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|   | Insurance Letters of Credit – Master Agreement |
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|   | Form 3/CEP |
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|   | 1.1 | In order to establish a Credit, the Company is required to submit an application form to CEP (“the Application Form”).  The Application Form must (a) be substantially in the form of Schedule 2 hereto; Application Forms may, subject to CEP’s agreement, be received via any electronic system(s) or transmission arrangement(s); (b) be completed by or on behalf of the Company in accordance with the terms of the Company’s banking mandate(s) or other authorities lodged with CEP or in accordance with arrangement(s) made with CEP from time to time; and (c) indicate therein the name of the Beneficiary and the amount and term of the Credit required.  Upon receipt of an Application Form that satisfies the above criteria, CEP shall establish on behalf of the Company an irrevocable clean sight Credit (or such other form of Credit as may be required by the Application Form relating thereto) available, in whole or in part, by the Beneficiary’s sight draft (the Company hereby agreeing that CEP may accept as a valid ”sight draft” any written or electronic demand or other request for payment under the Credit, even if such demand or other request is not in the form of a negotiable instrument) on CEP or otherwise as may be required by the terms of the Credit; provided, however, that: |
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|   | (i) | the opening of any Credit hereunder shall, in every instance, be at CEP’s option and nothing herein shall be construed as obliging CEP to open any Credit; |
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|   | (ii) | prior to the establishment of any Credit or in order to maintain a Credit the Company undertakes as follows: |
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|   | (a) | forthwith at CEP’s request to deposit, at an Approved Bank, in an account or accounts in the Company’s name, cash or securities or a combination of cash and securities as per the Reinsurance Deposit Agreement or as otherwise agreed between the parties, of such amount and in such combination as CEP may require (a "Deposit").  “Approved Bank” for the purposes of this Clause 1.1(ii)(a) shall mean one or more of the following:- (i) Citibank, N.A. at their branch at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB; (ii) a bank approved by CEP; or, (iii) such other Citigroup branch or approved bank as CEP may designate and notify to the Company; and |
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|   | (b) | should a Deposit have been requested, to execute CEP’s standard form charge documentation in relation to the accounts opened pursuant to Clause 1.1 (ii) (a) above. |
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|   | 1.2   | Without prejudice to the generality of Clause 1.1 (i), the opening of any Credit hereunder |
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|   | 1.3 | The Company undertakes to reimburse CEP, promptly following demand (and in any event within five (5) Business Days), the amount of any and all drawings (including, for the avoidance of doubt, drawings presented electronically) under each Credit; |
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|   | 1.4 | The Company undertakes to indemnify CEP, promptly following demand, for and against all actions, proceedings, losses, damages, charges, costs, expenses, claims and demands which CEP may incur, pay or sustain in connection with each Credit and/or this Agreement, howsoever arising (unless resulting from CEP’s own gross negligence or wilful misconduct); |
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|   | 1.5 | The Company undertakes to pay CEP, on demand, such fees and/or commissions of such amount(s) and/or at such rate(s) as specified in the fee letter (separately agreed between the parties) as payable in connection with each Credit; |
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|       1.6   | The Company hereby irrevocably authorises CEP to make any payments and comply with any demands which may be claimed from or made upon CEP in connection with any Credit without any reference to, or further authority from, the Company against presentation of a draft or other document that in CEP’s good faith judgment appeared to comply with the terms and conditions of the applicable Credit.  The Company hereby agrees that it shall not be incumbent upon CEP to enquire or take notice of whether or not any such payments or demands claimed from or made upon CEP in connection with each Credit are properly made or whether any dispute exists between the Company and the Beneficiary thereof.  The Company further agrees that any payment CEP makes in accordance with the terms and conditions of each Credit shall be binding upon the Company and shall be accepted by the Company as conclusive evidence that CEP was liable to make such payment or comply with such demand. |
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|               2.1   | The Company represents and warrants to CEP and undertakes that:- |
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|   | (i) | it has and will at all times have the necessary power to enable it to enter into and perform the obligations expressed to be assumed by it under this Agreement; |
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|   | (ii) | the Agreement constitutes its legal, valid, binding and enforceable obligation effective in accordance with its terms, subject to (x) the effect of any applicable bankruptcy, insolvency, reorganisation, moratorium or similar law affecting creditors' rights generally and (y) the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law); and |
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|                      (iii) | all necessary authorisations to enable or entitle it to enter into this Agreement have been obtained and are in full force and effect and will remain in such force and effect at all times during the subsistence of this Agreement; |
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|   | (i) | it is not unable to pay its debts as they fall due; |
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|   | (ii) | it has not been deemed or declared to be unable to pay its debts under any applicable law; |
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|   | (iii) | it has not suspended making payments on any of its debts; |
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|   | (iv) | it has not, by reason of actual or anticipated financial difficulties, commenced negotiations with any of its creditors with a view to rescheduling any of its indebtedness; |
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|   | (v) | the value of its assets is not less than its liabilities (taking into account contingent and prospective liabilities); |
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|   | (vi) | no moratorium has been declared in respect of any of its indebtedness; and |
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|   | (vii) | no analogous or similar event or concept to those set out in this Clause 2.2 has occurred or is the case under the laws of any jurisdiction. |
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| 3. | EXTENSION/TERMINATION |
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|   | 3.1 | (a) | Any Credit established hereunder may, if requested by the Company on the relevant  Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the "Issuing Bank") by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 60 days (or such longer period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the "Notice Period"). |
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|   | (b) | The Issuing Bank shall be under no obligation to the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS the Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 60 days prior to the commencement of the Notice Period. |
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|   | (c) | CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit.  If CEP exercises such said right, it will give the Company notice in writing thereof as soon as is reasonably possible. |
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|   | 5.1 | Unless otherwise agreed between the parties in writing, the previous agreement(s) (if any) entered into between them (other than those at any time governed by a "Master Agreement – London Market Letter of Credit Scheme" or substantially equivalent agreement) governing Credits established by CEP on the Company’s behalf in favour of Beneficiaries shall, on due execution by the parties of this Agreement, cease to apply to all such Credits, which Credits shall henceforth be governed by this Agreement. |
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|               5.2   | For the avoidance of doubt any letter or letters of credit or similar or equivalent instrument or instruments (the "Existing Credit(s)") which has or have been established or opened pursuant to the terms of any previous agreement(s) entered into between the Company and Citibank, N.A. governing the Existing Credits (including any security arrangements that apply in respect of any obligation under or pursuant to such previous agreement(s)) (the "Existing Agreement(s)") shall continue in force until cancelled.  The Existing Agreement(s) shall continue to apply to the Existing Credit(s) until all the Existing Credit(s) have been cancelled.  The Company undertakes, on CEP’s request, to take all reasonable steps to procure that any cancelled Existing Credit(s) are destroyed or returned to CEP. |
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|   | 7.1 | The Company acknowledges that CEP may carry out any of its obligations or exercise any of its rights under this Agreement through any of its offices or branches, wheresoever situated. |
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|               7.2   | The Company further understands that CEP reserves the right to issue any Credit through any third party correspondent bank of its choice (provided that such correspondent bank is approved by the National Association of Insurance Commissioners) and/or to have any Credit confirmed by Citibank, N.A.  In such circumstances, CEP will be required to guarantee reimbursement to such correspondent and/or Citibank, N.A. of any payments which such correspondent and/or Citibank, N.A. may make under the Credit in question and such guarantee (howsoever described) shall be treated mutatis mutandis as a Credit for the purpose of this Agreement. |
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|   | 9.1 | Any notice or demand to be served on the Company by CEP hereunder may be served: |
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|   | (b) | by letter addressed to the Company or to any of its officers and left at the Company’s registered office or at any one of its principal places of business; |
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|   | (c) | by posting the same by letter addressed in any such manner as aforesaid to such registered office or principal place of business; or |
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|   | (d) | by facsimile addressed in any such manner as aforesaid to any then published facsimile number of the Company. |
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|   | 9.2 | Unless otherwise stated, any notice or demand to be served on CEP by the Company hereunder must be served either at CEP’s address as stated above (or such other address as CEP may notify us of from time to time) or by facsimile to such number as CEP may notify the Company of from time to time. |
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|   | 9.3 | Any notice or demand:- |
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|   | (a) | sent by post to any address in the Republic of Ireland or the United Kingdom shall be deemed to have been served on the Company at 10am. (London time) on the first Business Day after the date of posting (in the case of an address in the Republic of Ireland) and on the second Business Day after posting (in the case of an address in the United Kingdom) or, in the case of an address outside the Republic of Ireland or the United Kingdom (or a notice or demand to CEP), shall be deemed to have been served on the relevant party at 10am. (London time) on the third Business Day after and exclusive of the date of posting; or |
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|   | (b) | sent by facsimile shall be deemed to have been served on the relevant party when dispatched. |
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|   | 9.4 | In proving service by post it shall be sufficient to show that the letter containing the notice or demand was properly addressed and posted and such proof of service shall be effective notwithstanding that the letter was in fact not delivered or was returned undelivered. |
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|   | 9.5 | In this Clause 9, "Business Day" shall be construed as a reference to a day (other than a Saturday or a Sunday) on which banks are generally open in London. |
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|   | 10.1 | CEP has a full and unfettered right (a) to assign or otherwise dispose of the whole or any part of its rights and/or benefits under this Agreement or (b) (subject to Clauses 10.2 to 10.5) to novate its rights and obligations under this Agreement, in each case, to a Permitted Transferee.  The words "CEP" and "CEP’s" wherever used in Clauses 10.2 to 10.5 shall be deemed to include CEP’s permitted assignees and novatees and other successors, whether immediate or derivative, who shall be entitled to enforce and proceed upon this Agreement in the same manner as if named herein. CEP shall be entitled to impart any information concerning the Company to any such permitted assignee, novatee or other successor or any participant or proposed permitted assignee, novatee, successor or participant; provided, however, that in connection with any such assignment or novation, CEP may disclose to the assignee or transferee or proposed assignee or proposed transferee any information relating to the Company furnished to CEP by or on behalf of the Company, provided that, prior to any such disclosure, the assignee or transferee or proposed assignee or proposed transferee shall agree to be subject to the same confidentiality obligations applicable to CEP with respect to any confidential information related to the Company and shall enter into a confidentiality agreement to such effect with CEP under which the Company is designated a third party beneficiary with the right to enforce the terms of such confidentiality agreement. |
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|   | 10.2 | The person who is for the time being liable to perform CEP’s obligations under this Agreement (a "Transferring Bank") shall be entitled to novate at any time, upon service of a notice on the Company in the form attached as Schedule One to this Agreement (a "Novation Notice"), any or all of its rights and obligations under, and the benefit of, this Agreement to any Permitted Transferee.  With effect from the date on which a Novation Notice is executed by the Transferring Bank and the Permitted Transferee and served on the Company (the "Novation Date"), the provisions of Clause 10.3 shall have effect (but not otherwise). |
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|   | 10.3 | With effect from (and subject to the occurrence of) the Novation Date: |
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|   | 10.3.1 | the Permitted Transferee shall be bound by the terms of this Agreement (as novated) in every way as if the Permitted Transferee was and had been a party hereto in place of the Transferring Bank and the Permitted Transferee shall undertake and perform and discharge all of CEP’s obligations and liabilities under this Agreement (as novated) whether the same fell or fall to be performed or arose or arise on, before or after the Novation Date; |
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|   | 10.3.2   | the Company shall release and discharge the Transferring Bank from further performance of its obligations arising in favour of the Company on and after the Novation |
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|   | Date under this Agreement and all claims and demands whatsoever in respect thereof against the Transferring Bank, and the Company shall accept the liability of the Permitted Transferee in respect of such obligations in place of the liability of the Transferring Bank; |
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|   | 10.3.3 | the Transferring Bank shall release and discharge the Company from further performance of its obligations arising in favour of the Transferring Bank on and after the Novation Date under this Agreement and all claims and demands whatsoever in respect thereof by the Transferring Bank; and |
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|   | 10.3.4 | the Company shall be bound by the terms of this Agreement (as novated) in every way, and it shall undertake and perform and discharge in favour of the Permitted Transferee each of its obligations whether the same fell or fall to be performed or arose or arise on, before or after the Novation Date and expressed to be owed to CEP. |
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|   | 10.4 | Without prejudice to the automatic novation of the Transferring Bank’s rights and obligations pursuant to Clause 10.3, the Company undertakes to sign and return promptly each acknowledgement of the Novation Notice from time to time delivered to it promptly following receipt of the same from the Transferring Bank. |
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|               10.5   | For the purposes of this Clause 10 a "Permitted Transferee" shall mean; |
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| i)   | any holding company, subsidiary or affiliate of Citigroup Inc, or; |
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| ii)   | subject to the Company’s consent (such consent not to be unreasonably withheld),any other third party. |
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|   | 11.1 | The Company hereby irrevocably authorises CEP to debit and credit, on the Company’s behalf, any account or accounts which are held in the Company’s name with Citibank, N.A. |
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|   | 11.2 | The Company hereby agrees that Citibank N.A. shall be entitled to rely on and action any credit or debit made by CEP in accordance with Clause 11.1. |
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|   | 13.1 | Subject to this Clause and to Clause 11.2 a person who is not a party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce any terms of this Agreement. |
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|   | 13.2 | Citibank, N.A. may enforce the terms of Clause 11.2 subject to, and in accordance with, this Clause 13.2 and Clause 12 and the provisions of the Third Parties Act. |
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|   | 13.3 | The parties to this Agreement do not require the consent of Citibank, N.A. to rescind or vary this Agreement at any time. |
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|   | 13.4 | If Citibank, N.A. brings proceedings to enforce the terms of Clause 11.2, the Company shall only have available to it by way of defence, set-off or counterclaim a matter that would have been available by way of defence, set-off or counterclaim if Citibank, N.A. had been party to this Agreement. |
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|   | 13.5 | Citibank, N.A. may not take proceedings to enforce Clause 11.2 unless and until it gives notice in writing to the Company in any manner as is permitted by Clause 9, agreeing irrevocably to the provisions of Clause 12. |
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| 14   | CONFIDENTIALITY OF COMPANY INFORMATION |
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|   | CEP agrees to take and to cause its affiliates to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information provided by the Company or any of its affiliates under this Agreement or any other agreement or document relating to the Credit (“Information”), and neither it nor any of its affiliates shall use any Information other than in connection with or in enforcement of this Agreement and the other agreements and  documents relating to the Credit except to the extent the Information was or becomes generally available to the public other than as a result of a disclosure by CEP or its affiliates, provided that such source is not bound by a confidentiality agreement with Company known to CEP; provided, however that CEP may disclose Information (i) at the request or pursuant to any requirement of any governmental authority to which CEP is subject, and will use all reasonable endeavours in each case to give prior notice to the Company unless prohibited by law or the rules governing the process requiring such disclosure; (ii) pursuant to subpoena or other court process, and will use all reasonable endeavours to give prior notice to the Company unless prohibited by law or the rules governing the process requiring such disclosure; (iii) when required to do so in accordance with the provisions of any applicable requirement of law, and will use all reasonable endeavours to give prior notice to the Company unless prohibited by law or the rules governing the process requiring such disclosure; (iv) to the extent reasonably required in connection with the exercise of any remedy hereunder or any other agreement or document relating to the Credit; and (v) to CEP’s independent auditors and other professional advisors who agree or are directed to maintain the confidentiality of the Information.   |
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|   | EXECUTED THIS DAY ABOVE WRITTEN BY: |
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|   | Tim Courtis | Faramarz Romer |
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|   | Greenlight Reinsurance, Ltd |
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|   | /s/ Tim Courtis | /s/ Faramarz Romer |
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|   | (Signature(s)) |
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|   | Dated August 20, 2010 |
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|   | Niall Tuckey___________________________________ |
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|   | /s/ Niall Tuckey________________________________ |
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|   | (Signature(s)) |
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|   | Dated August 20, 2010 |
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| To: | [                      ] |
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|   | Date: |
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| (1) | acknowledges receipt of the Novation Notice; and |
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| (2) | agrees that with effect from the date of the Novation Notice the rights, liabilities and obligations of [                   ] are novated to [                    ] in the manner set out in Clause 10 of the Agreement. |
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|   | [NAME OF COUNTERPARTY] |
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