OfficerPLATINUM UNDERWRITERS BERMUDA, LTD.By:
    /s/ Robert S. PorterName:
    Robert S. PorterTitle:
    Chief Executive OfficerPLATINUM UNDERWRITERS REINSURANCE, INC.By:
    /s/ H. Elizabeth MitchellName:
    H. Elizabeth MitchellTitle:
    President and Chief Executive OfficerPLATINUM UNDERWRITERS FINANCE, INC.By:
    /s/ Allan C. DecleirName:
    Allan C. DecleirTitle:
    Executive Vice President, Chief Financial Officer and
Treasurer




---



##### 



WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, as Fronting Bank and as a LenderBy:
    /s/ Karen HankeName:
    Karen HankeTitle:
        Director




---



##### 



U.S. BANK NATIONAL ASSOCIATION, 
as Syndication Agent and as a LenderBy:
    /s/ Inna KotsubeyName:
    Inna KotsubeyTitle:
    Vice President




---



##### 



ING BANK N.V., LONDON BRANCH, 
as Documentation Agent and as a LenderBy:
    /s/ MER SharmanName:
    MER SharmanTitle:
    Managing DirectorBy:
    /s/ M. GroenName:
    M. GroenTitle:
    Director




---



##### 



NATIONAL AUSTRALIA BANK LIMITED, as a LenderBy:
    /s/ Bill SeabrookName:
    Bill SeabrookTitle:
    Director, FIG (Funds & Insurance)




---



##### 



BNP PARIBAS, as a LenderBy:

Michael AlbaneseName:
    Michael AlbaneseTitle:

Managing
DirectorBy:

Riad JafarovName:
    Riad JafarovTitle:

Vice
President




---



##### 



MIZUHO CORPORATE BANK (USA), as a LenderBy:
    /s/ David LimName:
    David LimTitle:
    Senior Vice President




---



##### 



STATE STREET BANK AND TRUST COMPANY, as a LenderBy:
    /s/ Kimberly R. CostaName:
    Kimberly R. CostaTitle:
    Vice President




---



##### 



THE BANK OF NOVA SCOTIA, as a LenderBy:
    /s/ David MahmoodName:
    David MahmoodTitle:
    Managing Director