Document:

EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of the 5th day of August, 2010 (this
“Amendment”), is entered into by and among Alterra Holdings Limited, a Bermuda company
resulting from the amalgamation of Amalco Sub and Harbor Point Limited (the “Amalgamated
Company”), Harbor Point Re Limited, a Bermuda company (“Harbor Point Re”), Harbor Point
U.S. Holdings, Inc., a Delaware corporation (“Harbor Point U.S. Holdings”) and Harbor Point
Reinsurance U.S., Inc., a Connecticut insurance company (“HPRe US”, and, together with the
Amalgamated Company, Harbor Point Re and Harbor Point U.S. Holdings, each a “Borrower” and
collectively the “Borrowers”), Alterra Capital Holdings Limited, a Bermuda company, various
financial institutions which are parties hereto (the “Lenders”), Bank of America, N.A., as
fronting bank (in such capacity, the “Fronting Bank”), Bank of America, N.A., as letter of
credit administrator (in such capacity, the “L/C Administrator”) and Bank of America, N.A.,
as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

R E C I T A L S

WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Amended
and Restated Credit Agreement, dated as of June 12, 2007 (as amended, restated, supplemented or
modified from time to time and in effect on the date hereof, the “Credit Agreement”); and

WHEREAS, the parties desire to amend the Credit Agreement on the terms set forth herein;

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

SECTION 1 CREDIT AGREEMENT DEFINITIONS. Capitalized terms used herein that are
defined in the Credit Agreement shall have the same meaning when used herein unless otherwise
defined herein.

SECTION 2 AMENDMENTS TO CREDIT AGREEMENT. Effective on, and subject to the occurrence
of the Second Amendment Effective Date (as defined below), the Credit Agreement shall be amended as
follows:

2.1 Amendment to Section 1. Section 1.01 of the Credit Agreement is amended as
follows:

(a) The definitions of “Amalgamated Company”, “Credit Party” and “G7
Securities” are amended in their entirety to read as follows:

“Amalgamated Company” means Alterra Holdings Limited, a Bermuda company
resulting from the amalgamation of Amalco Sub and Harbor Point Limited.

“Credit Party” means each of (a) Alterra Capital, (b) the Parent, (c)
prior to the HP Re Amalgamation Date, Harbor Point Re, and from and after the HP Re
Amalgamation Date, Alterra Bermuda, (c) prior to the HP US Merger Date, Harbor
Point U.S. Holdings, and from and after the HP US Merger Date, Alterra USA Holdings,
(d) HPRe US, (e) each Designated Borrower and (f) from and after the US Finance Co.
Guaranty Date, US Finance Co.

“G7 Securities” means any U.S. Dollar and non-U.S. Dollar denominated
evidence of Indebtedness, maturing not more than five years after such time, issued
or guaranteed by any country or an agency thereof which is a member of the G7 other
than the United States and Italy.

(b) (i) The definition of “Max Capital” is deleted and each reference in any
Loan Document (including any exhibit, schedule or annex thereto) to “Max Capital” or
“Max Capital Group Ltd.” shall be deemed to be a reference to Alterra Capital; (ii)
the definition of “Max Bermuda” is deleted and each reference to “Max Bermuda” or
“Max Bermuda Ltd.” in any Loan Document (including any exhibit, schedule or annex
thereto) shall be deemed to be a reference to (x) prior to the HP Re Amalgamation
Date, Alterra Insurance, and (y) from and after the HP Re Amalgamation Date, Alterra
Bermuda; (iii) from and after the HP Re Amalgamation Date, the definition of “Harbor
Point Re” is deleted and each reference to “Harbor Point Re” or “Harbor Point Re
Limited” in any Loan Document (including any exhibit, schedule or annex thereto)
shall be deemed to be a reference to Alterra Bermuda; (iv) the definition of “Max US
Holdings” is deleted and each reference to “Max US Holdings” and “Max USA Holdings
Ltd.” in any Loan Document (including any exhibit, schedule or annex thereto) shall
be deemed to be a reference to “Alterra USA Holdings”; (v) from and after the HP US
Merger Date, the definition of “Harbor Point U.S. Holdings” is deleted and each
reference to “Harbor Point U.S. Holdings” and “Harbor Point U.S. Holdings, Inc.” in
any Loan Document (including any exhibit, schedule or annex thereto) shall be deemed
to be a reference to “Alterra USA Holdings”; (vi) the definition of “Max UK” is
deleted and each reference to “Max UK” or “Max UK Holdings Ltd.” in any Loan
Document (including any exhibit, schedule or annex thereto) shall be deemed to be a
reference to “Alterra UK”; (vii) the definition of “Max Capital Credit Agreement” is
deleted and each reference to “Max Capital Credit Agreement” in any Loan Document
(including any exhibit, schedule or annex thereto) is deemed to be a reference to
“Alterra Capital Credit Agreement”; and (viii) the definition of “Max Capital Credit
Documents” is deleted and each reference to “Max Capital Credit Documents” in any
Loan Document (including any exhibit, schedule or annex thereto) is deemed to be a
reference to “Alterra Capital Credit Documents”.

(c) The following definitions are added in the proper alphabetical order:

“Alterra Bermuda” means Alterra Bermuda Limited, the Bermuda company
resulting from the amalgamation of Alterra Insurance and Harbor Point Re.

“Alterra Capital” means Alterra Capital Holdings Limited, a Bermuda
company (f/k/a Max Capital Group Ltd.).

“Alterra Capital Credit Agreement” means the Credit Agreement dated as
of August 7, 2007 (as amended, restated, supplemented or otherwise modified from
time to time) among Alterra Capital, prior to the HP Re Amalgamation Date, Alterra
Insurance, and from and after the HP Re Amalgamation Date, Alterra Bermuda, the
lenders identified therein and Bank of America, N.A., as administrative agent.

“Alterra Capital Credit Documents” means the “Credit Documents” as
defined in the Alterra Capital Credit Agreement.

“Alterra Insurance” means Alterra Insurance Limited, a Bermuda company
(f/k/a Max Bermuda Ltd.).

“Alterra UK” means Alterra UK Holdings Limited (f/k/a Max UK Holdings
Ltd.), a company formed under the laws of England and Wales.

“Alterra USA Holdings” means (i) prior to the HP US Merger Date,
Alterra USA Holdings Limited (f/k/a Max USA Holdings Ltd.) and (ii) from and after
the HP US Merger Date, Alterra USA Holdings Limited, the survivor of the merger
between Alterra USA Holdings Limited and Harbor Point U.S. Holdings.

“HP Re Amalgamation Date” means the effective date of the amalgamation
of Harbor Point Re and Alterra Insurance.

“HP US Merger Date” means the date on which the merger of Max US
Holdings and Harbor Point U.S. Holdings is effective.

“Reorganization” means the reorganization of the corporate structure of
Alterra Capital and its Subsidiaries including the amalgamation of Harbor Point Re
and Alterra Insurance, the merger of Harbor Point U.S. Holdings and Max US Holdings,
the transfer of ownership of various Wholly-Owned Subsidiaries to Alterra Capital or
other Wholly-Owned Subsidiaries, the creation of certain new Wholly-Owned
Subsidiaries, the liquidation of certain Subsidiaries and certain other steps and
actions which ultimately result (whether through amalgamation, merger, transfer,
Disposition or acquisition of Equity Interests or other assets, formation or
liquidation of Subsidiaries, issuance, incurrence or assumption of debt, issuance of
Equity Interests, payment of dividends or other distributions, capital contribution
or otherwise, all of which are occurring between Alterra Capital and/or various
Subsidiaries of Alterra Capital) in the corporate organization of Alterra Capital
and its Subsidiaries as set forth on Exhibit A to the Second Amendment Agreement
(the “Reorganized Structure”), with such further changes to the Reorganized
Structure that, if consummated, would not constitute a Default or Event of Default.

“Second Amendment” means the Second Amendment to Credit Agreement dated
as of the 5th day of August, 2010 among the Borrowers, the Lenders party thereto and
the Administrative Agent.

“Second Amendment Effective Date” has the meaning specified in the
Second Amendment.

“US Finance Co.” means Alterra Finance LLC, a Delaware limited
liability company, a Wholly-Owned Subsidiary of Alterra Capital.

“US Finance Co. Guaranty Date” means the date on which US Finance Co.
has executed and delivered (a) a Guaranty; (b) a certificate of the secretary or an
assistant secretary of US Finance Co., in form and substance reasonably satisfactory
to the Administrative Agent, certifying (i) that attached thereto is a true and
complete copy of the Organization Documents of US Finance Co. then in effect and as
in effect at all times from the date on which the resolutions referred to in clause
(ii) below were adopted to and including the date of such certificate, and (ii) that
attached thereto is a true and complete copy of resolutions adopted by the board of
directors (or similar governing body) of US Finance Co. authorizing the execution
and delivery of the Guaranty and the performance of the Guaranty and the other Loan
Documents to which it is a party, and (iii) as to the incumbency and genuineness of
the signature of each officer of US Finance Co. executing the Guaranty or any of the
other Loan Documents; and (c) such legal opinions of counsel to US Finance Co. as
may be reasonably requested by the Administrative Agent.

“US Finance Co. Indenture Restrictions” means restrictions of the type
set forth on Exhibit B to the Second Amendment on Alterra Capital and its
Subsidiaries contained in any indenture or supplemental indenture among US Finance
Co., as issuer, Alterra Capital, as guarantor, and a trustee that are no more
restrictive than those set forth on Exhibit B to the Second Amendment.

2.2 Amendment to Section 5.14. Section 5.14 of the Credit Agreement is amended
by deleting the words “The Parent and each of its Subsidiaries” and inserting “Each Borrower
and its respective Subsidiaries” therefor.

2.3 Amendment to Section 6.01. Section 6.01 of the Credit Agreement is amended
by adding the following new subsections at the end thereof:

(k) On or before the HP Re Amalgamation Date, deliver to the Administrative Agent,
such legal opinions of counsel to Alterra Capital regarding the amalgamation and
Alterra Bermuda as may be reasonably requested by the Administrative Agent and within
five Business Days following the HP Re Amalgamation Date, deliver to the Administrative
Agent (i) a certificate of the secretary or an assistant secretary of Alterra Bermuda,
in form and substance reasonably satisfactory to the Administrative Agent, certifying
(A) that attached thereto is a true and complete copy of the application for
registration of an amalgamated company and resulting memorandum of association of
Alterra Bermuda and that the same has been presented for filing with the Registrar of
Companies for the Bermuda Ministry of Finance, (B) that attached thereto is a true and
complete copy of the Bye-laws or similar governing document of Alterra Bermuda then in
effect and as in effect at all times from the date on which the resolutions referred to
in clause (C) below were adopted to and including the date of such certificate, (C)
that attached thereto is a true and complete copy of resolutions adopted by the board
of directors (or similar governing body) of Alterra Bermuda authorizing the performance
of the Loan Documents to which it is a party, and (D) as to the incumbency and
genuineness of the signature of each officer of Alterra Bermuda authorized to execute
Loan Documents, and attaching all such copies of the documents described above.

(l) On or before the HP US Merger Date, deliver to the Administrative Agent, (i) a
certificate of the secretary or an assistant secretary of Alterra USA Holdings, in form
and substance reasonably satisfactory to the Administrative Agent, certifying (A) that
attached thereto is a true and complete copy of the certificate of merger and resulting
articles of incorporation of Alterra USA Holdings filed with the Secretary of State of
Delaware, (B) that attached thereto is a true and complete copy of the By-laws or
similar governing document of Alterra USA Holdings then in effect and as in effect at
all times from the date on which the resolutions referred to in clause (C) below were
adopted to and including the date of such certificate, (C) that attached thereto is a
true and complete copy of resolutions adopted by the board of directors of Alterra USA
Holdings authorizing the performance of the Loan Documents to which it is a party, and
(D) as to the incumbency and genuineness of the signature of each officer of Alterra
USA Holdings authorized to execute Loan Documents, and attaching all such copies of the
documents described above; and (ii) such legal opinions of counsel to Alterra Capital
regarding the merger and the merged entity as may be reasonably requested by the
Administrative Agent.

2.4 Amendment to Section 7.04. Section 7.04 of the Credit Agreement is amended
by deleting the words “Create, incur, assume or suffer to exist any Indebtedness of Max
Capital’s Subsidiaries, except:” and inserting “Create, incur, assume or suffer to exist any
Indebtedness of Alterra Capital’s Subsidiaries (other than the Parent and, from and after
the US Finance Co. Guaranty Date, US Finance Co., which shall be able to incur Indebtedness
if Alterra Capital could incur such Indebtedness), except:” therefor.

2.5 Amendment to Section 7.09. Section 7.09 of the Credit Agreement is amended
by adding the following new clause (xv) at the end thereof:

; and (xv) from and after the US Finance Co. Guaranty Date, the US Finance Co.
Indenture Restrictions.

2.6 Amendment to Schedule 1.03. Schedule 1.03 is amended by deleting the
following:

	 	 	 	 	 
	“G7 Dollar denominated and non-Dollar
	 	 	92	%
	denominated Securities issued by the
Government of Italy or agencies thereof
	 	 	 	 

SECTION 3 REORGANIZATION. Notwithstanding anything to the contrary in the Credit
Agreement or any other Loan Document, the Lenders hereby consent to the Reorganization including
without limitation the amalgamation of Harbor Point Re and Max Bermuda, the merger of Harbor Point
U.S. Holdings and Max US Holdings, and all other actions and steps that may be undertaken, and
agreements or instruments that may be entered into, in order to effect the Reorganization (whether
through amalgamation, merger, transfer, Disposition or acquisition of Equity Interests or other
assets, formation or liquidation of Subsidiaries, issuance, incurrence or assumption of
intercompany debt or issuance of Equity Interests, payment of dividends or other distributions,
capital contribution or otherwise, all of which are occurring between Alterra Capital and/or
various Subsidiaries of Alterra Capital).

SECTION 4 REPRESENTATIONS AND WARRANTIES. In order to induce the Lenders, the
Fronting Bank, the L/C Administrator and the Administrative Agent to execute and deliver this
Amendment, each of the Borrowers represents and warrants to each such Person that:

(a) No Default or Event of Default has occurred and is continuing or will
result from the execution and delivery or effectiveness of this Amendment; and

(b) The representations and warranties of the Borrowers contained in Article V
of the Credit Agreement and the other Loan Documents are true and correct in all
material respects as of the Second Amendment Effective Date, with the same effect as
though made on such date (unless stated to relate solely to an earlier date, in
which case such representations and warranties shall be true and correct in all
material respects as of such earlier date).

SECTION 5 CONDITIONS TO EFFECTIVENESS. This Amendment and the consent in Section 3
shall become effective as of the date (the “Second Amendment Effective Date”) when the
Administrative Agent shall have received the following:

5.1 Amendment. Executed counterparts of this Amendment executed by the
Borrowers, each Person who has executed a Guaranty, the Administrative Agent and the
Required Lenders.

5.2 Fees and Expenses. Unless waived by the Administrative Agent, the
Borrowers shall have paid all reasonable and documented legal fees and expenses of counsel
to the Administrative Agent and all reasonable out-of-pocket expenses of the Administrative
Agent, in each case in connection with the preparation, negotiation, execution and delivery
of this Amendment to the extent invoiced prior to or on the Second Amendment Effective Date.

5.3 Alterra Capital Credit Agreement Amendment. An amendment to the Alterra
Capital Credit Agreement in substantially the same form as this Amendment shall have been
executed and delivered by Alterra Capital, Alterra Insurance Limited and the Amalgamated
Company, and the conditions to effectiveness set forth in Section 5 thereof (other than the
conditions relating to the effectiveness of this Amendment) shall have been satisfied.

SECTION 6 GENERAL.

6.1 Full Force and Effect. From and after the Second Amendment Effective Date,
the Credit Agreement shall continue in full force and effect in accordance with the
provisions thereof on the date hereof. Each other Loan Document remains in full force and
effect, and by execution hereof each Borrower reaffirms its obligations under the Credit
Agreement and each other Loan Document to which it is a party. From and after the Second
Amendment Effective Date, any reference to the Credit Agreement or any of the other Loan
Documents in any Loan Document shall refer to the Credit Agreement and Loan Documents as
amended hereby. This Amendment is limited as specified and shall not constitute or be
deemed to constitute an amendment, modification or waiver of any provision of the Credit
Agreement except as expressly set forth herein. This Amendment shall constitute a Loan
Document under the terms of the Credit Agreement.

6.2 Counterparts; Effectiveness. This Amendment may be executed by the parties
hereto in any number of counterparts and by the different parties in separate counterparts
and each such counterpart shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same agreement. Delivery of an executed signature page
of this Amendment by facsimile transmission or electronic “.pdf” file shall be effective as
delivery of a manually executed counterpart hereof.

SECTION 7 GOVERNING LAW; ENTIRE AGREEMENT. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This Amendment constitutes the
entire understanding among the parties hereto with respect to the subject matter hereof and
supercedes any prior agreements with respect thereto.

SECTION 8 REAFFIRMATION OF GUARANTY. Each Person who has signed a Guaranty hereby (i)
confirms to the Administrative Agent that it has received a copy of this Amendment, (ii) confirms
and agrees with the Administrative Agent that its Guaranty remains in full force and effect and is
hereby ratified and confirmed in all respects with regard to the Credit Agreement, as amended,
(iii) represents and warrants to the Administrative Agent that the representations and warranties
contained in its Guaranty are true and correct in all material respects as of the Second Amendment
Effective Date, with the same effect as though made on such date, and (iv) agrees that neither such
ratification and confirmation, nor the Administrative Agent’s solicitation of such ratification and
confirmation, constitutes a course of dealing giving rise to any obligation or condition requiring
a similar or any other ratification or confirmation from the undersigned with respect to subsequent
amendments or modifications, if any, to the Credit Agreement or any other document related thereto.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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

ALTERRA HOLDINGS LIMITED

By:       

Name: W. Marston Becker

Title: Chief Executive Officer

HARBOR POINT RE LIMITED

By:

Name: Andrew Cook

Title: President

HARBOR POINT REINSURANCE U.S., INC.

By:

Name: Thomas C. Wafer

Title: President

HARBOR POINT U.S. HOLDINGS, INC.

By:

Name: Thomas C. Wafer

Title: President

ALTERRA CAPITAL HOLDINGS LIMITED

By:

Name:

Title:

1

BANK OF AMERICA, N.A., as

Administrative Agent, Fronting Bank, L/C
Administrator and Lender

By:

Name:

Title:

2

DEUTSCHE BANK AG NEW YORK BRANCH, as Fronting Bank

and Lender

By:

Name:

Title:

By:

Name:

Title:

3

ING BANK N.V., LONDON BRANCH, as Lender

By:

Name:

Title:

By:

Name:

Title:

4

THE BANK OF NEW YORK MELLON, as Lender

By:

Name:

Title:

5

CITIBANK, N.A., as Lender

By:

Name:

Title:

6

CREDIT SUISSE AG, NEW YORK BRANCH, F/K/A CREDIT
SUISSE, NEW YORK BRANCH, as Lender

By:

Name:

Title:

By:

Name:

Title:

7

WELLS FARGO BANK, NATIONAL ASSOCIATION ( SUCCESSOR BY

MERGER TO WACHOVIA BANK, NATIONAL ASSOCIATION), as
Lender

By:

Name:

Title:

8

CALYON NEW YORK BRANCH, as Lender

By:

Name:

Title:

By:

Name:

Title:

9

ABN AMRO Bank N.V., as Lender

By:

Name:

Title:

By:

Name:

Title:

10

BAYERISCHE LANDESBANK, NEW YORK BRANCH, as Lender

By:

Name:

Title:

By:

Name:

Title:

11

BNP PARIBAS, as Lender

By:

Name:

Title:

By:

Name:

Title:

12

COMERICA BANK, as Lender

By:

Name:

Title:

13

HSBC BANK USA, N.A., as Lender

By:

Name:

Title:

14

LLOYDS TSB BANK PLC, as Lender

By:

Name:

Title:

Exhibit A

Reorganizational Chart

Exhibit B

US Finance Co Indenture Restrictions

“Consolidated Total Assets” means, in respect of the Guarantor, as of any date of
determination, the amount of total assets shown on the consolidated balance sheet of the Guarantor
and its consolidated subsidiaries contained in the most recent annual or quarterly report filed
with the Commission, or if the Guarantor is not then subject to the Exchange Act, the most recent
annual or quarterly report to shareholders and, in respect of any Subsidiary as of any date of
determination, the amount of total assets of such Subsidiary and its consolidated subsidiaries from
which such consolidated balance sheet of the Guarantor and its consolidated Subsidiaries was
derived; provided that if the Guarantor completed a significant acquisition subsequent to the date
of such latest consolidated balance sheet and filed a current report on Form 8-K which included
audited financial statements of such acquired business and the pro forma financial information
required by Article 11 of Regulation S-X promulgated under the Securities Act, the amount of total
assets of the Guarantor shall be as shown on the pro forma balance sheet of the Guarantor and its
consolidated subsidiaries included in such current report on Form 8-K, rather than as shown on the
historical consolidated balance sheet of the Guarantor and its consolidated subsidiaries.

“Designated Subsidiary” means 1) the Company [Alterra Finance LLC], (2) any other future or
present Subsidiary of the Guarantor [Alterra Capital Holdings Limited] the Consolidated Total
Assets of which constitute ten percent or more of the Consolidated Total Assets of the Guarantor;
and (3) any Subsidiary which is a successor, by merger or otherwise, to substantially all of the
business or properties of any Subsidiary referred to or described in the foregoing clauses (1) or
(2).

“Indebtedness” means, with respect to any Person, (i) the principal of and any premium and
interest on (a) indebtedness of such Person for money borrowed and (b) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is
responsible or liable; (ii) all Capitalized Lease Obligations of such Person; (iii) all obligations
of such Person issued or assumed as the deferred purchase price of property, all conditional sale
obligations and all obligations under any title retention agreement (but excluding trade accounts
payable arising in the ordinary course of business); (iv) all obligations of such Person for the
reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other
than obligations described in (i) through (iii) above) entered into in the ordinary course of
business of such Person to the extent such letters of credit are not drawn upon or, if and to the
extent drawn upon, such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the letter of credit);
(v) all obligations of the type referred to in clauses (i) through (iv) of other Persons, the
payment of which such Person is responsible or liable as obligor, guarantor or otherwise; (vi) all
obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien
on any property or asset of such Person (whether or not such obligation is assumed by such Person),
the amount of such obligation being deemed to be the lesser of the value of such property or assets
or the amount of the obligation so secured; and (vii) any amendments, modifications, refundings,
renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i)
through (vi) above.

Limitation on Liens on Stock of Designated Subsidiaries. So long as any Securities
are Outstanding, neither the Company nor the Guarantor will, nor will it permit any of their
respective Subsidiaries to, create, assume, incur, guarantee or otherwise permit to exist any
Indebtedness secured by any mortgage, pledge, lien, security interest or other encumbrance (a
“Lien”) upon any shares of Capital Stock of any Designated Subsidiary (whether such shares of stock
are now owned or hereafter acquired) without effectively providing concurrently that the Securities
(and, if the Company and the Guarantor so elect, any other Indebtedness of the Company that is not
subordinate to the Securities and with respect to which the governing instruments require, or
pursuant to which the Company is otherwise obligated, to provide such security) shall be secured
equally and ratably with such Indebtedness for at least the time period such other Indebtedness is
so secured.

Limitation on Disposition of Stock of Designated Subsidiaries. So long as any
Securities are outstanding and except in a transaction otherwise permitted by this Indenture,
neither the Company nor the Guarantor will issue, sell, assign, transfer or otherwise dispose of
any shares of, securities convertible into, or warrants, rights or options to subscribe for or
purchase shares of, Capital Stock (other than Preferred Stock having no voting rights) of any
Designated Subsidiary, and will not permit any Designated Subsidiary (other than to the Company or
the Guarantor) to issue any shares (other than the director’s qualifying shares and Preferred Stock
having no voting rights) of, or securities convertible into, or warrants, rights or options to
subscribe for or purchase shares of, Capital Stock (other than Preferred Stock having no voting
rights) of any Designated Subsidiary, if, after giving effect to any such transaction and the
issuance of the maximum number of shares issuable upon the conversion or exercise of all such
convertible securities, warrants, rights or options, the Company or the Guarantor, as the case may
be, would own, directly or indirectly, less than 80% of the shares of Capital Stock of such
Designated Subsidiary (other than Preferred Stock having no voting rights); provided, however, that
(i) the foregoing shall not prevent any issuance, sale, assignment, transfer or other disposition
by the Company or the Guarantor if the consideration is at least at fair market value as determined
in good faith by the Guarantor’s Board of Directors pursuant to a Guarantor’s Board Resolution and
(ii) the foregoing shall not prohibit any such issuance or disposition of securities if required by
any law or any regulation or order of any governmental or insurance regulatory authority.
Notwithstanding the foregoing, (i) the Company or the Guarantor, as the case may be, may merge or
consolidate any Designated Subsidiary into or with another direct or indirect Subsidiary of the
Guarantor, the shares of capital stock of which the Guarantor owns directly or indirectly at least
80%, and (ii) the Company or the Guarantor, as the case may be, may, subject to the provisions of
[article dealing with mergers], sell, assign, transfer or otherwise dispose of the entire Capital
Stock of any Designated Subsidiary at one time for at least a fair market value consideration as
determined in good faith by the Guarantor’s Board of Directors pursuant to a Guarantor’s Board
Resolution.

Company and Guarantor May Consolidate, etc., on Certain Terms. Neither the Company
nor the Guarantor shall consolidate or amalgamate with or merge into any other Person (whether or
not affiliated with the Company or the Guarantor), or convey, transfer or lease its properties and
assets as an entirety or substantially as an entirety to any other Person (whether or not
affiliated with the Company or the Guarantor), and the Company shall not permit any other Person
(whether or not affiliated with the Company or the Guarantor) to consolidate or amalgamate with or
merge into the Company or Guarantor or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to the Company or Guarantor; unless:

(a) either the Company or the Guarantor is the continuing Person, or the successor Person (if
other than the Company or the Guarantor) expressly assumes by supplemental indenture the
obligations and covenants evidenced by this Indenture and the Securities (in which case, the
Company or the Guarantor, as applicable, will be discharged therefrom),

(b) if the Company or the Guarantor is not the continuing Person, the successor Person shall
be a corporation or limited liability company organized under the laws of the United States of
America, any state thereof or the District of Columbia, Bermuda or any member of the Organization
for Economic Co-Operation and Development;

(c) immediately after giving effect to such transaction, no Event of Default or event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and be
continuing; and

(d) an Officers’ Certificate (if involving the Company) or a Guarantor’s Officer’s Certificate
(if involving the Guarantor) and an Opinion of Counsel are delivered to the Trustee, each (1)
stating that such transaction and any supplemental indentures pertaining thereto, comply with
[articles regarding amendments to indenture and mergers], respectively, and (2) otherwise complying
with [section dealing with required certificates and opinions].

15EX-10.2

Exhibit 10.2

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of the 5th day of August, 2010 (this
“Amendment”), is entered into by and among Alterra Insurance Limited (f/k/a Max Bermuda
Ltd.), a Bermuda company (“Alterra Insurance”) and Alterra Capital Holdings Limited (f/k/a
Max Capital Group Ltd.), a Bermuda company (“Alterra Capital” and together with Alterra
Insurance, each a “Borrower” and collectively the “Borrowers”), Alterra Holdings,
Limited, a Bermuda company, various financial institutions which are parties hereto (the
“Lenders”), Bank of America, N.A., as fronting bank (in such capacity, the “Fronting
Bank”), Bank of America, N.A., as letter of credit administrator (in such capacity, the “LC
Administrator”) and Bank of America, N.A., as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”).

R E C I T A L S

WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit
Agreement, dated as of August 7, 2007 (as amended, restated, supplemented or modified from time to
time and in effect on the date hereof, the “Credit Agreement”); and

WHEREAS, the parties desire to amend the Credit Agreement on the terms set forth herein;

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

SECTION 1 CREDIT AGREEMENT DEFINITIONS. Capitalized terms used herein that are
defined in the Credit Agreement shall have the same meaning when used herein unless otherwise
defined herein.

SECTION 2 AMENDMENTS TO CREDIT AGREEMENT. Effective on, and subject to the occurrence
of the Fourth Amendment Effective Date (as defined below), the Credit Agreement shall be amended as
follows:

2.1 Amendment to Section 1. Section 1.1 of the Credit Agreement is amended as
follows:

(a) The definitions of “Amalgamated Company”, “Credit Party”, “G7 Securities” and
“Parent” are amended in their entirety to read as follows:

Amalgamated Company means Alterra Holdings Limited, a Bermuda company
resulting from the amalgamation of Amalco Sub and Harbor Point.

Credit Party means each of (a) the Parent, (b) Amalgamated Company, (c)
prior to the HP Re Amalgamation Date, Alterra Insurance, and from and after the HP
Re Amalgamation Date, Alterra Bermuda, and (d) from and after the US Finance Co.
Guaranty Date, US Finance Co.

G7 Securities means any U.S. Dollar and non-U.S. Dollar denominated
evidence of Indebtedness, maturing not more than five years after such time, issued
or guaranteed by any country or an agency thereof which is a member of the G7 other
than the United States and Italy.

Parent means Alterra Capital Holdings Limited, a Bermuda company (f/k/a
Max Capital Group Ltd.).

(b) (i) Each reference in any Credit Document (including any exhibit, schedule or
annex thereto) to “Max Capital” or “Max Capital Group Ltd.” shall be deemed to be a
reference to the Parent; (ii) the definition of “Max Bermuda” is deleted and each
reference to “Max Bermuda” or “Max Bermuda Ltd.” in any Credit Document (including
any exhibit, schedule or annex thereto) shall be deemed to be a reference to (x)
prior to the HP Re Amalgamation Date, Alterra Insurance, and (y) from and after the
HP Re Amalgamation Date, Alterra Bermuda; (iii) from and after the HP Re
Amalgamation Date, the definition of “Harbor Point Re” is deleted and each reference
to “Harbor Point Re” or “Harbor Point Re Limited” in any Credit Document (including
any exhibit, schedule or annex thereto) shall be deemed to be a reference to Alterra
Bermuda; (iv) the definition of “Max US Holdings” is deleted and each reference to
“Max US Holdings” and “Max USA Holdings Ltd.” in any Credit Document (including any
exhibit, schedule or annex thereto) shall be deemed to be a reference to “Alterra
USA Holdings”; (v) from and after the HP US Merger Date, the definition of “Harbor
Point U.S. Holdings” is deleted and each reference to “Harbor Point U.S. Holdings”
and “Harbor Point U.S. Holdings, Inc.” in any Credit Document (including any
exhibit, schedule or annex thereto) shall be deemed to be a reference to “Alterra
USA Holdings”; (vi) the definition of “Max UK” is deleted and each reference to “Max
UK” or “Max UK Holdings Ltd.” in any Credit Document (including any exhibit,
schedule or annex thereto) shall be deemed to be a reference to “Alterra UK”; (vii)
the definition of “Harbor Point Credit Agreement” is deleted and each reference to
“Harbor Point Credit Agreement” in any Credit Document (including any exhibit,
schedule or annex thereto) shall be deemed to be a reference to “Alterra Holdings
Credit Agreement”; and (viii) the definition of “Harbor Point Credit Documents” is
deleted and each reference to “Harbor Point Credit Documents” in any Credit Document
(including any exhibit, schedule or annex thereto) is deemed to be a reference to
“Alterra Holdings Credit Documents”.

(c) The following definitions are added in the proper alphabetical order:

Alterra Bermuda means Alterra Bermuda Limited, the Bermuda company
resulting from the amalgamation of Alterra Insurance and Harbor Point Re.

Alterra Holdings Credit Agreement means the Amended and Restated Credit
Agreement dated as of June 12, 2007 (as amended, restated, supplemented or otherwise
modified from time to time) among Amalgamated Company; prior to the HP Re
Amalgamation Date, Harbor Point Re, and from and after the HP Re Amalgamation Date,
Alterra Bermuda; prior to the HP US Merger Date, Harbor Point U.S. Holdings, and
from and after the HP US Merger Date, Alterra USA Holdings; HPRe US; the lenders
identified therein and Bank of America, N.A., as administrative agent.

Alterra Holdings Credit Documents means the “Loan Documents” as defined
in the Alterra Holdings Credit Agreement.

Alterra Insurance means Alterra Insurance Limited, a Bermuda company
(f/k/a Max Bermuda Ltd.).

Alterra UK means Alterra UK Holdings Limited (f/k/a Max UK Holdings
Ltd.), a company formed under the laws of England and Wales.

Alterra USA Holdings means (i) prior to the HP US Merger Date, Alterra
USA Holdings Limited (f/k/a Max USA Holdings Ltd.) and (ii) from and after the HP US
Merger Date, Alterra USA Holdings Limited, the survivor of the merger between
Alterra USA Holdings Limited and Harbor Point U.S. Holdings.

Fourth Amendment means the Fourth Amendment to Credit Agreement dated
as of the 5th day of August, 2010 among the Borrowers, the Amalgamated Company, the
Lenders party thereto and the Administrative Agent.

Fourth Amendment Effective Date has the meaning specified in the
Fourth Amendment.

HP Re Amalgamation Date means the effective date of the amalgamation of
Harbor Point Re and Alterra Insurance.

HP US Merger Date means the date on which the merger of Max US Holdings
and Harbor Point U.S. Holdings is effective.

Reorganization means the reorganization of the corporate structure of
the Parent and its Subsidiaries including the amalgamation of Harbor Point Re and
Alterra Insurance, the merger of Harbor Point U.S. Holdings and Max US Holdings, the
transfer of ownership of various Wholly-Owned Subsidiaries to the Parent or other
Wholly-Owned Subsidiaries, the creation of certain new Wholly-Owned Subsidiaries,
the liquidation of certain Subsidiaries and certain other steps and actions which
ultimately result (whether through amalgamation, merger, transfer, Disposition or
acquisition of Equity Interests or other assets, formation or liquidation of
Subsidiaries, issuance, incurrence or assumption of debt, issuance of Equity
Interests, payment of dividends or other distributions, capital contribution or
otherwise, all of which are occurring between the Parent and/or various Subsidiaries
of the Parent) in the corporate organization of the Parent and its Subsidiaries as
set forth on Exhibit A to the Fourth Amendment (the “Reorganized Structure”), with
such further changes to the Reorganized Structure that, if consummated, would not
constitute a Default or Event of Default.

US Finance Co. means Alterra Finance LLC, a Delaware limited liability
company, a Wholly-Owned Subsidiary of the Parent.

US Finance Co. Guaranty Date means the date on which US Finance Co. has
executed and delivered (a) a Guaranty; (b) a certificate of the secretary or an
assistant secretary of US Finance Co., in form and substance reasonably satisfactory
to the Administrative Agent, certifying (i) that attached thereto is a true and
complete copy of the Organization Documents of US Finance Co. then in effect and as
in effect at all times from the date on which the resolutions referred to in clause
(ii) below were adopted to and including the date of such certificate, and (ii) that
attached thereto is a true and complete copy of resolutions adopted by the board of
directors (or similar governing body) of US Finance Co. authorizing the execution
and delivery of the Guaranty and the performance of the Guaranty and the other
Credit Documents to which it is a party, and (iii) as to the incumbency and
genuineness of the signature of each officer of US Finance Co. executing the
Guaranty or any of the other Credit Documents; and (c) such legal opinions of
counsel to US Finance Co. as may be reasonably requested by the Administrative
Agent.

US Finance Co. Indenture Restrictions means restrictions of the type
set forth on Exhibit B to the Fourth Amendment on the Parent and its Subsidiaries
contained in any indenture or supplemental indenture among US Finance Co., as
issuer, the Parent, as guarantor, and a trustee that are no more restrictive than
those set forth on Exhibit B to the Fourth Amendment.

2.2 Amendment to Section 5.1. Section 5.1 of the Credit Agreement is amended by
adding the following new subsections at the end thereof:

(k) On or before the HP Re Amalgamation Date, deliver to the Administrative Agent,
such legal opinions of counsel to the Parent regarding the amalgamation and Alterra
Bermuda as may be reasonably requested by the Administrative Agent and within five
Business Days following the HP Re Amalgamation Date, deliver to the Administrative
Agent (i) a certificate of the secretary or an assistant secretary of Alterra Bermuda,
in form and substance reasonably satisfactory to the Administrative Agent, certifying
(A) that attached thereto is a true and complete copy of the application for
registration of an amalgamated company and resulting memorandum of association of
Alterra Bermuda and that the same has been presented for filing with the Registrar of
Companies for the Bermuda Ministry of Finance, (B) that attached thereto is a true and
complete copy of the Bye-laws or similar governing document of Alterra Bermuda then in
effect and as in effect at all times from the date on which the resolutions referred to
in clause (C) below were adopted to and including the date of such certificate, (C)
that attached thereto is a true and complete copy of resolutions adopted by the board
of directors (or similar governing body) of Alterra Bermuda authorizing the performance
of the Credit Documents to which it is a party, and (D) as to the incumbency and
genuineness of the signature of each officer of Alterra Bermuda authorized to execute
Credit Documents, and attaching all such copies of the documents described above.

(l) On or before the HP US Merger Date, deliver to the Administrative Agent, (i) a
certificate of the secretary or an assistant secretary of Alterra USA Holdings, in form
and substance reasonably satisfactory to the Administrative Agent, certifying (A) that
attached thereto is a true and complete copy of the certificate of merger and resulting
articles of incorporation of Alterra USA Holdings filed with the Secretary of State of
Delaware, (B) that attached thereto is a true and complete copy of the By-laws or
similar governing document of Alterra USA Holdings then in effect and as in effect at
all times from the date on which the resolutions referred to in clause (C) below were
adopted to and including the date of such certificate, (C) that attached thereto is a
true and complete copy of resolutions adopted by the board of directors of Alterra USA
Holdings authorizing the performance of the Credit Documents to which it is a party,
and (D) as to the incumbency and genuineness of the signature of each officer of
Alterra USA Holdings authorized to execute Credit Documents, and attaching all such
copies of the documents described above; and (ii) such legal opinions of counsel to the
Parent regarding the merger and the merged entity as may be reasonably requested by the
Administrative Agent.

2.3 Amendment to Section 6.4. Section 6.4 of the Credit Agreement is amended by
deleting the words “Create, incur, assume or suffer to exist any Debt of the Parent’s
Subsidiaries, except:” and inserting “Create, incur, assume or suffer to exist any Debt of the
Parent’s Subsidiaries (other than Amalgamated Company and, from and after the US Finance Co.
Guaranty Date, US Finance Co., which shall be able to incur Debt if the Parent could incur such
Debt), except:” therefor.

2.4 Amendment to Section 6.9. Section 6.9 of the Credit Agreement is amended by
adding the following new clause (xv) at the end thereof:

; and (xv) from and after the US Finance Co. Guaranty Date, the US Finance Co.
Indenture Restrictions.

2.5 Amendment to Schedule 1.2. Schedule 1.2 is amended by deleting the
following:

G7 Dollar denominated and non-Dollar 92%

denominated Securities issued by the

Government of Italy or agencies thereof

SECTION 3 REORGANIZATION. Notwithstanding anything to the contrary in the Credit
Agreement or any other Credit Document, the Lenders hereby consent to the Reorganization including
without limitation the amalgamation of Harbor Point Re and Max Bermuda, the merger of Harbor Point
U.S. Holdings and Max US Holdings, and all other actions and steps that may be undertaken, and
agreements or instruments that may be entered into, in order to effect the Reorganization (whether
through amalgamation, merger, transfer, Disposition or acquisition of Equity Interests or other
assets, formation or liquidation of Subsidiaries, issuance, incurrence or assumption of
intercompany debt or issuance of Equity Interests, payment of dividends or other distributions,
capital contribution or otherwise, all of which are occurring between the Parent and/or various
Subsidiaries of the Parent).

SECTION 4 REPRESENTATIONS AND WARRANTIES. In order to induce the Lenders, the
Fronting Bank, the LC Administrator and the Administrative Agent to execute and deliver this
Amendment, each of the Borrowers represents and warrants to each such Person that:

(a) No Default or Event of Default has occurred and is continuing or will result from the
execution and delivery or effectiveness of this Amendment; and

(b) The representations and warranties of the Borrowers contained in Article IV of the Credit
Agreement and the other Credit Documents are true and correct in all material respects as of the
Fourth Amendment Effective Date, with the same effect as though made on such date (unless stated to
relate solely to an earlier date, in which case such representations and warranties shall be true
and correct in all material respects as of such earlier date).

SECTION 5 CONDITIONS TO EFFECTIVENESS. This Amendment and the consent in Section 3
shall become effective as of the date (the “Fourth Amendment Effective Date”) when the
Administrative Agent shall have received the following:

5.1 Amendment. Executed counterparts of this Amendment executed by the Borrowers,
each Person who has executed a Guaranty, the Administrative Agent and the Required Lenders.

5.2 Fees and Expenses. Unless waived by the Administrative Agent, the Borrowers
shall have paid all reasonable and documented legal fees and expenses of counsel to the
Administrative Agent and all reasonable out-of-pocket expenses of the Administrative Agent, in
each case in connection with the preparation, negotiation, execution and delivery of this
Amendment to the extent invoiced prior to or on the Fourth Amendment Effective Date.

5.3 Alterra Holdings Credit Agreement Amendment. An amendment to the Alterra
Holdings Credit Agreement in substantially the same form as this Amendment shall have been
executed and delivered by the Amalgamated Company, Harbor Point Re, Harbor Point U.S. Holdings,
HPRe US and Alterra Capital, and the conditions to effectiveness set forth in Section 5 thereof
(other than the conditions relating to the effectiveness of this Amendment) shall have been
satisfied.

SECTION 6 GENERAL.

6.1 Full Force and Effect. From and after the Fourth Amendment Effective Date,
the Credit Agreement shall continue in full force and effect in accordance with the provisions
thereof on the date hereof. Each other Credit Document remains in full force and effect, and
by execution hereof each Borrower reaffirms its obligations under the Credit Agreement and each
other Credit Document to which it is a party. From and after the Fourth Amendment Effective
Date, any reference to the Credit Agreement or any of the other Credit Documents in any Credit
Document shall refer to the Credit Agreement and Credit Documents as amended hereby. This
Amendment is limited as specified and shall not constitute or be deemed to constitute an
amendment, modification or waiver of any provision of the Credit Agreement except as expressly
set forth herein. This Amendment shall constitute a Credit Document under the terms of the
Credit Agreement.

6.2 Counterparts; Effectiveness. This Amendment may be executed by the parties
hereto in any number of counterparts and by the different parties in separate counterparts and
each such counterpart shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same agreement. Delivery of an executed signature page of
this Amendment by facsimile transmission or electronic “.pdf” file shall be effective as
delivery of a manually executed counterpart hereof.

SECTION 7 GOVERNING LAW; ENTIRE AGREEMENT. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This Amendment constitutes the
entire understanding among the parties hereto with respect to the subject matter hereof and
supercedes any prior agreements with respect thereto.

SECTION 8 REAFFIRMATION OF GUARANTY. Each Person who has signed a Guaranty hereby (i)
confirms to the Administrative Agent that it has received a copy of this Amendment, (ii) confirms
and agrees with the Administrative Agent that its Guaranty remains in full force and effect and is
hereby ratified and confirmed in all respects with regard to the Credit Agreement, as amended,
(iii) represents and warrants to the Administrative Agent that the representations and warranties
contained in its Guaranty are true and correct in all material respects as of the Fourth Amendment
Effective Date, with the same effect as though made on such date, and (iv) agrees that neither such
ratification and confirmation, nor the Administrative Agent’s solicitation of such ratification and
confirmation, constitutes a course of dealing giving rise to any obligation or condition requiring
a similar or any other ratification or confirmation from the undersigned with respect to subsequent
amendments or modifications, if any, to the Credit Agreement or any other document related thereto.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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

ALTERRA CAPITAL HOLDINGS LIMITED

	 	 	 	 	 
	By:
	 	 	—	 
	Name:
	 	 	—	 
	Title:
	 	 	—	 

ALTERRA INSURANCE LIMITED

	 	 	 	 	 
	By:
	 	 	—	 
	Name:
	 	 	—	 
	Title:
	 	 	—	 

ALTERRA HOLDINGS LIMITED

	 	 	 	 	 
	By:
	 	 	—	 
	Name:
	 	 	—	 
	Title:
	 	 	—	 

BANK OF AMERICA, N.A., as Administrative Agent, LC
Administrator, Fronting Bank and as a Lender

	 	 	 	 	 
	By:
	 	 	—	 
	Name:
	 	 	—	 
	Title:
	 	 	—	 

CITIBANK, N.A.

By:       

Name:      

Title:      

ING BANK N.V., LONDON BRANCH

By:       

Name:      

Title:      

By:       

Name:      

Title:      

WELLS FARGO BANK, NATIONAL ASSOCIATION

(SUCCESSOR BY MERGER TO WACHOVIA BANK, NATIONAL
ASSOCIATION)

By:       

Name:      

Title:      

THE BANK OF NEW YORK MELLON

By:       

Name:      

Title:      

CREDIT SUISSE AG, NEW YORK BRANCH, F/K/A

CREDIT SUISSE, NEW YORK BRANCH

By:       

Name:      

Title:      

By:       

Name:      

Title:      

WEBSTER BANK, NATIONAL ASSOCIATION

By:       

Name:

Title:

Exhibit A

Reorganizational Chart

Exhibit B

US Finance Co Indenture Restrictions

“Consolidated Total Assets” means, in respect of the Guarantor, as of any date of
determination, the amount of total assets shown on the consolidated balance sheet of the Guarantor
and its consolidated subsidiaries contained in the most recent annual or quarterly report filed
with the Commission, or if the Guarantor is not then subject to the Exchange Act, the most recent
annual or quarterly report to shareholders and, in respect of any Subsidiary as of any date of
determination, the amount of total assets of such Subsidiary and its consolidated subsidiaries from
which such consolidated balance sheet of the Guarantor and its consolidated Subsidiaries was
derived; provided that if the Guarantor completed a significant acquisition subsequent to the date
of such latest consolidated balance sheet and filed a current report on Form 8-K which included
audited financial statements of such acquired business and the pro forma financial information
required by Article 11 of Regulation S-X promulgated under the Securities Act, the amount of total
assets of the Guarantor shall be as shown on the pro forma balance sheet of the Guarantor and its
consolidated subsidiaries included in such current report on Form 8-K, rather than as shown on the
historical consolidated balance sheet of the Guarantor and its consolidated subsidiaries.

“Designated Subsidiary” means 1) the Company [Alterra Finance LLC], (2) any other future or
present Subsidiary of the Guarantor [Alterra Capital Holdings Limited] the Consolidated Total
Assets of which constitute ten percent or more of the Consolidated Total Assets of the Guarantor;
and (3) any Subsidiary which is a successor, by merger or otherwise, to substantially all of the
business or properties of any Subsidiary referred to or described in the foregoing clauses (1) or
(2).

“Indebtedness” means, with respect to any Person, (i) the principal of and any premium and
interest on (a) indebtedness of such Person for money borrowed and (b) indebtedness evidenced by
notes, debentures, bonds or other similar instruments for the payment of which such Person is
responsible or liable; (ii) all Capitalized Lease Obligations of such Person; (iii) all obligations
of such Person issued or assumed as the deferred purchase price of property, all conditional sale
obligations and all obligations under any title retention agreement (but excluding trade accounts
payable arising in the ordinary course of business); (iv) all obligations of such Person for the
reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other
than obligations described in (i) through (iii) above) entered into in the ordinary course of
business of such Person to the extent such letters of credit are not drawn upon or, if and to the
extent drawn upon, such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the letter of credit);
(v) all obligations of the type referred to in clauses (i) through (iv) of other Persons, the
payment of which such Person is responsible or liable as obligor, guarantor or otherwise; (vi) all
obligations of the type referred to in clauses (i) through (v) of other Persons secured by any Lien
on any property or asset of such Person (whether or not such obligation is assumed by such Person),
the amount of such obligation being deemed to be the lesser of the value of such property or assets
or the amount of the obligation so secured; and (vii) any amendments, modifications, refundings,
renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i)
through (vi) above.

Limitation on Liens on Stock of Designated Subsidiaries. So long as any Securities
are Outstanding, neither the Company nor the Guarantor will, nor will it permit any of their
respective Subsidiaries to, create, assume, incur, guarantee or otherwise permit to exist any
Indebtedness secured by any mortgage, pledge, lien, security interest or other encumbrance (a
“Lien”) upon any shares of Capital Stock of any Designated Subsidiary (whether such shares of stock
are now owned or hereafter acquired) without effectively providing concurrently that the Securities
(and, if the Company and the Guarantor so elect, any other Indebtedness of the Company that is not
subordinate to the Securities and with respect to which the governing instruments require, or
pursuant to which the Company is otherwise obligated, to provide such security) shall be secured
equally and ratably with such Indebtedness for at least the time period such other Indebtedness is
so secured.

Limitation on Disposition of Stock of Designated Subsidiaries. So long as any
Securities are outstanding and except in a transaction otherwise permitted by this Indenture,
neither the Company nor the Guarantor will issue, sell, assign, transfer or otherwise dispose of
any shares of, securities convertible into, or warrants, rights or options to subscribe for or
purchase shares of, Capital Stock (other than Preferred Stock having no voting rights) of any
Designated Subsidiary, and will not permit any Designated Subsidiary (other than to the Company or
the Guarantor) to issue any shares (other than the director’s qualifying shares and Preferred Stock
having no voting rights) of, or securities convertible into, or warrants, rights or options to
subscribe for or purchase shares of, Capital Stock (other than Preferred Stock having no voting
rights) of any Designated Subsidiary, if, after giving effect to any such transaction and the
issuance of the maximum number of shares issuable upon the conversion or exercise of all such
convertible securities, warrants, rights or options, the Company or the Guarantor, as the case may
be, would own, directly or indirectly, less than 80% of the shares of Capital Stock of such
Designated Subsidiary (other than Preferred Stock having no voting rights); provided, however, that
(i) the foregoing shall not prevent any issuance, sale, assignment, transfer or other disposition
by the Company or the Guarantor if the consideration is at least at fair market value as determined
in good faith by the Guarantor’s Board of Directors pursuant to a Guarantor’s Board Resolution and
(ii) the foregoing shall not prohibit any such issuance or disposition of securities if required by
any law or any regulation or order of any governmental or insurance regulatory authority.
Notwithstanding the foregoing, (i) the Company or the Guarantor, as the case may be, may merge or
consolidate any Designated Subsidiary into or with another direct or indirect Subsidiary of the
Guarantor, the shares of capital stock of which the Guarantor owns directly or indirectly at least
80%, and (ii) the Company or the Guarantor, as the case may be, may, subject to the provisions of
[article dealing with mergers], sell, assign, transfer or otherwise dispose of the entire Capital
Stock of any Designated Subsidiary at one time for at least a fair market value consideration as
determined in good faith by the Guarantor’s Board of Directors pursuant to a Guarantor’s Board
Resolution.

Company and Guarantor May Consolidate, etc., on Certain Terms. Neither the Company
nor the Guarantor shall consolidate or amalgamate with or merge into any other Person (whether or
not affiliated with the Company or the Guarantor), or convey, transfer or lease its properties and
assets as an entirety or substantially as an entirety to any other Person (whether or not
affiliated with the Company or the Guarantor), and the Company shall not permit any other Person
(whether or not affiliated with the Company or the Guarantor) to consolidate or amalgamate with or
merge into the Company or Guarantor or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to the Company or Guarantor; unless:

(a) either the Company or the Guarantor is the continuing Person, or the successor Person (if
other than the Company or the Guarantor) expressly assumes by supplemental indenture the
obligations and covenants evidenced by this Indenture and the Securities (in which case, the
Company or the Guarantor, as applicable, will be discharged therefrom),

(b) if the Company or the Guarantor is not the continuing Person, the successor Person shall
be a corporation or limited liability company organized under the laws of the United States of
America, any state thereof or the District of Columbia, Bermuda or any member of the Organization
for Economic Co-Operation and Development;

(c) immediately after giving effect to such transaction, no Event of Default or event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and be
continuing; and

(d) an Officers’ Certificate (if involving the Company) or a Guarantor’s Officer’s Certificate
(if involving the Guarantor) and an Opinion of Counsel are delivered to the Trustee, each (1)
stating that such transaction and any supplemental indentures pertaining thereto, comply with
[articles regarding amendments to indenture and mergers], respectively, and (2) otherwise complying
with [section dealing with required certificates and opinions].

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