Document:

EXHIBIT 10.35

FORM OF SECOND MODIFICATION AGREEMENT

(New Terms)

This Second Modification Agreement (the ‘‘Agreement’’), dated as of                              for reference purposes only, is made by and between Greenhill & Co. Inc., a Delaware corporation (‘‘Borrower’’), and First Republic Bank (the ‘‘Lender’’), with reference to the following facts:

A.    The Lender has previously made a loan in the total principal amount of Thirty Million and 00/1 00 Dollars ($30,000,000.00) (the ‘‘Loan’’) to Borrower.

B.    The Loan arises out of that certain Loan Agreement dated January 31, 2006 and modified as of August 1, 2006 (the ‘‘Loan Agreement’’) executed by Borrower and the Lender, All terms with an initial capital letter that are used but not defined in this Agreement shall have the respective meanings given to such terms in the Loan Agreement. The Loan is evidenced by Borrower’s promissory note dated January 31, 2006 and modified as of August 1, 2006 (the ‘‘Note’’).

C.    Borrower has requested that the Lender modify certain of the Loan Documents on the terms and conditions of this Agreement, and the Lender is willing to do so.

THEREFORE, for valuable consideration, the Lender and Borrower agree as follows:

			
		1. 	Modification of Loan Documents.

1.1    Principal Amount of the Loan.    Effective with this Agreement, the principal amount of the Loan is hereby increased by Twenty Million and 00/100 Dollars ($20,000,000.00) from the total amount of Thirty Million and 00/1 00 Dollars ($30,000,000.00) to Fifty Million and 00/100 Dollars ($50,000,000.00). Refer to the Amended and Restated Promissory Note dated March 14, 2007 which supercedes and replaces the Promissory Note dated January 31, 2006 and modified as of August 1, 2006.

1.2    Extension of Maturity Date.    The maturity date of the Note is extended from August 1, 2007 (the ‘‘Existing Maturity Date’’) to August 1, 2008 (the ‘‘New Maturity Date’’), at which time the entire unpaid principal balance of the Note and all accrued but unpaid interest shall be due and payable.

1.3    Interest Rate.    Effective with this agreement until the New Maturity Date, interest on the unpaid principal balance of the Note shall accrue at the following interest rate or interest rates, subject to the terms of the Loan Documents: Refer to the Amended and Restated Promissory Note dated March 14, 2007 which supercedes and replaces the Promissory Note dated January 31, 2006 and modified as of August 1, 2006.

1.4    Payment of Principal and Interest.    From and after the Existing Maturity Date to the New Maturity Date, principal and interest shall be payable as follows: No change.

1.5    Payment on New Maturity Date.    The entire unpaid principal balance of the Note and all accrued and unpaid interest thereon shall be due and payable on August 1, 2008.

1.6    Other Modifications.    The Loan Documents are further modified in the following respects:

(a)    The amount on Section 2.1 (a) of the Loan Agreement is hereby increased from ‘‘Thirty Million and 00/1 00 Dollars ($30,000,000.00)’’ to ‘‘Fifty Million and 00/1 00 Dollars ($50,000,000.00)’’.

(b)    Both references to the date on Section 2.1 (b) of the Loan Agreement are hereby replaced from ‘‘August 1, 2007’’ to ‘‘August 1, 2008’’.

(c)    Sections 8.1 and 8.2 of Exhibit A to the Loan Agreement are hereby amended in their entirety, and the following substituted therefor:

‘‘8.1    Minimum Tangible Net Worth.    Borrower shall maintain a minimum tangible net worth of not less than $90,000,000.00 at each fiscal year end.’’

‘‘8.2    Debt to Tangible Net Worth.    Borrower shall maintain a debt to tangible net worth of not more than 1.5 to 1.’’

(d)    Borrower shall pay to the Lender, upon execution of this Agreement, a commitment fee of                          and a documentation fee of                  totaled                     , which fees shall be debited from Borrower’s account number                          held with Lender.

(e)    The following are hereby added as Sections 9 and 10 respectively, to Exhibit A of the Loan Agreement:

‘‘9.    Letters of Credit:    Letters of credit will be made available and issued for the account of Borrower as part of the Commitment to Borrower under this Agreement, subject to the Letter of Credit Sublimit and the other terms and conditions of this Agreement, including the following terms:

(a)    Certain Definitions.    For purposes of this Loan Schedule, the following terms shall have the following meanings:

(i)    Letters of Credit.    ‘‘Letters of Credit’’ means one or more standby letters of credit, in form and substance acceptable to the Lender, now or hereafter issued by the Lender for the account of Borrower, or one or more commercial letters of credit issued by a third party under agreement with Lender for the account of Borrower, and all extensions, renewals, modifications and replacements of any or all of such documents. Lender, or any third party issuer of a Letter of Credit under an agreement with Lender shall be referred to hereunder as the ‘‘Issuer.’’

(ii)    Letter of Credit Agreements.    ‘‘Letter of Credit Agreements’’ means a standby letter of credit agreement or agreements or a commercial letter of credit services agreement or agreements, and all related documents now or hereafter executed by Borrower or any other account party for Borrower’s benefit in connection with the issuance by Issuer, for the account of Borrower, of a Letter or Letters of Credit for the account of Borrower, and all extensions, renewals, modifications and replacements of such agreements and documents.

(iii)    Letter of Credit Sublimit.    ‘‘Letter of Credit Sublimit’’ means the amount shown in this Loan Schedule as the Letter of Credit Sublimit, representing the maximum face amount of all Letters of Credit that Borrower is entitled to obtain from the Issuer, for the account of Borrower, and that may be outstanding at any time under this Agreement.

(b)    Letters of Credit.    Upon Borrower’s request from time to time prior to the Termination Date, and subject to Borrower’s satisfaction of the Lender’s then standard and customary requirements and conditions (including the payment of the Lender’s then customary initial and periodic Letter of Credit fees and charges), and provided that no Default or event of Default has occurred and is continuing, the Issuer shall issue Letters of Credit, for the account of Borrower, in aggregate amounts not exceeding at any time the Letter of Credit Sublimit. All Letters of Credit now or hereafter issued by the Issuer, for the account of Borrower, shall be deemed to reduce the amount of the Commitment by the aggregate face amount of such Letters of Credit, provided, however, that when a payment is made under any Letter of Credit, the amount of such payment shall be added to the Commitment. Any payment made by the Lender under or in connection with a Letter of Credit shall constitute a Line of Credit Advance under this Agreement and part of the 

outstanding principal balance of the Line of Credit Loan on the date such payment is made. Borrower agrees to indemnify and hold the Lender harmless from and against any loss, cost, expense, or liability, including payments made by Lender, expenses, and attorneys’ fees incurred by Lender arising out of or in connection with any Letters of Credit.

10.    Letter of Credit Sublimit:    $475,044.80

a.    Letter of Credit Fee:    One (1.0%) percent of Letter of Credit amount renewal lee per annum.’’

1.7    Late Charges/After Default Interest Rate.    The late charges provided for in the Note shall continue to apply to all installment payments under Section 1.4 above, and the after default interest rate set forth in the Note shall continue to apply after the occurrence of an Event of Default.

2.    Representations and Warranties.    As a material inducement to the Lender’s execution of this Agreement, Borrower makes the following warranties and representations to the Lender:

2.1    Authority.    Borrower has the full power and authority to enter into and perform all of its obligations under this Agreement, and this Agreement, when executed by the Persons signing this Agreement on behalf of Borrower, shall constitute a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. The Persons executing this Agreement on behalf of Borrower have been duly authorized to execute this Agreement by all requisite action on the part of Borrower,

2.2    Financial Statements.    All statements respecting the financial condition of Borrower, any Guarantors, and any other Persons which have been furnished to the Lender (a) are accurate and complete in all respects as of the dates appearing thereon; (b) present fairly the financial condition and results of operations of the Person to whom the statement applies as of the date and for the period shown on such statement; and (c) disclose all suits, actions, proceedings and contingent liabilities affecting the Person to whom the financial statement applies.

2.3    Other Encumbrances.    There are no encumbrances or liens affecting all or part of the Collateral, except for the liens and security interests in favor of the Lender and the Permitted Liens.

3.    No Modification of Loan Documents.    Nothing contained in this Agreement shall be construed to obligate the Lender to extend the time for payment of the Note or otherwise modify any of the Loan Documents in any respect, except as expressly set forth in this Agreement.

4.    No Waiver.    No waiver by the Lender of any of its rights or remedies in connection with the Loan shall be effective unless such waiver is in writing and signed by the Lender. The Lender’s rights and remedies under this Agreement are cumulative with and in addition to any and all other legal and equitable rights and remedies which the Lender may have in connection with the Loan.

5.    Entire Agreement.    This Agreement and the other Loan Documents contain the entire agreement and understanding among the parties concerning the matters covered by this Agreement and the other Loan Documents and supersede all prior and contemporaneous agreements, statements, understandings, terms, conditions, negotiations, representations and warranties, whether written or oral, made by the Lender or Borrower concerning the matters covered by this Agreement and the other Loan Documents.

6.    Modifications.    This Agreement may be modified only by a written agreement signed by Borrower and the Lender.

7.    Descriptive Headings: Interpretation.    The headings to sections of this Agreement are for convenient reference only and shall not be used in interpreting this Agreement. For purposes of this Agreement, the term ‘‘including’’ shall be deemed to mean ‘‘including without limitation.’’

8.    Attorneys’ Fees.    Borrower shall pay all costs and expenses, including attorneys’ lees and costs, incurred by the Lender in enforcing any of the terms of this Agreement or the other Loan Documents, whether or not any legal proceedings are instituted by the Lender. Without limiting the generality of the immediately preceding sentence, upon the Lender’s demand, Borrower shall reimburse the Lender for all costs and expenses, including attorneys’ fees and costs, which are incurred by the Lender in connection with any action by the Lender for relief from the automatic stay arising under Bankruptcy Code Section 362(a), 11 U.S.C. §362(a).

9.    Indemnification.    Borrower shall indemnify and hold the Lender and its officers, directors, agents, employees, representatives, shareholders, affiliates, participating lenders, successors and assigns harmless from and against any and all claims, demands, damages, liabilities, actions, causes of action, suits, costs and expenses, including attorneys’ fees and costs, directly or indirectly arising out of or relating to any commission or brokerage fee or charge claimed to be due or owing to any person or entity in connection with the transactions contemplated by this Agreement as a result of any act or agreement made by the Borrower.

10.    No Third Party Beneficiaries.    This Agreement is entered into for the sole benefit of the Lender and Borrower, and no other party shall have any right of action under this Agreement.

11.    NO CLAIMS.    BORROWER ACKNOWLEDGES AND AGREES THAT (A) IT HAS NO OFFSETS OR DEDUCTIONS OF ANY KIND AGAINST ANY OR ALL OF THE OBLIGATIONS; AND (B)    IT HAS NO DEFENSES OR OTHER CLAIMS OR CAUSES OF ACTION OF ANY KIND AGAINST THE LENDER IN CONNECTION WITH THE LOAN OR THE COLLATERAL.

12.    Upon the Lender’s request, Borrower shall pay to the Lender all costs, charges, and expenses paid or incurred by the Lender in connection with the preparation of this Agreement and the transactions contemplated hereby, including (a) reasonable attorneys’ fees and costs, filing fees, recording charges, and document preparation fees; and (b) if the Loan is secured by any real property, title insurance costs and charges (including the cost of all title insurance endorsements which the Lender determines to be necessary to insure the continuing priority of any deed of trust or other real property security instrument securing the Loan following the execution of this Agreement, and the issuance of such endorsements shall constitute a condition to the effectiveness of this Agreement).

13.    Continuing Effect of Documents.    The Note and other Loan Documents, as modified by this Agreement, shall remain in full force and effect in accordance with their terms and are affirmed by Borrower.

14.    Time of the Essence.    Time is of the essence with respect to each provision of this Agreement.

15.    Counterparts; Successors.    This Agreement may be executed in counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective permitted successors and assigns.

16.    REVIEW BY BORROWER WITH INDEPENDENT COUNSEL.    BORROWER ACKNOWLEDGES AND AGREES THAT (A) IT HAS CAREFULLY READ ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE DOCUMENTS CONTEMPLATED BY THIS AGREEMENT AND UNDERSTANDS SUCH TERMS AND CONDITIONS; AND (B) IT HAS ENTERED INTO THIS AGREEMENT FREELY AND VOLUNTARILY, AFTER HAVING CONSULTED WITH ITS INDEPENDENT LEGAL COUNSEL OR AFTER HAVING HAD AN OPPORTUNITY TO CONSULT WITH ITS INDEPENDENT LEGAL COUNSEL.

BORROWER:

Greenhill & Co. , Inc., a Delaware corporation

By:                                                         

        Harold J. Rodriguez, Jr.

        Treasurer

LENDER:

First Republic Bank

By:SECOND AMENDED AND
		RESTATED
	 

	 
		REIMBURSEMENT
		AGREEMENT
	 

	 
		among
	 

	 
		RENAISSANCE
		REINSURANCE LTD.
 RENAISSANCE REINSURANCE OF EUROPE

		GLENCOE INSURANCE
		LTD.
 DAVINCI
		REINSURANCE LTD.
 as Account Parties,
	 

	 
		RENAISSANCERE
		HOLDINGS LTD.,
	 

	 
		THE LENDERS NAMED
		HEREIN,
	 

	 
		WACHOVIA BANK,
		NATIONAL ASSOCIATION,

		as Issuing Bank, Collateral
		Agent and Administrative Agent,
	 

	 
		DEUTSCHE BANK
		AG
 NEW YORK
		BRANCH
 as
		Syndication Agent
	 

	 
		ING BANK, N.V.,
		LONDON BRANCH
 as
		Documentation Agent
	 

	 
		$1,400,000,000
		Secured Letter of Credit Facility
	 

	 
		WACHOVIA CAPITAL
		MARKETS, LLC
 DEUTSCHE BANK SECURITIES INC.

		Co-Lead Arrangers and Book
		Runners
	 

	 
		Dated as of April 27,
		2007
	 

	 
		
	 

	  

	  

	 
		

	 

	 
		TABLE OF
		CONTENTS
	 

	 			
	 	 	 	 	Page	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	ARTICLE I
	 
	DEFINITIONS AND ACCOUNTING
			 TERMS
	 	 	 	 	 	 
	Section 1.01	 	 Certain Defined Terms
			 	  	2	 
	Section 1.02	 	 Computation of Time Periods;
			 Other Definitional Provisions 	 	20	 
	Section 1.03	 	 Accounting Principles
			 	 	20	 
	 
	ARTICLE II
	 
	AMOUNTS AND TERMS OF THE
			 LETTERS OF CREDIT
	 
	Section 2.01	 	 The Letters of Credit
			 	 	21	 
	Section 2.02	 	 Issuance, Renewals, Drawings,
			 Participations and Reimbursement 	 	22	 
	Section 2.03	 	 Repayment of Letter of Credit
			 Advances 	 	25	 
	Section 2.04	 	 Termination or Reduction of the
			 L/C Commitments 	 	28	 
	Section 2.05	 	 Fees 	 	28	 
	Section 2.06	 	 Increased Costs, etc
			 	 	28	 
	Section 2.07	 	 Payments and
			 Computations 	 	30	 
	Section 2.08	 	 Taxes 	 	30	 
	Section 2.09	 	 Sharing of Payments,
			 etc 	 	33	 
	Section 2.10	 	 Use of Letters of
			 Credit 	 	33	 
	Section 2.11	 	 Defaulting Lenders
			 	 	33	 
	Section 2.12	 	 Replacement of Affected
			 Lender 	 	35	 
	Section 2.13	 	 Certain Provisions Relating to
			 the Issuing Bank and Letters of Credit 	 	36	 
	Section 2.14	 	 Downgrade Event with Respect to a
			 Lender 	 	38	 
	Section 2.15	 	 Downgrade Event or Other Event
			 with Respect to the Issuing Bank 	 	40	 
	Section 2.16	 	 Collateral 	 	40	 
	Section 2.17	 	 Cash Collateral
			 Accounts 	 	41	 
	Section 2.18	 	 Increase of Total
			 Commitment 	 	42	 
	Section 2.19	 	 Extension of Expiration
			 Date 	 	42	 
	Section 2.20	 	 Effectiveness 	 	44	 
	 
	ARTICLE III
	 
	CONDITIONS OF LENDING AND
			 ISSUANCES OF LETTERS OF CREDIT
	 
	Section 3.01	 	 Conditions Precedent to
			 Restatement Effective Date 	 	44	 
	Section 3.02	 	
			 Conditions Precedent to Each Issuance, Extension or Increase of
			 a Letter of Credit  	 	47	 

	 
		i
	 

	 

	 
		

	 

	 			
	ARTICLE IV
	 	 	 	 
	REPRESENTATIONS AND
			 WARRANTIES
	 	 	 	 
	Section 4.01	 	 Organization and Power
			 	 	48	 
	Section 4.02	 	 Enforceability 	 	48	 
	Section 4.03	 	 No Violation 	 	48	 
	Section 4.04	 	 Consents and Approvals
			 	 	49	 
	Section 4.05	 	 Litigation and Contingent
			 Liabilities 	 	49	 
	Section 4.06	 	 Financial Matters
			 	 	49	 
	Section 4.07	 	 Custodial Agreements, Investment
			 Agreement and PPM 	 	50	 
	Section 4.08	 	 Compliance with Laws
			 	 	50	 
	Section 4.09	 	 Margin Stock 	 	50	 
	Section 4.10	 	 Securities Regulation
			 	 	50	 
	Section 4.11	 	 Other Agreements 	 	51	 
	Section 4.12	 	 Solvency 	 	51	 
	Section 4.13	 	 ERISA 	 	51	 
	Section 4.14	 	 Insurance Licenses
			 	 	51	 
	Section 4.15	 	 Taxes 	 	52	 
	Section 4.16	 	 Full Disclosure 	 	52	 
	Section 4.17	 	 OFAC; Anti-Terrorism
			 Laws 	 	52	 
	 
	ARTICLE V
	 
	AFFIRMATIVE
			 COVENANTS
	 
	Section 5.01	 	 Financial and Statements,
			 etc 	 	53	 
	Section 5.02	 	 Existence; Franchises;
			 Maintenance of Properties 	 	56	 
	Section 5.03	 	 Compliance with Laws
			 	 	57	 
	Section 5.04	 	 Payment of Obligations
			 	 	57	 
	Section 5.05	 	 Insurance 	 	57	 
	Section 5.06	 	 Maintenance of Books and Records;
			 Inspection 	 	57	 
	Section 5.07	 	 Collateral, Further
			 Assurances 	 	58	 
	 
	ARTICLE VI
	 
	FINANCIAL AND NEGATIVE
			 COVENANTS
	 
	Section 6.01	 	 Minimum Net Worth
			 	 	58	 
	Section 6.02	 	 Change in Nature of
			 Business 	 	58	 
	Section 6.03	 	 Mergers, Consolidations and
			 Sales 	 	58	 
	Section 6.04	 	 Investments 	 	59	 
	Section 6.05	 	 Regulations U and X
			 	 	59	 
	Section 6.06	 	 Other Agreements 	 	59	 
	Section 6.07	 	 Transactions with
			 Affiliates 	 	59	 
	Section 6.08	 	 No Amendment of Certain
			 Documents 	 	59	 
	Section 6.09	 	 Accounting Changes
			 	 	60	 

	 
		ii
	 

	 

	 
		

	 

	 			
	ARTICLE VII
	 	 	 	 
	EVENTS OF
			 DEFAULT
	 	 	 	 
	Section 7.01	 	 Full Events of Default
			 	 	60	 
	Section 7.02	 	 Account Party Events of
			 Default 	 	62	 
	Section 7.03	 	 Actions in Respect of the Letters
			 of Credit upon Default; Remedies 	 	64	 
	 
	ARTICLE VIII
	 
	THE AGENTS
	 
	Section 8.01	 	 Authorization and
			 Action 	 	65	 
	Section 8.02	 	 Agents’ Reliance,
			 etc 	 	65	 
	Section 8.03	 	 Wachovia and
			 Affiliates 	 	65	 
	Section 8.04	 	 Lender Credit Decision
			 	 	66	 
	Section 8.05	 	 Indemnification 	 	66	 
	Section 8.06	 	 Successor Administrative
			 Agent 	 	66	 
	Section 8.07	 	 Collateral Matters
			 	 	67	 
	Section 8.08	 	 Other Named Agents
			 	 	68	 
	 
	ARTICLE IX
	 
	MISCELLANEOUS
	 
	Section 9.01	 	 Amendments, etc 	 	68	 
	Section 9.02	 	 Notices, etc 	 	69	 
	Section 9.03	 	 Costs and Expenses;
			 Indemnification 	 	70	 
	Section 9.04	 	 Right of Set-off 	 	71	 
	Section 9.05	 	 Assignments and
			 Participations 	 	72	 
	Section 9.06	 	 No Waiver 	 	74	 
	Section 9.07	 	 Successors and Assigns
			 	 	75	 
	Section 9.08	 	
			 Survival 	 	75	 
	Section 9.09	 	 Severability 	 	75	 
	Section 9.10	 	 Construction 	 	75	 
	Section 9.11	 	 Confidentiality 	 	75	 
	Section 9.12	 	 Counterparts;
			 Effectiveness 	 	76	 
	Section 9.13	 	 Disclosure of
			 Information 	 	76	 
	Section 9.14	 	 Entire Agreement 	 	76	 
	Section 9.15	 	 Governing Law; Consent to
			 Jurisdiction 	 	76	 
	Section 9.16	 	 Waiver of Jury Trial
			 	 	77	 
	Section 9.17	 	 PATRIOT Act Notice
			 	 	77	 

	 
		iii
	 

	 

	 
		

	 

	 
	 

	 		
	SCHEDULES AND EXHIBITS	 	 
	 	 	 	 	 
	Schedule I	 	L/C Commitments and Lending Offices	 	 
	Schedule II	 	Methodology for Calculation of Collateral Values	 	 
	Schedule III	 	Tangible Net Worth Thresholds	 	 
	Schedule 4.01(a)	 	Ownership of Account Parties	 	 
	Schedule 4.01(b)	 	Subsidiaries	 	 
	Schedule 4.04	 	Consents and Approvals	 	 
	Schedule 4.05	 	Litigation and Contingent Liabilities	 	 
	Schedule 4.06(d)	 	Absence of Changes	 	 
	Schedule 4.14	 	Insurance Licenses	 	 
	Schedule 4.15	 	Taxes	 	 
	 	 	 	 	 
	Exhibit A	 	Form of Accession Agreement	 	 
	Exhibit B	 	Form of Assignment and Acceptance	 	 
	Exhibit C	 	Form of Compliance Certificate	 	 
	Exhibit D	 	Form of Pledge Agreement	 	 
	Exhibit E	 	Form of Control Agreement	 	 
	Exhibit F	 	Form of Collateral Value Report	 	 
	Exhibit G	 	RIHL PPM	 	 

	 
		iv
	 

	 

	 
		

	 

	 
		SECOND AMENDED AND
		RESTATED
REIMBURSEMENT AGREEMENT
	 

	 
		                SECOND AMENDED AND RESTATED
		REIMBURSEMENT AGREEMENT dated as of April 27, 2007, among RENAISSANCE
		REINSURANCE LTD., a Bermuda company (“RRL”) RENAISSANCE
		REINSURANCE OF EUROPE, a company incorporated in Ireland
		(“RRE”), GLENCOE INSURANCE LTD., a Bermuda company
		(“Glencoe”), and DAVINCI REINSURANCE LTD., a Bermuda
		company (“DaVinci”), (RRL, RRE, Glencoe and DaVinci, each an
		“Account Party”), RENAISSANCERE HOLDINGS LTD., a
		Bermuda company (“RenRe”), the banks and financial
		institutions listed on the signature pages hereto or that become parties hereto
		after the date hereof (collectively, the “Lenders”),
		WACHOVIA BANK, NATIONAL ASSOCIATION (“Wachovia”), as
		Issuing Bank (as hereinafter defined), DEUTSCHE BANK AG NEW YORK BRANCH
		as syndication agent (the “Syndication Agent”), ING
		BANK, N.V., LONDON BRANCH as documentation agent (the
		“Documentation Agent”),Wachovia, as collateral agent (the
		“Collateral Agent”), and Wachovia, as administrative agent
		(together with any successor administrative agent appointed pursuant to
		Article VII, the “Administrative Agent” and,
		together with the Syndication Agent, the Documentation Agent and the Collateral
		Agent, the “Agents”) for the Lenders.
	 

	 
		PRELIMINARY
		STATEMENTS:
	 

	 
		                A.
		           The Account
		Parties have requested that the Issuing Bank and the Lenders make available to
		the Account Parties a secured letter of credit facility in an initial amount of
		up to $1,400,000,000 to provide for the issuance of letters of credit for the
		account of one or more of the Account Parties. The Issuing Bank and the Lenders
		have indicated their willingness to agree to make such letters of credit
		available on the terms and conditions of this Agreement and the other Credit
		Documents, including the requirement that each Account Party fully
		collateralize its several letter of credit obligations with a perfected first
		priority security interest in satisfactory collateral, including cash, eligible
		marketable securities and (so long as certain conditions are met) Redeemable
		Preference Shares of Renaissance Investment Holdings Ltd., a Bermuda company
		(“RIHL”).
	 

	 
		                B.
		           This
		Agreement amends and restates the reimbursement agreement initially dated as of
		December 20, 2002, as amended by a first amended and restated reimbursement
		agreement dated as of March 31, 2004, as further amended, among the
		Account Parties, RenRe, the lenders party thereto, Wachovia and certain other
		named agents party thereto (such reimbursement agreement, as amended up to but
		not including the date hereof, the “Existing
		Agreement”).
	 

	 
		                C.
		           Each of the
		Account Parties is a holder of certain Redeemable Preference Shares, and will
		at all times pledge sufficient Redeemable Preference Shares to the Collateral
		Agent to secure such Account Party’s obligations to the Agents and the
		Lenders in connection with this letter of credit facility. Each Account
		Party’s pledged Redeemable Preference Shares are held in a separate
		custodial account with Mellon and are pledged to the Collateral Agent pursuant
		to a Pledge Agreement in favor of the Collateral Agent, and a related Control
		Agreement among such Account Party, Mellon and the Collateral Agent.
	 

	 
		
	 

	 

	 
		

	 

	 
		                D.
		           RIHL’s
		sole business is to invest in a portfolio of high quality marketable securities
		as described in RIHL’s Private Placement Memorandum. RIHL provides certain
		undertakings to the Agents and Lenders pursuant to the RIHL Agreement in
		support of this letter of credit facility, including maintenance of its status
		as a single purpose company and its agreement to redeem the pledged Redeemable
		Preference Shares as may be required by the Collateral Agent after the
		occurrence of certain events.
	 

	 
		                E.
		            RIHL
		also agrees in the RIHL Agreement to guarantee the obligations of one or more
		of the Account Parties under this letter of credit facility upon the occurrence
		of certain events with respect to RIHL or the Account Parties. RIHL will at all
		times secure its obligations under such guaranty by pledging an allocable
		portion of RIHL’s assets to the Collateral Agent pursuant to the RIHL
		Pledge Agreement in favor of the Collateral Agent, and a related Control
		Agreement among RIHL, Mellon and the Collateral Agent.
	 

	 
		                F.
		            All of
		the common shares of RIHL are owned by RenRe, and the day-to-day investment
		activities of RIHL are controlled by Renaissance Underwriting Managers Ltd., a
		Bermuda company (“RUM”), which is a wholly owned subsidiary of
		RenRe. RenRe and RUM provide certain undertakings to the Agents and Lenders
		pursuant to the RenRe Agreement in support of this letter of credit facility,
		including exercise of their control over RIHL to cause RIHL to comply with its
		obligations under the Credit Documents and maintenance of RIHL’s status as
		a single purpose company.
	 

	 
		                NOW, THEREFORE, in consideration
		of the premises and of the mutual covenants and agreements contained herein,
		the parties hereto hereby agree as follows:
	 

	 
		ARTICLE
		I
	 

	 
		DEFINITIONS AND
		ACCOUNTING TERMS
	 

	 
		                
		 Section
		1.01          Certain
		Defined Terms. As used in this Agreement, the following terms shall have
		the following meanings (such meanings to be equally applicable to both the
		singular and plural forms of the terms defined):
	 

	 
		                “Accepting
		Lenders” as the meaning specified in Section 2.19.
	 

	 
		                “Account
		Parties” means the parties specified as such in the recital of parties
		to this Agreement, together with such other Subsidiaries and Affiliates of
		RenRe that become Account Parties from time to time upon the request of RenRe
		and with the express written consent of the Administrative Agent and the
		Issuing Bank (and compliance with all conditions of such consent, including
		becoming a party to each applicable Credit Document as an Account Party by
		executing an Accession Agreement in the form of Exhibit A).
	 

	 
		                “Administrative
		Agent” has the meaning specified in the recital of parties to this
		Agreement, and all successors and permitted assigns in such capacity.
	 

	 
		                “Affected
		Lender” means any Lender that has made, or notified RenRe that an
		event or circumstance has occurred which may give rise to, a demand for
		compensation under Section 
	 

	 
		
	 

	 
		2
	 

	 

	 
		

	 

	 
		2.06(a)
		 or (b) or Section 2.08 (but only so long as the event or
		circumstance giving rise to such demand or notice is continuing).
	 

	 
		                “Affiliate”
		means, as to any Person, any other Person that, directly or indirectly,
		controls, is controlled by or is under common control with such Person. For
		purposes of this definition, the term “control” (including the terms
		“controlling”, “controlled by” and “under common
		control with”) of a Person means the possession, direct or indirect, of
		the power to vote 20% or more of the Voting Interests of such Person or to
		direct or cause the direction of the management and policies of such Person,
		whether through the ownership of Voting Interests, by contract or
		otherwise.
	 

	 
		                “Agents” has the
		meaning specified in the recital of parties to this Agreement. 
	 

	 
		                “Agreement”
		means this Second Amended and Restated Reimbursement Agreement, as amended,
		modified or supplemented from time to time.
	 

	 
		                “Annual
		Statement” means the annual financial statement of an Insurance
		Company as required to be filed with the BMA (or similar Governmental
		Authority) of such Insurance Company’s domicile, together with all
		exhibits or schedules filed therewith, prepared in conformity with SAP.
	 

	 
		                “Applicable Account
		Party” with respect to any outstanding or proposed Letter of Credit
		means the Account Party for the account of which such Letter of Credit was or
		is proposed to be issued.
	 

	 
		                “Arrangers”
		means Wachovia Capital Markets, LLC and Deutsche Bank Securities Inc.
	 

	 
		                “Assignment and
		Acceptance” means an assignment and acceptance entered into by a
		Lender and an Eligible Assignee, and accepted by the Administrative Agent, in
		accordance with Section 9.05 and in substantially the form of
		Exhibit B hereto.
	 

	 
		                “Attorney Costs”
		means and includes all reasonable fees and disbursements of any law firm or
		other external counsel, the reasonable allocated cost of internal legal
		services and all reasonable disbursements of internal counsel.
	 

	 
		                “Available
		Amount” means, with respect to any Letter of Credit at any time, the
		aggregate amount available to be drawn thereunder at such time (regardless of
		whether any conditions for drawing could then be met).
	 

	 
		                “Bankruptcy Law”
		means any proceeding of the type referred to in Sections 7.01(e) or
		7.02(f) or Title 11, U.S. Code, or any similar foreign, federal or
		state law for the relief of debtors.
	 

	 
		                “Base Rate”
		means the higher of (a) the per annum interest rate publicly announced
		from time to time by Wachovia in Charlotte, North Carolina, to be its prime
		rate (which may not necessarily be its best lending rate), as adjusted to
		conform to changes as of the opening of business on the date of any such change
		in such prime rate, and (b) the Federal Funds Rate plus 0.5% per annum, as
		adjusted to conform to changes as of the opening of business on the date of any
		such change in the Federal Funds Rate.
	 

	 
		3
	 

	 

	 
		

	 

	 
		                “BMA” means the
		Bermuda Monetary Authority or similar Governmental Authority in the applicable
		jurisdiction.
	 

	 
		                “Business Day”
		means any day other than a Saturday or Sunday, a legal holiday or a day on
		which commercial banks in Charlotte, North Carolina, New York, New York,
		Pittsburgh, Pennsylvania, London, England, and/or Hamilton, Bermuda are
		required by law to be closed.
	 

	 
		                “Bye-laws” means
		the bye-laws of RIHL as in existence on the Restatement Effective Date and as
		amended as permitted pursuant to Section 6.08.
	 

	 
		                “Cash Collateral
		Account” has the meaning specified in Section 2.17. 
	 

	 
		                “Catastrophe
		Bond” means (a) any note, bond or other Debt instrument or any
		swap or other similar agreement which has a catastrophe, weather or other risk
		feature linked to payments thereunder and (b) any equity interest in a
		Person that is not a Subsidiary controlled, directly or indirectly, by RenRe
		for the sole purpose of investing in Debt of the type described in clause (a),
		which, in the case of Catastrophe Bonds purchased by RenRe or any of its
		Subsidiaries, are purchased in accordance with its customary reinsurance
		underwriting procedures.
	 

	 
		                “Change of
		Control” shall be deemed to have occurred if
	 

	 
		                (a)           with
		respect to RenRe, (i) any sale, lease, exchange or other transfer (in one
		transaction or a series of related transactions) of all, or substantially all,
		of the assets of RenRe occurs; (ii) any “person” as such term is
		used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
		amended (the “Exchange Act”), is or becomes, directly or
		indirectly, the “beneficial owner,” as defined in Rule 13d-3 under
		the Exchange Act, of securities of RenRe that represent 51% or more of the
		combined voting power of RenRe’s then outstanding securities; or
		(iii) during any period of two consecutive years, individuals who at the
		beginning of such period constituted the Board of Directors of RenRe (together
		with any new directors whose election by the Board of Directors or whose
		nomination by the stockholders of RenRe was approved by a vote of the directors
		of RenRe then still in office who are either directors at the beginning of such
		period or whose election or nomination for election was previously so approved)
		cease for any reason to constitute a majority of the RenRe’s Board of
		Directors then in office; and
	 

	 
		                (b)           with
		respect to any Account Party, RenRe shall at any time cease either to
		(i) control (directly or through Subsidiaries of RenRe) more than 50% of
		the outstanding voting rights attached to the outstanding Equity Interests of
		such Account Party or (ii) otherwise possess (directly or indirectly) the
		exclusive power to direct or cause the direction of the management and policies
		of such Person, whether through the ownership of voting securities, by contract
		or otherwise.
	 

	 
		                “Collateral”
		means all the assets, property and interests in property that shall from time
		to time be pledged or be purported to be pledged as direct or indirect security
		for the Obligations pursuant to any one or more of the Security Documents,
		including, without limitation, any amounts deposited into a Cash Collateral
		Account pursuant to Section 2.14(b)(iii).
	 

	 
		4
	 

	 

	 
		

	 

	 
		                “Collateral
		Agent” means Wachovia, in its capacity as collateral agent, for the
		benefit of itself, the other Agents and the Lenders, under the Security
		Documents, and its successors and permitted Assigns in such capacity.
	 

	 
		                “Collateral
		Value” means, for any Business Day as of which it is being calculated,
		(a) for Redeemable Preference Shares pledged as Collateral, the Net Asset
		Value of such shares multiplied by the applicable “Advance
		Rate” set forth in Schedule II, provided that after the
		Collateral Agent redeems any Redeemable Preference Shares of an Account Party
		upon a Substitution Event, Suspension Event, Default or Event of Default with
		respect to such Account Party, any remaining Redeemable Preference Shares owned
		by such Account Party shall no longer be eligible to be counted towards
		required Collateral Value unless the Collateral Agent shall, in its sole
		discretion, otherwise agree, (b) for each other category of Collateral set
		forth on Schedule II, an amount equal to the “Eligible
		Percentage” of the market value (or, as to cash, the dollar amount)
		thereof set forth opposite such category of Collateral on
		Schedule II, and (c) for the Collateral, in the aggregate, the
		sum of such amounts, in each case as of the close of business on the
		immediately preceding Business Day or, if such amount is not determinable as of
		the close of business on such immediately preceding Business Day, as of the
		close of business on the most recent Business Day on which such amount is
		determinable, which Business Day shall be not more than two (2) Business Days
		prior to the Business Day as of which the Collateral Value is being calculated;
		provided that the calculation of the Collateral Value shall be further
		subject to the terms and conditions set forth on Schedule II; and
		provided further  that no Collateral (including without limitation
		cash) shall be included in the calculation of the Collateral Value unless
		(i) the Collateral Agent has a first priority perfected Lien on and
		security interest in such Collateral pursuant to the Security Documents, and
		(ii) there shall exist no other Liens on such Collateral.
	 

	 
		                “Collateral Value
		Report” has the meaning specified in Section 2.16(b).
	 

	 
		                “Compliance
		Certificate” means a fully completed and duly executed certificate in
		the form of Exhibit C.
	 

	 
		                “Confidential
		Information” means information that any Credit Party furnishes to any
		Agent or any Lender, but does not include any such information that is or
		becomes generally available to the public other than as a result of a breach by
		any Agent or any Lender of its obligations hereunder or that is or becomes
		available to such Agent or such Lender from a source other than the Credit
		Parties that is not, to the best of such Agent’s or such Lender’s
		knowledge, acting in violation of a confidentiality agreement with a Credit
		Party.
	 

	 
		                “Consolidated”
		refers to the consolidation of accounts in accordance with GAAP.
	 

	 
		                “Contingent
		Liability” means any agreement, undertaking or arrangement by which
		any Person (outside the ordinary course of business) guarantees, endorses, acts
		as surety for or otherwise becomes or is contingently liable for (by direct or
		indirect agreement, contingent or otherwise, to provide funds for payment by,
		to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure
		a creditor against loss) the Debt, obligation or other liability of any other
		Person (other than by endorsements of instruments in the course of collection),
		or for the payment of dividends or other distributions upon the shares of any
		other Person or undertakes or 
	 

	 
		5
	 

	 

	 
		

	 

	 
		agrees (contingently
		or otherwise) to purchase, repurchase, or otherwise acquire or become
		responsible for any Debt, obligation or liability or any security therefor, or
		to provide funds for the payment or discharge thereof (whether in the form of
		loans, advances, stock purchases, capital contributions or otherwise), or to
		maintain solvency, assets, level of income, or other financial condition of any
		other Person, or to make payment or transfer property to any other Person other
		than for fair value received; provided, however, that obligations
		of RenRe or any of its Subsidiaries under Primary Policies or Reinsurance
		Agreements which are entered into in the ordinary course of business (including
		security posted to secure obligations thereunder) shall not be deemed to be
		Contingent Liabilities of such Person for the purposes of this Agreement. The
		amount of any Person’s obligation under any Contingent Liability shall
		(subject to any limitation set forth therein) be deemed to be the lesser of
		(i) the outstanding principal amount (or maximum permitted principal
		amount, if larger) of the Debt, obligation or other liability guaranteed or
		supported thereby or (ii) the maximum stated amount so guaranteed or
		supported.
	 

	 
		                “Control
		Agreements” means, collectively, the control agreements among Mellon,
		the Collateral Agent and (respectively) each of the Account Parties and RIHL,
		each substantially in the form of Exhibit E hereto, pursuant to
		which a Lien on the Custodial Accounts and the contents thereof and all
		security entitlements related thereto securing the Obligations is perfected in
		favor of the Collateral Agent, as amended.
	 

	 
		                “Covered Credit
		Party” has the meaning specified in the initial paragraph of
		Article IV.
	 

	 
		                “Credit
		Documents” means this Agreement, the RenRe Agreement, the RIHL
		Agreement, the Fee Letters, each Letter of Credit Agreement, each Security
		Document, and, as delivered on the Restatement Effective Date, the separate
		Acknowledgment and Confirmation of Pledge Agreement and Control Agreement by
		each Account Party and RIHL, in each case as amended.
	 

	 
		                “Credit Parties”
		means the Account Parties, RIHL and RenRe.
	 

	 
		                “Current Expiration
		Date” has the meaning specified in Section 2.19.
	 

	 
		                “Custodial
		Account” means each custodial, brokerage or similar account of any
		Account Party maintained by the Custodian as a “securities account”
		within the meaning of Section 8-501(a) of the Uniform Commercial Code for such
		Account Party as the “entitlement holder” within the meaning of
		Section 8-102(7) of the Uniform Commercial Code pursuant to a Custodial
		Agreement, on which (and on the contents of which) a Lien has been granted as
		security for the Obligations.
	 

	 
		                “Custodial
		Agreement” means each custodial or similar agreement between the
		Account Parties (or any of them) and the Custodian, pursuant to which one or
		more Custodial Accounts are maintained, in form and substance as approved by
		the Administrative Agent in each case as amended as permitted pursuant to
		Section 6.08.
	 

	 
		                “Custodian”
		means Mellon or any successor thereto (in its capacity as custodian of the
		Custodial Accounts).
	 

	 
		                “DaVinci” has
		the meaning specified in the recital of parties to this Agreement.
	 

	 
		6
	 

	 

	 
		

	 

	 
		                “Debt” means,
		with respect to any Person, at any date, without duplication, (a) all
		obligations of such Person for borrowed money or in respect of loans or
		advances (including, without limitation, any such obligations issued by such
		Person that qualify as Catastrophe Bonds described in clause (a) of the
		definition thereof, net of any escrow established (whether directly or to
		secure any letter of credit issued to back such Catastrophe Bonds) in
		connection with such Catastrophe Bonds); (b) all obligations of such
		Person evidenced by bonds, debentures, notes or other similar instruments;
		(c) all obligations in respect of letters of credit which have been drawn
		but not reimbursed by the Person for whose account such letter of credit was
		issued, and bankers’ acceptances issued for the account of such Person;
		(d) all obligations in respect of capitalized leases of such Person;
		(e) all net Hedging Obligations of such Person; (f) whether or not so
		included as liabilities in accordance with GAAP, all obligations of such Person
		to pay the deferred purchase price of property or services;
		(g) obligations of such Person secured by a Lien on property owned or
		being purchased by such Person (including obligations arising under conditional
		sales or other title retention agreements) whether or not such obligations are
		limited in recourse (it being understood, however, that if recourse is limited
		to such property, the amount of such Debt shall be limited to the lesser of the
		face amount of such Debt and the fair market value of all property of such
		Person securing such Debt); (h) any obligations of another Person secured
		by a Lien on any assets of such first Person, whether or not such Debt is
		assumed by such first Person (it being understood that if such Person has not
		assumed or otherwise become personally liable for any such Debt, the amount of
		the Debt of such person in connection therewith shall be limited to the lesser
		of the face amount of such Debt and the fair market value of all property of
		such Person securing such Debt); and (i) any Debt of a partnership in
		which such Person is a general partner unless such Debt is nonrecourse to such
		Person; provided that, notwithstanding anything to contrary contained
		herein, Debt shall not include (v) Contingent Liabilities,
		(w) issued, but undrawn, letters of credit which have been issued to
		reinsurance cedents in the ordinary course of business, (x) unsecured
		current liabilities incurred in the ordinary course of business and paid within
		90 days after the due date (unless contested diligently in good faith by
		appropriate proceedings and, as applicable, reserved against in conformity with
		GAAP) other than liabilities that are for money borrowed or are evidenced by
		bonds, debentures, notes or other similar instruments (except as described in
		clause (v) or (w) above), (y) any obligations of such Person under
		any Reinsurance Agreement or any Primary Policy or, (z) if applicable, any
		Debt of RenRe which is subordinated in right of payment to the Obligations,
		which Debt was issued to support any outstanding Mandatorily Redeemable Capital
		Securities issued by RenaissanceRe Capital Trust II, or a substantially
		similar issuing vehicle.
	 

	 
		                “Default” means
		any event or condition that, with the passage of time or giving of notice, or
		both, would constitute an Event of Default.
	 

	 
		                “Defaulted
		Amount” means, with respect to any Lender at any time, any amount
		required to be paid by such Lender to any Agent or any other Lender hereunder
		or under any other Credit Document at or prior to such time that has not been
		so paid as of such time, including without limitation any amount required to be
		paid by such Lender to (a) the Issuing Bank pursuant to Section
		2.02(d) to purchase a portion of a Letter of Credit Advance made by the
		Issuing Bank and (b) any Agent or the Issuing Bank pursuant to Section
		8.05 to reimburse such Agent or the Issuing Bank for such Lender’s
		ratable share of any amount required to be paid by the Lenders to such Agent or
		the Issuing Bank as provided therein.
	 

	 
		7
	 

	 

	 
		

	 

	 
		                “Defaulting
		Lender” means, at any time, any Lender that, at such time,
		(a) owes a Defaulted Amount which continues to be unpaid one Business Day
		after notice from the Administrative Agent, or (b) shall take any action
		or be the subject of any action or proceeding of a type described in Section
		7.01(e).
	 

	 
		                “Department”
		means, with respect to any Reporting Company, the appropriate Governmental
		Authority of the jurisdiction of domicile for the primary delivery of Annual
		Statements.
	 

	 
		                “Documentation
		Agent” has the meaning specified in the recital of parties to this
		Agreement.
	 

	 
		                “Downgrade
		Account” has the meaning specified in Section 2.14(a).
	 

	 
		                “Downgrade
		Event” means, with respect to any Lender, a reduction of the credit
		rating for the senior unsecured unsupported long-term debt of such Lender (or,
		if no such rating exists, then a reduction of the long term issuer credit
		rating of such Lender) by S&P or Moody’s, which would cause such
		lender to be a Downgraded Lender.
	 

	 
		                “Downgrade
		Notice” has the meaning specified in Section 2.14(a).
	 

	 
		                “Downgraded
		Lender” means any Lender which has a credit rating of less than A- (in
		the case of S&P) or A3 (in the case of Moody’s) for its senior
		unsecured unsupported long-term debt or which does not have any credit rating
		on such debt from one of S&P or Moody’s; provided, that if at
		any time such Lender has no such senior unsecured unsupported long-term debt
		rating from either rating service but does have a long-term issuer credit
		rating from either or both services, then such Lender shall not be considered a
		Downgraded Lender so long as such long-term issuer credit rating remains at or
		above A- (in the case of S&P) or A3 (in the case of Moody’s).
	 

	 
		                “Draw Date” has
		the meaning specified in Section 2.03(a)(i).
	 

	 
		                “Due Date” has
		the meaning specified in Section 2.03(a)(i).
	 

	 
		                “Eligible
		Assignee” means (a) a Lender, (b) an Affiliate of a Lender,
		or (c) a commercial bank, a savings bank or other financial institution
		that is approved by the Administrative Agent and the Issuing Bank and, unless
		an Event of Default has occurred and is continuing at the time any assignment
		is effected pursuant to Section 9.05, RenRe (such approvals not to be
		unreasonably withheld or delayed); provided, however, that
		neither any Credit Party nor any Affiliate of a Credit Party shall qualify as
		an Eligible Assignee under this definition.
	 

	 
		                “Equity
		Interests” means, with respect to any Person, shares of (or other
		capital stock of or ownership or profit interests in) such Person, warrants,
		options or other rights for the purchase or other acquisition from such Person
		of shares of capital stock of (or other ownership or profit interests in) such
		Person, securities convertible into or exchangeable for shares of capital stock
		of (or other ownership or profit interests in) such Person or warrants, rights
		or options for the purchase or other acquisition from such Person of such
		shares (or such other interests), and other ownership or profit interests in
		such Person (including without limitation partnership, member or 
	 

	 
		8
	 

	 

	 
		

	 

	 
		trust interests
		therein), whether voting or nonvoting, and whether or not such shares,
		warrants, options, rights or other interests are authorized or otherwise
		existing on any date of determination.
	 

	 
		                “ERISA” means
		the Employee Retirement Income Security Act of 1974, as amended from time to
		time, and any successor statute, and all rules and regulations from time to
		time promulgated thereunder.
	 

	 
		                “ERISA
		Affiliate” means any Person (including any trade or business, whether
		or not incorporated) that would be deemed to be under “common
		control” with, or a member of the same “controlled group” as,
		RenRe or any of its Subsidiaries, within the meaning of Sections 414(b), (c),
		(m) or (o) of the Internal Revenue Code or Section 4001 of ERISA.
	 

	 
		                “ERISA Event”
		means any of the following with respect to a Plan or Multiemployer Plan, as
		applicable: (a) a Reportable Event with respect to a Plan or a
		Multiemployer Plan, (b) a complete or partial withdrawal by a Credit Party
		or any ERISA Affiliate from a Multiemployer Plan that results in liability
		under Section 4201 or 4204 of ERISA, or the receipt by a Credit Party or any
		ERISA Affiliate of notice from a Multiemployer Plan that it is in
		reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that
		it intends to terminate or has terminated under Section 4041A of ERISA,
		(c) the distribution by a Credit Party or any ERISA Affiliate under
		Section 4041 or 4041A of ERISA of a notice of intent to terminate any Plan or
		the taking of any action to terminate any Plan, (d) the commencement of
		proceedings by the PBGC under Section 4042 of ERISA for the termination of, or
		the appointment of a trustee to administer, any Plan, or the receipt by a
		Credit Party or any ERISA Affiliate of a notice from any Multiemployer Plan
		that such action has been taken by the PBGC with respect to such Multiemployer
		Plan, (e) the institution of a proceeding by any fiduciary of any
		Multiemployer Plan against a Credit Party or any ERISA Affiliate to enforce
		Section 515 of ERISA, which is not dismissed within thirty (30) days, or
		(f) the imposition upon a Credit Party or any ERISA Affiliate of any
		liability under Title IV of ERISA, other than for PBGC premiums due but not
		delinquent under Section 4007 of ERISA, or the imposition or threatened
		imposition of any Lien upon any assets of a Credit Party or any ERISA Affiliate
		as a result of any alleged failure to comply with the Internal Revenue Code or
		ERISA in respect of any Plan.
	 

	 
		                “Event of
		Default” means any of the events specified in Sections 7.01 
		and  7.02.
	 

	 
		                “Excess Catastrophe
		Losses” means that part of any losses recognized by RenRe or any of
		its Subsidiaries under the terms of any Catastrophe Bonds, Reinsurance
		Agreements or other similar arrangements during any Fiscal Quarter that are in
		excess of $150,000,000.
	 

	 
		                “Executive
		Officer” means, as to any Person, the president, the chief financial
		officer, the chief executive officer, the general counsel, the treasurer or the
		secretary.
	 

	 
		                
		“Existing
		Agreement” has the meaning specified in the recitals hereto.
	 

	 
		                
		“Expiration
		Date” means April 27, 2010, as such date may be extended pursuant to
		Section 2.19.
	 

	 
		                
		“Extension
		Request” has the meaning specified in Section 2.19.
	 

	 
		9
	 

	 

	 
		

	 

	 
		                “Federal Funds
		Rate” means, for any period, a fluctuating per annum interest rate
		(rounded upwards, if necessary, to the nearest 1/100 of one percentage point)
		equal for each day during such period to the weighted average of the rates on
		overnight federal funds transactions with members of the Federal Reserve System
		arranged by federal funds brokers, as published for such day (or, if such day
		is not a Business Day, for the next preceding Business Day) by the Federal
		Reserve Bank of New York, or if such rate is not so published for any day that
		is a Business Day, the average of the quotations for such day on such
		transactions received by the Administrative Agent from three federal funds
		brokers of recognized standing selected by the Administrative Agent.
	 

	 
		                “Fee Letters”
		means the fee letters, each dated April 4, 2007, among (i) RenRe, Wachovia
		and Wachovia Capital Markets, LLC and (ii) RenRe, Deutsche Bank AG New
		York Branch and Deutsche Bank Securities Inc. 
	 

	 
		                “Fiscal Year”
		means the fiscal year of each Credit Party ending on December 31 in any
		calendar year.
	 

	 
		                “Foreign Government
		Scheme or Arrangement” has the meaning specified in Section
		4.13(b).
	 

	 
		                “Foreign Plan”
		has the meaning specified in Section 4.13(b).
	 

	 
		                “GAAP” means
		generally accepted accounting principles set forth from time to time in the
		opinions and pronouncements of the Accounting Principles Board and the American
		Institute of Certified Public Accountants and statements and pronouncements of
		the Financial Accounting Standards Board (or agencies with similar functions of
		comparable stature and authority within the U.S. accounting profession), which
		are applicable to the circumstances as of the date of determination.
	 

	 
		                “Glencoe” has
		the meaning specified in the recital of parties to this Agreement.
	 

	 
		                “Governmental
		Authority” means any nation or government, any state or other
		political subdivision thereof and any central bank thereof, any municipal,
		local, city or county government, and any entity exercising executive,
		legislative, judicial, regulatory or administrative powers or functions of or
		pertaining to government, and any corporation or other entity owned or
		controlled, through stock or capital ownership or otherwise, by any of the
		foregoing.
	 

	 
		                “Hazardous
		Materials” means (a) petroleum or petroleum products, by-products
		or breakdown products, radioactive materials, asbestos-containing materials,
		polychlorinated biphenyls and radon gas and (b) any other chemicals,
		materials or substances designated, classified or regulated as hazardous or
		toxic or as a pollutant or contaminant under any Federal, state, local or
		foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment,
		injunction, decree or judicial or agency interpretation, policy or guidance
		relating to pollution or protection of the environment, health, safety or
		natural resources.
	 

	 
		                “Hedging
		Obligations” means, with respect to any Person, the net liability of
		such Person under any futures contract or options contract (including property
		catastrophe futures and 
	 

	 
		10
	 

	 

	 
		

	 

	 
		options), interest
		rate swap agreements and interest rate collar agreements and all other
		agreements or arrangements (other than Retrocession Agreements and Catastrophe
		Bonds) designed to protect such Person against catastrophic events,
		fluctuations in interest rates or currency exchange rates.
	 

	 
		                “Indemnified
		Party” has the meaning specified in Section 9.03(b).
	 

	 
		                “Initial Effective
		Date” means December 20, 2002, the date upon which the Existing
		Agreement first became effective.
	 

	 
		                “Insurance Code”
		means, with respect to any Insurance Company, the legislation under which
		insurance companies are regulated in such Insurance Company’s domicile and
		any successor statute of similar import, together with the regulations
		thereunder, as amended or otherwise modified and in effect from time to time.
		References to sections of any Insurance Code shall be construed to also refer
		to successor sections.
	 

	 
		                “Insurance
		Company” means any Subsidiary of RenRe or any other Account Party
		which is licensed by any Governmental Authority to engage in the business of
		insurance or reinsurance by issuing Primary Policies or entering into
		Reinsurance Agreements.
	 

	 
		                “Insurance
		Policies” means policies purchased from insurance companies by RenRe
		or any of the Account Parties or their Subsidiaries, for its own account to
		insure against its own liability and property loss (including without
		limitation casualty, liability and workers’ compensation insurance), other
		than Retrocession Agreements.
	 

	 
		                “Internal Revenue
		Code” means the Internal Revenue Code of 1986, as amended from time to
		time, and the regulations promulgated and rulings issued thereunder.
	 

	 
		                “Investment
		Agreement” means, collectively, (i) the Amended and Restated
		Investment Advisory Agreement dated as of July 1, 2005, between RIHL and RUM,
		as amended as permitted pursuant to Section 6.08 and (ii) any
		sub-advisory agreement entered into by RUM in connection with such Amended and
		Restated Investment Advisory Agreement from time to time as entered into and
		thereafter amended as permitted pursuant to Section 6.08, including the
		Investment Manager Agreement, dated as of July 1, 2005, between RUM and
		BlackRock Financial Management, Inc. as amended through the Restatement
		Effective Date.
	 

	 
		                “Issuing Bank”
		means Wachovia and any “New Issuing Bank” appointed in
		accordance with Section 2.15.
	 

	 
		                “L/C Commitment”
		means, with respect to any Lender at any time, (a) the amount set forth
		opposite such Lender’s name on Schedule I hereto under the
		caption “L/C Commitments”, (b) if such Lender has entered into
		one or more Assignment and Acceptances, the amount set forth for such Lender in
		the Register maintained by the Administrative Agent pursuant to Section
		9.05(d) as such Lender’s “L/C Commitment” or (c) if
		such Lender is a New Lender, the amount set forth on the signature page
		executed by such New Lender pursuant to Section 2.18, in each case, as
		such amount may be reduced at or prior to such time pursuant to Section
		2.04.
	 

	 
		11
	 

	 

	 
		

	 

	 
		                “L/C Commitment
		Percentage” means, for any Lender, a fraction, expressed as a
		percentage, the numerator of which is such Lender’s L/C Commitment and the
		denominator of which is the aggregate L/C Commitments of all the
		Lenders.
	 

	 
		                “L/C Participation
		Interest” has the meaning specified in Section 2.02(d).
	 

	 
		                “L/C Related
		Documents” has the meaning specified in Section
		2.03(a)(i).
	 

	 
		                “Lender” means
		each financial institution signatory hereto and each other financial
		institution that becomes a “Lender” hereunder pursuant to Section
		9.05, and their respective successors and assigns.
	 

	 
		                “Lending Office”
		means, with respect to any Lender, the office of such Lender specified as its
		“Lending Office” opposite its name on Part 2 of
		Schedule I hereto or in the Assignment and Acceptance pursuant to
		which it became a Lender, as the case may be, or such other office of such
		Lender as such Lender may from time to time specify to RenRe and the
		Administrative Agent.
	 

	 
		                “Letter of Credit
		Advance” has the meaning specified in Section 2.02(f).
	 

	 
		                “Letter of Credit
		Agreement” has the meaning specified in Section 2.02(a).

	 

	 
		                “Letter of Credit
		Exposure” at any time means the sum at such time of (a) the
		aggregate outstanding amount of all Letter of Credit Advances, (b) the
		aggregate Available Amounts of all outstanding Letters of Credit and
		(c) the aggregate Available Amounts of all Letters of Credit which have
		been requested by an Account Party to be issued hereunder but have not yet been
		so issued.
	 

	 
		                “Letter of Credit
		Outstandings” at any time means the sum at such time of (a) the
		aggregate outstanding amount of all Letter of Credit Advances and (b) the
		aggregate Available Amounts of all outstanding Letters of Credit, in each case
		after giving effect to any issuance or renewal of a Letter of Credit occurring
		on the date of determination and any other changes in the aggregate amounts
		under clauses (a) and (b) above as of such date, including as a result of
		any reimbursements of outstanding unpaid drawings under any Letter of Credit or
		any reductions in the maximum amount available for drawings under any Letter of
		Credit taking effect on such date.
	 

	 
		                “Letters of
		Credit” has the meaning specified in Section 2.01.
	 

	 
		                “Licenses” has
		the meaning specified in Section 4.14.
	 

	 
		                “Lien” means any
		lien, security interest or other charge or encumbrance of any kind, or any
		other type of preferential arrangement, including without limitation the lien
		or retained security title of a conditional vendor and any easement, right of
		way or other encumbrance on title to real property; provided that any
		lien, security interest or other charge or encumbrance (a) for taxes,
		assessments and governmental charges or levies not yet due and payable or
		(b) incurred in the ordinary course of business in favor of financial
		intermediaries and clearing 
	 

	 
		12
	 

	 

	 
		

	 

	 
		agents pending
		clearance of payments for investments shall, in either case, not be considered
		a Lien or other encumbrance for purposes of the Credit Documents.
	 

	 
		                “Margin Stock”
		has the meaning specified in Regulation U or X.
	 

	 
		                “Material Adverse
		Effect” means a material adverse effect on (a) the assets,
		business, financial condition or operations of any applicable Credit Party and
		its Subsidiaries taken as a whole, provided, however, that, so
		long as no violation of Section 6.01 (in the case of RenRe or DaVinci)
		and no Suspension Event of the type described in clause (c) of the
		definition thereof (in the case of any other Credit Party) shall have occurred
		and be continuing as a result thereof, the occurrence of losses that give rise
		to or result in Excess Catastrophe Losses shall not be deemed to have a
		Material Adverse Effect, (b) the rights and remedies of the Administrative
		Agent, the Collateral Agent, the Issuing Bank or any Lender under any Credit
		Document, (c) the enforceability of the Credit Documents or the Lien of
		the Security Documents on the Collateral or (d) the ability of the Credit
		Parties, taken as a whole, to perform in any material respect their obligations
		under the Credit Documents (including, in each case and without limitation, as
		may result from any non-monetary judgment or order for which a stay of
		enforcement, by reason of a pending appeal or otherwise, shall not be in effect
		for any period of 30 consecutive days).
	 

	 
		                “Material Insurance
		Company” means (a) an Insurance Company which is also a Material
		Subsidiary and (b) each other Account Party which is an Insurance
		Company.
	 

	 
		                “Material
		Subsidiary” means RRL and any other Subsidiary of RenRe (other than
		Stonington Insurance Company) which either (a) as of the end of the most
		recently completed Fiscal Year of the RenRe for which audited financial
		statements are available, has assets that exceed 10% of the total consolidated
		assets of RenRe and all its Subsidiaries as of the last day of such period or
		(b) for the most recently completed Fiscal Year of RenRe for which audited
		financial statements are available, has revenues that exceed 10% of the
		consolidated revenue of RenRe and all of its Subsidiaries for such period,
		provided that Stonington Insurance Company and its Subsidiaries shall be
		excluded for purposes of determining whether Glencoe U.S. Holdings, Inc. is a
		Material Subsidiary.
	 

	 
		                “Mellon” means
		Mellon Bank, N.A.
	 

	 
		                “Moody’s”
		means Moody’s Investors Service, Inc.
	 

	 
		                “Multiemployer
		Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of
		ERISA, to which a Credit Party or any ERISA Affiliate is making or accruing an
		obligation to make contributions, or has within any of the preceding five plan
		years made or accrued an obligation to make contributions.
	 

	 
		                “Net Asset
		Value” means with respect to Redeemable Preference Shares, the
		“Net Asset Value” of such shares as defined in and determined
		pursuant to the Bye-laws.
	 

	 
		                “Net Worth”
		means at any date with respect to a Person the sum of (a) the shareholders
		equity of such Person, calculated in accordance with GAAP, plus,
		(b) in the case of RenRe only, any outstanding Mandatorily Redeemable
		Capital Securities issued by RenaissanceRe Capital 
	 

	 
		13
	 

	 

	 
		

	 

	 
		Trust II or a
		substantially similar issuing vehicle plus (c) any preferred shares
		of such Person and its consolidated Subsidiaries which shall not be redeemable
		before the Expiration Date.
	 

	 
		                “New Issuing
		Bank” has the meaning specified in Section 2.15.
	 

	 
		                “New Lender” has
		the meaning specified in Section 2.18.
	 

	 
		                “Non-U.S.
		Lender” has the meaning specified in Section 2.08(e).
	 

	 
		                “Obligations”
		means all obligations of every nature of the Credit Parties from time to time
		owing, due or payable to any Agent, the Issuing Bank or any Lender under this
		Agreement or any of the other Credit Documents, whether for principal,
		reimbursement for payments made under Letters of Credit, interest (including,
		to the greatest extent permitted by law, post-petition interest), commissions,
		fees, expenses, indemnities or any other obligations, and whether now existing
		or hereafter incurred, created or arising and whether direct or indirect,
		absolute or contingent, or due or to become due (including obligations of
		performance).
	 

	 
		                “OFAC” means the
		U.S. Department of the Treasury’s Office of Foreign Assets Control, and
		any successor thereto.
	 

	 
		                “Old Issuing
		Bank” has the meaning specified in Section 2.15.
	 

	 
		                “Ordinary Course
		Litigation” has the meaning specified in Section 4.05.
	 

	 
		                “Organization
		Documents” means, (a) with respect to any company or corporation,
		the memorandum of association, the certificate or articles of incorporation,
		the bylaws or bye-laws (or equivalent of comparable constitutive documents with
		respect to any non-U.S. jurisdiction), any certificate of determination or
		instrument relating to the rights of preferred shareholders of such company or
		corporation and any shareholder rights agreement; (b) with respect to any
		limited liability company, the certificate or articles of formation or
		organization and operating agreement; and (c) with respect to any
		partnership, joint venture, trust or other form of business entity, the
		partnership, joint venture or other applicable agreement of formation or
		organization and any agreement, instrument, filing or notice with respect
		thereto filed in connection with its formation or organization with the
		applicable Governmental Authority in the jurisdiction of its formation or
		organization and, if applicable, any certificate or articles of formation or
		organization of such entity.
	 

	 
		                “Other Taxes”
		has the meaning specified in Section 2.08(b).
	 

	 
		                “PATRIOT Act”
		means the Uniting and Strengthening America by Providing Appropriate Tools
		Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) of 2001, as
		amended from time to time, and any successor statute, and all rules and
		regulations from time to time promulgated thereunder.
	 

	 
		                “Payment Date”
		has the meaning specified in Section 2.03(a).
	 

	 
		                “PBGC” means the
		Pension Benefit Guaranty Corporation (or any successor).
	 

	 
		14
	 

	 

	 
		

	 

	 
		                “Permitted
		Liens” means the Liens created in favor of the Collateral Agent under
		the Security Documents.
	 

	 
		                “Person” means
		an individual, partnership, corporation (including a business trust), limited
		liability company, joint stock company, trust, unincorporated association,
		joint venture or other entity, or a government or any political subdivision or
		agency thereof.
	 

	 
		                “Plan” means any
		“employee pension benefit plan” within the meaning of Section 3(2) of
		ERISA that is subject to the provisions of Title IV of ERISA (other than a
		Multiemployer Plan) and to which an Account Party or any ERISA Affiliate may
		have any liability.
	 

	 
		                “Pledge
		Agreements” means, collectively, the Pledge and Security Agreements
		made by each of the Account Parties in favor of the Collateral Agent, in
		substantially the form of Exhibit D, and the RIHL Pledge Agreement,
		as amended.
	 

	 
		                “PPM” means the
		Private Placement Memorandum of RIHL dated February 2007, as amended as
		permitted pursuant to Section 6.08.
	 

	 
		                “Primary
		Policies” means any insurance policies issued by an Insurance
		Company.
	 

	 
		                “Pro Rata” means
		from and to the Lenders in accordance with their respective L/C Commitment
		Percentages.
	 

	 
		                “Pro Rata Share”
		means, for any Lender, its share determined Pro Rata, in accordance with the
		definition of the term “Pro Rata.”
	 

	 
		                “Purchasing
		Lenders” as the meaning specified in Section 2.19.
	 

	 
		                “Redeemable Preference
		Shares” means the redeemable preference shares, $1.00 par value,
		issued by RIHL as described in the Bye-laws.
	 

	 
		                “Register” has
		the meaning specified in Section 9.05(d).
	 

	 
		                “Regulation U or
		X” means Regulation U or Regulation X of the Board of
		Governors of the Federal Reserve System, as in effect from time to time.

	 

	 
		                “Reimbursement
		Obligation” has the meaning specified in Section
		2.03(a)(i).
	 

	 
		                “Reinsurance
		Agreements” means any agreement, contract, treaty, certificate or
		other arrangement whereby RenRe or any Subsidiary agrees to assume from or
		reinsure an insurer or reinsurer all or part of the liability of such insurer
		or reinsurer under a policy or policies of insurance issued by such insurer or
		reinsurer, including (for purposes of this Agreement) Catastrophe Bonds.

	 

	 
		                “Rejected
		Amount” has the meaning specified in Section 2.19.
	 

	 
		                “Rejecting
		Lenders” has the meaning specified in Section 2.19.
	 

	 
		                “RenRe” has the
		meaning specified in the recital of parties to this Agreement.
	 

	 
		15
	 

	 

	 
		

	 

	 
		                “RenRe
		Agreement” means the Amended and Restated Undertaking and Agreement,
		dated as of the Restatement Effective Date, made by RenRe and RUM in favor of
		the Administrative Agent and the Lenders, as amended, modified or supplemented
		from time to time.
	 

	 
		                “Relevant
		Shares” has the meaning specified in the Bye-laws.
	 

	 
		                “Reportable
		Event” means (a) any “reportable event” within the
		meaning of Section 4043(c) of ERISA for which the 30-day notice under Section
		4043(a) of ERISA has not been waived by the PBGC (including any failure to meet
		the minimum funding standard of, or timely make any required installment under,
		Section 412 of the Internal Revenue Code or Section 302 of ERISA, regardless of
		the issuance of any waivers in accordance with Section 412(d) of the Internal
		Revenue Code), (b) any such “reportable event” subject to
		advance notice to the PBGC under Section 4043(b)(3) of ERISA, (c) any
		application for a funding waiver or an extension of any amortization period
		pursuant to Section 412 of the Internal Revenue Code, and (d) a cessation
		of operations described in Section 4062(e) of ERISA.
	 

	 
		                “Reporting
		Company” means RRL, each other Material Insurance Company and, if then
		a Subsidiary, Stonington Insurance Company.
	 

	 
		                “Required
		Lenders” means, at any time, Lenders owed or holding at least a
		majority in interest of the sum of (a) aggregate principal amount of the
		Letter of Credit Advances outstanding at such time and (b) the aggregate
		Available Amount of all Letters of Credit outstanding at such time, or, if no
		such principal amount and no Letters of Credit are outstanding at such time,
		Lenders having L/C Commitments constituting at least a majority in interest of
		the aggregate of the L/C Commitments; provided, however, that if
		any Lender shall be a Defaulting Lender at such time, there shall be excluded
		from the determination of Required Lenders at such time (i) the aggregate
		principal amount of the interest of such Lender in Letter of Credit Advances
		outstanding at such time, (ii) such Lender’s Pro Rata Share of the
		aggregate Available Amount of all Letters of Credit outstanding at such time
		and (iii) the Unused L/C Commitment of such Lender at such time.
	 

	 
		                “Requirements of
		Law” for any Person means the Organization Documents of such Person,
		and any law, treaty, rule, ordinance or regulation or determination of an
		arbitrator or a court or other governmental authority, in each case applicable
		to or binding upon such Person or any of its property or to which such Person
		or any of its property is subject.
	 

	 
		                “Responsible
		Officer” means the Chairman, Managing Director, Chief Executive
		Officer, President, Chief Financial Officer, Chief Accounting Officer,
		Treasurer or General Counsel of RenRe, RIHL or an Account Party, as
		applicable.
	 

	 
		                “Restatement Effective
		Date” means the first date on which the conditions set forth in
		Article III shall have been satisfied.
	 

	 
		                “Retrocession
		Agreements” means any agreement, treaty, certificate or other
		arrangement whereby any Insurance Company cedes to another insurer all or part
		of such Insurance Company’s liability.
	 

	 
		16
	 

	 

	 
		

	 

	 
		                “RIHL” has the
		meaning specified in the preliminary statements to this Agreement.
	 

	 
		                “RIHL Agreement”
		means the Amended and Restated Undertaking and Agreement, dated as of the
		Restatement Effective Date, made by RIHL in favor of the Administrative Agent
		and the Lenders, as amended, modified or supplemented from time to time.

	 

	 
		                “RIHL Control
		Agreement” means the control agreement among Mellon, the Collateral
		Agent and RIHL, dated as of the Initial Effective Date, pursuant to which a
		Lien on the RIHL Custodial Account and the contents thereof and all security
		entitlements related thereto securing the RIHL Obligations was perfected in
		favor of the Collateral Agent, as amended.
	 

	 
		                “RIHL Custodial
		Agreement” means the Custodial Agreement dated December 28, 2001,
		between RIHL and Mellon.
	 

	 
		                “RIHL Pledge
		Agreement” means the Pledge and Security Agreement, dated as of the
		Initial Effective Date, made by RIHL in favor of the Collateral Agent, as
		amended.
	 

	 
		                “RIHL Guaranty”
		has the meaning specified in Section 2.16(a).
	 

	 
		                “RRE” has the
		meaning specified in the recital of parties to this Agreement.
	 

	 
		                “RRL” has the
		meaning specified in the recital of parties to this Agreement.
	 

	 
		                “RUM” has the
		meaning specified in the preliminary statements to this Agreement.
	 

	 
		                “Sanctioned
		Country” means a country subject to a sanctions program identified on
		the list maintained by OFAC and available at
		http://www.treas.gov/offices/enforcement/ofac/-programs/, or as
		otherwise published from time to time.
	 

	 
		                “Sanctioned
		Person” means (i) a Person named on the list of Specially Designated
		Nationals or Blocked Persons maintained by OFAC available at
		http://www.treas.gov/-offices/enforcement/ofac/sdn/index.shtml, or as
		otherwise published from time to time, or (ii) (A) an agency of the government
		of a Sanctioned Country, (B) an organization controlled by a Sanctioned
		Country, or (C) a Person resident in a Sanctioned Country, to the extent
		subject to a sanctions program administered by OFAC.
	 

	 
		                “SAP” means, as
		to each Insurance Company, the statutory accounting practices prescribed or
		permitted by the Insurance Code of such Insurance Company’s domicile for
		the preparation of Annual Statements and other financial reports by insurance
		corporations of the same type as such Insurance Company.
	 

	 
		                “S&P” means
		Standard & Poor’s Ratings Services, a division of The McGraw-Hill
		Companies, Inc.
	 

	 
		                “Security
		Documents” means, collectively, (i) the Pledge Agreements and all
		other security agreements, pledge agreements, charges and mortgages at any time
		creating or evidencing the Liens securing the Obligations, (ii) the Control
		Agreements and all other control agreements and similar agreements pursuant to
		which a Lien on a Custodial Account (and on the 
	 

	 
		17
	 

	 

	 
		

	 

	 
		contents thereof) or
		other Collateral securing the Obligations is perfected in favor of the
		Collateral Agent, and (iii) the RIHL Agreement, the RIHL Pledge Agreement and
		the RIHL Control Agreement, in each case, as amended.
	 

	 
		                “Solvent” means,
		with respect to any Person on a particular date, that on such date (a) the fair
		value of the property of such Person is greater than the total amount of
		liabilities, including without limitation contingent liabilities, of such
		Person, (b) the present fair salable value of the assets of such Person is
		not less than the amount that will be required to pay the probable liability of
		such Person on its debts as they become absolute and matured, (c) such
		Person does not intend to, and does not believe that it will, incur debts or
		liabilities beyond such Person’s ability to pay such debts and liabilities
		as they mature and (d) such Person is not engaged in business or a
		transaction, and is not about to engage in business or a transaction, for which
		such Person’s property would constitute an unreasonably small capital. The
		amount of contingent liabilities at any time shall be computed as the amount
		that, in the light of all the facts and circumstances existing at such time,
		represents the amount that can reasonably be expected to become an actual or
		matured liability.
	 

	 
		                “Subsidiary” of
		any Person means any corporation, partnership, joint venture, limited liability
		company, trust or estate of which (or in which) more than 50% of (a) the
		issued and outstanding capital stock having ordinary voting power to elect a
		majority of the Board of Directors of such corporation (irrespective of whether
		at the time capital stock of any other class or classes of such corporation
		shall or might have voting power upon the occurrence of any contingency),
		(b) the interest in the capital or profits of such partnership, joint
		venture or limited liability company or (c) the beneficial interest in
		such trust or estate is at the time directly or indirectly owned or controlled
		by such Person, by such Person and one or more of its other Subsidiaries or by
		one or more of such Person’s other Subsidiaries; provided, however, that
		neither DaVinciRe Holdings Ltd. (so long as its only material asset is the
		shares of DaVinci) nor DaVinci shall be deemed to be a Subsidiary of
		RenRe.
	 

	 
		                “Substitution
		Event” means, with respect to an Account Party, any of the following
		events: (a) in the case of an Account Party which as of the
		Restatement Effective Date has or thereafter obtains a rating from A.M. Best,
		failure of such Account Party to maintain such rating at A- or better,
		(b) in the case of DaVinci, a Change of Control shall occur, (c) RIHL
		shall cease to have a credit rating from S&P of AA- or better, (d) the
		Tangible Net Worth of such Account Party shall be less than the
		“Substitution Event Tangible Net Worth Threshold” for such Account
		Party as set forth in Schedule III for any period of 30 consecutive
		days, (e) RIHL shall suspend making Net Asset Value determinations with
		respect to the Redeemable Preference Shares or shall change the basis on which
		Net Asset Value is determined without the prior written consent of the
		Administrative Agent (provided that the foregoing shall not permit an
		amendment of the Bye-laws other than as permitted pursuant to Section
		6.08, and the Administrative Agent hereby agrees to give the Lenders prompt
		notice of any such consent that would materially affect Net Asset Value
		determinations), (f) any holder of a Relevant Security Interest (as
		defined in the Bye-laws) shall redeem more than $20,000,000 of Redeemable
		Preference Shares in one or more redemption transactions in any 30-day period,
		(g) the aggregate Unencumbered or Excess Redeemable Preference Shares
		(whether held by an Account Party or any other Person) shall have a Net Asset
		Value that is less than 15% of the aggregate Net Asset Value of all of the
		outstanding Redeemable Preference Shares, (h) such Account Party fails to
		maintain at all times ownership 
	 

	 
		18
	 

	 

	 
		

	 

	 
		of Unencumbered or
		Excess Redeemable Preference Shares having an aggregate Net Asset Value of not
		less than 15% of the aggregate Letter of Credit Outstandings of such Account
		Party (less the amount allocated to such Account Party of any amount deposited
		into a Cash Collateral Account pursuant to Section 2.14(b)(iii)),
		(i) any violation of the redemption restrictions for unencumbered
		Redeemable Preference Shares set forth in Exhibit A to the RIHL
		Agreement or (j) a Default shall have occurred and be continuing under
		Section 7.01(e) or, with respect to such Account Party, Section
		7.02(f).
	 

	 
		                “Suspension
		Event” means, with respect to an Account Party, any of the following
		events: (a) the Collateral Value of such Account Party’s
		Collateral shall be less than 95% of the Letter of Credit Outstandings of such
		Account Party at any time, (b) the Collateral Value of such Account
		Party’s Collateral shall be less than 100%, but greater than or equal to
		95% of the Letter of Credit Outstandings of such Account Party for more than 3
		consecutive Business Days, (c) the Tangible Net Worth of such Account
		Party shall be less than the “Suspension Event Tangible Net Worth
		Threshold” for such Account Party as set forth in
		Schedule III, (d) any development or change shall have
		occurred after December 31, 2006 that has had or could reasonably be expected
		to have a Material Adverse Effect with respect to RIHL or such Account Party or
		(e) with respect to DaVinci only, any of the Events of Default set forth
		in Section 7.01(f) shall have occurred and be continuing.
	 

	 
		                “Syndication
		Agent” has the meaning specified in the recital of parties to this
		Agreement.
	 

	 
		                “Tangible Net
		Worth” means at any date with respect to a Person, the Consolidated
		shareholders’ equity of such Person and its Consolidated Subsidiaries
		determined as of such date in accordance with GAAP, plus, in the case of
		RenRe only, (a) any outstanding Mandatorily Redeemable Capital Securities
		issued by RenaissanceRe Capital Trust II or a substantially similar
		issuing vehicle plus (b) any preferred shares of such Person and
		its consolidated Subsidiaries which shall not be redeemable before the date
		that is one year following the Expiration Date, minus, to the extent
		included as assets in the determination of such stockholders’ equity, any
		goodwill, patents, trademarks, copyrights, franchises, licenses, capitalized
		interest, debt discount and expense, amounts due from officers and directors,
		shareholders and Affiliates of such Person and any other items which would be
		treated as intangibles under GAAP, provided that such determination
		shall be made after giving effect to adjustments pursuant to Statement No. 115
		of the Financial Accounting Standards Board of the United States of
		America.
	 

	 
		                “Taxes” has the
		meaning specified in Section 2.08(a).
	 

	 
		                “Termination
		Date” means the first date on which all of the following shall have
		occurred: (i) the termination of all L/C Commitments and L/C
		Participation Interests, (ii) the termination or expiration of all Letters
		of Credit and (iii) the payment in full of all principal and interest with
		respect to Letter of Credit Advances together with all other amounts then due
		and owing under the Credit Documents.
	 

	 
		                “Total
		Commitment” means at any time the lesser of (a) $1,400,000,000
		(or such lesser amount as reduced pursuant to Section 2.04 or greater
		amount as increased pursuant to Section 2.18) and (b) the aggregate
		amount of the L/C Commitments then in effect.
	 

	 
		19
	 

	 

	 
		

	 

	 
		                “Unencumbered or Excess
		Redeemable Preference Shares” means Redeemable Preference Shares that
		are either (i) unencumbered by any Liens or, (ii) with respect to
		Redeemable Preference Shares owned by any Account Party, (x) encumbered only by
		the Liens created in favor of the Collateral Agent under the Security Documents
		and (y) the Net Asset Value of which need not be taken into account for
		the Collateral Value of the Collateral of such Account Party to equal 100% of
		the Letter of Credit Outstandings of such Account Party.
	 

	 
		                “Uniform Commercial
		Code” has the meaning specified in the Pledge Agreements or the
		Control Agreements, as applicable.
	 

	 
		                “Unused L/C
		Commitment” means, with respect to any Lender at any time,
		(a) such Lender’s L/C Commitment at such time minus (b) such
		Lender’s Pro Rata Share of (i) the aggregate Available Amount of all
		Letters of Credit hereunder (including without limitation all Existing Letters
		of Credit) and (ii) the aggregate principal amount of all Letter of Credit
		Advances made by the Issuing Bank pursuant to Section 2.02(f) and
		outstanding at such time (whether held by the Issuing Bank or the
		Lenders).
	 

	 
		                “U.S. Government
		Securities” means securities issued or unconditionally guaranteed by
		the United States of America or any agency or instrumentality thereof and
		backed by the full faith and credit of the United States of America.
	 

	 
		                “Voting
		Interests” means shares of capital stock issued by a corporation, or
		equivalent Equity Interests in any other Person, the holders of which are
		ordinarily, in the absence of contingencies, entitled to vote for the election
		of directors (or persons performing similar functions) of such Person, even if
		the right so to vote has been suspended by the happening of such a
		contingency.
	 

	 
		                “Wachovia” has
		the meaning specified in the recital of parties to this Agreement.
	 

	 
		                Section
		1.02          
		 Computation of Time Periods; Other Definitional Provisions
		. In this Agreement and the other Credit Documents in the computation of
		periods of time from a specified date to a later specified date, the word
		“from” means “from and including” and the words
		“to” and “until” each mean “to but excluding”.
		References in the Credit Documents to any agreement or contract “as
		amended” shall mean and be a reference to such agreement or contract as
		amended, amended and restated, supplemented or otherwise modified from time to
		time in accordance with its terms.
	 

	 
		                Section
		1.03          
		 Accounting Principles . Unless otherwise defined or the
		context otherwise requires, all financial and accounting terms used herein or
		in any of the Credit Documents or any certificate or other document made or
		delivered pursuant hereto shall be defined in accordance with GAAP or SAP, as
		the context may require; provided, however, that for purposes of
		calculating the financial covenants, the financial statements required under
		Section 5.01(a) shall be adjusted so that DaVinciRe Holdings Ltd. and
		DaVinci Reinsurance Ltd. shall be accounted for under the equity method rather
		than consolidated as Subsidiaries. When used in this Agreement, the term
		“financial statements” shall include the notes and schedules thereto.
		In addition, when used herein, the terms “best knowledge of” or
		“to the best knowledge of” any Person shall mean matters within the
		actual knowledge of such Person (or an Executive Officer or general partner of
		such Person) or which should have been known by such Person after reasonable
		inquiry.
	 

	 
		20
	 

	 

	 
		

	 

	 
		ARTICLE
		II
	 

	 
		AMOUNTS AND TERMS
		OF THE LETTERS OF CREDIT
	 

	 
		             
		   Section
		2.01          The Letters
		of Credit. Subject to and upon the terms and conditions herein set forth,
		so long as no Suspension Event, Default or Event of Default has occurred and is
		continuing with respect to the Applicable Account Party, the Issuing Bank will,
		at any time and from time to time on and after the Restatement Effective Date
		and prior to the seventh day prior to the Expiration Date, and upon request on
		behalf of the Applicable Account Party in accordance with the provisions of
		Section 2.02(a), issue for the account of such Account Party one or more
		irrevocable standby letters of credit in a form customarily used or otherwise
		approved by the Issuing Bank (together with all amendments, modifications and
		supplements thereto, substitutions therefor and renewals and restatements
		thereof, collectively, the “Letters of Credit”).
		Notwithstanding the foregoing:
	 

	 
		              (a)           The
		Issuing Bank shall have no obligation to issue, and no Credit Party will
		request the issuance of, any Letter of Credit hereunder if at the time of
		issuance of such Letter of Credit and after giving effect thereto, either
		(i) the aggregate Letter of Credit Exposure would exceed the lesser of
		(x) the Total Commitment and (y) the aggregate Collateral Value,
		(ii) the total Letter of Credit Exposure with respect to the Applicable
		Account Party would exceed the Collateral Value of the Collateral of such
		Account Party, or (iii) any Lender’s Pro Rata Share of the Available
		Amount of such Letter of Credit would exceed such Lender’s Unused L/C
		Commitment.
	 

	 
		              (b)           The
		Issuing Bank shall have no obligation to issue, and no Credit Party shall
		request the issuance of, any Letter of Credit except within the following
		limitations: (i) each Letter of Credit shall be denominated in U.S.
		dollars, (ii) each Letter of Credit shall be payable only against sight
		drafts (and not time drafts) and (iii) no Letter of Credit shall be issued
		that by its terms expires later than one year after its date of issuance
		(including all rights of the Applicable Account Party or the beneficiary to
		require renewal); provided, however, that a Letter of Credit may,
		if requested on behalf of the Applicable Account Party, provide by its terms,
		and on terms acceptable to the Issuing Bank, for renewal for successive periods
		of one year or less unless and until the Issuing Bank shall have delivered a
		notice of nonrenewal to the beneficiary of such Letter of Credit;
	 

	 
		              (c)           The
		Issuing Bank shall be under no obligation to issue any Letter of Credit if, at
		the time of such proposed issuance, (i) any order, judgment or decree of
		any Governmental Authority or arbitrator shall purport by its terms to enjoin
		or restrain the Issuing Bank from issuing such Letter of Credit, or any
		Requirements of Law applicable to the Issuing Bank or any request or directive
		(whether or not having the force of law) from any Governmental Authority with
		jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing
		Bank refrain from, the issuance of letters of credit generally or such Letter
		of Credit in particular or shall impose upon the Issuing Bank with respect to
		such Letter of Credit any restriction or reserve or capital requirement (for
		which the Issuing Bank is not otherwise compensated) not in effect on the
		Restatement Effective Date, or any unreimbursed loss, cost or expense that was
		not applicable, in effect or known to the Issuing Bank as of the Restatement
		Effective Date and that the Issuing Bank in good faith deems material to it, or
		(ii) the Issuing Bank shall have actual 
	 

	 
		21
	 

	 

	 
		

	 

	 
		knowledge, or shall
		have received notice from any Lender, prior to the issuance of such Letter of
		Credit that one or more of the conditions specified in Sections 3.01 (if
		applicable) or 3.02 are not then satisfied (or have not been waived in
		writing as required herein) or that the issuance of such Letter of Credit would
		violate the provisions of subsection (a) above.
	 

	 
		              (d)           The
		Issuing Bank shall have no obligation to issue any letter of credit which is
		unsatisfactory in form, substance or beneficiary to the Issuing Bank in the
		exercise of its reasonable judgment consistent with its customary
		practice.
	 

	 
		              
		   Section
		2.02         Issuance,
		Renewals, Drawings, Participations and Reimbursement.
	 

	 
		              (a)           Request
		for Issuance. RenRe, on behalf of an Applicable Account Party, may from
		time to time request, upon at least three Business Days’ notice (given not
		later than 11:00 A.M. Charlotte, North Carolina time on the last day
		permitted therefor), the Issuing Bank to issue or renew (other than any
		automatic renewal thereof) a Letter of Credit by:
	 

	 	 	               (i)            delivering
			 to the Issuing Bank, with a copy to the Administrative Agent, either (x) a
			 written request to such effect or (y) a request made in electronic form
			 through the Issuing Bank’s remote access system and in accordance with the
			 terms and conditions (including any written agreements between the Issuing Bank
			 and RenRe or the Applicable Account Party) applicable thereto, in each case
			 specifying the date on which such Letter of Credit is to be issued (which shall
			 be a Business Day), the expiration date thereof, the Available Amount thereof,
			 the name and address of the beneficiary thereof and the requested form thereof,
			 and in each case with a copy of such request (or, in the case of
			 clause (y) above, a written or electronic summary thereof) to the
			 Administrative Agent; and
		 
	 	               (ii)           in
			 the case of the issuance of a Letter of Credit, delivering to the Issuing Bank
			 a completed agreement and application with respect to such Letter of Credit as
			 the Issuing Bank may specify for use in connection with such requested Letter
			 of Credit (a “Letter of Credit Agreement”), together with such
			 other certificates, documents and other papers or information as are specified
			 in such Letter of Credit Agreement or as may be required pursuant to the
			 Issuing Bank’s customary practices for the issuance of letters of credit
			 (including requirements relating to requests made through the Issuing
			 Bank’s remote access system).

	 
		In addition, RenRe
		shall deliver to the Administrative Agent a Collateral Value Report not later
		than 11:00 A.M. Charlotte, North Carolina time on the Business Day
		immediately preceding the date on which such Letter of Credit is to be
		issued.
	 

	 
		              The Administrative Agent shall,
		promptly upon receiving a copy of the notice referred to in clause (i)
		above, notify the Lenders of such proposed Letter of Credit or such proposed
		renewal of a Letter of Credit, and shall determine, as of 11:00 A.M.
		Charlotte, North Carolina time on the Business Day immediately preceding such
		proposed issuance, whether such proposed Letter of Credit complies with the
		conditions set forth in Section 2.01 hereof. If such conditions set
		forth in Section 2.01 are not satisfied or if the Required Lenders have
		given notice to the Administrative Agent to cease issuing or renewing Letters
		of Credit as contemplated by this Agreement, the 
	 

	 
		22
	 

	 

	 
		

	 

	 
		Administrative Agent
		shall immediately notify the Issuing Bank (in writing or by telephone
		immediately confirmed in writing) that the Issuing Bank is not authorized to
		issue or renew, as the case may be, such Letter of Credit. If the Issuing Bank
		issues or renews a Letter of Credit, it shall deliver the original of such
		Letter of Credit to the beneficiary thereof or as RenRe, on behalf of the
		Applicable Account Party, shall otherwise direct, and shall promptly notify the
		Administrative Agent thereof and furnish a copy thereof to the Administrative
		Agent. The Issuing Bank may issue Letters of Credit through any of its branches
		or Affiliates (whether domestic or foreign) that issue letters of credit, and
		RenRe and each Account Party authorizes and directs the Issuing Bank to select
		the branch or Affiliate that will issue or process any Letter of Credit.

	 

	 
		              (b)           Request
		for Extension or Increase. RenRe, on behalf of an Account Party, may from
		time to time request the Issuing Bank to extend the expiration date of an
		outstanding Letter of Credit issued for its account or increase (or, with the
		consent of the beneficiary, decrease) the Available Amount of such Letter of
		Credit. Such extension or increase shall for all purposes hereunder (including
		for purposes of Section 2.01 and Section 2.02(a)) be treated as
		though such Account Party had requested issuance of a new or replacement Letter
		of Credit (except only that the Issuing Bank may, if it elects, issue a notice
		of extension or increase in lieu of issuing a new Letter of Credit in
		substitution for the outstanding Letter of Credit).
	 

	 
		              (c)           Limitations
		on Issuance, Extension, Renewal and Amendment. As between the Issuing Bank,
		on the one hand, and the Agents and the Lenders, on the other hand, the Issuing
		Bank shall be justified and fully protected in issuing or renewing a Letter of
		Credit unless it shall have received notice from the Administrative Agent as
		provided in Section 2.02(a) hereof that it is not authorized to do so
		(and, in the case of automatic renewals, ten days shall have passed following
		the date of the Issuing Bank’s receipt of such notice), notwithstanding
		any subsequent notices to the Issuing Bank, any knowledge of a Suspension Event
		or a Default or Event of Default, any knowledge of failure of any condition
		specified in Article III to be satisfied, any other knowledge of
		the Issuing Bank, or any other event, condition or circumstance whatsoever. The
		Issuing Bank may amend, modify or supplement Letters of Credit or Letter of
		Credit Agreements without the consent of, and without liability to, any Agent
		or any Lender, provided that any such amendment, modification or
		supplement that extends the expiration date of, or increases the Available
		Amount of or the amount available to be drawn on, an outstanding Letter of
		Credit shall be subject to Section 2.01. With respect to each Letter of
		Credit that remains outstanding at any time after the Expiration Date and that
		provides by its terms for automatic renewal, the Issuing Bank shall notify the
		beneficiary thereof, in accordance with the terms specified for such notice in
		such Letter of Credit, of the Issuing Bank’s election not to renew such
		Letter of Credit.
	 

	 
		              (d)           Letter
		of Credit Participation Interests. Concurrently with the issuance of each
		Letter of Credit and without any further action by any party to this Agreement,
		the Issuing Bank automatically shall be deemed, irrevocably and
		unconditionally, to have sold, assigned, transferred and conveyed to each other
		Lender, and each other Lender automatically shall be deemed, irrevocably and
		unconditionally, severally to have purchased, acquired, accepted and assumed
		from the Issuing Bank, without recourse to, or representation or warranty by,
		the Issuing Bank, an undivided interest, in a proportion equal to such
		Lender’s Pro Rata Share, in all of the Issuing Bank’s rights and
		obligations in, to or under such Letter of Credit, the related Letter of Credit
		Agreement, each drawing made thereunder, all obligations of the Applicable
		
	 

	 
		23
	 

	 

	 
		

	 

	 
		Account Party under
		the Credit Documents with respect to such Letter of Credit, and all Collateral,
		guarantees and other rights from time to time directly or indirectly securing
		the foregoing (such interest of each Lender being referred to herein as an
		“L/C Participation Interest”); provided,
		however, that the fees and charges relating to Letters of Credit
		described in Section 2.05(c)(ii) shall be payable directly to the
		Issuing Bank as provided therein, and the Lenders shall have no right to
		receive any portion thereof. Each Lender irrevocably and unconditionally
		accepts and agrees to the terms set forth in the immediately preceding
		sentence. Upon any change in the Commitments of any of the Lenders pursuant to
		Section 9.05, with respect to all outstanding Letters of Credit and
		Reimbursement Obligations there shall be an automatic adjustment to the
		participations pursuant to this Section to reflect the new Pro Rata Shares of
		the assigning Lender and the Assignee. On the date that any New Lender becomes
		a party to this Agreement in accordance with Section 2.18, L/C
		Participation Interests in all outstanding Letters of Credit held by each of
		the Lenders (other than the New Lender) shall be proportionately reallocated
		between such New Lender and the existing Lenders. Notwithstanding any other
		provision hereof, each Lender hereby agrees that its obligation to participate
		in each Letter of Credit, its obligation to make the payments specified in
		Section 2.02(e), and the right of the Issuing Bank to receive such
		payments in the manner specified therein, are each absolute, irrevocable and
		unconditional and shall not be affected by any event, condition or circumstance
		whatever. The failure of any Lender to make any such payment shall not relieve
		any other Lender of its funding obligation hereunder on the date due, but no
		Lender shall be responsible for the failure of any other Lender to meet its
		funding obligations hereunder. On the Restatement Effective Date (i) each
		outstanding Letter of Credit will continue in full force and effect as a Letter
		of Credit issued under this Agreement and (ii) the L/C Participation Interests
		shall automatically be reallocated to reflect the Lenders’ L/C Commitment
		Percentages at such time.
	 

	 
		              (e)           Payment
		by Lenders on Account of Unreimbursed Draws. If the Issuing Bank makes a
		payment under any Letter of Credit and is not reimbursed in full on the date of
		such payment in accordance with Section 2.03(a), the Issuing Bank may
		notify the Administrative Agent thereof (which notice may be by telephone), and
		the Administrative Agent shall forthwith notify each Lender (which notice may
		be by telephone promptly confirmed in writing) thereof. No later than the
		Administrative Agent’s close of business on the date such notice is given
		(if notice is given by 2:00 P.M. Charlotte, North Carolina time) or
		10:00 A.M. Charlotte, North Carolina time the following day (if notice is
		given after 2:00 P.M. Charlotte, North Carolina time or in the case of any
		Lender whose Lending Office is located outside of the United States), each
		Lender will pay to the Administrative Agent, for the account of the Issuing
		Bank, in immediately available funds, an amount equal to such Lender’s Pro
		Rata Share of the unreimbursed portion of such payment by the Issuing Bank.
		Amounts received by the Administrative Agent for the account of the Issuing
		Bank shall be forthwith transferred, in immediately available funds, to the
		Issuing Bank. If and to the extent that any Lender fails to make such payment
		to the Administrative Agent for the account of the Issuing Bank on such date,
		such Lender shall pay such amount on demand, together with interest, for the
		Issuing Bank’s own account, for each day from and including the date such
		payment is due from such Lender to the Issuing Bank to but not including the
		date of repayment to the Issuing Bank (before and after judgment) at a rate per
		annum for each day (i) from and including the date of payment by the
		Issuing Bank to and including the date such payment is due from such Lender
		equal to the Federal Funds Rate and (ii) thereafter equal to the rate of
		interest payable by the Applicable Account Party under Section 
	 

	 
		
	 

	 
		24
	 

	 

	 
		

	 

	 
		2.03(a)(i).
		 For avoidance of doubt, it is understood and agreed by the Lenders that
		Letters of Credit issued prior to the Expiration Date may, by their terms,
		remain outstanding after the Expiration Date and that the obligations of the
		Lenders to make payments under this Section 2.02(e) shall continue from
		and after the Expiration Date until the expiration or termination of all
		Letters of Credit, subject to and in accordance with the terms hereof.
	 

	 
		              (f)            Letter
		of Credit Advances. The term “Letter of Credit Advance” is
		used in this Agreement in accordance with the meanings set forth in this
		Section 2.02(f). The making of any payment by the Issuing Bank under a
		Letter of Credit is sometimes referred to herein as the making of a Letter of
		Credit Advance by the Issuing Bank in the amount of such payment. The making of
		any payment by a Lender for the account of the Issuing Bank under Section
		2.02(e) on account of an unreimbursed drawing on a Letter of Credit is also
		sometimes referred to herein as the making of a Letter of Credit Advance to the
		Applicable Account Party by such Lender. The making of such a Letter of Credit
		Advance by a Lender with respect to an unreimbursed drawing on a Letter of
		Credit shall reduce, by a like amount, the outstanding Letter of Credit Advance
		of the Issuing Bank with respect to such unreimbursed drawing.
	 

	 
		              (g)           Letter
		of Credit Reports. The Issuing Bank will furnish to the Administrative
		Agent prompt written notice of each issuance or renewal of a Letter of Credit
		(including the Available Amount and expiration date thereof), amendment to a
		Letter of Credit, cancellation of a Letter of Credit and payment on a Letter of
		Credit. The Administrative Agent will furnish to each Lender prior to the tenth
		Business Day of each calendar quarter a written report (i) summarizing
		issuance, renewal and expiration dates of Letters of Credit issued or renewed
		during the preceding calendar quarter, (ii) identifying payments and
		reductions in Available Amount during such calendar quarter and
		(iii) setting forth the average daily aggregate Available Amount during
		such calendar quarter.
	 

	 
		                Section
		2.03           Repayment
		of Letter of Credit Advances. 
	 

	 
		              (a)           Account
		Parties’ Reimbursement Obligation.
	 

	 	 	               (i)            Each
			 Account Party hereby severally agrees to reimburse the Issuing Bank in
			 immediately available funds (by making payment to the Administrative Agent for
			 the account of the Issuing Bank in accordance with Section 2.07) in the
			 amount of each payment made by the Issuing Bank under any Letter of Credit
			 issued for such Account Party’s account (each such amount so paid until
			 reimbursed, together with interest thereon payable as provided hereinbelow, a
			 “Reimbursement Obligation”) no later than the third succeeding
			 Business Day (the “Due Date”) after the date such payment
			 under such Letter of Credit is made by the Issuing Bank (the “Draw
			 Date”), together with interest as provided below on the amount so paid
			 by the Issuing Bank (to the extent not reimbursed prior to 1:00 P.M.,
			 Charlotte, North Carolina time, on the Draw Date) for the period from the Draw
			 Date to the date the Reimbursement Obligation created thereby is satisfied in
			 full (the “Payment Date”). If the Payment Date is on or prior
			 to the Due Date, such interest shall be payable at the Base Rate as in effect
			 from time to time during the period from the Draw Date to the Payment Date. If
			 the Payment Date is after the Due Date, such interest shall be payable
			 (x) at the Base Rate as in effect from time to time during the period from
			 and including the Draw Date to and not including the Due Date, 

	 
		25
	 

	 

	 
		

	 

	 	 	and (y) at the Base Rate as in effect from time to time plus 2%
			 from and including the Due Date to and not including the Payment Date. All such
			 interest shall also be payable on demand. The Issuing Bank will provide the
			 Administrative Agent, RenRe and the Applicable Account Party with prompt notice
			 of any payment or disbursement made under any Letter of Credit, although the
			 failure to give, or any delay in giving, any such notice shall not release,
			 diminish or otherwise affect the Applicable Account Party’s obligations
			 under this Section or any other provision of this Agreement. The Administrative
			 Agent will promptly pay to the Issuing Bank and the Lenders which have funded
			 their respective shares of Letter of Credit Advances remaining unpaid by such
			 Account Party their Pro Rata Shares of any such amounts received by it under
			 this Section. Such reimbursement obligation shall be payable without further
			 notice, protest or demand, all of which are hereby waived, and an action
			 therefor shall immediately accrue. Each Account Party acknowledges and agrees
			 that it has in its Control Agreement unconditionally and irrevocably authorized
			 the Collateral Agent to instruct the Custodian to redeem Redeemable Preference
			 Shares or obtain and apply other Collateral of such Account Party to the
			 payment of any Reimbursement Obligation not paid in full on the Draw Date as
			 directed by the Collateral Agent; provided that, with respect to any
			 Reimbursement Obligation of less than $25,000,000, the Collateral Agent shall
			 not give the instruction for such a redemption if RenRe shall have given notice
			 to the Administrative Agent on or before the Business Day first succeeding the
			 Draw Date that the Reimbursement Obligation will be paid in cash on or before
			 the Due Date and thereafter such payment is made.
		 
	 	               (ii)           The
			 obligation of each Account Party to reimburse the Issuing Bank for any payment
			 made by the Issuing Bank under any Letter of Credit issued for the account of
			 such Account Party, and the obligation of each Lender under Section
			 2.02(e) with respect thereto, shall be unconditional and irrevocable, and
			 shall be paid strictly in accordance with the terms of this Agreement, the
			 applicable Letter of Credit Agreement and any other applicable agreement or
			 instrument under all circumstances, including without limitation the following
			 circumstances:
		 

	 	 	               (A)          any
			 lack of validity or enforceability of any Credit Document, any Letter of Credit
			 or any other agreement or instrument relating thereto (all of the foregoing
			 being, collectively, the “L/C Related Documents”);
		 
	 	               (B)           any
			 change in the time, manner or place of payment of, or in any other term of, all
			 or any of the obligations of any Account Party or any other Person in respect
			 of any L/C Related Document or any other amendment or waiver of or any consent
			 to departure from all or any of the L/C Related Documents;
		 
	 	               (C)           the
			 existence of any claim, set-off, defense or other right that any Account Party
			 or any other Person may have at any time against any beneficiary or any
			 transferee of a Letter of Credit (or any Persons for which any such beneficiary
			 or any such transferee may be acting), the Issuing Bank or any other Person,
			 whether in connection with the transactions contemplated by the L/C Related
			 Documents or any unrelated transaction (including any underlying 

	 
		26
	 

	 

	 
		

	 

	 	 	transaction between any Credit Party and the beneficiary named in any
			 such Letter of Credit);
		 
	 	                (D)          any
			 statement or any other document presented under a Letter of Credit proving to
			 be forged, fraudulent, invalid or insufficient in any respect, any statement
			 therein being untrue or inaccurate in any respect, any errors, omissions,
			 interruptions or delays in transmission or delivery of any messages, by mail,
			 telecopier or otherwise, or any errors in translation or in interpretation of
			 technical terms;
		 
	 	                (E)           payment
			 by the Issuing Bank under a Letter of Credit against presentation of a draft or
			 certificate that does not strictly comply with the terms of such Letter of
			 Credit or any defense based upon the failure of any drawing under a Letter of
			 Credit to conform to the terms of the Letter of Credit (provided that
			 any draft, certificate or other document presented pursuant to such Letter of
			 Credit appears on its face to comply with the terms thereof), any
			 non-application or misapplication by the beneficiary or any transferee of the
			 proceeds of such drawing or any other act or omission of such beneficiary or
			 transferee in connection with such Letter of Credit;
		 
	 	                (F)           any
			 exchange, release or non-perfection of any Collateral, or any release or
			 amendment or waiver of or consent to departure from the Security Documents, for
			 all or any of the obligations of any Account Party or any other Person in
			 respect of the L/C Related Documents;
		 
	 	                (G)          the
			 occurrence of any Substitution Event, Suspension Event, Default or Event of
			 Default; or
		 
	 	                (H)          any
			 other circumstance or happening whatsoever, whether or not similar to any of
			 the foregoing, including without limitation any other circumstance that might
			 otherwise constitute a defense available to, or a discharge of, any Account
			 Party or a guarantor.

	 
		              (b)          Rescission.
		If any amount received by the Issuing Bank on account of any Letter of Credit
		Advance, Reimbursement Obligation or other Obligation shall be avoided,
		rescinded or otherwise returned or paid over by the Issuing Bank for any reason
		at any time, whether before or after the termination of this Agreement (or the
		Issuing Bank believes in good faith that such avoidance, rescission, return or
		payment is required, whether or not such matter has been adjudicated), each
		Lender will (except to the extent a corresponding amount received by such
		Lender on account of its Letter of Credit Advance relating to the same payment
		on a Letter of Credit has been avoided, rescinded or otherwise returned or paid
		over by such Lender), promptly upon notice from the Administrative Agent or the
		Issuing Bank, pay over to the Administrative Agent for the account of the
		Issuing Bank its Pro Rata Share of such amount, together with its Pro Rata
		Share of any interest or penalties payable with respect thereto.
	 

	 
		              Section
		2.04          
		 Termination or Reduction of the L/C Commitments . RenRe
		may, upon at least three Business Days’ notice to the Administrative
		Agent, terminate in whole or reduce in part the 
	 

	 
		27
	 

	 

	 
		

	 

	 
		unused portion of the
		L/C Commitments; provided, however, that each partial reduction
		(i) shall be in an aggregate amount of $10,000,000 or an integral multiple
		of $1,000,000 in excess thereof, (ii) shall be made ratably among the
		Lenders in accordance with their L/C Commitments and (iii) shall
		automatically reduce the Total Commitment, as contemplated by the definition of
		that term.
	 

	 
		             
		   Section
		2.05          
		Fees.
	 

	 
		              (a)           Commitment
		Fee. The Account Parties and RenRe jointly and severally agree to pay to
		the Administrative Agent for the account of each Lender a commitment fee, from
		the Restatement Effective Date until the Expiration Date, payable in arrears
		quarterly on the last Business Day of each March, June, September and December
		commencing June 30, 2007 and on the Expiration Date, at a rate equal to 0.06%
		per annum on the average daily Unused L/C Commitment of such Lender during such
		quarter (or shorter period); provided, however, that no
		commitment fee shall accrue on the L/C Commitment of a Defaulting Lender so
		long as such Lender shall be a Defaulting Lender.
	 

	 
		              (b)           Administrative
		Agent’s and Collateral Agent’s Fees. The Account Parties and
		RenRe jointly and severally agree to pay to the Administrative Agent and the
		Collateral Agent for their own accounts such fees as are set forth in the Fee
		Letters and as may from time to time be agreed between RenRe and the
		Administrative Agent and Collateral Agent, respectively.
	 

	 
		              (c)          
		Letter of Credit Fees, etc.
	 

	 	 	               (i)            Each
			 Account Party severally agrees to pay to the Administrative Agent, for the
			 account of each Lender, with respect to each Letter of Credit for the account
			 of such Account Party outstanding from time to time from the Restatement
			 Effective Date until the termination or expiration of such Letter of Credit, a
			 commission payable in arrears quarterly on the last Business Day of each March,
			 June, September and December commencing June 30, 2007, and on the
			 termination or expiration of such Letter of Credit, on such Lender’s Pro
			 Rata Share of the average daily aggregate Available Amount of such Letter of
			 Credit during such quarter (or shorter period) at a rate equal to 0.25% per
			 annum.
		 
	 	               (ii)           Each
			 Account Party severally agrees to pay to the Issuing Bank, for its own account,
			 the Issuing Bank’s facing fee (as provided in the Fee Letter with
			 Wachovia), customary issuance, presentation, amendment and other processing
			 fees, and other standard costs and charges, relating to Letters of Credit for
			 the account of such Account Party as are from time to time in
			 effect.

	 
		                Section
		2.06           Increased
		Costs, etc. 
	 

	 
		              (a)           If,
		due to either (i) the introduction of or any change in or in the
		interpretation of, in each case after the date hereof, any law or regulation or
		(ii) the compliance with any guideline or request issued after the date
		hereof from any central bank or other governmental authority (whether or not
		having the force of law), there shall be any increase in the cost to any Lender
		of agreeing to issue or of issuing or maintaining or participating in Letters
		of Credit or the making of Letter of Credit Advances (excluding, for purposes
		of this Section 2.06, any such increased 
	 

	 
		28
	 

	 

	 
		

	 

	 
		costs resulting from
		(x) Taxes or Other Taxes (as to which Section 2.08 shall govern)
		and (y) changes in the basis of taxation of overall net income or overall
		gross income by the United States or by the foreign jurisdiction or state under
		the laws of which such Lender is organized or has its Lending Office or any
		political subdivision thereof), then the Account Parties jointly and severally
		agree to pay, from time to time, within five days after demand by such Lender
		(with a copy of such demand to the Administrative Agent), which demand shall
		include a statement of the basis for such demand and a calculation in
		reasonable detail of the amount demanded, to the Administrative Agent for the
		account of such Lender additional amounts sufficient to compensate such Lender
		for such increased cost. A certificate as to the amount of such increased cost,
		submitted to RenRe by such Lender, shall be conclusive and binding for all
		purposes, absent manifest error.
	 

	 
		              (b)           If,
		due to either (i) the introduction of or any change in or in the
		interpretation of any law or regulation, in each case after the date hereof, or
		(ii) the compliance with any guideline or request issued after the date
		hereof from any central bank or other governmental authority (whether or not
		having the force of law), there shall be any increase in the amount of capital
		required or expected to be maintained by any Lender or any corporation
		controlling such Lender as a result of or based upon the existence of such
		Lender’s commitment to lend hereunder and other commitments of such type,
		then, within five days after demand by such Lender or such corporation (with a
		copy of such demand to the Administrative Agent), which demand shall include a
		statement of the basis for such demand and a calculation in reasonable detail
		of the amount demanded, the Account Parties jointly and severally agree to pay
		to the Administrative Agent for the account of such Lender, from time to time
		as specified by such Lender, additional amounts sufficient to compensate such
		Lender in the light of such circumstances, to the extent that such Lender
		reasonably determines such increase in capital to be allocable to the existence
		of such Lender’s commitment to issue or participate in Letters of Credit
		hereunder or to the issuance or maintenance of or participation in any Letters
		of Credit. A certificate as to such amounts submitted to RenRe by such Lender
		shall be conclusive and binding for all purposes, absent manifest error.

	 

	 
		              (c)           Each
		Lender shall promptly notify RenRe and the Administrative Agent of any event of
		which it has actual knowledge which will result in, and will use reasonable
		commercial efforts available to it (and not, in such Lender’s good faith
		judgment, otherwise disadvantageous to such Lender) to mitigate or avoid any
		obligation by the Account Parties to pay any amount pursuant to Section
		2.06(a) or (b) above or pursuant to Section 2.08(a) (and, if
		any Lender has given notice of any such event and thereafter such event ceases
		to exist, such Lender shall promptly so notify RenRe and the Administrative
		Agent). Without limiting the foregoing, each Lender will designate a different
		Lending Office if such designation will avoid (or reduce the cost to the
		Account Parties of) any event described in the preceding sentence and such
		designation will not, in such Lender’s good faith judgment, be otherwise
		disadvantageous to such Lender.
	 

	 
		              (d)           Notwithstanding
		the provisions of Section 2.06(a) or (b) or Section 2.08
		(and without limiting subsection (c) above), no Lender shall be
		entitled to compensation from the Account Parties for any amount arising prior
		to the date which is 90 days before the date on which such Lender notifies
		RenRe of such event or circumstance. As used in this Section 2.06 the
		term “Lender” includes the Issuing Bank in its capacity as
		such.
	 

	 
		29
	 

	 

	 
		

	 

	 
		             
		   Section
		2.07           Payments
		and Computations.
	 

	 
		              (a)           The
		Account Parties (and RenRe, as applicable) shall make each payment hereunder
		irrespective of any right of counterclaim or set-off, not later than
		11:00 A.M. Charlotte, North Carolina time on the day when due, in U.S.
		dollars, to the Administrative Agent in same day funds, with payments being
		received by the Administrative Agent after such time being deemed to have been
		received on the next succeeding Business Day. The Administrative Agent will
		promptly thereafter cause like funds to be distributed (i) if such payment
		by such Account Party is in respect of principal, interest, commitment fees or
		any other amount then payable hereunder to more than one Lender, to such
		Lenders for the account of their respective Lending Offices ratably in
		accordance with the amounts of such respective amount then payable to such
		Lenders and (ii) if such payment by such Account Party is in respect of
		any amount then payable hereunder to one Lender, to such Lender for the account
		of its Lending Office, in each case to be applied in accordance with the terms
		of this Agreement. Upon its acceptance of an Assignment and Acceptance and
		recording of the information contained therein in the Register pursuant to
		Section 9.05(d), from and after the effective date of such Assignment
		and Acceptance, the Administrative Agent shall make all payments hereunder in
		respect of the interest assigned thereby to the Lender assignee thereunder, and
		the parties to such Assignment and Acceptance shall make all appropriate
		adjustments in such payments for periods prior to such effective date directly
		between themselves.
	 

	 
		              (b)           All
		computations of interest on Letter of Credit Advances (and any other amount
		payable by reference to the Base Rate) when the Base Rate is determined by
		reference to Wachovia’s prime rate shall be made by the Administrative
		Agent on the basis of a year of 365 or, if applicable, 366 days; all other
		computations of interest, fees and Letter of Credit commissions shall be made
		by the Administrative Agent on the basis of a year of 360 days. All such
		computations shall be made for the actual number of days (including the first
		day but excluding the last day) occurring in the period for which such
		interest, fees or commissions are payable. Each determination by the
		Administrative Agent of an interest rate, fee or commission hereunder shall be
		conclusive and binding for all purposes, absent manifest error.
	 

	 
		              (c)           Whenever
		any payment hereunder shall be stated to be due on a day other than a Business
		Day, such payment shall be made on the next succeeding Business Day, and such
		extension of time shall in such case be included in the computation of payment
		of interest, fee or commission, as the case may be.
	 

	 
		             
		   Section
		2.08          
		Taxes.
	 

	 
		              (a)           Any
		and all payments by any Credit Party hereunder or under any other Credit
		Document shall be made, in accordance with Section 2.07, free and clear
		of and without deduction for any and all present or future taxes, levies,
		imposts, deductions, charges or withholdings, and all liabilities with respect
		thereto, excluding, in the case of each Lender and each Agent, taxes that are
		imposed on its overall net income by the United States and taxes that are
		imposed on its overall net income (and franchise taxes imposed in lieu thereof)
		by the state or foreign jurisdiction under the laws of which such Lender or
		such Agent, as the case may be, is organized or any political subdivision
		thereof and, in the case of each Lender, taxes that are imposed on its overall
		net income (and franchise taxes imposed in lieu thereof) by the state or
		
	 

	 
		30
	 

	 

	 
		

	 

	 
		foreign jurisdiction
		of such Lender’s Lending Office or any political subdivision thereof (all
		such non-excluded taxes, levies, imposts, deductions, charges, withholdings and
		liabilities in respect of payments hereunder being herein referred to as
		“Taxes”). If any Credit Party shall be required by law to
		deduct any Taxes from or in respect of any sum payable hereunder or to any
		Lender or any Agent, (i) the sum payable by such Credit Party shall be
		increased as may be necessary so that after such Credit Party and the
		Administrative Agent have made all required deductions (including deductions
		applicable to additional sums payable under this Section 2.08) such
		Lender or such Agent, as the case may be, receives an amount equal to the sum
		it would have received had no such deductions been made, (ii) such Credit
		Party shall make all such deductions and (iii) such Credit Party shall pay
		the full amount deducted to the relevant taxation authority or other authority
		in accordance with applicable law.
	 

	 
		              (b)           In
		addition, each Credit Party shall pay any present or future stamp, documentary,
		excise, property or similar taxes, charges or levies that arise from any
		payment made hereunder or from the execution, delivery or registration of,
		performance under, or otherwise with respect to, this Agreement or any other
		Credit Document (herein referred to as “Other Taxes”).
	 

	 
		              (c)           Each
		Credit Party shall indemnify each Lender and each Agent for and hold them
		harmless against the full amount of Taxes and Other Taxes, and for the full
		amount of taxes of any kind imposed by any jurisdiction on amounts payable
		under this Section 2.08, imposed on or paid by such Lender or such Agent
		(as the case may be) and any liability (including penalties, additions to tax,
		interest and expenses) arising therefrom or with respect thereto. This
		indemnification payment shall be made within 10 days from the date such Lender
		or such Agent (as the case may be) makes written demand therefor.
	 

	 
		              (d)           Within
		30 days after the date of any payment of Taxes, each Credit Party shall furnish
		to the Administrative Agent, at its address referred to in Section 9.02,
		the original or a certified copy of a receipt evidencing such payment.
	 

	 
		              (e)           If
		any Lender is incorporated or organized under the laws of a jurisdiction other
		than the United States of America or any state thereof (a “Non-U.S.
		Lender”) and is entitled to an exemption from or a reduction of United
		States withholding tax pursuant to the Internal Revenue Code, such Non-U.S.
		Lender will deliver to each of the Administrative Agent and RenRe, on or prior
		to the Restatement Effective Date (or, in the case of a Non-U.S. Lender that
		becomes a party to this Agreement as a result of an assignment after the
		Restatement Effective Date, on the effective date of such assignment),
		(i) in the case of a Non-U.S. Lender that is a “bank” for
		purposes of Section 881(c)(3)(A) of the Internal Revenue Code, a properly
		completed Internal Revenue Service Form 4224, 1001, W-8BEN, W-8ECI or W-8EXP,
		as applicable (or successor forms), certifying that such Non-U.S. Lender is
		entitled to an exemption from or a reduction of withholding or deduction for or
		on account of United States federal income taxes in connection with payments
		under this Agreement and the other Credit Documents, together with a properly
		completed Internal Revenue Service Form W-8 or W-9, as applicable (or successor
		forms), and (ii) in the case of a Non-U.S. Lender that is not a
		“bank” for purposes of Section 881(c)(3)(A) of the Internal Revenue
		Code, a certificate in form and substance reasonably satisfactory to the
		Administrative Agent and RenRe and to the effect that (x) such Non-U.S.
		Lender is not a “bank” for purposes of Section 881(c)(3)(A) of the
		Internal Revenue Code, is not subject to regulatory or other legal requirements
		as a bank in any jurisdiction, and has not been 
	 

	 
		31
	 

	 

	 
		

	 

	 
		treated as a bank for
		purposes of any tax, securities law or other filing or submission made to any
		governmental authority, any application made to a rating agency or
		qualification for any exemption from any tax, securities law or other legal
		requirements, (y) is not a 10-percent shareholder for purposes of Section
		881(c)(3)(B) of the Internal Revenue Code and (z) is not a controlled
		foreign corporation receiving interest from a related person for purposes of
		Section 881(c)(3)(C) of the Internal Revenue Code, together with a properly
		completed Internal Revenue Service Form W-8 or W-9, as applicable (or successor
		forms). Each such Non-U.S. Lender further agrees to deliver to each of the
		Administrative Agent and RenRe an additional copy of each such relevant form on
		or before the date that such form expires or becomes obsolete or after the
		occurrence of any event (including a change in its Lending Office) requiring a
		change in the most recent forms so delivered by it, in each case certifying
		that such Non-U.S. Lender is entitled to an exemption from or a reduction of
		withholding or deduction for or on account of United States federal income
		taxes in connection with payments under this Agreement, unless an event
		(including without limitation any change in treaty, law or regulation) has
		occurred prior to the date on which any such delivery would otherwise be
		required, which event renders all such forms inapplicable or the exemption to
		which such forms relate unavailable and such Non-U.S. Lender notifies the
		Administrative Agent and RenRe that it is not entitled to receive payments
		without deduction or withholding of United States federal income taxes. Each
		such Non-U.S. Lender will promptly notify the Administrative Agent and RenRe of
		any changes in circumstances that would modify or render invalid any claimed
		exemption or reduction.
	 

	 
		              (f)            The
		Credit Parties shall not be required to indemnify any Non-U.S. Lender, or to
		pay any additional amounts to any Non-U.S. Lender, in respect of United States
		federal withholding tax to the extent that (i) the obligation to withhold
		amounts with respect to United States federal withholding tax existed on the
		date such Non-U.S. Lender became a party to this Agreement; provided,
		however, that this clause (i) shall not apply to the extent that
		(y) the indemnity payments or additional amounts any Lender would be
		entitled to receive (without regard to this clause (i)) do not exceed the
		indemnity payment or additional amounts that the person making the assignment,
		participation or transfer to such Lender would have been entitled to receive in
		the absence of such assignment, participation or transfer, or (z) such
		assignment, participation or transfer was requested by RenRe, (ii) the
		obligation to pay such additional amounts would not have arisen but for a
		failure by such Non-U.S. Lender to comply with the provisions of Section
		2.08(e) or (iii) any of the representations or certifications made by
		a Non-U.S. Lender pursuant to Section 2.08(e) are incorrect at the time
		a payment hereunder is made, other than by reason of any change in treaty, law
		or regulation having effect after the date such representations or
		certifications were made.
	 

	 
		              (g)           At
		RenRe’s request and at the Credit Parties’ cost, each Lender shall
		take reasonable steps (i) to contest such Lender’s liability for
		Taxes that have not been paid or (ii) to seek a refund of Taxes. Nothing
		in this Section 2.08 shall obligate any Lender to disclose any
		information regarding its tax affairs or computations to any Credit
		Party.
	 

	 
		              (h)           For
		any period with respect to which a Lender which may lawfully do so has failed
		to provide RenRe with the appropriate form described in Section 2.08(e)
		above (other than if such failure is due to a change in law occurring after the
		date on which a form originally was required to be provided or if such form
		otherwise is not required under such section), such Lender shall not be
		entitled to indemnification under Section 2.08(a) or (c) with
		respect to Taxes 
	 

	 
		32
	 

	 

	 
		

	 

	 
		imposed by the United
		States by reason of such failure; provided, however, that should
		a Lender become subject to Taxes because of its failure to deliver a form
		required hereunder, RenRe shall take such steps as such Lender shall reasonably
		request to assist such Lender to recover such Taxes.
	 

	 
		              Section
		2.09          
		 Sharing of Payments, etc.   If any Lender shall
		obtain at any time any payment (whether voluntary, involuntary, through the
		exercise of any right of set-off, or otherwise, other than as a result of an
		assignment pursuant to Section 9.05(a)) (a) on account of
		Obligations due and payable to such Lender hereunder at such time in excess of
		its ratable share (according to the proportion of (i) the amount of such
		Obligations due and payable to such Lender at such time to (ii) the
		aggregate amount of the Obligations due and payable to all Lenders hereunder at
		such time) of payments on account of the Obligations due and payable to all
		Lenders hereunder at such time obtained by all the Lenders at such time or
		(b) on account of Obligations owing (but not due and payable) to such
		Lender hereunder at such time in excess of its ratable share (according to the
		proportion of (i) the amount of such Obligations owing to such Lender at
		such time to (ii) the aggregate amount of the Obligations owing (but not
		due and payable) to all Lenders hereunder at such time) of payments on account
		of the Obligations owing (but not due and payable) to all Lenders hereunder at
		such time obtained by all of the Lenders at such time, such Lender shall
		forthwith purchase from the other Lenders such interests or participating
		interests in the Obligations due and payable or owing to them, as the case may
		be, as shall be necessary to cause such purchasing Lender to share the excess
		payment ratably with each of them; provided, however, that if all
		or any portion of such excess payment is thereafter recovered from such
		purchasing Lender, such purchase from each other Lender shall be rescinded and
		such other Lender shall repay to the purchasing Lender the purchase price to
		the extent of such Lender’s ratable share (according to the proportion of
		(A) the purchase price paid to such Lender to (B) the aggregate
		purchase price paid to all Lenders) of such recovery together with an amount
		equal to such Lender’s ratable share (according to the proportion of
		(x) the amount of such other Lender’s required repayment to
		(y) the total amount so recovered from the purchasing Lender) of any
		interest or other amount paid or payable by the purchasing Lender in respect of
		the total amount so recovered. Each Credit Party agrees that any Lender so
		purchasing an interest or participating interest from another Lender pursuant
		to this Section 2.09 may, to the fullest extent permitted by law,
		exercise all its rights of payment (including the right of set-off) with
		respect to such interest or participating interest, as the case may be, as
		fully as if such Lender were the direct creditor of such Credit Party in the
		amount of such interest or participating interest, as the case may be.
	 

	 
		              
		 Section
		2.10          Use of
		Letters of Credit. The Letters of Credit shall be used to support the
		Account Parties’ insurance and reinsurance liabilities.
	 

	 
		                Section
		2.11           Defaulting
		Lenders. 
	 

	 
		              (a)           In
		the event that, at any time, (i) any Lender shall be a Defaulting Lender,
		(ii) such Defaulting Lender shall owe a Defaulted Amount to any Agent or
		any of the other Lenders and (iii) any Credit Party shall make any payment
		hereunder or under any other Credit Document to the Administrative Agent for
		the account of such Defaulting Lender, then the Administrative Agent may, on
		its behalf or on behalf of such other Lenders and to the fullest extent
		permitted by applicable law, apply at such time the amount so paid by such
		Credit Party to 
	 

	 
		33
	 

	 

	 
		

	 

	 
		or for the account of
		such Defaulting Lender to the payment of each such Defaulted Amount to the
		extent required to pay such Defaulted Amount. In the event that the
		Administrative Agent shall so apply any such amount to the payment of any such
		Defaulted Amount on any date, the amount so applied by the Administrative Agent
		shall constitute for all purposes of this Agreement and the other Credit
		Documents payment, to such extent, of such Defaulted Amount on such date. Any
		such amount so applied by the Administrative Agent shall be retained by the
		Administrative Agent or distributed by the Administrative Agent to such other
		Lenders, ratably in accordance with the respective portions of such Defaulted
		Amounts payable at such time to the Administrative Agent and such other Lenders
		and, if the amount of such payment made by such Credit Party shall at such time
		be insufficient to pay all Defaulted Amounts owing at such time to the
		Administrative Agent, such other Agents and such other Lenders, in the
		following order of priority:
	 

	 	 	first, to the Agents for any Defaulted Amounts then owing to
			 the Agents in their capacities as such;	 
		 	 
	 	second, to the Issuing Bank for any amount then due and payable
			 to it, in its capacity as such, by such Defaulting Lender, ratably in
			 accordance with such amounts then due and payable to the Issuing Bank;
			 and	 
		 	 
	 	third, to any other Lenders for any Defaulted Amounts then
			 owing to such other Lenders, ratably in accordance with such respective
			 Defaulted Amounts then owing to such other Lenders.	 

	 
		Any portion of such
		amount paid by such Credit Party for the account of such Defaulting Lender
		remaining, after giving effect to the amount applied by the Administrative
		Agent pursuant to this subsection (a), shall be applied by the
		Administrative Agent as specified in subsection (b) of this
		Section 2.11.
	 

	 
		              (b)           In
		the event that, at any time, (i) any Lender shall be a Defaulting Lender,
		(ii) such Defaulting Lender shall not then owe a Defaulted Amount and
		(iii) any Credit Party, any Agent or other Lender shall be required to pay
		or distribute any amount hereunder or under any other Credit Document to or for
		the account of such Defaulting Lender, then such Credit Party or such Agent or
		such other Lender shall pay such amount to the Administrative Agent to be held
		by the Administrative Agent, to the fullest extent permitted by applicable law,
		in escrow and the Administrative Agent shall, to the fullest extent permitted
		by applicable law, hold in escrow such amount otherwise held by it. Any funds
		held by the Administrative Agent in escrow under this
		subsection (b) shall be deposited by the Administrative Agent in an
		account with Wachovia in the name and under the control of the Administrative
		Agent, but subject to the provisions of this subsection (b). The
		terms applicable to such account, including the rate of interest payable with
		respect to the credit balance of such account from time to time, shall be
		Wachovia’s standard terms applicable to escrow accounts maintained with
		it. Any interest credited to such account from time to time shall be held by
		the Administrative Agent in escrow under, and applied by the Administrative
		Agent from time to time in accordance with the provisions of, this
		subsection (b). The Administrative Agent shall, to the fullest
		extent permitted by applicable law, apply all funds so held in escrow from time
		to time to the extent necessary to 
	 

	 
		34
	 

	 

	 
		

	 

	 
		make any Letter of
		Credit Advances required to be made by such Defaulting Lender and to pay any
		amount payable by such Defaulting Lender hereunder and under the other Credit
		Documents to the Administrative Agent or any other Lender, as and when such
		Letter of Credit Advances or amounts are required to be made or paid and, if
		the amount so held in escrow shall at any time be insufficient to make and pay
		all such Letter of Credit Advances and amounts required to be made or paid at
		such time, in the following order of priority:
	 

	 	 	first, to the Agents for any amounts then due and payable by
			 such Defaulting Lender to the Agents in their capacities as such;	 
		 	 
	 	second, to the Issuing Bank for any amount then due and payable
			 to it, in its capacity as such, by such Defaulting Lender, ratably in
			 accordance with such amounts then due and payable to such Issuing Bank;
			 and	 
		 	 
	 	third, to any other Lenders for any amount then due and payable
			 by such Defaulting Lender to such other Lenders hereunder, ratably in
			 accordance with such respective amounts then due and payable to such other
			 Lenders.	 

	 
		In the event that any
		Lender that is a Defaulting Lender shall cease to be a Defaulting Lender and
		all amounts owing by such Lender to the Agents and the other Lenders shall have
		been paid in full, any funds held by the Administrative Agent in escrow at such
		time with respect to such Lender shall be distributed by the Administrative
		Agent to such Lender and applied by such Lender to the Obligations owing to
		such Lender at such time under this Agreement and the other Credit Documents
		ratably in accordance with the respective amounts of such Obligations
		outstanding at such time.
	 

	 
		              (c)           The
		rights and remedies against a Defaulting Lender under this Section 2.11
		are in addition to other rights and remedies that any Agent or any Lender may
		have against such Defaulting Lender with respect to any Defaulted
		Amount.
	 

	 
		              Section
		2.12          
		 Replacement of Affected Lender . At any time any Lender
		is an Affected Lender, the RenRe may replace such Affected Lender as a party to
		this Agreement with one or more other Lenders and/or Eligible Assignees, and
		upon notice from RenRe such Affected Lender shall assign pursuant to an
		Assignment and Acceptance, and without recourse or warranty (other than as to
		the absence of Liens arising by, through or under such Affected Lender), its
		L/C Commitment, its Letter of Credit Advances, its obligations to fund Letter
		of Credit payments, its participation in, and its rights and obligations with
		respect to, Letters of Credit, and all of its other rights and obligations
		hereunder to such other Lenders and/or Eligible Assignees for a purchase price
		equal to the sum of the principal amount of the Letter of Credit Advances so
		assigned, all accrued and unpaid interest thereon, such Affected Lender’s
		ratable share of all accrued and unpaid fees payable pursuant to Section
		2.05 and all other Obligations owed to such Affected Lender
		hereunder.
	 

	 
		35
	 

	 

	 
		

	 

	 
		                Section
		2.13           Certain
		Provisions Relating to the Issuing Bank and Letters of Credit. 
	 

	 
		              (a)           Letter
		of Credit Agreements. The representations, warranties and covenants by the
		Account Parties under, and the rights and remedies of the Issuing Bank under,
		any Letter of Credit Agreement relating to any Letter of Credit are in addition
		to, and not in limitation or derogation of, representations, warranties and
		covenants by the Credit Parties under, and rights and remedies of the Issuing
		Bank and the Lenders under, this Agreement and applicable law. Each Account
		Party acknowledges and agrees that all rights of the Issuing Bank under any
		Letter of Credit Agreement shall inure to the benefit of each Lender to the
		extent of its L/C Participation Interests and Letter of Credit Advances as
		fully as if such Lender was a party to such Letter of Credit Agreement. In the
		event of any inconsistency between the terms of this Agreement and any Letter
		of Credit Agreement, this Agreement shall prevail.
	 

	 
		              (b)           Certain
		Provisions. The Issuing Bank shall have no duties or responsibilities to
		any Agent or any Lender except those expressly set forth in this Agreement, and
		no implied duties or responsibilities on the part of the Issuing Bank shall be
		read into this Agreement or shall otherwise exist. The duties and
		responsibilities of the Issuing Bank to the Lenders and the Agents under this
		Agreement and the other Credit Documents shall be mechanical and administrative
		in nature, and the Issuing Bank shall not have a fiduciary relationship in
		respect of any Agent, any Lender or any other Person. The Issuing Bank shall
		not be liable for any action taken or omitted to be taken by it under or in
		connection with this Agreement or any Credit Document or Letter of Credit,
		except to the extent resulting from the gross negligence or willful misconduct
		of the Issuing Bank, as finally determined by a court of competent
		jurisdiction. The Issuing Bank shall not be under any obligation to ascertain,
		inquire or give any notice to any Agent or any Lender relating to (i) the
		performance or observance of any of the terms or conditions of this Agreement
		or any other Credit Document on the part of any Credit Party, (ii) the
		business, operations, condition (financial or otherwise) or prospects of the
		Credit Parties or any other Person, or (iii) the existence of any
		Suspension Event, Default or Event of Default. Each Credit Party assumes all
		risks of the acts or omissions of any beneficiary or transferee of any Letter
		of Credit with respect to its use of such Letter of Credit. Neither the Issuing
		Bank nor any of its officers, directors, employees or agents shall be liable or
		responsible for: (w) the use that may be made of any Letter of Credit
		or any acts or omissions of any beneficiary or transferee in connection
		therewith; (x) the validity, sufficiency or genuineness of documents, or
		of any endorsement thereon, even if such documents should prove to be in any or
		all respects invalid, insufficient, fraudulent or forged; (y) payment by
		the Issuing Bank against presentation of documents that do not strictly comply
		with the terms of a Letter of Credit, including failure of any documents to
		bear any reference or adequate reference to the Letter of Credit; or
		(z) any other circumstances whatsoever in making or failing to make
		payment under any Letter of Credit, except that the Applicable Account Party
		shall have a claim against the Issuing Bank, and the Issuing Bank shall be
		liable to such Account Party, to the extent of any direct, but not
		consequential, damages suffered by such Account Party that such Account Party
		proves were caused by (a) the Issuing Bank’s willful misconduct or
		gross negligence as determined in a final, non-appealable judgment by a court
		of competent jurisdiction in determining whether documents presented under any
		Letter of Credit comply with the terms of the Letter of Credit or (b) the
		Issuing Bank’s willful failure to make lawful payment under a Letter of
		Credit after the presentation to it of a draft and certificates strictly
		complying with the terms and conditions of the Letter of Credit. In furtherance
		and not in limitation of the foregoing, the Issuing Bank may 
	 

	 
		36
	 

	 

	 
		

	 

	 
		accept documents that
		appear on their face to be in order, without responsibility for further
		investigation, regardless of any notice or information to the contrary. It is
		expressly understood and agreed that, for purposes of determining whether a
		wrongful payment under a Letter of Credit resulted from the Issuing Bank’s
		gross negligence or willful misconduct, (1) the Issuing Bank’s
		acceptance of documents that appear on their face to comply with the terms of
		such Letter of Credit, without responsibility for further investigation,
		regardless of any notice or information to the contrary, (2) the Issuing
		Bank’s exclusive reliance on the documents presented to it under such
		Letter of Credit as to any and all matters set forth therein, including the
		amount of any draft presented under such Letter of Credit, whether or not the
		amount due to the beneficiary thereunder equals the amount of such draft and
		whether or not any document presented pursuant to such Letter of Credit proves
		to be insufficient in any respect (so long as such document appears on its face
		to comply with the terms of such Letter of Credit), and whether or not any
		other statement or any other document presented pursuant to such Letter of
		Credit proves to be forged or invalid or any statement therein proves to be
		inaccurate or untrue in any respect whatsoever, and (3) any noncompliance
		in any immaterial respect of the documents presented under such Letter of
		Credit with the terms thereof shall, in each case, be deemed not to constitute
		gross negligence or willful misconduct of the Issuing Bank. The Issuing Bank
		shall not be under any obligation, either initially or on a continuing basis,
		to provide any Agent or any Lender with any notices, reports or information of
		any nature, whether in its possession presently or hereafter, except for such
		notices, reports and other information expressly required by this Agreement to
		be so furnished. The Issuing Bank shall not be responsible for the execution,
		delivery, effectiveness, enforceability, genuineness, validity or adequacy of
		this Agreement or any Credit Document.
	 

	 
		              (c)           Administration.
		The Issuing Bank may rely upon any notice or other communication of any nature
		(written, electronic or oral, including but not limited to telephone
		conversations and transmissions through the Issuing Bank’s remote access
		system, whether or not such notice or other communication is made in a manner
		permitted or required by this Agreement or any other Credit Document)
		purportedly made by or on behalf of the proper party or parties, and the
		Issuing Bank shall not have any duty to verify the identity or authority of any
		Person giving such notice or other communication. The Issuing Bank may consult
		with legal counsel (including without limitation in-house counsel for the
		Issuing Bank or in-house or other counsel for the Credit Parties), independent
		public accountants and any other experts selected by it from time to time, and
		the Issuing Bank shall not be liable for any action taken or omitted to be
		taken in good faith in accordance with the advice of such counsel, accountants
		or experts. Whenever the Issuing Bank shall deem it necessary or desirable that
		a matter be proved or established with respect to any Credit Party, any Agent
		or any Lender, such matter may be established by a certificate of such Credit
		Party, such Agent or such Lender, as the case may be, and the Issuing Bank may
		conclusively rely upon such certificate. The Issuing Bank shall not be deemed
		to have any knowledge or notice of the occurrence of any Suspension Event,
		Default or Event of Default unless the Issuing Bank has received notice from a
		Lender, an Agent or a Credit Party referring to this Agreement, describing such
		Suspension Event, Default, or Event of Default and stating that such notice is
		a “notice of Default” or “notice of Suspension
		Event”.
	 

	 
		              (d)           Indemnification
		of Issuing Bank by Lenders. Each Lender hereby agrees to reimburse and
		indemnify the Issuing Bank and each of its directors, officers, employees and
		agents (to the extent not reimbursed by the Credit Parties and without
		limitation of the 
	 

	 
		37
	 

	 

	 
		

	 

	 
		obligations of the
		Credit Parties to do so), in accordance with its Pro Rata Share (determined at
		the time such indemnity is sought), from and against any and all amounts,
		losses, liabilities, claims, damages, expenses, obligations, penalties,
		actions, judgments, suits, costs or disbursements of any kind or nature
		(including without limitation the reasonable fees and disbursements of counsel
		for the Issuing Bank or such other Person in connection with any investigative,
		administrative or judicial proceeding commenced or threatened, whether or not
		the Issuing Bank or such other Person shall be designated a party thereto) that
		may at any time be imposed on, incurred by or asserted against the Issuing
		Bank, in its capacity as such, or such other Person, as a result of, or arising
		out of, or in any way related to or by reason of, this Agreement, any other
		Credit Document or any Letter of Credit, any transaction from time to time
		contemplated hereby or thereby, or any transaction financed in whole or in part
		or directly or indirectly with the proceeds of any Letter of Credit,
		provided, that no Lender shall be liable for any portion of such
		amounts, losses, liabilities, claims, damages, expenses, obligations,
		penalties, actions, judgments, suits, costs or disbursements to the extent
		resulting from the gross negligence or willful misconduct of the Issuing Bank
		or such other indemnified Person, as finally determined by a court of competent
		jurisdiction.
	 

	 
		              (e)           Issuing
		Bank in its Individual Capacity. With respect to its commitments and the
		obligations owing to it, the Issuing Bank shall have the same rights and powers
		under this Agreement and each other Credit Document as any other Lender and may
		exercise the same as though it were not the Issuing Bank, and the term
		“Lenders” and like terms shall include the Issuing Bank in its
		individual capacity as such. The Issuing Bank and its affiliates may, without
		liability to account to any Person, make loans to, accept deposits from,
		acquire debt or equity interests in, act as trustee under indentures of, act as
		agent under other credit facilities for, and engage in any other business with,
		any Credit Party and any stockholder, subsidiary or affiliate of any Credit
		Party, as though the Issuing Bank were not the Issuing Bank hereunder.
	 

	 
		                Section
		2.14           Downgrade
		Event with Respect to a Lender. 
	 

	 
		              (a)           If
		a Downgrade Event shall occur with respect to any Lender, then the Issuing Bank
		may, by notice to such Downgraded Lender, the Administrative Agent and RenRe
		within 45 days after such Downgrade Event (any such notice, a
		“Downgrade Notice”), request that RenRe use reasonable efforts
		to replace such Lender as a party to this Agreement pursuant to Section
		2.12. If such Lender is not so replaced within 45 days after receipt by
		RenRe of such Downgrade Notice, then such Downgraded Lender shall be obligated
		to provide (in a manner reasonably satisfactory to the Issuing Bank) cash
		collateral to the Issuing Bank for (or if such Downgraded Lender is unable,
		without regulatory approval, to provide cash collateral, a letter of credit
		reasonably satisfactory to the Issuing Bank) covering its L/C Participation
		Interests (including its obligations to reimburse the Issuing Bank for any
		Letter of Credit Advances as provided in Section 2.02(e)), in which
		event such Downgraded Lender thereupon shall (and each Lender agrees that in
		such circumstances it will) deliver to the Issuing Bank (I) immediately,
		cash collateral (or, as aforesaid, a letter of credit) in an amount equal to
		its L/C Participation Interests and (II) from time to time thereafter (so
		long as it is a Downgraded Lender), cash collateral (or, as aforesaid, a letter
		of credit) sufficient to cover any increase in its L/C Participation Interests
		as a result of any proposed issuance of or increase in a Letter of Credit. Any
		funds provided by a Downgraded Lender for such purpose shall be maintained in a
		segregated deposit account in the name of the Issuing Bank at the Issuing
		Bank’s principal office in the United States (a 
	 

	 
		38
	 

	 

	 
		

	 

	 
		“Downgrade
		Account”). The funds so deposited in any Downgrade Account (or any
		drawing under such a letter of credit) shall be used only in accordance with
		the following provisions of this Section 2.14.
	 

	 
		              (b)           If
		such Downgraded Lender has failed to comply with its obligations under
		clause (a) of this Section 2.14, then:
	 

	 	 	               (i)            the
			 Total Commitment shall be reduced by the amount of the L/C Commitment of such
			 Downgraded Lender in respect of which its obligations are not
			 satisfied,
		 
	 	               (ii)           the
			 Account Parties shall prepay all amounts owed to such Downgraded Lender
			 hereunder or in connection herewith, and
		 
	 	               (iii)          if,
			 upon the reduction of the Total Commitment under clause (i) above and the
			 payment under clause (ii) above, the sum of the principal amount of all
			 Letter of Credit Advances plus the Available Amount of all Letters of Credit
			 would exceed the Total Commitment by an amount in excess of the cash collateral
			 (or the stated amount of any letter of credit) posted by such Downgraded
			 Lender, then the Account Parties will immediately either (x) eliminate
			 such excess by causing the Available Amount of one or more Letters of Credit to
			 be reduced, or (y) deposit the amount of such excess into a Cash
			 Collateral Account with the Issuing Bank.

	 
		              (c)           If
		any Downgraded Lender shall be required to fund its participation in a payment
		under a Letter of Credit pursuant to Section 2.02(e), then the Issuing
		Bank shall apply the funds deposited in the applicable Downgrade Account by
		such Downgraded Lender (or any drawing under such a letter of credit) to fund
		such participation. The deposit of funds in a Downgrade Account by any
		Downgraded Lender (or any drawing under such a letter of credit) shall not
		constitute a Letter of Credit Advance (and the Downgraded Lender shall not be
		entitled to interest on such funds except as provided in Section 2.14(d)
		unless and until (and then only to the extent that) such funds (or any drawing
		under such a letter of credit) are used by the Issuing Bank to fund the
		participation of such Downgraded Lender pursuant to the first sentence of this
		Section 2.14(c).
	 

	 
		              (d)           Funds
		in a Downgrade Account shall be invested in such investments as may be agreed
		between the Issuing Bank and the applicable Downgraded Lender, and the income
		from such investments shall be distributed to such Downgraded Lender from time
		to time (but not less often than monthly) as agreed between the Issuing Bank
		and such Downgraded Lender. The Issuing Bank will (i) from time to time,
		upon request by a Downgraded Lender, release to such Downgraded Lender any
		amount on deposit in the applicable Downgrade Account in excess of the L/C
		Participation Interests of such Downgraded Lender (or, if applicable, not draw
		under any such letter of credit in excess of the L/C Participation Interests of
		such Downgraded Lender) and (ii) upon the earliest to occur of
		(A) the effective date of any replacement of such Downgraded Lender as a
		party hereto pursuant to an Assignment and Acceptance, (B) the termination
		of such Downgraded Lender’s L/C Commitment pursuant to clause (a) or
		(C) the first Business Day after receipt by the Issuing Bank of evidence
		(reasonably satisfactory to the Issuing Bank) that such Lender is no longer a
		Downgraded Lender, release to such Lender all amounts on deposit in the 

	 

	 
		39
	 

	 

	 
		

	 

	 
		applicable Downgrade
		Account (or, if applicable, return such letter of credit to such Lender for
		cancellation).
	 

	 
		              (e)           At
		any time any Downgraded Lender is required to maintain cash collateral with the
		Issuing Bank pursuant to this Section 2.14, the Issuing Bank shall have
		no obligation to issue or increase any Letter of Credit unless such Downgraded
		Lender has provided sufficient funds as cash collateral to the Issuing Bank to
		cover all L/C Participation Interests of such Downgraded Lender (including in
		respect of the Letter of Credit to be issued or increased).
	 

	 
		             
		   Section
		2.15          Downgrade
		Event or Other Event with Respect to the Issuing Bank. At any time the
		Issuing Bank is a Downgraded Lender or at such other times as the Issuing Bank
		and RenRe may agree, RenRe may, upon not less than three Business Days’
		notice to the Issuing Bank (in this Section sometimes referred to as the
		“Old Issuing Bank”) and the Administrative Agent, designate
		any Lender (so long as such Lender has agreed to such designation) as an
		additional Issuing Bank hereunder (in this Section sometimes referred to as the
		“New Issuing Bank”). Such notice shall specify the date (which
		shall be a Business Day) on which the New Issuing Bank is to become an
		additional Issuing Bank hereunder. From and after such date, all new Letters of
		Credit requested to be issued hereunder shall be issued by the New Issuing
		Bank. From and after such date (and until the first date on which no Letters of
		Credit issued by the Old Issuing Bank are outstanding and no reimbursement
		obligations are owed to the Old Issuing Bank, on which date the Old Issuing
		Bank shall cease to be an Issuing Bank hereunder), references in this Agreement
		to the Issuing Bank shall be deemed to refer (a) to the Old Issuing Bank,
		with respect to Letters of Credit issued by it, (b) to the New Issuing
		Bank, with respect to Letters of Credit issued or to be issued by it, and
		(c) to each of the Old Issuing Bank and the New Issuing Bank, with respect
		to other matters. Notwithstanding the fact that an Old Issuing Bank shall cease
		to be an Issuing Bank hereunder, all of the exculpatory, indemnification and
		similar provisions hereof in favor of the Issuing Bank shall inure to such Old
		Issuing Bank’s benefit as to any actions taken or omitted by it while it
		was an Issuing Bank under this Agreement. The Account Parties and RenRe agree
		that after any appointment of a New Issuing Bank hereunder, the Account Parties
		and RenRe shall use reasonable commercial efforts to promptly replace (or
		otherwise cause the applicable beneficiary to return to the Old Issuing Bank
		for cancellation) each letter of credit issued by the Old Issuing Bank with a
		Letter of Credit issued by the New Issuing Bank.
	 

	 
		                Section
		2.16          
		Collateral. 
	 

	 
		              (a)           It
		is a condition of the issuance and maintenance of Letters of Credit hereunder
		that the Letter of Credit Outstandings be at all times fully secured by
		Collateral consisting of cash, eligible marketable securities or, so long as
		eligible, Redeemable Preference Shares. Pursuant to the Security Documents and
		as collateral security for the payment and performance of the Obligations, the
		Account Parties shall grant and convey, or cause to be granted and conveyed, to
		the Collateral Agent for its benefit and the benefit of the Lenders, a Lien and
		security interest in, to and upon the Collateral, prior and superior to all
		other Liens. Each Account Party shall cause the Collateral to be charged or
		pledged and be made subject to the Security Documents (in form and substance
		acceptable to the Collateral Agent) necessary for the perfection of the Lien
		and security interest in, to and upon the Collateral and for the exercise by
		the Collateral Agent, the Administrative Agent and the Lenders of their rights
		and remedies hereunder and thereunder. In addition, RIHL has guaranteed certain
		of the Obligations under 
	 

	 
		40
	 

	 

	 
		
	 

	 
		certain circumstances
		as provided in the RIHL Agreement (the “RIHL Guaranty”), and
		has agreed to secure the RIHL Guaranty pursuant to the RIHL Pledge and RIHL
		Control Agreement.
	 

	 
		                (b)           (i) On
		the Business Day immediately preceding the proposed date of issuance or renewal
		of a Letter of Credit under Section 2.02(a), (ii) within ten (10)
		Business Days after the end of each calendar month, and (iii) at and as of
		such other times as the Administrative Agent or the Required Lenders may
		reasonably request in its (or their) sole discretion, RenRe shall deliver or
		cause to be delivered to the Administrative Agent a certificate in the form of
		Exhibit F or otherwise in a form reasonably satisfactory to the
		Administrative Agent, setting forth with respect to each Applicable Account
		Party and RIHL the information provided for in such form and such other
		information as the Administrative Agent may reasonably request (such
		certificate, a “Collateral Value Report”). Such certificate
		shall be subject to review and verification by the Administrative Agent, it
		being understood and agreed that the Administrative Agent shall have the right
		to redetermine the Collateral Value of the Collateral in accordance with the
		terms and provisions of this Agreement and the Security Documents.
	 

	 
		                (c)           At
		any time from and after the occurrence of any Substitution Event, Suspension
		Event, Default or Event of Default, the Collateral Agent shall have the right
		to redeem (through the Custodian or by exercising the proxy of the Custodian)
		the Redeemable Preference Shares held in the applicable Custodial Accounts for
		cash within three Business Days or, at the election of the Collateral Agent,
		for marketable securities acceptable to the Collateral Agent within one
		Business Day; provided, that if the relevant event is exclusively a
		Substitution Event, RIHL may elect to make such redemption in cash or in kind
		within the foregoing time periods. Such redemptions shall be made pursuant to
		the terms of the Security Documents and the Bye-laws.
	 

	 
		                (d)           The
		Account Parties may from time to time add or substitute eligible Collateral to,
		or sell, deliver, transfer or otherwise withdraw Collateral from, any Custodial
		Account (including without limitation by trading of securities) as and to the
		extent permitted by the Security Documents.
	 

	 
		                Section
		2.17          
		 Cash Collateral Accounts . At any time and from time to
		time (i) after the occurrence and during the continuance of an Event of
		Default with respect to any Account Party, the Administrative Agent, at the
		direction or with the consent of the Required Lenders, may require such Account
		Party to deliver to the Collateral Agent such additional amount of cash as is
		equal to the aggregate Letter of Credit Exposure for such Account Party at any
		time outstanding (whether or not any beneficiary under any Letter of Credit
		shall have drawn or be entitled at such time to draw thereunder) and
		(ii) that an Account Party elects to make a payment into a Cash Collateral
		Account as provided in Section 2.14, such amounts under clause (i)
		above shall be held by the Collateral Agent and under clause (ii) above
		shall be held by the Issuing Bank, in a cash collateral account (each being a
		“Cash Collateral Account”). Each Account Party hereby grants
		to the Collateral Agent, for the benefit of the Issuing Bank, the Agents and
		the Lenders, and to the Issuing Bank for its own benefit, a Lien upon and
		security interest in its Cash Collateral Account and all amounts held therein
		from time to time as security for such Account Party’s Obligations, and
		for application to such Account Party’s Obligations as and when the same
		shall arise. The Collateral Agent and Issuing Bank shall have exclusive
		dominion and control, including the exclusive right of withdrawal, over such
		accounts held by them. Other than any interest on the investment of such
		amounts in cash equivalent investments, which 
	 

	 
		41
	 

	 

	 
		

	 

	 
		investments shall be
		made at the direction of the Account Party (unless a Default or Event of
		Default shall have occurred and be continuing, in which case the determination
		as to investments shall be made at the option and in the discretion of the
		Collateral Agent or Issuing Bank, as applicable), amounts in the Cash
		Collateral Account shall not bear interest. Interest and profits, if any, on
		such investments shall accumulate in such account. In the event of a drawing,
		and subsequent payment by the Issuing Bank, under any Letter of Credit at any
		time during which any amounts are held in the Applicable Account Party’s
		Cash Collateral Account, the Collateral Agent will deliver to the Issuing Bank
		or the Issuing Bank will withdraw an amount equal to the reimbursement
		obligation created as a result of such payment (or, if the amounts so held are
		less than such reimbursement obligation, all of such amounts) to reimburse the
		Issuing Bank (and any Lenders that have funded any unreimbursed draws pursuant
		to Section 2.02(e)) therefor. Any amounts remaining in an Account
		Party’s Cash Collateral Account after the expiration of all Letters of
		Credit of such Account Party and reimbursement in full of the Issuing Bank and
		the Lenders for all of such Account Party’s Obligations thereunder shall
		be held by the Collateral Agent or Issuing Bank, for the benefit of the
		applicable Account Party, to be applied against the Obligations of such Account
		Party in such order and manner as the Administrative Agent may direct. If the
		Account Parties provide cash collateral pursuant to Section
		2.14(b)(iii), such amount (to the extent not applied as aforesaid) shall be
		returned to such Account Parties on demand, provided that after giving
		effect to such return (i) the conditions that required such cash
		collateral shall no longer be continuing and (ii) no Default or Event of
		Default shall have occurred and be continuing at such time. If an Account Party
		is required to provide cash collateral as a result of an Event of Default, such
		amount (to the extent not applied as aforesaid) shall be returned to the
		Account Party within three Business Days after all Events of Default have been
		cured or waived.
	 

	 
		               
		   Section
		2.18          Increase of
		Total Commitment. Upon (a) the execution of a signature page to this
		Agreement by a new bank or financial institution (a “New
		Lender”) and acceptance thereof by the Administrative Agent and RenRe,
		and (b) delivery of notice to the other Lenders by the Administrative
		Agent setting forth the effective date of the addition of the New Lender
		hereunder and the amount of such New Lender’s L/C Commitment, such New
		Lender shall, without the necessity of any further action by any other Lender
		or Agent, be for all purposes a Lender party to this Agreement with an L/C
		Commitment as set forth on the signature page executed by the New Lender;
		provided, however, (i) the Total Commitment shall not exceed
		in the aggregate $1,800,000,000, (ii) the Total Commitment may not be
		increased at any time a Suspension Event, Default or Event of Default exists or
		the Lenders have unreimbursed Letter of Credit Advances pursuant to Section
		2.02(e), and (iii) the L/C Commitments and obligations of all Lenders
		party hereto prior to the addition of any New Lender shall not be affected by
		the addition of such New Lender, other than the resulting adjustment to the Pro
		Rata Share which each Lender has of the aggregate L/C Participation Interests,
		it being intended that the New Lender’s L/C Commitment and L/C
		Participation Interests shall be pari passu  with those of the
		other Lenders. An existing Lender may also increase its L/C Commitment on the
		same terms as a New Lender.
	 

	 
		                
		 Section
		2.19          Extension of
		Expiration Date. RenRe may, at its option, give the Administrative Agent
		and the Issuing Bank written notice (an “Extension Request”)
		at any time not more than sixty days, nor less than thirty days, prior to the
		Expiration Date in effect at such time (the “Current Expiration
		Date”) of the Credit Parties’ desire to extend the Expiration
		Date to a date which is 
	 

	 
		42
	 

	 

	 
		

	 

	 
		not later than 364
		days after the Current Expiration Date. The Administrative Agent shall promptly
		notify each Lender of such Extension Request, and each Lender shall endeavor to
		respond to such Extension Request, whether affirmatively or negatively (such
		determination to be in the sole discretion of such Lender and may be separately
		denied for any Account Party), by notice to RenRe and the Administrative Agent
		within 10 days of receipt of such request. A Lender that has not affirmatively
		responded within such 10-day period shall be deemed to have responded
		negatively. The Administrative Agent shall promptly notify RenRe of
		Lenders’ responses (or deemed responses) and the aggregate amount (the
		“Rejected Amount”) of the L/C Commitments of the Lenders (the
		“Rejecting Lenders”) that have not agreed to the Extension
		Request. If the Rejected Amount exceeds 50% of the Total Commitment (or if
		Wachovia shall be a Rejecting Lender), the Current Expiration Date shall not be
		extended. If the Rejected Amount does not exceed 50% of the Total Commitment,
		RenRe shall have the right, in consultation with and through the Administrative
		Agent, prior to the Current Expiration Date, as the case may be, to request one
		or more Lenders that have agreed to the requested extension (the
		“Accepting Lenders”) to increase their L/C Commitments by an
		aggregate amount not to exceed the Rejected Amount. Each Accepting Lender shall
		have the right, but not the obligation, to offer to increase its L/C Commitment
		by an amount not to exceed the amount requested by RenRe, which offer shall be
		made by notice from such Accepting Lender to the Administrative Agent, not
		later than 10 days after such Accepting Lender is notified of such request by
		the Administrative Agent, specifying the amount of the offered increase in such
		Accepting Lender’s L/C Commitment. Such increase shall be effected on the
		Current Expiration Date by a pro rata assignment of a Rejecting Lender’s
		or Rejecting Lenders’ Letter of Credit Advances and L/C Commitment
		pursuant to Section 9.05 (without regard to the minimum assignment
		amount set forth therein), which each Rejecting Lender agrees to make. If the
		aggregate amount of the offered increases in the L/C Commitments of all
		Accepting Lenders does not equal the Rejected Amount, RenRe shall have the
		right, prior to the Current Expiration Date, to require the Rejecting Lender or
		Rejecting Lenders to assign on a pro rata basis its or their Loans and L/C
		Commitments to one or more Eligible Assignees (the “Purchasing
		Lenders”) pursuant to Section 9.05, each of which Purchasing
		Lenders shall have a L/C Commitment not less than $5,000,000, and which
		Purchasing Lenders shall have aggregate L/C Commitments not greater than the
		Rejected Amount less any increases in the L/C Commitments of the Accepting
		Lenders. Such assignment shall be effected on the Current Expiration Date. Each
		Purchasing Lender shall be deemed to have consented to the extension of the
		Current Expiration Date. If there remains any Rejected Amount after giving
		effect to the assignments to the Accepting Lenders and the Purchasing Lenders
		described in this Section 2.19, on or before the Current Expiration
		Date, RenRe may, by notice to the Administrative Agent, elect to reduce the
		Total Commitment by such remaining Rejected Amount, and, if RenRe so elects, on
		the Current Expiration Date, the Account Parties shall cause all Obligations
		owing to the applicable Rejecting Lender or Rejecting Lenders to be repaid, and
		upon such repayment, the Total Commitment shall be reduced by the amount of
		such remaining Rejected Amount. If the conditions to extension set forth above
		have been met, then, on the Current Expiration Date, the Expiration Date shall
		be deemed to have been extended to, and shall be, the date specified in such
		Extension Request. The Administrative Agent shall promptly after any such
		extension advise the Lenders of any changes in the Total Commitments and the
		Letter of Credit Participating Interest Percentages. No such extension shall
		become effective unless, immediately upon the proposed effectiveness thereof,
		the aggregate Letter of Credit Exposure would be less than the Total
		Commitment.
	 

	 
		43
	 

	 

	 
		

	 

	 
		                Section
		2.20          
		 Effectiveness .  Notwithstanding any termination of
		the L/C Commitments, the obligations of the Credit Parties under this Article
		shall remain in full force and effect until the Issuing Bank and the Lenders
		shall have no further obligations to make any payments or disbursements under
		any circumstances with respect to any Letter of Credit and the Termination Date
		shall have occurred.
	 

	 
		ARTICLE
		III
	 

	 
		CONDITIONS OF
		LENDING AND ISSUANCES OF LETTERS OF CREDIT
	 

	 
		                Section
		3.01          
		 Conditions Precedent to Restatement Effective Date . The
		occurrence of the Restatement Effective Date, and the obligation of the Issuing
		Bank to issue any Letter of Credit on the Restatement Effective Date, is
		subject to the satisfaction of the following conditions precedent:
	 

	 	 	                (i)            The
			 Administrative Agent shall have received the following, each dated as of the
			 Restatement Effective Date (unless otherwise specified), in form and substance
			 reasonably satisfactory to the Administrative Agent (unless otherwise
			 specified) and in sufficient copies for each Lender:
		 

	 	 	                (A)          Copies
			 of the RIHL Agreement, duly completed and executed by RIHL and consented to by
			 its shareholders.
		 
	 	                (B)           Copies
			 of the RenRe Agreement, duly completed and executed by RenRe and
			 RUM.
		 
	 	                (C)           A
			 certificate of each Credit Party (other than RenRe), signed on behalf of such
			 Credit Party by its President, a Director, or a Vice President (or equivalent
			 officer) certifying to the continuing full force and effect, both immediately
			 before and after the Restatement Effective Date, of each of the following
			 agreements (to the extent such entity is a party thereto): the Pledge
			 Agreement for each Account Party, the Control Agreement for each Account Party,
			 the RIHL Pledge Agreement and the RIHL Control Agreement.
		 
	 	                (D)          A
			 certificate of a director of RIHL certifying that (i) RIHL has not
			 received any notice of any charge or other encumbrance in relation to the
			 Redeemable Preference Shares; and (ii) that the directors will register
			 any transfer of Redeemable Preference Shares upon any Event of Default if RIHL
			 fails for any reason to redeem the Redeemable Preference Shares as and under
			 required applicable provisions of its Bye-laws and the Security
			 Documents.
		 
	 	                (E)           Certified
			 copies of the resolutions of the Board of Directors of each Credit Party
			 approving the transactions contemplated by the Credit Documents and each Credit
			 Document to which it is or is to be a party.
		 
	 	                (F)           A
			 copy of a certificate of the Registrar of Companies, Secretary of State or
			 other appropriate official of the jurisdiction of incorporation of each Credit
			 Party, dated reasonably near the Restatement Effective Date, certifying as
			 

	 
		44
	 

	 

	 
		

	 

	 	 	to
			 the good standing (or local equivalent) of such Credit Party to the extent such
			 concept applies in the jurisdiction of incorporation of a Credit
			 Party.
		 
	 	                (G)           A
			 certificate of each Credit Party and RUM, signed on behalf of such Credit Party
			 or RUM by its President, a Director, its Chief Financial Officer, or a Vice
			 President (or equivalent officer) and its Secretary or any Assistant Secretary
			 (the statements made in which certificate shall be true on and as of the
			 Restatement Effective Date), certifying as to (1) a true and correct copy
			 of the constitutional documents of such Credit Party or RUM as in effect on the
			 date on which the resolutions referred to in Section 3.01(i)(E) were
			 adopted and on the Restatement Effective Date, (2) the due incorporation
			 and good standing or valid existence of such Credit Party or RUM as a company
			 or corporation organized under the laws of the jurisdiction of its
			 organization, and the absence of any proceeding for the dissolution or
			 liquidation of such Credit Party or RUM, (3) the truth of the
			 representations and warranties of such Credit Party or RUM contained in the
			 Credit Documents as though made on and as of the Restatement Effective Date,
			 (4) compliance by the applicable Credit Parties as of the Restatement
			 Effective Date with the financial covenants set forth in Section 6.01,
			 (5) the absence of any event occurring and continuing, or resulting from
			 the Restatement Effective Date, that constitutes a Substitution Event, a
			 Suspension Event, Default or Event of Default, provided that the Secretary or
			 Assistant Secretary need certify only as to the matters in items (1) and (2)
			 above.
		 
	 	                (H)          A
			 certificate of the Secretary or an Assistant Secretary of each Credit Party
			 certifying the names, incumbency and true signatures of the officers of such
			 Credit Party authorized to sign each Credit Document to which it is or is to be
			 a party and the other documents to be delivered hereunder and
			 thereunder.
		 
	 	                (I)            A
			 favorable opinion of (1) Willkie Farr & Gallagher LLP, New York
			 counsel for the Credit Parties, (2) Conyers Dill & Pearman, Bermuda
			 counsel for the Credit Parties (other than RRE), and (3) A&L Goodbody,
			 Irish counsel for RRE, in each case in substantially the forms delivered in
			 connection with the Existing Agreement and as to such other matters as any
			 Lender through the Administrative Agent may reasonably request.
		 

	 	 	                (ii)           All
			 filings, recordations and other actions necessary or in the Administrative
			 Agent’s opinion desirable to perfect the Collateral Agent’s liens and
			 security interests in the Collateral shall have been made or taken, or
			 arrangements satisfactory to the Administrative Agent for the completion
			 thereof shall have been made; and the Administrative Agent shall have received
			 the results of lien searches with respect to RIHL and the Account Parties in
			 jurisdictions selected by it and shall be satisfied with the results thereof.
			 Without limiting the foregoing, the proxy from Mellon, as registered holder of
			 the Redeemable Preference Shares constituting Collateral, authorizing the
			 Collateral Agent to redeem such Redeemable Preference Shares at any time after
			 the occurrence of a Substitution Event, Suspension Event, Default or Event of
			 Default shall remain in full force and effect.

	 
		45
	 

	 

	 
		

	 

	 	 	                (iii)          All
			 governmental and third party consents and approvals necessary in connection
			 with the consummation of the Credit Documents, and the other transactions
			 contemplated thereby, including without limitation consent of the BMA to the
			 pledge of the Redeemable Preference Shares by the Account Parties (other than
			 RRE) and RIHL, shall have been obtained and remain in effect (with copies
			 thereof delivered to the Administrative Agent) and shall be satisfactory in all
			 respects to the Administrative Agent and no law or regulation shall be
			 applicable or events have occurred which restrain the consummation of, or
			 impose materially adverse conditions upon, the transactions under the Credit
			 Documents.
		 
	 	                (iv)          The
			 Administrative Agent shall have received confirmation from A.M. Best (or
			 another rating agency mutually agreeable to the Arrangers and the
			 Administrative Agent) of current ratings of A- or better for each of the
			 Account Parties that is rated.
		 
	 	                (v)           The
			 corporate and capital structure of RIHL and all legal, tax, accounting,
			 business and other matters relating to RIHL and to RenRe, the Account Parties
			 and their subsidiaries, shall be satisfactory in all respects to the
			 Administrative Agent.
		 
	 	                (vi)          The
			 Custodial Agreements and Investment Agreement shall be in form and substance
			 satisfactory in all respects to the Administrative Agent and a true and
			 complete copy of each such document shall have been delivered to the
			 Administrative Agent.
		 
	 	                (vii)         Since
			 December 31, 2006, there shall not have occurred any event, condition or state
			 of facts that has had, or could reasonably be expected to have, a Material
			 Adverse Effect.
		 
	 	                (viii)        There shall not
			 be any pending or threatened litigation, action, suit, investigation,
			 proceeding, bankruptcy or insolvency, injunction, order or claim with respect
			 to any Credit Party or its subsidiaries or the transactions contemplated by the
			 Credit Documents, which, if adversely determined, could reasonably be expected
			 to have a Material Adverse Effect.
		 
	 	                (ix)           RenRe
			 shall have paid all accrued fees of the Administrative Agent, the Arrangers and
			 the Lenders and all accrued expenses of the Administrative Agent (including the
			 Attorney Costs of counsel to the Administrative Agent) as provided in the
			 Credit Documents and in the Fee Letters, in each case to the extent then due
			 and payable.
		 
	 	                (x)            The
			 Administrative Agent shall have received a Collateral Value Report, together
			 with account statements for each Custodial Account showing compliance with the
			 Collateral Value requirements of the Credit Documents as of March 31, 2007,
			 together with a report from RIHL showing the calculation of the aggregate Net
			 Asset Value as of such date of all of the Redeemable Preference
			 Shares;
		 
	 	                (xi)           The
			 Administrative Agent and the Lenders shall have received such other documents,
			 certificates, opinions and instruments as the Administrative Agent or any
			 Lender may reasonably request.

	 
		46
	 

	 

	 
		

	 

	 	 	                (xii)          The
			 Agents’ and Lenders’ satisfaction with the conditions set forth above
			 which are stated as subject to the approval or satisfaction of the Agents
			 and/or Lenders shall be conclusively evidenced by their execution and delivery
			 of this Agreement.

	 
		               
		   Section
		3.02          Conditions
		Precedent to Each Issuance, Extension or Increase of a Letter of Credit.
		The obligation of the Issuing Bank to issue, extend or increase a Letter of
		Credit (including any issuance on the Restatement Effective Date) shall be
		subject to the further conditions precedent that (a) on the date of such
		issuance, extension or increase the following statements shall be true and
		correct (and each such request for issuance, extension, or increase by RenRe,
		on behalf of the Applicable Account Party for such issuance, extension or
		increase shall constitute a representation and warranty by RenRe and such
		Account Party that both on the date of such notice and on the date of such
		issuance, extension or increase such statements are true):
	 

	 	 	                (i)         the
			 representations and warranties contained in each Credit Document relating to
			 RenRe, RIHL and the Applicable Account Party are correct in all material
			 respects on and as of such date, before and after giving effect to such
			 issuance, extension or increase, as though made on and as of such date, other
			 than any such representations or warranties that, by their terms, refer to a
			 specific date other the date of such issuance, extension or increase, in which
			 case as of such specific date;
		 
	 	                (ii)        a Collateral Value
			 Report showing (x) compliance with Section 2.01(a) and
			 (y) ownership by RIHL’s shareholders of Unencumbered or Excess
			 Redeemable Preference Shares with an aggregate Net Asset Value at least equal
			 to 15% of the aggregate Net Asset Value of all of RIHL’s Redeemable
			 Preference Shares, shall have been delivered to the Administrative Agent
			 pursuant to Section 2.16(b);
		 
	 	                (iii)         no
			 Suspension Event, Default or Event of Default has occurred and is continuing
			 with respect to the Applicable Account Party, or would result from such
			 issuance, extension or increase; and
		 
	 	                (iv)        if RRE or DaVinci
			 is the Applicable Account Party, there must have been no Change of Control with
			 respect to such Person.

	 
		and (b) the
		Administrative Agent shall have received such other approvals, opinions or
		documents as any Lender or the Issuing Bank through the Administrative Agent
		may reasonably request in connection with such issuance, extension or
		increase.
	 

	 
		ARTICLE
		IV
	 

	 
		REPRESENTATIONS
		AND WARRANTIES
	 

	 
		                To induce the Agents and the
		Lenders to enter into this Agreement and to induce the Lenders to extend the
		credit contemplated hereby, RenRe and each Account Party individually and
		severally represents and warrants with respect to itself and to RIHL (RenRe or
		any such Account Party, in each case together with RIHL, is referred to
		collectively as a “Covered Credit Party”) as follows:
	 

	 
		47
	 

	 

	 
		

	 

	 
		                  Section
		4.01          
		Organization and Power. 
	 

	 
		                (a)           Each
		Covered Credit Party (i) is duly organized or formed, validly existing
		and, to the extent such concept applies, in good standing under the laws of the
		jurisdiction of its incorporation or formation, (ii) is duly qualified and
		in good standing as a foreign corporation or other entity in each other
		jurisdiction in which it owns or leases property or in which the conduct of its
		business requires it to so qualify or be licensed except where the failure to
		so qualify or be licensed would not be reasonably likely to have a Material
		Adverse Effect and (iii) has all requisite power and authority (including
		without limitation all governmental licenses, permits and other approvals) to
		own or lease and operate its properties and to carry on its business as now
		conducted and as proposed to be conducted, except where the failure to have any
		license, permit or other approval would not reasonably be expected to have a
		Material Adverse Effect. All of the outstanding Equity Interests in the Covered
		Credit Party (other than RenRe) have been validly issued, are fully paid and
		non-assessable and are owned by the Persons shown on Schedule
		4.01(a).
	 

	 
		                (b)           Set
		forth on Schedule 4.01(b) hereto is a complete and accurate list of all
		Subsidiaries of each Covered Credit Party as of the Restatement Effective
		Date.
	 

	 
		                
		 Section
		4.02          Enforceability.
		 This Agreement and each other Credit Document has been duly executed and
		delivered by each Covered Credit Party party thereto. This Agreement and each
		other Credit Document is the legal, valid and binding obligation of each
		Covered Credit Party party thereto, enforceable against such Credit Party in
		accordance with its terms, except as enforceability may be limited by
		bankruptcy, insolvency, reorganization, moratorium or other similar laws
		affecting creditors’ rights against such Credit Party generally, by
		general equitable principles or by principles of good faith and fair dealing,
		and assuming that this Agreement and each other Credit Document have been
		validly executed and delivered by each party thereto other than such Credit
		Parties.
	 

	 
		                
		 Section
		4.03          No
		Violation.  The execution, delivery and performance by each Covered
		Credit Party of each Credit Document to which it is or is to be a party and the
		consummation of the transactions contemplated by the Credit Documents, are
		within such Credit Party’s corporate powers, have been duly authorized by
		all necessary corporate action, and do not (i) contravene such Credit
		Party’s constitutional documents, (ii) violate any law, rule,
		regulation (including without limitation Regulation U or X), order, writ,
		judgment, injunction, decree, determination or award, (iii) conflict with
		or result in the breach of, or constitute (with notice, lapse of time or both)
		a default under, any contract, loan agreement, indenture, mortgage, deed of
		trust, lease or other instrument binding on or affecting any Covered Credit
		Party, any of its Subsidiaries or any of their properties or (iv) except
		for the Liens created under the Credit Documents, result in or require the
		creation or imposition of any Lien upon or with respect to any of the
		properties of any Covered Credit Party or any of its Subsidiaries. No Covered
		Credit Party or any of its Subsidiaries is in violation of any such law, rule,
		regulation, order, writ, judgment, injunction, decree, determination or award
		or in breach of any such contract, loan agreement, indenture, mortgage, deed of
		trust, lease or other instrument, the violation or breach of which could
		reasonably be expected to have a Material Adverse Effect.
	 

	 
		48
	 

	 

	 
		

	 

	 
		               
		   Section
		4.04          Consents and
		Approvals. Except as set forth on Schedule 4.04, no authorization or
		approval or other action by, and no notice to or filing with, any governmental
		authority or regulatory body or any other third party is required for the due
		execution, delivery, recordation, filing or performance by any Covered Credit
		Party of any Credit Document to which it is or is to be a party or the other
		transactions contemplated by the Credit Documents, except for the
		authorizations, approvals, actions, notices and filings which have been duly
		obtained, taken, given or made and are in full force and effect.
	 

	 
		                Section
		4.05          
		 Litigation and Contingent Liabilities . Except
		(a) as set forth (including estimates of the dollar amounts involved) in
		Schedule 4.05 hereto and (b) for claims (i) which are covered
		by Insurance Policies, coverage for which has not been denied in writing, or
		(ii) which relate to Primary Policies or Reinsurance Agreements issued by
		a Covered Credit Party (or, with respect to RenRe, its Subsidiaries), or to
		which such Covered Credit Party is a party, and entered into by such Covered
		Credit Party in the ordinary course of business (referred to herein as
		“Ordinary Course Litigation”), no claim, litigation (including
		without limitation derivative actions), arbitration, governmental investigation
		or proceeding or inquiry is pending or, to the knowledge of each Covered Credit
		Party (and, with respect to RenRe, its Subsidiaries), threatened against such
		Covered Credit Party (x) which would, if adversely determined, reasonably
		be expected to have a Material Adverse Effect, (y) which relates to any of
		the transactions contemplated hereby, or (z) would reasonably be expected
		to affect the legality, validity or enforceability of any Credit Document or
		the transactions contemplated by the Credit Documents, and there is no basis
		known to such Covered Credit Parties for any of the foregoing. Other than any
		liability incident to such claims, litigation or proceedings and as set forth
		on Schedule 4.05, each Covered Credit Party has no material Contingent
		Liabilities (excluding the RIHL Guaranty) not provided for or referred to in
		the financial statements delivered pursuant to Section 4.06.
	 

	 
		               
		   Section
		4.06           Financial
		Matters.
	 

	 
		                (a)           Except
		for liabilities and obligations, including without limitation reserves, policy
		and contract claims and statutory liabilities (all of which have been computed
		in accordance with SAP), disclosed or provided for in the Annual Statements,
		each Reporting Company did not have, as of the respective dates of each of such
		financial statements, any liabilities or obligations (whether absolute or
		contingent and whether due or to become due) which, in conformity with SAP,
		applied on a consistent basis, would have been required to be or should be
		disclosed or provided for in such financial statements. All books of account of
		each Reporting Company fully and fairly disclose all of the transactions,
		properties, assets, investments, liabilities and obligations of such Reporting
		Company and all of such books of account are in the possession of such
		Reporting Company and are true, correct and complete in all material
		respects.
	 

	 
		                (b)           The
		audited consolidated financial statements of RenRe and its Subsidiaries and the
		audited or unaudited, as available, financial statements of each other Covered
		Credit Party for the Fiscal Year ending December 31, 2006 which have been
		delivered to the Lenders (i) are true and correct in all material
		respects, (ii) have been prepared in accordance with GAAP (except as
		disclosed therein and, in the case of interim financial statements, for the
		absence of footnote disclosures and normal year-end adjustments) and
		(iii) present fairly the consolidated financial condition of the subject
		entities at such date, the results of their operations for the periods then
		ended and the investments and reserves for the periods then ended.
	 

	 
		49
	 

	 

	 
		

	 

	 
		                (c)           With
		respect to any representation and warranty which is deemed to be made after the
		date hereof by the Covered Credit Parties, the balance sheet and statements of
		operations, of shareholders’ equity and of cash flow, which as of such
		date shall most recently have been furnished by or on behalf of such Covered
		Credit Party to each Lender for the purposes of or in connection with this
		Agreement or any transaction contemplated hereby, shall have been prepared in
		accordance with GAAP consistently applied (except as disclosed therein and, in
		the case of interim financial statements, for the absence of footnote
		disclosures), and shall present fairly the consolidated financial condition of
		such Covered Credit Party covered thereby as at the dates thereof for the
		periods then ended, subject, in the case of quarterly financial statements, to
		normal year-end audit adjustments and except that footnote and schedule
		disclosure may be abbreviated.
	 

	 
		                (d)           Except
		as set forth on Schedule 4.06(d), there has been no change in the
		business, assets, operations or financial condition of any Covered Credit Party
		and its Subsidiaries which has had or could reasonably be expected to have a
		Material Adverse Effect since December 31, 2006.
	 

	 
		                Section
		4.07          
		 Custodial Agreements, Investment Agreement and PPM .
		Each Covered Credit Party has delivered to the Administrative Agent a true and
		correct copy of each Custodial Agreement and Investment Agreement to which it
		is a party as in effect as of the Restatement Effective Date. Each such
		Custodial Agreement and Investment Agreement is in full force and effect and no
		default or event of default by any Covered Credit Party exists thereunder. The
		PPM in the form attached as Exhibit G is in effect as of the Restatement
		Effective Date.
	 

	 
		               
		   Section
		4.08          Compliance
		with Laws. None of the Covered Credit Parties or any of their Subsidiaries
		is in violation of any Requirements of Law of any Governmental Authority
		(including, without limitation, with respect to Hazardous Materials), if the
		effect of such violation could reasonably be expected to have a Material
		Adverse Effect and, to the best of each Covered Credit Party’s knowledge,
		no such violation has been alleged and each of the Covered Credit Parties and
		any of their Subsidiaries (i) has filed in a timely manner all reports,
		documents and other materials required to be filed by it with any Governmental
		Authority, if such failure to so file could reasonably be expected to have a
		Material Adverse Effect; and the information contained in each of such filings
		is true, correct and complete in all material respects and (ii) has
		retained all records and documents required to be retained by it pursuant to
		any law, ordinance, rule, regulation, order, policy, guideline or other
		requirement of any Governmental Authority, if the failure to so retain such
		records and documents could reasonably be expected to have a Material Adverse
		Effect.
	 

	 
		                
		 Section
		4.09          Margin
		Stock.  None of the Collateral constitutes or will constitute Margin
		Stock.
	 

	 
		                Section
		4.10          
		 Securities Regulation . No Covered Credit Party nor any
		of its Subsidiaries is an “investment company”, or an
		“affiliated person” of, or “promoter” or “principal
		underwriter” for, an “investment company”, as such terms are
		defined in the Investment Company Act of 1940, as amended. Neither the making
		of any Letter of Credit Advances, nor the issuance of any Letters of Credit,
		nor the application of the proceeds or repayment thereof by any Covered Credit
		Party, nor the consummation of the other transactions contemplated by the
		Credit Documents, will 
	 

	 
		50
	 

	 

	 
		

	 

	 
		violate any provision
		of such Act or any rule, regulation or order of the Securities and Exchange
		Commission thereunder.
	 

	 
		               
		   Section
		4.11          Other
		Agreements.  No Covered Credit Party nor any of its Subsidiaries is a
		party to any indenture, loan or credit agreement or any lease or other
		agreement or instrument or subject to any charter or corporate restriction that
		could reasonably be expected to have a Material Adverse Effect.
	 

	 
		               
		   Section
		4.12          Solvency.
		 Each Covered Credit Party, individually and taken as a whole together
		with its Subsidiaries, is Solvent.
	 

	 
		                
		 Section
		4.13          
		ERISA.
	 

	 
		                (a)           Each
		Covered Credit Party is in compliance in all material respects with the
		applicable provisions of ERISA, and each Plan is being administered in
		compliance in all material respects with all applicable Requirements of Law,
		including without limitation the applicable provisions of ERISA and the
		Internal Revenue Code, except where the failure to do so, individually or in
		the aggregate, could not reasonably be expected to have in a Material Adverse
		Effect. No ERISA Event (i) has occurred and is continuing, or (ii) to
		the knowledge of each Covered Credit Party, is reasonably expected to occur
		with respect to any Plan or Multiemployer Plan.
	 

	 
		                (b)           With
		respect to each scheme or arrangement mandated by a government other than the
		United States (a “Foreign Government Scheme or Arrangement”)
		and with respect to each employee benefit plan that is not subject to United
		States law maintained or contributed to by any Covered Credit Party or with
		respect to which any Subsidiary of a Covered Credit Party may have liability
		under applicable local law (a “Foreign Plan”), (i) each
		Covered Credit Party is in compliance in all material respects with the
		Requirements of Law applicable to such Foreign Government Scheme or Arrangement
		or Foreign Plan and (ii) each such Foreign Government Scheme or
		Arrangement or Foreign Plan is being administered by the applicable Covered
		Credit Party in compliance in all material respects with all applicable
		Requirements of Law, except where the failure to do so, individually or in the
		aggregate, could not reasonably be expected to have in a Material Adverse
		Effect. No event that could reasonably be considered the substantive equivalent
		of an ERISA Event with respect to any Foreign Government Scheme or Arrangement
		or Foreign Plan (i) has occurred and is continuing, or (ii) to the
		knowledge of each Covered Credit Party, is reasonably expected to occur.

	 

	 
		               
		   Section
		4.14          Insurance
		Licenses. Schedule 4.14 as revised from time to time by RenRe
		pursuant to Section 5.01(m) lists all of the jurisdictions in which any
		of the Material Insurance Companies hold licenses (including without limitation
		licenses or certificates of authority from applicable insurance departments),
		permits or authorizations to transact insurance and reinsurance business
		(collectively, the “Licenses”). Except as would not reasonably
		be expected to have a Material Adverse Effect or as set forth on Schedule
		4.14, to the best of RenRe’s and each Covered Credit Party’s
		knowledge, no such License is the subject of a proceeding for suspension or
		revocation or any similar proceedings, there is no sustainable basis for such a
		suspension or revocation, and no such suspension or revocation is threatened by
		the Department. Schedule 4.14 as revised from time to time by RenRe
		pursuant to Section 5.01(m) indicates the line or lines of insurance
		
	 

	 
		51
	 

	 

	 
		

	 

	 
		which each such
		Material Insurance Companies is permitted to be engaged in with respect to each
		License therein listed. The Material Insurance Companies do not transact any
		insurance business, directly or indirectly, in any jurisdiction other than
		those enumerated on Schedule 4.14 as revised from time to time by RenRe
		pursuant to Section 5.01(m) hereto, where such business requires that
		any such Material Insurance Companies obtain any license, permit, governmental
		approval, consent or other authorization.
	 

	 
		                Section
		4.15          
		 Taxes .  Each Covered Credit Party and each of its
		Subsidiaries has filed all tax returns that are required to be filed by it, and
		has paid or provided adequate reserves for the payment of all material taxes,
		including without limitation all payroll taxes and federal and state
		withholding taxes, and all assessments payable by it that have become due,
		other than (i) those that are not yet delinquent or that are disclosed on
		Schedule 4.15 and are being contested in good faith by appropriate
		proceedings and with respect to which reserves have been established, and are
		being maintained, in accordance with GAAP or (ii) those which the failure
		to file or pay would not have a Material Adverse Effect. Except as set forth in
		Schedule 4.15, on the Restatement Effective Date there is no ongoing
		audit or, to knowledge of any Covered Credit Party, other governmental
		investigation of the tax liability of the Credit Parties or any of their
		Subsidiaries and there is no unresolved claim by a taxing authority concerning
		any of the Credit Parties’ or any such Subsidiary’s tax liability,
		for any period for which returns have been filed or were due. As used in this
		Section 4.15, the term “taxes” includes all taxes of any
		nature whatsoever and however denominated, including without limitation excise,
		import, governmental fees, duties and all other charges, as well as additions
		to tax, penalties and interest thereon, imposed by any Governmental
		Authority.
	 

	 
		                Section
		4.16          
		 Full Disclosure .  All factual written information
		furnished heretofore or contemporaneously herewith by or on behalf of the
		Covered Credit Parties to the Administrative Agent or the Lenders for purposes
		of or in connection with this Agreement or any of the transactions contemplated
		hereby, as supplemented to the date hereof, is and all other such factual
		written information hereafter furnished by or on behalf of the Covered Credit
		Parties to the Administrative Agent or the Lenders will be, true and accurate
		in every material respect on the date as of which such information is dated or
		certified and not incomplete by omitting to state any material fact necessary
		to make such information not misleading in light of the circumstances under
		which such information was provided. Any projections and pro forma financial
		information contained in such factual written information are based upon good
		faith estimates and assumptions believed by the Covered Credit Parties to be
		reasonable at the time made, it being recognized by the Lenders that such
		projections as to future events are not to be viewed as facts and that actual
		results during the period or periods covered by any such projections may differ
		from the projected results.
	 

	 
		               
		   Section
		4.17          OFAC;
		Anti-Terrorism Laws. No Covered Credit Party is a Sanctioned Person or, to
		its knowledge as of the Restatement Effective Date, does business in a
		Sanctioned Country or with a Sanctioned Person in violation of the economic
		sanctions of the United States administered by OFAC.
	 

	 
		52
	 

	 

	 
		

	 

	 
		ARTICLE
		V
	 

	 
		AFFIRMATIVE
		COVENANTS
	 

	 
		                Each Account Party and RenRe
		severally covenants and agrees that, until the termination of all of the L/C
		Commitments and L/C Participation Interests, the termination or expiration of
		all Letters of Credit and the payment in full of all principal and interest
		with respect to Letter of Credit Advances together with all other amounts then
		due and owing hereunder:
	 

	 
		                Section
		5.01          
		 Financial and Statements, etc.   RenRe will deliver
		or cause to be delivered to the Administrative Agent and (except as provided
		below) the Lenders:
	 

	 
		                (a)          
		GAAP Financial Statements.
	 

	 	 	                (i)            Within
			 60 days after the close of each of the first three fiscal quarters of each
			 Fiscal Year of each Credit Party and its Subsidiaries, a copy of the unaudited
			 consolidated balance sheets of such Credit Party and its Subsidiaries, as of
			 the close of such quarter and the related consolidated statements of income and
			 cash flows for that portion of the Fiscal Year ending as of the close of such
			 fiscal quarter, all prepared in accordance with GAAP (subject to normal
			 year-end adjustments and except that footnote and schedule disclosure may be
			 abbreviated) and the related consolidating balance sheets and income statements
			 for such period and accompanied by the certification of the chief executive
			 officer, chief financial officer, treasurer or controller of RenRe that all
			 such financial statements are complete and correct in all material respects and
			 present fairly in accordance with GAAP (subject to normal year-end adjustments
			 and except that footnote and schedule disclosure may be abbreviated) the
			 consolidated results of operations and cash flows of the relevant entity as at
			 the end of such fiscal quarter and for the period then ended.
		 
	 	                (ii)           Within
			 120 days after the close of each Fiscal Year, a copy of the annual financial
			 statements of each Credit Party and its Subsidiaries, consisting of audited
			 consolidated and unaudited consolidating balance sheets and audited
			 consolidated and unaudited consolidating statements of income, cash flows and
			 changes in shareholders’ equity, setting forth in comparative form the
			 consolidated figures for the previous Fiscal Year, which financial statements
			 shall be prepared in accordance with GAAP, and accompanied by a certification
			 without material qualification by the independent certified public accountants
			 regularly retained by such Credit Party, or any other firm of independent
			 certified public accountants of recognized national standing selected by such
			 Credit Party and reasonably acceptable to the Required Lenders that all such
			 audited financial statements are complete and correct in all material respects
			 and present fairly in accordance with GAAP the consolidated financial position
			 and the consolidated results of operations and cash flows of relevant entity as
			 at the end of such Fiscal Year and for the period then ended; provided
			 that such financial statements of RRE for the Fiscal Year ended December 31,
			 2006 shall be delivered within 150 days after the close of such Fiscal
			 Year.

	 
		53
	 

	 

	 
		

	 

	 
		                (b)           Tax
		Returns. If requested by the Administrative Agent, copies of all federal,
		state, local and foreign tax returns and reports in respect of income,
		franchise or other taxes on or measured by income (excluding sales, use or like
		taxes) filed by the Credit Parties or any of their Subsidiaries.
	 

	 
		                (c)           Collateral
		Value Reports. Within ten (10) Business Days after the close of each of
		each calendar month and immediately upon the occurrence of any Substitution
		Event, Suspension Event, Default or Event of Default, a Collateral Value Report
		as of the close of such month (or as of such Event, as the case may be) for the
		Account Parties and RIHL as required pursuant to Section 2.16(b), each
		accompanied by the certification of the chief executive officer, chief
		financial officer, treasurer or controller of RenRe that such reports are
		complete and correct and present fairly the matters stated therein as of such
		date. In addition, immediately after any Relevant Shares having an aggregate
		Net Asset Value in excess of $5,000,000 shall have been tendered to RIHL for
		redemption within any 30 day period, a report specifying the dates, amounts and
		parties participating in such redemption.
	 

	 
		                (d)           Notice
		of Events, Default, etc.  Promptly (and in no event more than one
		Business Day) after an Executive Officer of any Credit Party knows or has
		reason to know of the existence of any Substitution Event, Suspension Event,
		Default or Event of Default, or any development or other information which
		would have a Material Adverse Effect, telephonic notice to the Administrative
		Agent specifying the nature of such Substitution Event, Suspension Event,
		Default, Event of Default, development or information, including the
		anticipated effect thereof, which notice shall be promptly confirmed in writing
		within two (2) Business Days to the Administrative Agent and the
		Lenders.
	 

	 
		                (e)           Other
		Information. The following certificates and other information related to
		the Credit Parties:
	 

	 	 	                (i)            Within
			 five (5) Business Days of receipt, a copy of any financial examination reports
			 by a Governmental Authority with respect to the Material Insurance Companies
			 relating to the insurance business of the Material Insurance Companies (when,
			 and if, prepared); provided, the Credit Parties shall only be required
			 to deliver any interim report hereunder at such time as any Credit Party has
			 knowledge that a final report will not be issued and delivered to the
			 Administrative Agent within 90 days of any such interim report.
		 
	 	                (ii)           Copies
			 of all filings (other than ordinary course requalifications and nonmaterial tax
			 and insurance rate and other ministerial regulatory filings) with Governmental
			 Authorities by the Credit Parties or any Material Subsidiary not later than
			 five (5) Business Days after such filings are made, including, without
			 limitation, filings which seek approval of Governmental Authorities with
			 respect to transactions between RenRe or such Material Subsidiary and its
			 Affiliates.
		 
	 	                (iii)          Within
			 five (5) Business Days of such notice, notice of proposed or actual suspension,
			 termination or revocation of any material License of any Reporting Subsidiary
			 by any Governmental Authority or of receipt of notice from any Governmental
			 Authority notifying any Credit Party or any Reporting Company of a 

	 
		54
	 

	 

	 
		

	 

	 	 	hearing relating to such a suspension, termination or revocation,
			 including any request by a Governmental Authority which commits any Credit
			 Party or any Reporting Company to take, or refrain from taking, any action or
			 which otherwise materially and adversely affects the authority of such Credit
			 Party or any Reporting Subsidiary to conduct its business.
		 
	 	                (iv)          Within
			 five (5) Business Days of such notice, notice by any Credit Party or any
			 Material Subsidiary from any Governmental Authority (y) asserting any
			 failure by such Credit Party or Material Subsidiary to be in compliance with
			 applicable Requirements of Law or that threatens the taking of any action
			 against such Credit Party or Material Subsidiary or sets forth circumstances
			 that, if taken or adversely determined, would be reasonably likely to have a
			 Material Adverse Effect or (z) of any pending or threatened investigation
			 or regulatory proceeding (other than routine periodic investigations or
			 reviews) by any Governmental Authority concerning the business, practices or
			 operations of any Credit Party or any Material Subsidiary.
		 
	 	                (v)           Without
			 limiting any notice that otherwise may be required pursuant to Section
			 5.01(d), within five (5) Business Days of receipt, a copy of any change,
			 confirmation, renewal or other material report by S&P (or other
			 then-applicable rating agency) with respect to RIHL.
		 
	 	                (vi)          Promptly,
			 notice of any actual or, to the best of the Credit Parties’ knowledge,
			 proposed material changes in the Insurance Code governing the investment or
			 dividend practices of any Material Insurance Company.
		 
	 	                (vii)         Promptly,
			 such additional financial and other information as the Administrative Agent may
			 from time to time reasonably request.

	 
		                (f)            Compliance
		Certificates. Concurrently with the delivery to the Administrative Agent of
		the GAAP financial statements under Section 5.01(a), for each fiscal
		quarter and Fiscal Year of the Credit Parties, and at any other time no later
		than thirty (30) Business Days following a written request of the
		Administrative Agent, a duly completed Compliance Certificate, signed by the
		chief executive officer, chief financial officer, treasurer or controller of
		RenRe, containing, among other things, a computation of, and showing compliance
		with, each of the applicable financial ratios and restrictions contained in
		Section 6.01, and to the effect that, to the best of such officer’s
		knowledge, as of such date no Default or Event of Default has occurred and is
		continuing.
	 

	 
		                (g)           Custodian
		Statements. Monthly statement of each Custodial Account prepared by the
		Custodian showing the assets credited to such account as of the date of such
		statement, which the Account Parties shall direct the Custodian to deliver
		directly to the Administrative Agent.
	 

	 
		                (h)           Reports
		to SEC and to Shareholders. Promptly upon the filing or making thereof
		copies of (i) each filing and report made by any Credit Party or any
		Material Subsidiaries with or to any securities exchange or the Securities and
		Exchange Commission and (ii) each communication from RenRe to shareholders
		generally.
	 

	 
		55
	 

	 

	 
		

	 

	 
		                (i)            Notice
		of Litigation and Other Matters. Promptly upon learning of the occurrence
		of any of the following, written notice thereof, describing the same and the
		steps being taken by the Credit Parties with respect thereto: (i) the
		institution of, or any adverse determination in, any litigation, arbitration
		proceeding or governmental proceeding (including any Internal Revenue Service
		or Department of Labor proceeding with respect to any Plan or Foreign Plan)
		which could, if adversely determined, be reasonably expected to have a Material
		Adverse Effect and which is not Ordinary Course Litigation, (ii) an ERISA
		Event, and an event with respect to any Plan which could result in the
		incurrence by any Credit Party or Material Subsidiary of any material liability
		(other than a liability for contributions or premiums), fine or penalty,
		(iii) the commencement of any dispute which might lead to the
		modification, transfer, revocation, suspension or termination of this Agreement
		or any Credit Document or (iv) any event which could be reasonably
		expected to have a Material Adverse Effect.
	 

	 
		                (j)            Insurance
		Reports. Within five (5) Business Days of receipt of such notice by Credit
		Parties or the Material Subsidiaries, written notice of any cancellation or
		material adverse change in any material Insurance Policy carried by any such
		party.
	 

	 
		                (k)           List
		of Directors and Officers and Amendments. Concurrently with the delivery of
		the financial statements required pursuant to Section 5.01(a),
		(x) a list of the Executive Officers and Directors of the Credit Parties
		and (y) copies of any amendments to the Organization Documents, Investment
		Agreement or PPM to the extent such information is not included in the
		information otherwise provided pursuant to Section 5.01 and to the
		extent such information has changed since the last delivery pursuant to this
		Section.
	 

	 
		                (l)            New
		Subsidiaries. Promptly (i) upon formation or acquisition of any
		Subsidiary of any Credit Party with an initial capitalization of $1,000,000 or
		more and (ii) after the capital of a previously unreported Subsidiary is
		increased to $1,000,000 or more, written notice of the name, purpose and
		capitalization of such Subsidiary and whether such Subsidiary is a Material
		Subsidiary or a Material Insurance Company.
	 

	 
		                (m)          Updated
		Schedules. From time to time, and in any event concurrently with delivery
		of the financial statements under Section 5.01(a), revised Schedule
		4.14, if applicable, showing changes from such Schedule previously
		delivered.
	 

	 
		                (n)           Management
		Letters. Promptly upon receipt thereof, copies of any “management
		letter” submitted to any Credit Party or any of its Subsidiaries by its
		certified public accountants in connection with each annual, interim or special
		audit, and promptly upon completion thereof, any response reports from such
		Credit Party or any such Subsidiary in respect thereof.
	 

	 
		                (o)           Other
		Information. From time to time such other information concerning the Credit
		Parties or any Subsidiary as the Administrative Agent or any Lender may
		reasonably request.
	 

	 
		                
		 Section
		5.02          Existence;
		Franchises; Maintenance of Properties. Each Credit Party will, and will
		cause each of its Material Subsidiaries to, (i) maintain and preserve in
		full force and effect its legal existence, except as expressly permitted
		otherwise pursuant to the Credit Documents and (ii) obtain, maintain and
		preserve in full force and effect all other rights, franchises, licenses,
		
	 

	 
		56
	 

	 

	 
		

	 

	 
		permits,
		certifications, approvals and authorizations required by Governmental
		Authorities and necessary to the ownership, occupation or use of its properties
		or the conduct of its business, except to the extent the failure to do so would
		not be reasonably likely to have a Material Adverse Effect.
	 

	 
		                Section
		5.03          
		 Compliance with Laws . Each Credit Party will, and will
		cause each of its Subsidiaries to, comply in all respects with all Requirements
		of Law applicable in respect of the conduct of its business and the ownership
		and operation of its properties, except to the extent the failure so to comply
		would not individually or in the aggregate be reasonably likely to have a
		Material Adverse Effect.
	 

	 
		               
		   Section
		5.04          Payment of
		Obligations. Each Credit Party will, and will cause each of its
		Subsidiaries to, (i) pay all liabilities and obligations as and when due
		(subject to any applicable subordination provisions), except to the extent
		failure to do so would not be reasonably likely to have a Material Adverse
		Effect, and (ii) pay and discharge all material taxes, assessments and
		governmental charges or levies imposed upon it, upon its income or profits or
		upon any of its properties, prior to the date on which penalties would attach
		thereto, and all lawful claims that, if unpaid, might become a Lien upon any of
		the properties of the Credit Parties or any of their Subsidiaries;
		provided, however, that no Credit Party or any of its
		Subsidiaries shall be required to pay any such tax, assessment, charge, levy or
		claim that is being contested in good faith and by proper proceedings and as to
		which the Credit Party or such Subsidiary is maintaining adequate reserves with
		respect thereto in accordance with GAAP.
	 

	 
		               
		   Section
		5.05          Insurance.
		 Each Credit Party (other than RIHL) will, and will cause each of its
		Subsidiaries to, maintain insurance with responsible and reputable insurance
		companies or associations in such amounts and covering such risks as is usually
		carried by companies engaged in similar businesses and owning similar
		properties in the same general areas in which the Credit Party or such
		Subsidiary operates (it being understood that the foregoing shall not apply to
		maintenance of reinsurance or similar matters which shall be solely within the
		reasonable business judgment of the Credit Parties).
	 

	 
		               
		   Section
		5.06          Maintenance
		of Books and Records; Inspection. Each Credit Party will, and will cause
		each of its Subsidiaries to, (i) maintain adequate books, accounts and
		records, in which full, true and correct entries shall be made of all financial
		transactions in relation to its business and properties, and prepare all
		financial statements required under this Agreement, in each case in accordance
		with GAAP and in compliance with the requirements of any Governmental Authority
		having jurisdiction over it (including SAP, with respect to any Reporting
		Company), and (ii) permit employees or agents of the Administrative Agent,
		Collateral Agent or Issuing Bank to visit and inspect its properties and
		examine or audit its books, records, working papers and accounts and make
		copies and memoranda of them, and to discuss its affairs, finances and accounts
		with its officers and employees and, upon notice to the applicable Credit
		Party, the independent public accountants of such Credit Party and its
		Subsidiaries (and by this provision the RenRe and the Account Parties authorize
		such accountants to discuss the finances and affairs of the Credit Parties and
		their Subsidiaries), all at such times and from time to time, upon reasonable
		notice and at such reasonable times during normal business hours, as may be
		reasonably requested.
	 

	 
		57
	 

	 

	 
		

	 

	 
		                Section
		5.07          
		 Collateral, Further Assurances . Each Credit Party will,
		and will cause each of its Subsidiaries to, (i) comply with the provisions
		of the Credit Documents regarding any new, substituted or additional Collateral
		and (ii) make, execute, endorse, acknowledge and deliver any amendments,
		modifications or supplements hereto and restatements hereof and any other
		agreements, instruments or documents, and take any and all such other actions,
		as may from time to time be reasonably requested by the Administrative Agent or
		the Required Lenders to perfect and maintain the validity and priority of the
		Liens granted pursuant to the Security Documents and to effect, confirm or
		further assure or protect and preserve the interests, rights and remedies of
		the Administrative Agent, the Collateral Agent and the Lenders under this
		Agreement and the other Credit Documents.
	 

	 
		ARTICLE
		VI
	 

	 
		FINANCIAL AND
		NEGATIVE COVENANTS
	 

	 
		                Each Account Party and RenRe
		severally covenants and agrees that, until the termination of all of the L/C
		Commitments and L/C Participation Interests, the termination or expiration of
		all Letters of Credit and the payment in full of all principal and interest
		with respect to Letter of Credit Advances together with all other amounts then
		due and owing hereunder:
	 

	 
		                  Section
		6.01           Minimum Net
		Worth. 
	 

	 
		                (a)           RenRe
		shall maintain at all times Net Worth in an amount not less than
		$750,000,000.
	 

	 
		                (b)           DaVinci
		shall maintain at all times Net Worth in an amount not less than
		$300,000,000.
	 

	 
		               
		   Section
		6.02          Change in
		Nature of Business. The Credit Parties will not, and will not permit or
		cause any of their Subsidiaries to, make any material change in the nature of
		their business and that of their Subsidiaries as carried on at the date hereof.
		Without limiting the foregoing, the Credit Parties will not, and will not
		permit or cause any of their Subsidiaries to (a) acquire or maintain
		ownership of any material real property or (b) use, handle, transport,
		treat, store, dispose of, release or discharge Hazardous Materials in any
		material amounts or in material violation of any Requirements of Law.
	 

	 
		               
		   Section
		6.03          Mergers,
		Consolidations and Sales. The Credit Parties will not, and will not permit
		or cause any of their Subsidiaries to, (a) merge or consolidate, or
		purchase or otherwise acquire all or substantially all of the assets of or
		Equity Interests in, any other Person (other than a newly formed Subsidiary or
		the acquisition of a Subsidiary which complies with clause (b)(ii) of this
		Section 6.03 or the acquisition of shares of a Subsidiary held by
		minority shareholders), or (b) sell, transfer, convey or lease all or any
		substantial part of its assets other than any sale, transfer, conveyance or
		lease in the ordinary course of business or any sale or assignment of
		receivables except for (i) any such merger or consolidation, sale,
		transfer, conveyance, lease or assignment of any wholly owned Subsidiary into,
		with or to any other wholly owned Subsidiary or RenRe, (ii) purchases or
		acquisitions which comply with Section 6.02 provided (x) no
		Default or Event of Default has occurred and is continuing or would result
		therefrom and (y) the purchase price for any 
	 

	 
		58
	 

	 

	 
		

	 

	 
		single purchase or
		acquisition does not exceed 50% of Consolidated Tangible Net Worth of RenRe as
		of the date of such purchase or acquisition and (z) the aggregate purchase
		price of all purchases and acquisitions after the Restatement Effective Date
		does not exceed 100% of Consolidated Tangible Net Worth of RenRe as of the
		Restatement Effective Date and (iii) sales of assets and Equity Interests
		of Subsidiaries that are not Material Subsidiaries, provided no Default
		or Event of Default has occurred and is continuing.
	 

	 
		               
		   Section
		6.04          Investments.
		 The Account Parties will not, and will not permit or cause any of their
		Subsidiaries to, directly or indirectly, purchase, own, invest in or otherwise
		acquire any Equity Interests, evidence of indebtedness or other obligation or
		security or any interest whatsoever in any other Person, or make or permit to
		exist any loans, advances or extensions of credit to, or any investment in cash
		or by delivery of property in, any other Person, other than (a) Equity
		Interests of Subsidiaries in existence on the Restatement Effective Date and
		Equity Interests permitted under Section 6.03, (b) acquisitions of
		assets permitted under Section 6.03, (c) Redeemable Preference
		Shares, and (d) other investments made and held as permitted by the
		applicable Insurance Codes or other law. At any time that (x) the Tangible
		Net Worth of an Account Party is less than the “Substitution Event
		Tangible Net Worth Threshold” for such Account Party as set forth in
		Schedule III and (y) a Substitution Event has not yet occurred
		with respect to such Tangible Net Worth condition, such Account Party shall not
		make or permit to be made any redemption of the Redeemable Preference Shares
		held by or for the benefit of such Account Party without the prior written
		consent of the Administrative Agent.
	 

	 
		                Section
		6.05          
		 Regulations U and X . The Credit Parties will not,
		and will not permit or cause any of their Subsidiaries to, hold margin stock
		(as such term is defined in Regulation U or X) having a value in excess of
		20% of the value of the assets of RenRe and its Subsidiaries taken as a
		whole.
	 

	 
		                Section
		6.06          
		 Other Agreements .  The Credit Parties will not,
		and will not permit or cause any of their Subsidiaries to, enter into any
		agreement containing any provision which would be violated or breached by the
		performance of their obligations under the Credit Documents or under any
		instrument or document delivered or to be delivered by them hereunder
		thereunder.
	 

	 
		                
		 Section
		6.07          Transactions
		with Affiliates. The Credit Parties will not, and will not permit or cause
		any of their Subsidiaries to, enter into, or cause, suffer or permit to exist,
		directly or indirectly, any material (whether individually or in the aggregate)
		arrangement, transaction or contract with any of its Affiliates unless such
		arrangement, transaction or contract is on an arm’s length basis;
		provided that (a) transactions between or among any of a Credit
		Party, Top Layer Reinsurance Ltd. and any wholly-owned Subsidiary of such
		Credit Party or between any wholly-owned Subsidiaries of any Credit Party and
		(b) any transaction expressly contemplated by written contracts of the
		Credit Parties and their Subsidiaries (i) entered into on or before the
		Restatement Effective Date or (ii) if after the Restatement Effective
		Date, providing for payment, by the Credit Parties and their Subsidiaries in an
		aggregate net amount not to exceed $30,000,000 in any Fiscal Year, in each
		case, shall be excluded from the restrictions set forth in this Section
		6.07.
	 

	 
		                Section
		6.08          
		 No Amendment of Certain Documents . The Credit Parties
		will not, and will not permit or cause any of their Subsidiaries to, enter into
		or permit to exist any amendment, modification or waiver of the Bye-laws, the
		Investment Agreement, the PPM or the Custodial Agreements as in effect on the
		Restatement Effective Date without delivering reasonable prior written notice
		of 
	 

	 
		59
	 

	 

	 
		

	 

	 
		such amendment,
		modification or waiver to the Administrative Agent and either
		(i) obtaining the prior written consent of the Administrative Agent or,
		(ii) if the Administrative Agent determines in its sole discretion that
		such amendment, modification or waiver would be adverse in any material respect
		to the interests of the Lenders, obtaining the prior written consent of the
		Required Lenders.
	 

	 
		                Section
		6.09          
		 Accounting Changes . The Credit Parties will not, and
		will not permit or cause any of their Subsidiaries to, (a) make or permit
		any material change in their accounting policies or reporting practices, except
		as may be required by GAAP or SAP or (b) change the ending date of the
		fiscal year to a date other than December 31.
	 

	 
		ARTICLE
		VII
	 

	 
		EVENTS OF
		DEFAULT
	 

	 
		                Section
		7.01          
		 Full Events of Default . The occurrence of any one or
		more of the following events shall constitute an Event of Default with respect
		to RenRe and each Account Party; provided that any of the events in
		Section 7.01(f), shall not constitute an Event of Default with respect
		to DaVinci:
	 

	 
		                (a)           RIHL
		shall fail to observe, perform or comply with any condition, covenant or
		agreement contained in Section 2(h), Section 3 or
		Section 4 of the RIHL Agreement; or
	 

	 
		                (b)           RenRe
		or RUM shall fail to observe, perform or comply with any condition, covenant or
		agreement contained in Section 1.02(a) or Section 1.02(b) of the
		RenRe Agreement; or
	 

	 
		                (c)           RenRe
		or RIHL shall fail to observe, perform or comply with any other condition,
		covenant or agreement contained in this Agreement or any of the other Credit
		Documents to which it is a party and such failure shall continue unremedied for
		any grace period specifically applicable thereto or, if no such grace period is
		applicable, for a period of thirty (30) days after the earlier of (i) the
		date on which a Responsible Officer of RenRe acquires knowledge thereof and
		(ii) the date on which written notice thereof is delivered by the
		Administrative Agent or any Lender to RenRe; or
	 

	 
		                (d)           Any
		representation or warranty made or deemed made by or on behalf of RenRe or RIHL
		in this Agreement, any of the other Credit Documents or in any certificate,
		instrument, report or other document furnished by or on behalf of RenRe or RIHL
		in connection herewith or therewith shall prove to have been false or
		misleading in any material respect as of the time made, deemed made or
		furnished; or
	 

	 
		                (e)           RenRe
		or RIHL shall generally not pay its debts as such debts become due, or shall
		admit in writing its inability to pay its debts generally, or shall make a
		general assignment for the benefit of creditors; or any proceeding shall be
		instituted by or against RenRe or RIHL seeking to adjudicate it a bankrupt or
		insolvent, or seeking liquidation, winding up, reorganization, arrangement,
		adjustment, protection, relief, or composition of it or its debts under any law
		relating to bankruptcy, insolvency or reorganization or relief of debtors, or
		seeking the 
	 

	 
		60
	 

	 

	 
		

	 

	 
		entry of an order for
		relief or the appointment of a receiver, trustee, or other similar official for
		it or for any substantial part of its property and, in the case of any such
		proceeding instituted against it (but not instituted by it) that is being
		diligently contested by it in good faith, either such proceeding shall remain
		undismissed or unstayed for a period of 60 days or any of the actions sought in
		such proceeding (including without limitation the entry of an order for relief
		against, or the appointment of a receiver, trustee, custodian or other similar
		official for, it or any substantial part of its property) shall occur; or RenRe
		or RIHL shall take any corporate action to authorize any of the actions set
		forth above in this subsection; or
	 

	 
		                (f)            RenRe
		shall (i) fail to pay when due and the continuance of such default after
		any applicable grace period (whether by scheduled maturity, acceleration or
		otherwise and after giving effect to any applicable grace period) any principal
		of or interest on any Debt (other than the Debt incurred pursuant to this
		Agreement) or Contingent Liability having an aggregate principal amount of at
		least $50,000,000 or (ii) fail to observe, perform or comply with any
		condition, covenant or agreement contained in any agreement or instrument
		evidencing or relating to any such Debt or Contingent Liability, or any other
		event shall occur or condition exist in respect thereof, if such failure, event
		or condition shall continue after any applicable grace period and the effect of
		such failure, event or condition is to cause, or permit the holder or holders
		of such Debt or Contingent Liability (or a trustee or agent on its or their
		behalf) to cause, such Debt or Contingent Liability to become due, or to be
		prepaid, redeemed, purchased or defeased, prior to its stated maturity;
		or
	 

	 
		                (g)           any
		judgment or order for the payment of money in excess of $50,000,000 (excluding
		any portion thereof which is covered by insurance so long as the insurer is
		reasonably likely to be able to pay and has accepted a tender of defense and
		indemnification without reservation of rights) shall be rendered against RenRe
		or RIHL and either (i) enforcement proceedings shall have been commenced
		by any creditor upon such judgment or order or (ii) there shall be any
		period of 30 consecutive days during which a stay of enforcement of such
		judgment or order, by reason of a pending appeal or otherwise, shall not be in
		effect; or
	 

	 
		                (h)           any
		provision of any Credit Document to which RenRe or RIHL is a party shall for
		any reason cease to be valid and binding on or enforceable against RenRe or
		RIHL, as applicable, or RenRe or RIHL, as applicable, shall so state in
		writing; or
	 

	 
		                (i)            RIHL’s
		Pledge Agreement and Control Agreement shall for any reason (other than
		pursuant to the terms thereof) cease to create in favor of the Collateral Agent
		a valid and perfected first priority Lien on and security interest in the
		Collateral of RIHL purported to be covered thereby; or the Collateral Agent
		shall cease for any reason to hold a perfected first priority Lien on and
		security interest in the Collateral of RIHL required to be subjected to the
		Lien of RIHL’s Pledge Agreement; or
	 

	 
		                (j)            any
		ERISA Event shall occur or exist with respect to any Plan or Multiemployer Plan
		of RenRe and, as a result thereof, together with all other ERISA Events then
		existing, RenRe and its ERISA Affiliates have incurred or would be reasonably
		likely to incur liability to any one or more Plans or Multiemployer Plans or to
		the PBGC (or to any combination thereof) in excess of $50,000,000; or
	 

	 
		61
	 

	 

	 
		

	 

	 
		                (k)           a
		Change of Control shall occur with respect to RenRe or RenRe shall cease to own
		all of the Equity Interests in RIHL other than the Redeemable Preference
		Shares.
	 

	 
		               
		   Section
		7.02          Account
		Party Events of Default. The occurrence of any one or more of the following
		events shall constitute an Event of Default only with respect to the Account
		Party to which the event shall apply, provided that the occurrence of
		any one or more of the following events with respect to any Material Subsidiary
		shall constitute an Event of Default with respect to all Account Parties which
		are Material Subsidiaries:
	 

	 
		                (a)            (i) such
		Account Party shall fail to pay any Reimbursement Obligation (including accrued
		interest thereon) on the Due Date therefor or (ii) such Account Party
		shall fail to pay any commission, fee or other payment under any Credit
		Document, in each case under this clause (ii) within five (5) Business
		Days after the same becomes due and payable; or
	 

	 
		                (b)          such
		Account Party shall fail to maintain at any time Collateral in which the
		Collateral Agent shall have a perfected first priority Lien and having a
		Collateral Value not less than the Letter of Credit Outstandings of such
		Account Party, provided that if such Collateral Value is not less than
		95% of the Letter of Credit Outstandings, such deficiency shall continue
		unremedied for a period of three (3) Business Days;
	 

	 
		                (c)           such
		Account Party shall fail to perform or observe any term, covenant or agreement
		contained in Section 2.10, Section 5.01(d) or Article
		VI or, while a Substitution Event or a Suspension Event exists with
		respect to an Account Party, the Account Party or RIHL shall fail to perform or
		observe any term, covenant or agreement in the Security Documents or the
		Bye-laws pertaining to the redemption of the Redeemable Preference Shares or
		other Collateral substitution matters; or
	 

	 
		                (d)           such
		Account Party shall fail to observe, perform or comply with any other
		condition, covenant or agreement contained in this Agreement or any of the
		other Credit Documents to which it is a party and such failure shall continue
		unremedied for any grace period specifically applicable thereto or, if no such
		grace period is applicable, for a period of thirty (30) days after the date on
		which written notice thereof is delivered by the Administrative Agent or any
		Lender to such Account Party or RenRe; or
	 

	 
		                (e)           any
		representation or warranty made or deemed made by or on behalf of such Account
		Party in this Agreement, any of the other Credit Documents or in any
		certificate, instrument, report or other document furnished by or on behalf of
		such Account Party in connection herewith or therewith shall prove to have been
		false or misleading in any material respect as of the time made, deemed made or
		furnished; or
	 

	 
		                (f)           such
		Account Party shall generally not pay its debts as such debts become due, or
		shall admit in writing its inability to pay its debts generally, or shall make
		a general assignment for the benefit of creditors; or any proceeding shall be
		instituted by or against such Account Party seeking to adjudicate it a bankrupt
		or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
		adjustment, protection, relief, or composition of it or its debts under any law
		relating to bankruptcy, insolvency or reorganization or relief of debtors, or
		seeking the entry of an order for relief or the appointment of a receiver,
		trustee, or other similar official for it 
	 

	 
		62
	 

	 

	 
		

	 

	 
		or for any
		substantial part of its property and, in the case of any such proceeding
		instituted against it (but not instituted by it) that is being diligently
		contested by it in good faith, either such proceeding shall remain undismissed
		or unstayed for a period of 60 days or any of the actions sought in such
		proceeding (including without limitation the entry of an order for relief
		against, or the appointment of a receiver, trustee, custodian or other similar
		official for, it or any substantial part of its property) shall occur; or such
		Account Party shall take any corporate action to authorize any of the actions
		set forth above in this subsection; or
	 

	 
		                (g)            In
		the case of RRL or Glencoe (each, an Account Party that is a Material
		Subsidiary), or DaVinci (an Account Party that is not a Material
		Subsidiary), any such Account Party shall (i) fail to pay when due and
		continuance of such default after any applicable grace period (whether by
		scheduled maturity, acceleration or otherwise and after giving effect to any
		applicable grace period) any principal of or interest on any of its Debt (other
		than the Debt incurred pursuant to this Agreement) or Contingent Liabilities
		having an aggregate principal amount of at least $50,000,000 or (ii) fail
		to observe, perform or comply with any condition, covenant or agreement
		contained in any agreement or instrument evidencing or relating to any such
		Debt or Contingent Liability, or any other event shall occur or condition exist
		in respect thereof, if such failure, event or condition shall continue after
		any applicable grace period and the effect of such failure, event or condition
		is to cause, or permit the holder or holders of such Debt or Contingent
		Liability (or a trustee or agent on its or their behalf) to cause, such Debt or
		Contingent Liability to become due, or to be prepaid, redeemed, purchased or
		defeased, prior to its stated maturity; or
	 

	 
		                (h)           In
		the case of RRE (an Account Party that is not a Material Subsidiary), such
		Account Party shall (i) fail to pay when due and continuance of such
		default after any applicable grace period (whether by scheduled maturity,
		acceleration or otherwise and after giving effect to any applicable grace
		period) any principal of or interest on any of its Debt (other than the Debt
		incurred pursuant to this Agreement) or Contingent Liabilities having an
		aggregate principal amount of at least $15,000,000 or (ii) fail to
		observe, perform or comply with any condition, covenant or agreement contained
		in any agreement or instrument evidencing or relating to any such Debt or
		Contingent Liability, or any other event shall occur or condition exist in
		respect thereof, if such failure, event or condition shall continue after any
		applicable grace period and the effect of such failure, event or condition is
		to cause, or permit the holder or holders of such Debt or Contingent Liability
		(or a trustee or agent on its or their behalf) to cause, such Debt or
		Contingent Liability to become due, or to be prepaid, redeemed, purchased or
		defeased, prior to its stated maturity; or
	 

	 
		                (i)            any
		judgment or order for the payment of money in excess of $50,000,000 (excluding
		any portion thereof which is covered by insurance so long as the insurer is
		reasonably likely to be able to pay and has accepted a tender of defense and
		indemnification without reservation of rights) shall be rendered against such
		Account Party and either (i) enforcement proceedings shall have been
		commenced by any creditor upon such judgment or order or (ii) there shall
		be any period of 30 consecutive days during which a stay of enforcement of such
		judgment or order, by reason of a pending appeal or otherwise, shall not be in
		effect; or
	 

	 
		                (j)           any
		provision of any Credit Document to which such Account Party is a party (other
		than a covenant of an Account Party which is a Bermuda company and such
		covenant 
	 

	 
		63
	 

	 

	 
		

	 

	 
		constitutes a fetter
		on such Account Party’s statutory powers) shall for any reason cease to be
		valid and binding on or enforceable against such Account Party, or such Account
		Party shall so state in writing; or any Security Document shall for any reason
		(other than pursuant to the terms thereof) cease to create in favor of the
		Collateral Agent a valid and perfected first priority Lien on and security
		interest in the Collateral of an Account Party purported to be covered thereby;
		or the Collateral Agent shall cease for any reason to hold a perfected first
		priority Lien on and security interest in the Collateral of such Account Party;
		or
	 

	 
		                (k)           an
		Account Party that was a Subsidiary of RenRe at the time such Account Party
		became a party to this Agreement shall cease to be a Subsidiary of RenRe,
		unless otherwise permitted under the terms of this Agreement or the Credit
		Documents; or
	 

	 
		                (l)          Any
		ERISA Event shall occur or exist with respect to any Plan or Multiemployer Plan
		of such Account Party and, as a result thereof, together with all other ERISA
		Events, such Account Party and its ERISA Affiliates have incurred or would be
		reasonably likely to incur liability to any one or more Plans or Multiemployer
		Plans or to the PBGC (or to any combination thereof) in excess of
		$50,000,000.
	 

	 
		               
		   Section
		7.03           Actions
		in Respect of the Letters of Credit upon Default; Remedies.
	 

	 
		                (a)           If
		any Event of Default shall have occurred and be continuing with respect to any
		or all of the Account Parties, the Administrative Agent (i) shall at the
		request, or may with the consent, of the Required Lenders, by notice to such
		Account Parties, declare the obligation of the Issuing Bank to issue Letters of
		Credit to be terminated, whereupon the same shall forthwith terminate, and/or
		(ii) shall at the request, or may with the consent, of the Required
		Lenders, by notice to the Account Parties, declare all amounts payable by such
		Account Parties under this Agreement and the other Credit Documents to be
		forthwith due and payable, whereupon all such amounts shall become and be
		forthwith due and payable, without presentment, demand, protest or further
		notice of any kind, all of which are hereby expressly waived by the Account
		Parties, and/or (iii) shall at the request, or may with the consent, of
		the Required Lenders, give notice to beneficiaries of all outstanding Letters
		of Credit in accordance with the terms thereof of the termination of such
		Letters of Credit, and/or (iv) shall at the request, or may with the
		consent, of the Required Lenders, proceed to exercise the rights and remedies
		of the Administrative Agent, the Collateral Agent and the Lenders under the
		Credit Documents and applicable law with respect to such Account Parties,
		including without limitation by dating, delivering and acting upon Letters of
		Instruction; provided, however, that in the event of an actual or
		deemed entry of an order for relief with respect to any Account Party under the
		Bankruptcy Law, (A) the obligation of the Issuing Bank to issue Letters of
		Credit for the account of such Account Party shall automatically be terminated,
		(B) all such amounts owed by such Account Party shall automatically become
		and be due and payable, without presentment, demand, protest or any notice of
		any kind, all of which are hereby expressly waived by the Account Parties and
		(C) the obligation of such Account Parties to provide cash collateral
		under Section 7.03(b) shall automatically become effective.
	 

	 
		                (b)           If
		any Event of Default shall have occurred and be continuing with respect to any
		or all of the Account Parties, the Administrative Agent may, or shall at the
		request of the Required Lenders, after having taken any of the actions
		described in Section 7.03(a) or 
	 

	 
		64
	 

	 

	 
		

	 

	 
		otherwise,
		(i) make demand upon such Account Parties to, and forthwith upon such
		demand such Account Parties will, pay to the Administrative Agent all amounts
		to be placed in the Cash Collateral Accounts pursuant to Section 2.17 
		and (ii) redeem the Redeemable Preference Shares as described in
		Section 2.16(c).
	 

	 
		ARTICLE
		VIII
	 

	 
		THE
		AGENTS
	 

	 
		                Section
		8.01          
		 Authorization and Action . Each Lender (in its capacity
		as a Lender) hereby appoints and authorizes each Agent to take such action as
		agent on its behalf and to exercise such powers and discretion under this
		Agreement and the other Credit Documents as are delegated to such Agent by the
		terms hereof and thereof, together with such powers and discretion as are
		reasonably incidental thereto. As to any matters not expressly provided for by
		the Credit Documents, no Agent shall be required to exercise any discretion or
		take any action, but shall be required to act (in the case of the
		Administrative Agent) or to refrain from acting (and shall be fully protected
		in so acting or refraining from acting) upon the instructions of the Required
		Lenders or all the Lenders where unanimity is required, and such instructions
		shall be binding upon all Lenders; provided, however, that no
		Agent shall be required to take any action that exposes such Agent to personal
		liability or that is contrary to this Agreement or applicable law.
	 

	 
		                
		 Section
		8.02          Agents’
		Reliance, etc.  Neither any Agent nor any of its respective directors,
		officers, agents or employees shall be liable for any action taken or omitted
		to be taken by it or them under or in connection with the Credit Documents,
		except for its or their own gross negligence or willful misconduct. Without
		limitation of the generality of the foregoing, each Agent: (a) may
		consult with legal counsel (including counsel for any Credit Party),
		independent public accountants and other experts selected by it and shall not
		be liable for any action taken or omitted to be taken in good faith by it in
		accordance with the advice of such counsel, accountants or experts;
		(b) makes no warranty or representation to any Lender and shall not be
		responsible to any Lender for any statements, warranties or representations
		(whether written or oral) made in or in connection with the Credit Documents;
		(c) shall not have any duty to ascertain or to inquire as to the
		performance or observance of any of the terms, covenants or conditions of any
		Credit Document on the part of any Credit Party or to inspect the property
		(including the books and records) of any Credit Party; (d) shall not be
		responsible to any Lender for the due execution, legality, validity,
		enforceability, genuineness, sufficiency or value of, or the perfection or
		priority of any lien or security interest created or purported to be created
		under or in connection with, any Credit Document or any other instrument or
		document furnished pursuant thereto; and (e) shall incur no liability
		under or in respect of any Credit Document by acting upon any notice, consent,
		certificate or other instrument or writing (which may be by telegram or
		telecopy) reasonably believed by it to be genuine and signed or sent by the
		proper party or parties.
	 

	 
		               
		   Section
		8.03          Wachovia and
		Affiliates. With respect to its L/C Commitments and the Letter of Credit
		Advances, Wachovia shall have the same rights and powers under the Credit
		Documents as any other Lender and may exercise the same as though it were not
		an Agent; and the term “Lender” or “Lenders” shall, unless
		otherwise expressly indicated, include Wachovia in its individual capacity.
		Wachovia and its affiliates may accept deposits from, lend money to, act as
		trustee 
	 

	 
		65
	 

	 

	 
		

	 

	 
		under indentures of,
		accept investment banking engagements from and generally engage in any kind of
		business with, any Credit Party, any of its Subsidiaries and any Person that
		may do business with or own securities of any Credit Party or any such
		Subsidiary, all as if Wachovia were not an Agent and without any duty to
		account therefor to the Lenders.
	 

	 
		                Section
		8.04          
		 Lender Credit Decision . Each Lender acknowledges that
		it has, independently and without reliance upon any Agent or any other Lender
		and based on the financial statements referred to in Section 4.06(b) and
		such other documents and information as it has deemed appropriate, made its own
		credit analysis and decision to enter into this Agreement. Each Lender also
		acknowledges that it will, independently and without reliance upon any Agent or
		any other Lender and based on such documents and information as it shall deem
		appropriate at the time, continue to make its own credit decisions in taking or
		not taking action under this Agreement.
	 

	 
		                
		 Section
		8.05          
		Indemnification.
	 

	 
		                (a)           Each
		Lender severally agrees to indemnify each Agent and its officers, directors,
		employees, agents, advisors and Affiliates (to the extent not promptly
		reimbursed by the Credit Parties) from and against such Lender’s ratable
		share (determined as provided below) of any and all liabilities, obligations,
		losses, damages, penalties, actions, judgments, suits, costs, expenses or
		disbursements of any kind or nature whatsoever that may be imposed on, incurred
		by, or asserted against such Agent or any such other Person in any way relating
		to or arising out of the Credit Documents or any action taken or omitted by
		such Agent under the Credit Documents; provided, however, that no
		Lender shall be liable for any portion of such liabilities, obligations,
		losses, damages, penalties, actions, judgments, suits, costs, expenses or
		disbursements resulting from such Agent’s or other Person’s gross
		negligence or willful misconduct. Without limitation of the foregoing, each
		Lender agrees to reimburse each Agent promptly upon demand for its ratable
		share of any costs and expenses (including without limitation Attorneys Costs)
		payable by the Credit Parties under Section 9.03, to the extent that
		such Agent is not promptly reimbursed for such costs and expenses by the Credit
		Parties.
	 

	 
		                (b)           For
		purposes of this Section 8.05, the Lenders’ respective ratable
		shares of any amount shall be determined, at the time such indemnity or
		reimbursement is sought, according to the sum of (i) the aggregate
		principal amount of the Letter of Credit Advances outstanding at such time and
		owing to the respective Lenders, (ii) their respective Pro Rata Shares of
		the aggregate Available Amounts of all Letters of Credit outstanding at such
		time and (iii) their respective Unused L/C Commitments at such time. The
		failure of any Lender to reimburse any Agent promptly upon demand for its
		ratable share of any amount required to be paid by the Lenders to such Agent as
		provided herein shall not relieve any other Lender of its obligation hereunder
		to reimburse such Agent for its ratable share of such amount, but no Lender
		shall be responsible for the failure of any other Lender to reimburse such
		Agent for such other Lender’s ratable share of such amount. Without
		prejudice to the survival of any other agreement of any Lender hereunder, the
		agreement and obligations of each Lender contained in this Section 8.05
		shall survive the payment in full of principal, interest and all other amounts
		payable hereunder and under the other Credit Documents.
	 

	 
		                Section
		8.06          
		 Successor Administrative Agent . Any Agent may resign at
		any time by giving written notice thereof to the Lenders and RenRe and may be
		removed at any time with or without cause 
	 

	 
		66
	 

	 

	 
		

	 

	 
		by the Required
		Lenders. Upon any such resignation or removal of the Administrative Agent, the
		Required Lenders shall have the right to appoint a successor Administrative
		Agent, subject (so long as no Event of Default exists) to the consent of RenRe
		(which consent shall not be unreasonably withheld). If no successor
		Administrative Agent shall have been so appointed by the Required Lenders, and
		shall have accepted such appointment, within 30 days after the retiring
		Administrative Agent’s giving of notice of resignation or the Required
		Lenders’ removal of the retiring Administrative Agent, then the retiring
		Administrative Agent may, on behalf of the Lenders, appoint a successor
		Administrative Agent, which shall be a commercial bank organized under the laws
		of the United States or of any State thereof and having a combined capital and
		surplus of at least $250,000,000. Upon the acceptance of any appointment as
		Administrative Agent hereunder by a successor Administrative Agent, such
		successor Administrative Agent shall succeed to and become vested with all the
		rights, powers, discretion, privileges and duties of the retiring
		Administrative Agent, and the retiring Administrative Agent shall be discharged
		from its duties and obligations under the Credit Documents. If within 45 days
		after written notice is given of the retiring Administrative Agent’s
		resignation or removal under this Section 8.06 no successor
		Administrative Agent shall have been appointed and shall have accepted such
		appointment, then on such 45th day (i) the retiring Administrative
		Agent’s resignation or removal shall become effective, (ii) the
		retiring Administrative Agent shall thereupon be discharged from its duties and
		obligations under the Credit Documents and (iii) the Required Lenders
		shall thereafter perform all duties of the retiring Administrative Agent under
		the Credit Documents until such time, if any, as the Required Lenders appoint a
		successor Administrative Agent as provided above. After any retiring
		Agent’s resignation or removal hereunder as Agent shall have become
		effective, the provisions of this Article VII shall inure to its
		benefit as to any actions taken or omitted to be taken by it while it was Agent
		under this Agreement. If the Collateral Agent resigns or is removed at any time
		and no successor Collateral Agent has been appointed and agreed to serve as
		such, the Administrative Agent shall be the Collateral Agent. If the
		Syndication Agent, Documentation Agent or other named agent, other than the
		Administrative Agent or Collateral Agent, ceases to be a Lender hereunder, it
		shall be deemed to have resigned as such agent and no replacement shall be
		appointed.
	 

	 
		                  Section
		8.07           Collateral
		Matters. 
	 

	 
		                (a)           The
		Administrative Agent and the Collateral Agent are authorized on behalf of the
		Lenders, without the necessity of any further notice to or consent from any of
		the Lenders, from time to time to take any action with respect to any
		Collateral or Security Document that may be necessary or as it may deem to be
		appropriate to perfect, maintain and protect the security interests in and
		Liens on the Collateral granted pursuant to the Security Documents.
	 

	 
		                (b)           The
		Lenders irrevocably authorize the Administrative Agent (acting directly or
		through the Collateral Agent) to release any security interest in or Lien on
		the Collateral held by it pursuant to the Security Documents (i) upon the
		termination of the Issuing Bank’s obligation to issue Letters of Credit
		hereunder, the payment in full of the Obligations and the satisfaction and
		termination in full of all other Letter of Credit Outstandings, (ii) that
		is sold or disposed of as permitted hereunder or any other Credit Document or
		to which the requisite number or percentage of Lenders have consented or
		(iii) otherwise pursuant to and in accordance with the provisions of any
		applicable Credit Document. Upon request by the Administrative Agent at any
		
	 

	 
		67
	 

	 

	 
		

	 

	 
		time, the Lenders
		will confirm in writing the Administrative Agent’s authority to release
		Collateral pursuant to this subsection (b).
	 

	 
		                Section
		8.08          
		 Other Named Agents . Notwithstanding any other provision
		of this Agreement or any of the other Credit Documents, the Syndication Agent,
		Documentation Agent or any other named agents, other than the Administrative
		Agent and Collateral Agent, are named as such for recognition purposes only,
		and in their capacities as such shall have no powers, rights, duties,
		responsibilities or liabilities with respect to this Agreement and the other
		Credit Documents and the transactions contemplated hereby and thereby.
	 

	 
		ARTICLE
		IX
	 

	 
		MISCELLANEOUS
	 

	 
		                Section
		9.01          
		 Amendments, etc.    Except as expressly
		provided in Section 2.19 with respect to any extension of the Expiration
		Date, no amendment or waiver of any provision of this Agreement or any other
		Credit Document, nor consent to any departure by any Credit Party therefrom,
		shall in any event be effective unless the same shall be in writing and signed
		by the Issuing Bank and the Required Lenders (and, in the case of an amendment,
		RenRe), and then any such waiver or consent shall be effective only in the
		specific instance and for the specific purpose for which given;
		provided, however, that no amendment, waiver or consent shall,
		unless in writing and signed by all of the Lenders (other than (A) any
		Lender that is, at such time, a Defaulting Lender, and (B) in the case of
		clauses (vi) and (vii) below, any Lender which is not and will not be (and
		is not and will not be owed any obligation which is or will be) affected
		thereby), do any of the following at any time: (i) waive any of the
		conditions specified in Section 3.02 or, in the case of the Restatement
		Effective Date, Section 3.01, (ii) change the percentage of
		(x) the L/C Commitments, (y) the aggregate unpaid principal amount of
		the Letter of Credit Advances or (z) the aggregate Available Amount of
		outstanding Letters of Credit that, in each case, shall be required for the
		Lenders or any of them to take any action hereunder, (iii) release any
		Credit Party or otherwise limit such Credit Party’s liability with respect
		to the Obligations owing to the Agents and the Lenders, (iv) amend
		Section 2.03(a)(i) (with respect to the requirement of Pro Rata payments
		to the Issuing Bank and the funding Lenders), Section 2.09, or
		this Section 9.01, (v) except as provided in
		Section 2.18, increase the L/C Commitments of the Lenders or
		subject the Lenders to any additional obligations, (vi) reduce the
		principal of, or interest on, any Reimbursement Obligation or any fees or other
		amounts payable hereunder, or increase any Lender’s L/C Commitment except
		as provided in Section 2.18, (vii) postpone any date
		fixed for any payment of principal of, or interest on, any Reimbursement
		Obligation or any fees or other amounts payable hereunder, (viii) limit
		the liability of any Credit Party under any of the Credit Documents, or
		(ix) release any of the Collateral if such release would cause the
		aggregate Collateral Value to be less than the Letter of Credit Outstandings;
		provided further  that no amendment, waiver or consent shall,
		unless in writing and signed by an Agent in addition to the Lenders required
		above to take such action, affect the rights or duties of such Agent under this
		Agreement or the other Credit Documents.
	 

	 
		68
	 

	 

	 
		

	 

	 
		                  Section
		9.02           Notices,
		etc. 
	 

	 
		                (a)           All
		notices and other communications provided for hereunder shall be in writing
		(including telecopy communication) and telecopied or delivered (by mail,
		overnight delivery service or otherwise), if to any Account Party, to RenRe at
		the address set forth below on the signature pages hereof; if to any Lender, at
		its Lending Office, if to Wachovia in its capacity as Issuing Bank, at its
		address at 401 Linden Street, Mail Code NC-6034, Winston-Salem, North
		Carolina 27101, Attn: International Operations – Standby Letter of
		Credit Department, Telecopy No. (336) 735-0952, if to Wachovia in its
		capacities as Administrative Agent or Collateral Agent respectively, at its
		address shown on Schedule I, or, as to any party, at such other address
		as shall be designated by such party in a written notice to the other parties.
		All such notices and communications shall be effective, (i) when
		telecopied, when transmitted by telecopier, (ii) when delivered via
		reputable overnight delivery service, on the next Business Day following the
		date of mailing with such overnight delivery service, and (iii) otherwise,
		upon delivery to the party receiving notice, except that notices and
		communications to the Administrative Agent pursuant to Article II,
		III or VII shall not be effective until received by the
		Administrative Agent. Manual delivery by telecopier of an executed counterpart
		of any amendment or waiver of any provision of this Agreement or of any Exhibit
		hereto to be executed and delivered hereunder shall be effective as delivery of
		an original executed counterpart thereof.
	 

	 
		                (b)           In
		addition to the methods of notice described in Section 9.02(a), notices
		and other communications to the Lenders hereunder may be delivered or furnished
		by electronic communication (including e-mail and internet or intranet
		websites) pursuant to procedures approved by the Administrative Agent,
		provided that the foregoing shall not apply to notices to any Lender
		pursuant to Article II if such Lender has notified the
		Administrative Agent that it is incapable of receiving notices under such
		Article by electronic communication. The Administrative Agent or RenRe may, in
		its discretion, agree to accept notices and other communications to it
		hereunder by electronic communication pursuant to procedures approved by it,
		provided that approval of such procedures may be limited to particular
		notices or communications. Unless the Administrative Agent otherwise
		prescribes, (i) notices and other communications sent to an e-mail address
		shall be deemed received upon the sender’s receipt of an acknowledgement
		from the intended recipient (such as by the “return receipt
		requested” function, as available, return e-mail or other written
		acknowledgement), provided that if such notice or other communication is
		not sent during the normal business hours of the recipient, such notice or
		communication shall be deemed to have been sent at the opening of business on
		the next business day for the recipient, and (ii) notices or other
		communications posted to an internet or intranet website shall be deemed
		received upon the deemed receipt by the intended recipient at its e-mail
		address as described in the foregoing clause (i) of notification that such
		notice or communication is available and identifying the website address
		therefor.
	 

	 
		                (c)           Each
		Credit Party hereby irrevocably and unconditionally authorizes RenRe to deliver
		any and all notices, statements, consents or other communications required or
		allowed on behalf of each of the Credit Parties pursuant to the Credit
		Documents, and the Administrative Agent, the Issuing Bank, the Collateral Agent
		and the Lenders shall be fully protected in relying upon any such notice,
		statement, consent or other communication delivered by RenRe.
	 

	 
		69
	 

	 

	 
		

	 

	 
		                  Section
		9.03           Costs
		and Expenses; Indemnification. 
	 

	 
		                (a)           RenRe
		and each Account Party agrees whether or not the transactions contemplated by
		this Agreement shall be consummated, to pay on demand (i) all reasonable
		costs and expenses of the Administrative Agent, the Collateral Agent and of the
		Issuing Bank in connection with (A) the preparation, execution, delivery,
		administration, modification and amendment of the Credit Documents (B) the
		administration, monitoring and review of the Collateral, (C) any attempt
		to inspect, verify, protect, collect, sell, liquidate or otherwise dispose of
		any Collateral and (D) the creation, perfection and maintenance of the
		perfection of the Collateral Agent’s Liens upon the Collateral, including,
		without limitation, lien search, filing and recording fees (including without
		limitation (x) all due diligence, collateral review, syndication,
		transportation, computer, duplication, appraisal, audit, insurance, consultant,
		search, filing and recording fees and expenses, out-of-pocket expenses for
		travel, meals, long-distance telephone calls, wire transfers, facsimile
		transmissions and copying and with respect to the engagement of appraisers,
		consultants, auditors or similar Persons by the Administrative Agent or
		Collateral Agent at any time, whether before or after the Restatement Effective
		Date, to render opinions concerning the value of the Collateral, and
		(y) the Attorney Costs for the Administrative Agent, Collateral Agent and
		Issuing Bank with respect thereto (including local Bermuda and Pennsylvania
		counsel), with respect to advising the Administrative Agent and Collateral
		Agent as to their rights and responsibilities, or the perfection, protection or
		preservation of rights or interests, under the Credit Documents, with respect
		to negotiations with any Credit Party or with other creditors of any Credit
		Party or any of its Subsidiaries arising out of any Default or Event of Default
		or any events or circumstances that may give rise to a Default or Event of
		Default and with respect to presenting claims in or otherwise participating in
		or monitoring any bankruptcy, insolvency or other similar proceeding involving
		creditors’ rights generally and any proceeding ancillary thereto) and
		(ii) all reasonable costs and expenses of each Agent, the Issuing Bank and
		each Lender in connection with the enforcement of the Credit Documents
		(including without limitation in connection with the sale of, collection from,
		or other realization upon, the Collateral), whether in any action, suit or
		litigation, or any bankruptcy, insolvency or other similar proceeding affecting
		creditors’ rights generally (including without limitation the reasonable
		Attorney Costs for the Administrative Agent, the Collateral Agent, the Issuing
		Bank and each Lender with respect thereto).
	 

	 
		                (b)           RenRe
		agrees whether or not the transactions contemplated by this Agreement shall be
		consummated, to indemnify and hold harmless each Agent, the Arrangers, the
		Issuing Bank, each Lender and each of their Affiliates and their respective
		officers, directors, employees, agents and advisors (each, an
		“Indemnified Party”) from and against any and all claims,
		damages, losses, liabilities, penalties and expenses (including without
		limitation reasonable Attorney Costs) that may be incurred by or asserted or
		awarded against any Indemnified Party, in each case arising out of or in
		connection with or by reason of (including without limitation in connection
		with any investigation, litigation or proceeding or preparation of a defense in
		connection therewith) this Agreement, the other Credit Documents, the actual or
		proposed use of the proceeds of the Letter of Credit Advances or any of the
		transactions contemplated thereby or any transaction financed or supported by
		(or to be financed or supported by) in whole or in part, directly or
		indirectly, with the proceeds of any Letters of Credit, or any action, suit or
		proceeding (including any inquiry or investigation) by any Person, whether
		threatened or initiated, related to any of the foregoing, and in any case
		whether or not such Indemnified Party is a party to any 
	 

	 
		70
	 

	 

	 
		

	 

	 
		such action,
		proceeding or suit or a subject of any such inquiry or investigation, except to
		the extent such claim, damage, loss, liability or expense is found in a final,
		non-appealable judgment by a court of competent jurisdiction to have resulted
		from such Indemnified Party’s gross negligence or willful misconduct. In
		the case of an investigation, litigation or other proceeding to which the
		indemnity in this Section 9.03(b) applies, such indemnity shall be
		effective whether or not such investigation, litigation or proceeding is
		brought by any Credit Party, its directors, shareholders or creditors or an
		Indemnified Party or any Indemnified Party is otherwise a party thereto and
		whether or not the transactions contemplated by the Credit Documents are
		consummated. Each of RenRe and the Account Parties also agrees not to assert
		any claim against any Agent, the Arrangers, any Lender or any of their
		Affiliates, or any of their respective officers, directors, employees,
		attorneys and agents, on any theory of liability, for special, indirect,
		consequential or punitive damages arising out of or otherwise relating to the
		credit facilities provided hereunder, the actual or proposed use of the
		proceeds of the Letter of Credit Advances or the Letters of Credit, the Credit
		Documents or any of the transactions contemplated by the Credit Documents. No
		Indemnified Party shall be liable for any damages arising from the use by
		unintended recipients of any information or other materials distributed by it
		through telecommunications, electronic or other information transmission
		systems (including Intralinks, SyndTrak or similar systems) in connection with
		this Agreement or the other Credit Documents or the transactions contemplated
		hereby or thereby, except to the extent that any losses, claims, damages,
		liabilities or expenses result from the gross negligence or willful misconduct
		of such Indemnified Party in making any such transmission as determined by a
		final non-appealable judgment of a court of competent jurisdiction. All of the
		foregoing indemnified costs of any Indemnified Party shall be paid or
		reimbursed by RenRe, as and when incurred and within ten Business Days after
		demand.
	 

	 
		                (c)           Without
		prejudice to the survival of any other agreement of any Credit Party hereunder
		or under any other Credit Document, the agreements and obligations of the
		Credit Parties contained in Section 2.07 and this Section 9.03
		shall survive the payment in full of principal, interest and all other amounts
		payable hereunder and under any of the other Credit Documents.
	 

	 
		                Section
		9.04          
		 Right of Set-off .  Upon (a) the occurrence
		and during the continuance of any Event of Default with respect to a Credit
		Party and (b) the making of the request or the granting of the consent
		specified by Section 7.03 to authorize the Administrative Agent to
		declare amounts owing hereunder by such Credit Party to be due and payable
		pursuant to the provisions of Section 7.03, each Agent and each Lender
		and each of their respective Affiliates is hereby authorized at any time and
		from time to time, to the fullest extent permitted by law, to set off and
		otherwise apply any and all deposits of such Credit Party (general or special,
		time or demand, provisional or final) at any time held and other indebtedness
		at any time owing by such Agent, such Lender or such Affiliate to or for the
		credit or the account of such Credit Party against any and all of the
		Obligations of such Credit Party now or hereafter existing under the Credit
		Documents, irrespective of whether such Agent or such Lender shall have made
		any demand under this Agreement and although such Obligations may be unmatured.
		Each Agent and each Lender agrees promptly to notify RenRe after any such
		set-off and application; provided, however, that the failure to
		give such notice shall not affect the validity of such set-off and application.
		The rights of each Agent and each Lender and their respective Affiliates under
		this 
	 

	 
		
	 

	 
		71
	 

	 

	 
		

	 

	 
		Section
		9.04  are in addition to other rights and remedies (including
		without limitation other rights of set-off) that such Agent, such Lender and
		their respective Affiliates may have.
	 

	 
		                  Section
		9.05           Assignments
		and Participations. 
	 

	 
		                (a)           Each
		Lender may, and so long as no Default or Event of Default shall have occurred
		and be continuing, if demanded by RenRe (following a demand by such Lender
		pursuant to Section 2.12 ) upon at least five (5) Business
		Days notice to such Lender and the Administrative Agent, will, assign to one or
		more Eligible Assignees all or a portion of its rights and obligations under
		this Agreement (including without limitation all or a portion of its L/C
		Commitment, its L/C Participation Interest and the Letter of Credit Advances
		owing to it); provided, however, that (i) each such
		assignment shall be of a uniform, and not a varying, percentage of all rights
		and obligations of such Lender hereunder, except for any non-pro rata
		assignment made by a Downgraded Lender after a request by the Issuing Bank
		pursuant to Section 2.14 (and any subsequent non-pro rata assignment of
		the interest so assigned by the Downgraded Lender) and any other non-pro rata
		assignment approved by the Administrative Agent and RenRe, (ii) except in
		the case of an assignment to a Person that, immediately prior to such
		assignment, was a Lender or an Affiliate of any Lender or an assignment of all
		of a Lender’s rights and obligations under this Agreement, the aggregate
		amount of the L/C Commitments being assigned to such Eligible Assignee pursuant
		to such assignment (determined as of the date of the Assignment and Acceptance
		with respect to such assignment) shall in no event be less than $10,000,000
		unless it is an assignment of the entire amount of such assignor’s L/C
		Commitment, (iii) each such assignment shall be to an Eligible Assignee,
		(iv) each assignment made as a result of a demand by RenRe pursuant to
		Section 2.12  shall be arranged by RenRe after consultation
		with the Administrative Agent and shall be either an assignment of all of the
		rights and obligations of the assigning Lender under this Agreement or an
		assignment of a portion of such rights and obligations made concurrently with
		another such assignment or other such assignments that together cover all of
		the rights and obligations of the assigning Lender under this Agreement,
		(v) no Lender shall be obligated to make any such assignment as a result
		of a demand by RenRe pursuant to Section 2.12  unless and
		until such Lender shall have received one or more payments from either the
		applicable Account Party or other Eligible Assignees in an aggregate amount at
		least equal to the aggregate outstanding principal amount of the Letter of
		Credit Advances made by such Lender, together with accrued interest thereon to
		the date of payment of such principal amount and all other amounts payable to
		such Lender under this Agreement, (vi) as a result of such assignment, no
		Account Party shall be subject to additional amounts under Section 2.06
		or 2.08 and (vii) the parties to each such assignment shall execute
		and deliver to the Administrative Agent, for its acceptance and recording in
		the Register, an Assignment and Acceptance, together with a processing and
		recordation fee of $3,500.00. In connection with each assignment permitted
		hereunder, RenRe agrees to cause to be provided to the assignee, upon request,
		the opinions described in Section 3.01(i)(I) (whether
		by a reliance provision in the original opinion or by a reliance letter or new
		opinion delivered to the assignee).
	 

	 
		                (b)           Upon
		such execution, delivery, acceptance and recording, from and after the
		effective date specified in such Assignment and Acceptance, (i) the
		assignee thereunder shall be a party hereto and, to the extent that rights and
		obligations hereunder have been assigned to it pursuant to such Assignment and
		Acceptance, have the rights and obligations of a Lender, hereunder and
		(ii) the Lender assignor thereunder shall, to the extent that rights and
		obligations 
	 

	 
		72
	 

	 

	 
		

	 

	 
		hereunder have been
		assigned by it pursuant to such Assignment and Acceptance, relinquish its
		rights (other than its rights under Sections 2.06, 2.08 and
		9.03 to the extent any claim thereunder relates to an event arising
		prior to such assignment and any other rights that are expressly provided
		hereunder to survive) and be released from its obligations under this Agreement
		(and, in the case of an Assignment and Acceptance covering all of the remaining
		portion of an assigning Lender’s rights and obligations under this
		Agreement, such Lender shall cease to be a party hereto).
	 

	 
		                (c)           By
		executing and delivering an Assignment and Acceptance, each Lender assignor
		thereunder and each assignee thereunder confirm to and agree with each other
		and the other parties thereto and hereto as follows: (i) other than
		as provided in such Assignment and Acceptance, such assigning Lender makes no
		representation or warranty and assumes no responsibility with respect to any
		statements, warranties or representations made in or in connection with any
		Credit Document or the execution, legality, validity, enforceability,
		genuineness, sufficiency or value of, or the perfection or priority of any lien
		or security interest created or purported to be created under or in connection
		with, any Credit Document or any other instrument or document furnished
		pursuant thereto; (ii) such assigning Lender makes no representation or
		warranty and assumes no responsibility with respect to the financial condition
		of any Credit Party or the performance or observance by any Credit Party of any
		of its obligations under any Credit Document or any other instrument or
		document furnished pursuant thereto; (iii) such assignee confirms that it
		has received a copy of this Agreement, together with copies of the financial
		statements referred to in Section 5.01 and such other
		documents and information as it has deemed appropriate to make its own credit
		analysis and decision to enter into such Assignment and Acceptance;
		(iv) such assignee will, independently and without reliance upon any
		Agent, such assigning Lender or any other Lender and based on such documents
		and information as it shall deem appropriate at the time, continue to make its
		own credit decisions in taking or not taking action under this Agreement;
		(v) such assignee confirms that it is an Eligible Assignee; (vi) such
		assignee appoints and authorizes each Agent to take such action as agent on its
		behalf and to exercise such powers and discretion under the Credit Documents as
		are delegated to such Agent by the terms hereof and thereof, together with such
		powers and discretion as are reasonably incidental thereto; and (vii) such
		assignee agrees that it will perform in accordance with their terms all of the
		obligations that by the terms of this Agreement are required to be performed by
		it as a Lender.
	 

	 
		                (d)           The
		Administrative Agent, acting for this purpose (but only for this purpose) as
		the agent of the Account Parties, shall maintain at its address referred to in
		Section 9.02 a copy of each Assignment and Acceptance delivered to and
		accepted by it and a register for the recordation of the names and addresses of
		the Lenders and the L/C Commitment of, and principal amount of the Letter of
		Credit Advances owing to, each Lender from time to time (the
		“Register”). The entries in the Register shall be conclusive
		and binding for all purposes, absent manifest error, and the Credit Parties,
		the Agents and the Lenders shall treat each Person whose name is recorded in
		the Register as a Lender hereunder for all purposes of this Agreement. The
		Register shall be available for inspection by any Credit Party or any Agent or
		any Lender at any reasonable time and from time to time upon reasonable prior
		notice.
	 

	 
		                (e)           Upon
		its receipt of an Assignment and Acceptance executed by an assigning Lender and
		an assignee, the Administrative Agent shall, if such Assignment and Acceptance
		has 
	 

	 
		73
	 

	 

	 
		

	 

	 
		been completed and is
		in substantially the form of Exhibit B hereto, (i) accept such
		Assignment and Acceptance, (ii) record the information contained therein
		in the Register and (iii) give prompt notice thereof to RenRe and to the
		parties to such Assignment and Acceptance.
	 

	 
		                (f)            Each
		Lender may sell participations to one or more Persons (other than any Credit
		Party or any of its Affiliates) in or to all or a portion of its rights and
		obligations under this Agreement (including without limitation all or a portion
		of its L/C Commitment, its L/C Participation Interest and the Letter of Credit
		Advances owing to it); provided, however, that (i) such
		Lender’s obligations under this Agreement (including without limitation
		its L/C Participation Interest) shall remain unchanged, (ii) such Lender
		shall remain solely responsible to the other parties hereto for the performance
		of such obligations, (iii) the Credit Parties, the Agents and the other
		Lenders shall continue to deal solely and directly with such Lender in
		connection with such Lender’s rights and obligations under this Agreement
		and (iv) no participant under any such participation shall have any right
		to approve any amendment or waiver of any provision of any Credit Document, or
		any consent to any departure by any Credit Party therefrom, except to the
		extent that such amendment, waiver or consent would reduce the principal of, or
		interest on, reimbursement obligations or any fees or other amounts payable
		hereunder, in each case to the extent subject to such participation, postpone
		any date fixed for any payment of principal of, or interest on, the
		reimbursement obligations or any fees or other amounts payable hereunder, in
		each case to the extent subject to such participation, or release any of the
		Collateral if such release would cause the aggregate Collateral Value to be
		less than the Letter of Credit Outstandings. Each Lender shall, as agent of the
		Account Parties solely for the purposes of this Section, record in book entries
		maintained by such Lender, the name and amount of the participating interest of
		each Person entitled to receive payments in respect of any participating
		interests sold pursuant to this Section.
	 

	 
		                (g)           Any
		Lender may, in connection with any assignment or participation or proposed
		assignment or participation pursuant to this Section 9.05, disclose to
		the assignee or participant or proposed assignee or participant any information
		relating to any Credit Party furnished to such Lender by or on behalf of any
		Credit Party; provided, however, that, prior to any such
		disclosure, the assignee or participant or proposed assignee or participant
		shall agree to preserve the confidentiality of any Confidential Information
		received by it from such Lender.
	 

	 
		                (h)           Notwithstanding
		any other provision set forth in this Agreement, any Lender may at any time
		create a security interest in all or any portion of its rights under this
		Agreement (including without limitation the Letter of Credit Advances owing to
		it) in favor of any Federal Reserve Bank in accordance with Regulation A
		of the Board of Governors of the Federal Reserve System.
	 

	 
		                
		 Section
		9.06          No
		Waiver.  The rights and remedies of the Agents and the Lenders
		expressly set forth in this Agreement and the other Credit Documents are
		cumulative and in addition to, and not exclusive of, all other rights and
		remedies available at law, in equity or otherwise. No failure or delay on the
		part of any Agent or any Lender in exercising any right, power or privilege
		shall operate as a waiver thereof, nor shall any single or partial exercise of
		any such right, power or privilege preclude other or further exercise thereof
		or the exercise of any other right, power or privilege or be construed to be a
		waiver of any Substitution Event, Suspension Event, Default or Event of
		Default. No course of dealing between any of the Credit Parties and the Agents
		or the 
	 

	 
		74
	 

	 

	 
		

	 

	 
		Lenders or their
		agents or employees shall be effective to amend, modify or discharge any
		provision of this Agreement or any other Credit Document or to constitute a
		waiver of any Substitution Event, Suspension Event, Default or Event of
		Default. No notice to or demand upon any Credit Party in any case shall entitle
		such Credit Party or any other Credit Party to any other or further notice or
		demand in similar or other circumstances or constitute a waiver of the right of
		any Agent or any Lender to exercise any right or remedy or take any other or
		further action in any circumstances without notice or demand.
	 

	 
		                Section
		9.07          
		 Successors and Assigns . This Agreement shall be binding
		upon, inure to the benefit of and be enforceable by the respective successors
		and assigns of the parties hereto, and all references herein to any party shall
		be deemed to include its successors and assigns; provided,
		however, that (i) none of the Credit Parties shall sell, assign or
		transfer any of its rights, interests, duties or obligations under this
		Agreement without the prior written consent of all of the Lenders and
		(ii) any assignees and participants shall have such rights and obligations
		with respect to this Agreement and the other Credit Documents as are provided
		for under and pursuant to the provisions of Section 9.05.
	 

	 
		               
		   Section
		9.08          Survival.
		 All representations, warranties and agreements made by or on behalf of
		the Credit Parties in this Agreement and in the other Credit Documents shall
		survive the execution and delivery hereof or thereof and the issuance and
		repayment of the Letters of Credit. In addition, notwithstanding anything
		herein or under applicable law to the contrary, the provisions of this
		Agreement and the other Credit Documents relating to indemnification or payment
		of fees, costs and expenses shall survive the termination of all L/C
		Commitments and L/C Participation Interests, the termination or expiration of
		all Letters of Credit and the payment in full of all principal and interest
		with respect to Letter of Credit Advances, and any termination of this
		Agreement or any of the other Credit Documents.
	 

	 
		                Section
		9.09          
		 Severability .  To the extent any provision of this
		Agreement is prohibited by or invalid under the applicable law of any
		jurisdiction, such provision shall be ineffective only to the extent of such
		prohibition or invalidity and only in such jurisdiction, without prohibiting or
		invalidating such provision in any other jurisdiction or the remaining
		provisions of this Agreement in any jurisdiction.
	 

	 
		                Section
		9.10          
		 Construction .  The headings of the various
		articles, sections and subsections of this Agreement have been inserted for
		convenience only and shall not in any way affect the meaning or construction of
		any of the provisions hereof. Except as otherwise expressly provided herein and
		in the other Credit Documents, in the event of any inconsistency or conflict
		between any provision of this Agreement and any provision of any of the other
		Credit Documents, the provision of this Agreement shall control.
	 

	 
		                
		 Section
		9.11          Confidentiality.
		 Each Lender agrees to keep confidential, pursuant to its customary
		procedures for handling confidential information of a similar nature and in
		accordance with safe and sound banking practices, all nonpublic information
		provided to it by or on behalf of the Credit Parties in connection with this
		Agreement or any other Credit Document; provided, however, that
		any Lender may disclose such information (a) to its directors, employees
		and agents and to its auditors, counsel and other professional advisors,
		(b) at the demand or request of any bank regulatory authority, court or
		other Governmental Authority having or asserting 
	 

	 
		75
	 

	 

	 
		

	 

	 
		jurisdiction over
		such Lender, as may be required pursuant to subpoena or other legal process, or
		otherwise in order to comply with any applicable Requirements of Law,
		(c) in connection with any proceeding to enforce its rights hereunder,
		under any other Credit Document or in any other litigation or proceeding in
		connection with the Credit Documents, (d) to the Agents or any other
		Lender, (e) to the extent the same has become publicly available other
		than as a result of a breach of this Agreement and (f) pursuant to and in
		accordance with the provisions of Section 9.05.
	 

	 
		                Section
		9.12          
		 Counterparts; Effectiveness . This Agreement may be
		executed in any number of counterparts and by different parties hereto on
		separate counterparts, each of which when so executed and delivered shall be an
		original, but all of which shall together constitute one and the same
		instrument. This Agreement shall become effective upon the execution of a
		counterpart hereof by each of the parties hereto and receipt by the
		Administrative Agent and RenRe of written or telephonic notification of such
		execution and authorization of delivery thereof.
	 

	 
		                
		 Section
		9.13          Disclosure
		of Information. The Credit Parties agree and consent to the Administrative
		Agent’s disclosure of information relating to this transaction to Gold
		Sheets  and other similar bank trade publications. Such information
		will consist of deal terms and other information customarily found in such
		publications.
	 

	 
		                
		 Section
		9.14          Entire
		Agreement.  THIS AGREEMENT AND THE OTHER DOCUMENTS AND INSTRUMENTS
		EXECUTED AND DELIVERED IN CONNECTION HEREWITH (A) EMBODY THE ENTIRE
		AGREEMENT AND UNDERSTANDING BETWEEN THE PARTIES HERETO AND THERETO RELATING TO
		THE SUBJECT MATTER HEREOF AND THEREOF, (B) SUPERSEDE ANY AND ALL PRIOR
		AGREEMENTS AND UNDERSTANDINGS OF SUCH PERSONS, ORAL OR WRITTEN, RELATING TO THE
		SUBJECT MATTER HEREOF AND THEREOF, INCLUDING, WITHOUT LIMITATION, THE
		COMMITMENT LETTER FROM WACHOVIA TO RENRE DATED MARCH 12, 2004, BUT SPECIFICALLY
		EXCLUDING THE FEE LETTERS, AND (C) MAY NOT BE AMENDED, SUPPLEMENTED,
		CONTRADICTED OR OTHERWISE MODIFIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
		SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
	 

	 
		                Section
		9.15          
		 Governing Law; Consent to Jurisdiction . THIS AGREEMENT
		AND THE OTHER CREDIT DOCUMENTS HAVE BEEN EXECUTED, DELIVERED AND ACCEPTED IN,
		AND SHALL BE DEEMED TO HAVE BEEN MADE IN, NEW YORK AND SHALL BE GOVERNED BY AND
		CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
		(INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF
		THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF LAW
		PROVISIONS THEREOF); PROVIDED THAT EACH LETTER OF CREDIT SHALL BE
		GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OR RULES
		DESIGNATED IN SUCH LETTER OF CREDIT OR, IF NO SUCH LAWS OR RULES ARE
		DESIGNATED, THE INTERNATIONAL STANDBY PRACTICES OF THE INTERNATIONAL CHAMBER OF
		COMMERCE AS IN EFFECT FROM TIME TO TIME (THE “ISP”), AND, AS
		TO MATTERS NOT GOVERNED BY THE ISP, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
		REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF). EACH CREDIT PARTY HEREBY
		CONSENTS TO THE 
	 

	 
		76
	 

	 

	 
		

	 

	 
		NONEXCLUSIVE
		JURISDICTION OF ANY STATE COURT WITHIN NEW YORK COUNTY, NEW YORK OR ANY FEDERAL
		COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK FOR ANY
		PROCEEDING INSTITUTED HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS, OR
		ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT
		DOCUMENTS, OR ANY PROCEEDING TO WHICH THE AGENT OR ANY LENDER OR ANY CREDIT
		PARTY IS A PARTY, INCLUDING ANY ACTIONS BASED UPON, ARISING OUT OF, OR IN
		CONNECTION WITH ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER
		ORAL OR WRITTEN) OR ACTIONS OF ANY AGENT OR ANY LENDER OR PROCEEDING TO WHICH
		ANY AGENT OR ANY LENDER OR ANY CREDIT PARTY IS A PARTY. EACH CREDIT PARTY
		IRREVOCABLY AGREES TO BE BOUND (SUBJECT TO ANY AVAILABLE RIGHT OF APPEAL) BY
		ANY JUDGMENT RENDERED OR RELIEF GRANTED THEREBY AND FURTHER WAIVES ANY
		OBJECTION THAT IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR
		FORUM NON CONVENIENS  TO THE CONDUCT OF ANY SUCH PROCEEDING. EACH
		CREDIT PARTY CONSENTS THAT ALL SERVICE OF PROCESS BE MADE BY REGISTERED OR
		CERTIFIED MAIL DIRECTED TO IT AT THE ADDRESS OF ITS AGENT FOR SERVICE OF
		PROCESS, CT CORPORATION SERVICE, 111 8TH AVENUE, 13TH FLOOR, NEW YORK, NEW
		YORK, 10011, AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON THE
		EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED
		STATES MAILS, PROPER POSTAGE PREPAID AND PROPERLY ADDRESSED. NOTHING IN THIS
		SECTION SHALL AFFECT THE RIGHT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
		PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY AGENT OR ANY LENDER TO BRING ANY
		ACTION OR PROCEEDING AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER
		JURISDICTION. 
	 

	 
		                
		 Section
		9.16          Waiver of
		Jury Trial. Each of the Credit Parties, the Agents and the Lenders
		irrevocably waives all right to trial by jury in any action, proceeding or
		counterclaim (whether based on contract, tort or otherwise) arising out of or
		relating to any of the Credit Documents, the Letter of Credit Advances or the
		actions of any Agent or any Lender in the negotiation, administration,
		performance or enforcement thereof.
	 

	 
		                
		 Section
		9.17          PATRIOT Act
		Notice. Each Lender that is subject to the PATRIOT Act, the Issuing Bank
		and the Administrative Agent (for itself and not on behalf of any Lender)
		hereby notifies each Credit Party that pursuant to the requirements of the
		PATRIOT Act, it is required to obtain, verify and record information that
		identifies the Credit Parties, which information includes the name and address
		of each Credit Party and other information that will allow such Lender, the
		Issuing Bank or the Administrative Agent, as applicable, to identify each
		Credit Party in accordance with the PATRIOT Act.
	 

	 
		[REMAINDER OF PAGE
		INTENTIONALLY LEFT BLANK]
	 

	 
		77
	 

	 

	 
		

	 

	 
		                IN
		WITNESS WHEREOF, the parties hereto have caused this Agreement to be
		executed by their respective officers thereunto duly authorized, as of the date
		first above written.
	 

	 	 	
			 
				RENAISSANCE
				REINSURANCE LTD. 
			 

		  
	 	
			 
				GLENCOE
				INSURANCE LTD. 
			 

		  
	 	
			 DAVINCI REINSURANCE LTD. 
	 	
			 
				RENAISSANCERE HOLDINGS LTD. 

			 

		  
	 	 	 
	 	By:	 /s/ Fred R. Donner 
	 	Name: 	Fred R.
			 Donner
	 	Title: 	Chief Financial
			 Officer
	 	 	 
	 	
			 
				RENAISSANCE
				REINSURANCE OF EUROPE
			 

		  
	 	 	 
	 	By:	 /s/ Ian Britchfield 
	 	Name: 	 Ian
			 Britchfield 
	 	Title: 	Managing
			 Director
	 	 	 
	 	
			 
				Address for
				each Credit Party:
			 

		  
	 	
			 
				Renaissance
				House
			 

		  
	 	
			 
				8-20 East
				Broadway
			 

		  
	 	
			 Pembroke HM 19 Bermuda 
	 	
			 Telecopy: (441) 292-9453 

	 
		S-1
	 

	 

	 
		

	 

	 	 	
			 
				WACHOVIA
				BANK, NATIONAL 
 ASSOCIATION, as Administrative Agent, as
 Collateral
				Agent, as Issuing Bank and as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ William R. Goley
			 
	 	Name: 	 William R.
			 Goley 
	 	Title: 	 Director
			 

	 
		S-2
	 

	 

	 
		

	 

	 	 	
			 
				DEUTSCHE
				BANK AG NEW YORK
 BRANCH, as Syndication Agent and as a
				Lender
			 

		  
	 	 	 
	 	By:	 /s/ Michael Campites
			 
	 	Name: 	 Michael
			 Campites 
	 	Title: 	 Vice President
			 
	 	 	 
	 	By:	 /s/ John McGill 
	 	Name: 	 John McGill
			 
	 	Title: 	 Director
			 

	 
		S-3
	 

	 

	 
		

	 

	 	 	
			 
				ING BANK,
				N.V., LONDON BRANCH, as
 Documentation Agent and as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ N.J. Marchant 
	 	Name: 	 N.J. Marchant
			 
	 	Title: 	 Director
			 
	 	 	 
	 	By:	 /s/ M.E.R. Sharman 
	 	Name: 	 M.E.R. Sharman
			 
	 	Title: 	Managing
			 Director 

	 
		S-4
	 

	 

	 
		

	 

	 	 	
			 
				BAYERISCHE
				LANDESBANK, NEW YORK
 BRANCH, as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Steven Fielitz 
	 	Name: 	 Steven Fielitz
			 
	 	Title: 	Second Vice
			 President 
	 	 	 
	 	By:	 /s/ George J. Schnepf
			 
	 	Name: 	 George J.
			 Schnepf 
	 	Title: 	 Vice President
			 

	 
		S-5
	 

	 

	 
		

	 

	 	 	
			 
				LANDESBANK
				HESSEN-THÜRINGEN NEW 
 YORK BRANCH, as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Samuel W. Bridges
			 
	 	Name: 	 Samuel W.
			 Bridges 
	 	Title: 	 Senior Vice
			 President 
	 	 	 Financial
			 Institutions 
	 	 	   Public finance 
	 	 	 
	 	By:	 /s/ Irina Rakhlis 
	 	Name: 	 Irina Rakhlis
			 
	 	Title: 	 Credit Analyst
			 
	 	 	 Financial
			 Institutions 
	 	 	   Public Finance 

	 
		S-6
	 

	 

	 
		

	 

	 	 	
			 
				 LLOYDS TSB
				BANK PLC, as a Lender 
			 

		  
	 	 	 
	 	By:	 s/ Michael J. Gilligan
			 
	 	Name: 	 Michael J.
			 Gilligan 
	 	Title: 	 Financial
			 Institutions, USA 
	 	 	 G311
			 
	 	 	 
	 	By:	 s/ Candi Obrentz 
	 	Name: 	 Candi Obrentz
			 
	 	Title: 	 Assistant Vice
			 President 
	 	 	 Financial
			 Institutions USA 
	 	 	 0-013
			 

	 
		S-7
	 

	 

	 
		

	 

	 	 	
			 
				BANK OF
				AMERICA, N.A., as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Debra Basler 
	 	Name: 	 Debra Basler
			 
	 	Title: 	 Senior Vice
			 President 

	 
		S-8
	 

	 

	 
		

	 

	 	 	
			 
				CITIBANK,
				N.A., as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Michael Taylor 
	 	Name: 	 Michael Taylor
			 
	 	Title: 	 Managing
			 Director 

	 
		S-9
	 

	 

	 
		

	 

	 	 	
			 
				HSBC BANK
				USA, NATIONAL
 ASSOCIATION, as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Lawrence Karp 
	 	Name: 	 Lawrence Karp
			 
	 	Title: 	 Senior Vice
			 President 

	 
		S-10
	 

	 

	 
		

	 

	 	 	
			 
				MELLON BANK,
				N.A., as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Richard Arrington
			 
	 	Name: 	 Richard
			 Arrington 
	 	Title: 	 Executive Vice
			 President 

	 
		S-11
	 

	 

	 
		

	 

	 	 	
			 
				THE BANK OF
				NEW YORK, as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Richard G. Shaw 
	 	Name: 	 Richard G.
			 Shaw 
	 	Title: 	 Vice President
			 

	 
		S-12
	 

	 

	 
		

	 

	 	 	
			 
				 UBS LOAN
				FINANCE LLC, as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Richard L. Tavrow
			 
	 	Name: 	 Richard L.
			 Tavrow 
	 	Title: 	 Director
			 
	 	 	 
	 	By:	 /s/ David B. Julie 
	 	Name: 	 David B. Julie
			 
	 	Title: 	 Associate
			 Director 

	 
		S-13
	 

	 

	 
		

	 

	 	 	
			 
				BAYERISCHE
				HYPO-UND VEREINSBANK
 AG, NEW YORK BRANCH, as a Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Steve Lueker 
	 	Name: 	 Steve Lueker
			 
	 	Title: 	Director
			 
	 	 	 
	 	By:	 /s/ Michael Davis 
	 	Name: 	 Michael Davis
			 
	 	Title: 	 Director
			 

	 
		S-14
	 

	 

	 
		

	 

	 	 	
			 
				BNP
				PARIBAS, as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Peter A. Nikitalds
			 
	 	Name: 	 Peter A.
			 Nikitalds 
	 	Title: 	 Director
			 
	 	 	 
	 	By:	 /s/ Nair P. Raghu 
	 	Name: 	 Nair P. Raghu
			 
	 	Title: 	Vice President
			 

	 
		S-15
	 

	 

	 
		

	 

	 	 	
			 
				 MIZUHO
				CORPORATE BANK, LTD., as a
 Lender 
			 

		  
	 	 	 
	 	By:	 /s/ Robert Gallagher
			 
	 	Name: 	 Robert
			 Gallagher 
	 	Title: 	Senior Vice
			 President 

	 
		S-16
	 

	 

	 
		

	 

	 	 	
			 
				MORGAN
				STANLEY BANK, as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Daniel Twenge 
	 	Name: 	 Daniel Twenge
			 
	 	Title: 	 Authorized
			 Signatory 
	 	 	 Morgan Stanley
			 Bank 

	 
		S-17
	 

	 

	 
		

	 

	 	 	
			 
				THE BANK OF
				NOVA SCOTIA, as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Todd S. Meller 
	 	Name: 	 Todd S. Meller
			 
	 	Title: 	 Managing
			 Director 

	 
		S-18
	 

	 

	 
		

	 

	 	 	
			 
				COMERICA
				BANK, as a Lender
			 

		  
	 	 	 
	 	By:	 /s/ Chatphet Saipetch
			 
	 	Name: 	 Chatphet
			 Saipetch 
	 	Title: 	 Vice President
			 

	 
		S-19

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