Document:

Exhibit
10.1

Aspen Insurance Limited
 Attn Bryan Astwood

Group Treasurer
 Maxwell Roberts Building
 1 Church Street

Hamilton
 HM 11
 Bermuda

October 11, 2006

Dear Bryan,

Committed letter of credit facility

Further to recent discussions, Citibank Europe plc
(‘‘the Bank’’) is pleased to confirm its
committed letter of credit issuance facility (‘‘the
Facility’’) subject to the terms and conditions set out in
this Letter.

Amount

The Facility shall be in a
maximum aggregate amount of US$300,000,000 (‘‘the Facility
Limit’’).

Facility Documents

Aspen
Insurance Limited (‘‘the Company’’) have
entered into the following documents in relation to the Facility:

		
	(a) 	Insurance Letters of Credit - Master
Agreement (Form 3/CIFS) dated 15 December 2003 (the
‘‘Master Agreement’’);

		
	(b) 	Reinsurance Deposit Agreement (Charge
Form – Citibank N.A. as Custodian) dated 15 December 2003
(‘‘Form 12’’);

		
	(c) 	Pledge Agreement dated 17 January 2006
(‘‘the Pledge Agreement’’);

		
	(d) 	Collateral Account Control Agreement
dated 17 January 2006 (‘‘the Collateral Account Control
Agreement’’) and

		
	(e) 	Corporate Mandate dated 10 December
2003.

In the event of any inconsistency between the terms
of this letter and the terms of any Facility Document, the terms of
this letter shall prevail.

Conditions precedent

The Company shall not request the issue of any Credit until
the Bank has received the documents and other evidence specified below
in a form and substance satisfactory to the Bank (each a
‘‘Condition Precedent’’), items (a) to
(c) to be received by the Bank on or before 18 October
2006:

		
	(a) 	the enclosed duplicate of
this Letter, duly executed on behalf of the Company;

		
	(b) 	the Assignment Agreement duly executed
by the Company whereunder all the rights and obligations of Citibank
N.A. under the Pledge Agreement shall be assumed by the Bank in
accordance with the terms of such Assignment
Agreement;

Citibank Ireland Financial Services
plc

Directors: Aidan M Brady, Maurice F Doyle, Mark Fitzgerald,
Mark Fulton (U.K./Australia),
Adrian Gray (U.K.), Brian Hayes,
Peter Maskrey (U.K.), Frank McCabe, Daniel Nagy (U.S.A.), Francesco
Vanni d'Archirafi (Italy)
Registered in Ireland: Registration
Number 132781. Registered Office: 1 North Wall Quay, Dublin
1,
Ultimately owned by Citigroup Inc., New York,
U.S.A.

		
	(c) 	the amendment
letter duly executed by the Company whereunder the parties agree to
certain amendments to the Form 12 and the Pledge Agreement;
and

		
	(d) 	such other documents and other
evidence as the Bank may reasonably require from time to time.

Utilisation requests

The Bank shall be entitled to
examine each request to issue a Credit on a case-by-case basis and,
notwithstanding clause 1(a)(i) of the Master Agreement, during the
continuance of this Letter, shall only be entitled to decline any such
request without liability where:

		
	(a) 	such request would cause the Bank to
be in breach of any law of any jurisdiction (including non-exclusively
any breach of sanctions imposed by the law of the United States of
America); or

		
	(b) 	the Credit requested
is in a currency other than US dollars, GB pounds sterling, Canadian
dollars or Euros; or

		
	(c) 	any deposit(s)
as may have been requested by the Bank to be placed in the accounts
established pursuant to the terms of the Form 12 and/or Pledge and
Collateral Account Control Agreements have not been carried out to the
Bank's satisfaction.

Fees

The Company
shall pay to the Bank in advance on the date of this Letter and on each
Quarter Day a letter of credit fee in an amount equal to (a)
0.2% (on an annualised basis) in respect of the amount of credit
drawn, where such amount is secured by collateral under Tranche 1 of
Schedule 1 of the Pledge Agreement (as amended) (‘‘Tranche
1 Financial Assets’’); and/or (b) 0.25% (on an
annualised basis) in respect of the amount of credit drawn, where such
amount is secured by collateral under Tranche 2 of Schedule 1 of the
Pledge Agreement (as amended) (‘‘Tranche 2 Financial
Assets’’) and each within the Facility Limit and the terms
of Schedule 1 of the Pledge Agreement. The fee payable on the date of
this Letter shall be pro-rated for the number of days until 1 October
2006.

The Company shall pay to the Bank on the date of
this Letter and on each Quarter Day a commitment fee in an amount equal
to (a) 0.075% (on an annualised basis) of US$150,000,000 less
the principal amount of drawn credit secured with Tranche 1 Financial
Assets on that Quarter Day and (b) 0.1% (on an annualised basis)
of US$150,000,000 less the principal amount of drawn credit secured
with Tranche 2 Financial Assets on that Quarter Day.

Repayment
and expiry

The Facility shall apply in respect of
Credits issued prior to 11 October 2006 and Credits to be issued on or
after 11 October 2006. The Facility shall expire on 10 October 2009 and
the Bank and the Company shall commence negotiations, without being
under any obligation, on the renewal of the Facility at least 60 days
before such date.

Without prejudice to the continuing
application of this Letter and the other Facility Documents in respect
of issued Credits, the Bank may at any time terminate the Facility by
notice in writing to the Company.

Representations and
warranties

The Company represents and warrants to the
Bank on the date of its acceptance of this Letter and, with reference
to (ii) below only, on each day (by reference to the facts and
circumstances then existing) until this Letter has expired or
terminated, that there is no pending or, to the knowledge of the
Company, threatened action, suit, investigation, litigation or
proceeding affecting any member of the Group before any court,
governmental agency or arbitrator that (i) could be reasonably likely
to have a material adverse effect on the financial position or
prospects of the Group or (ii) purports to affect the legality,
validity or enforceability of this Letter or any Facility Document or
the consummation of the transactions contemplated hereby.

The Company repeats the
representations, warranties and undertakings laid out in clauses 1(f)
and (g) of the Master Agreement in favour of the Bank in relation to
this Letter as if they were more fully laid out herein, with the
necessary changes, on the date of acceptance of this Letter and on each
day (by reference to the facts and circumstances then existing) until
this Letter has expired or terminated.

Undertakings

The Company agrees with the Bank, that in the event that the
Company's A.M. Best Rating should at any time drop from its
current level to a rating of BBB- or below, that this will entitle the
Bank to require the Company on 90 days notice, to transfer the
Collateral from the Account to an account at Citibank N.A. London,
England branch (‘‘CNA-LON’’) and to execute a
replacement deposit agreement (in substantially the customary form used
by CNA-LON and a copy of which deposit agreement has been provided to
the Company) in substitution for the Pledge Agreement and Collateral
Account Control Agreement (the terms
‘‘Collateral’’ and
‘‘Account’’ where used in this paragraph are as
defined in the Pledge Agreement).

Costs and expenses

The Company undertakes to indemnify the Bank, on demand, for
and against all actions, proceedings, losses, damages, charges, costs,
expenses, claims and demands which you may incur, pay or sustain (apart
from the Bank's own gross negligence or wilful misconduct) in
connection with this Letter (including non-exclusively the cost of all
registrations and any other legal fees that the Bank incurs in relation
to the Facility).

Certificates

Any demand,
notification or certificate issued by the Bank specifying any amount
due under this Letter or any Facility Document or any determination of
any ratio shall, in the absence of manifest error, be conclusive and
binding on the Company.

Miscellaneous

The rights
of the Bank under this Letter and the Facility Documents may be
exercised as often as necessary; are cumulative and not exclusive of
its rights under the general law; and may be waived only in writing and
specifically. Delay in exercising or non-exercise of any such right is
not a waiver of that right.

If any provision of this
Letter or any Facility Document is or becomes illegal, invalid or
unenforceable in any jurisdiction, that shall not affect (i) the
legality, validity or enforceability in that jurisdiction of any other
provision of that document; or (ii) the legality, validity or
enforceability in any other jurisdiction of that or any other provision
of that document.

In no event shall the Bank be liable on
any theory of liability for any special, indirect, consequential or
punitive damages and the Company hereby waives, releases and agrees
(for itself and on behalf of the other members of the Group) not to sue
upon any such claim for any such damages, whether or not accrued and
whether or not known or suspected to exist in its or their favour.

Clauses 12, 13 and 14 of the Master Agreement, Section 17 of
the Pledge Agreement and Article V, Section 3 of the Collateral Account
Control Agreement shall apply in respect of this Letter, with necessary
changes.

The terms of this Letter may not be waived,
modified or amended unless such waiver, modification or amendment is in
writing and signed by your nor may the Company assign any of its rights
hereunder without the prior written consent of the Bank.

Definitions and interpretation

Terms defined in any
Facility Document shall have the same meanings when used in this
Letter. Additionally, the following terms have the following
meanings.

A. M. Best Rating means a
claims paying rating from A. M. Best Co. (or any successor), provided
that if such rating system shall change, or if it (or its successors)
shall cease to be in the business of rating the financial strength of
insurance companies like the Company, the Company shall negotiate in
good faith to amend the references to specific A. M. Best Co. ratings
in this Letter to reflect such changed rating system or the
non-availability of ratings from such rating agency (provided that no
such amendments shall be effective unless approved by the Bank).

Business Day means a day (other than a Saturday or a
Sunday) on which banks are generally open in Dublin and Bermuda.

Facility Documents means the documents as specified in
the paragraph of this Letter headed ‘‘Facility
Documents’’ and any other document pursuant to which a
security interest, guarantee or other form of credit support is created
or exists in favour of the Bank in respect of the obligations of the
Company under this Letter.

Group means the Company
and each other person, if any, from time to time included in the
consolidated financial statements of the Company filed with the
SEC.

Quarter Day means 1 January, 1 April, 1 July
and 1 October.

In this Letter (unless otherwise
provided):

		
	(a) 	words importing the
singular shall include the plural and vice versa;

references to:

		
	(i) 	paragraphs
are to be construed as references to the paragraphs of this
Letter;

		
	(ii) 	any document shall be
construed as references to that document, as amended, varied, novated
or supplemented;

		
	(iii) 	any statute or
statutory provision shall include any statute or statutory provision
which amends, extends, consolidates or replaces the
same;

		
	(iv) 	any document or person being
acceptable or approved or satisfactory shall be construed as meaning
acceptable to or approved by or satisfactory to the Bank in its sole
discretion;

		
	(v) 	a person shall be
construed so as to include that person's assignors, transferees
or successors in title and shall be construed as including references
to an individual, firm, partnership, joint venture, company,
corporation, body corporate, unincorporated body of persons or any
state or any agency of a state; and

		
	(vi) 	time are to Dublin time.

The headings in this Letter are for convenience only and
shall be ignored in construing this Letter.

Governing law

This Letter shall be governed by English law and for the
benefit of the Bank the Company irrevocably submit to the jurisdiction
of the English Courts in respect of any dispute which may arise from or
in connection with this Letter or any Credit.

A person
who is not a party to this Letter has no rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any terms of this
Letter.

Yours sincerely

    
/s/
Phil Arch    

	
		
	

For and on behalf of
Citibank Europe plc

    

Accepted and agreed on
11 October 2006

    
/s/ David
Skinner

	
		
	

Aspen Insurance
LimitedTable of Contents
Exhibit
10.2

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COPY

Insurance Letters of Credit
− Master Agreement

Form
3/CIFS

		
	To: 	Citibank Ireland Financial
Services plc
Insurance Letter of Credit
Department
2nd Floor
1 North Wall Quay
Dublin
1
Republic of Ireland

Dear
Sirs,

Insurance Letters of Credit − Master Agreement

Insurance/Reinsurance Companies or Brokers

The purpose of
this letter is to record our agreement (the
‘‘Agreement’’) to the following method of
establishing letters of credit or similar or equivalent instruments
acceptable to you (each a ‘‘Credit’’ and
collectively the ‘‘Credits’’) on our behalf
in favour of beneficiaries located in the United States of America or
elsewhere (the ‘‘Beneficiary’’ or
‘‘Beneficiaries’’ as the context may
require). In connection with this Agreement, we have also separately
agreed with you the contractual or security arrangements that will
apply in respect of our obligations under or pursuant to this
Agreement.

		
	1. 	It is agreed between us
in relation to each Credit
that:-

			
		(a) 	you will, upon receipt of
an application form for the establishment of a Credit in such form as
you may be willing to accept for this purpose and which may, without
limitation, be received by you via any electronic system(s) or
transmission arrangement(s) acceptable to you (referred to in this
Agreement in relation to any Credit as an ‘‘application
form’’) completed by us or on our behalf in accordance
with the terms of our banking mandate(s) or other authorities lodged
with you or arrangement(s) made with you from time to time and
indicating therein the name of the Beneficiary and the amount and term
of the Credit required, establish on our behalf an irrevocable clean
sight Credit (or such other form of Credit as may be required by the
application form relating thereto) available, in whole or in part, by
the Beneficiary’s sight draft on Citibank Ireland Financial
Services plc or otherwise as may be required by the terms of the
Credit; provided, however,
that:

			
		(i) 	the opening of any Credit
hereunder shall, in every instance, be at your option and nothing
herein shall be construed as obliging you to open any
Credit;

			
		(ii) 	prior to the
establishment of any Credit or in order to maintain a Credit we
undertake as follows:

			
		(a) 	forthwith
at your request to deposit at a bank approved by you or with Citibank,
N.A. at their branch at Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB or, if notified by you, at such other branch as you may
designate or at another bank approved by you, in an account or accounts
in our name either cash or securities or a combination of cash and
securities of such amount and combination as you may require (a
‘‘Deposit’’);
and

			
		(b) 	should a Deposit have been
requested, to execute the Bank’s standard form charge
documentation in relation to any accounts opened pursuant to (ii)(a)
above; and

			
		(iii) 	without prejudice
to the generality of (i) above, the opening of any Credit hereunder
shall be dependent upon you being satisfied, in your absolute
discretion, that the a Deposit has been carried out and that the
documentation required to be executed under (ii)(b) above has been
validly executed;

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		(b) 	we
undertake to reimburse you, on demand, the amount of any and all
drawings under each Credit;

			
		(c) 	we
undertake to indemnify you, on demand, for and against all actions,
proceedings, losses, damages, charges, costs, expenses, claims and
demands which you may incur, pay or sustain by reason of or arising in
any way whatsoever (apart from your own gross negligence or wilful
misconduct) in connection with each Credit and/or this
Agreement;

			
		(d) 	we undertake to pay
to you, on demand, such fees and/or commissions of such amount(s)
and/or at such rate(s) as shall have been or as may be advised by you
to us as payable in connection with each
Credit;

			
		(e) 	we hereby irrevocably
authorise you to make any payments and comply with any demands which
may be claimed from or made upon you in connection with each Credit
without any reference to or further authority from us and we hereby
agree that it shall not be incumbent upon you to enquire or to take
notice whether or not any such payments or demands claimed from or made
upon you in connection with each Credit are properly made or to enquire
or to take notice whether or not any dispute exists between ourselves
and the Beneficiary thereof and we further agree that any payment which
you shall make in accordance with the terms and conditions of each
Credit shall be binding upon us and shall be accepted by us as
conclusive evidence that you were liable to make such payment or comply
with such demand; and

			
		(f) 	we
represent and warrant to you and undertake
that:-

			
		(i) 	we have and will at all
times have the necessary power to enable us to enter into and perform
the obligations expressed to be assumed by us under this
Agreement;

			
		(ii) 	this Agreement
constitutes our legal, valid, binding and enforceable obligation
effective in accordance with its terms;
and

			
		(iii) 	all necessary
authorisations to enable or entitle us to enter into this Agreement
have been obtained and are in full force and effect and will remain in
such force and effect at all times during the subsistence of this
Agreement;

			
		(g) 	we represent and
warrant to you that:-

			
		(i) 	we are not
unable to pay our debts as they fall
due;

			
		(ii) 	we have not been deemed or
declared to be unable to pay our debts under applicable
law;

			
		(iii) 	we have not suspended
making payments on any of our
debts;

			
		(iv) 	we have not by reason of
actual or anticipated financial difficulties commenced negotiations
with any of our creditors with a view to rescheduling any of our
indebtedness;

			
		(v) 	the value of our
assets is not less than our liabilities (taking into account contingent
and prospective
liabilities);

			
		(vi) 	no moratorium has
been declared in respect of any of our indebtedness;
and

			
		(vii) 	no analogous or similar
event or concept to those set out in Clauses 1(g)(i) to 1(g)(vi) above
has occurred or is the case under the laws of any
jurisdiction.

		
	2. 	Where an application
form has been completed by or on behalf of any other applicant(s) with
whom you have entered into an agreement similar or equivalent in effect
to this Agreement, and a separate application form has been completed
by us or on our behalf which corresponds, in your opinion with such
other application form (or any other combination of circumstances exist
which, in your opinion, are reasonably equivalent to the foregoing)
then you shall be at liberty to open a single Credit on behalf of
ourselves and such other applicant(s) jointly and in that event the
following provisions shall
apply:-

			
		(a) 	our obligations pursuant
to Clause 1(b) above shall be in respect of our due proportion of each
drawing under any such Credit;

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		(b) 	in
establishing our due proportion of each drawing under any such Credit
you are hereby irrevocably authorised to make apportionments between
ourselves and such other applicant(s) (i) on a pro rata basis by
reference to the amounts set forth in the application forms originally
completed by us and them in respect of such Credit (and after taking
into account any subsequent increases or decreases in such Credit
effected by you for our or their respective accounts) or, if you should
so choose (ii) in reliance on the instructions and advice of and
information provided by the relevant Insurance Broker (construed in
accordance with paragraph 3 below);
and

			
		(c) 	for the purposes of
paragraph 1(c) above, you may make any required apportionments in such
manner as you, in your sole discretion, consider to be fair and
reasonable.

		
	3. 	You may refer any query
or problem arising in connection with this Agreement or any transaction
hereby contemplated to the relevant Insurance Broker or respond to any
question relating to the status of any Credit made by the relevant
Insurance Broker (and, in such response, if you consider that it is
material to make reference to the subject matter of any other
agreement(s) now or hereafter entered into between us in connection
with this Agreement, you may disclose such information relating thereto
as you in your sole discretion consider to be appropriate). For the
purposes of this Agreement, references to the relevant Insurance Broker
shall be construed so as to mean the insurance broker or other
intermediary (a) through whom you originally received the application
form relating to the Credit in question (or the person(s) who purport
to have succeeded to the business thereof) or (b) which, in your
opinion, acts in connection with such
Credit.

4.

			
		(a) 	Any
Credit established hereunder may, if requested by us on the application
form relating thereto and subject to your consent, bear a clause to the
effect that it will automatically be extended for successive periods of
one year (or such other period as may be stated in the relevant
application form) unless the Beneficiary has received from the bank or
institution issuing the Credit (the ‘‘Issuing
Bank’’) by registered mail (or other appropriate
receipted delivery) notification of intention not to renew such Credit
at least 30 days (or such other period as may be stated in the relevant
application form) (the ‘‘Notice Period’’)
prior to the end of the original term or, as the case may be, of a
period of extension. The Issuing Bank shall be under no obligation to
us to send the Beneficiary such notification (and without such
notification to the Beneficiary the Credit will be automatically
extended as provided above) unless you shall have received by
registered mail or other means acceptable to you notification from us
(or from any one or more of the other parties (if any) for whose
account(s) such Credit may also have been established as contemplated
by paragraph 2 above) of our or its election not to renew such Credit
at least 30 days prior to the commencement of the Notice Period
relating to the original term or, as the case may be, a period of
extension; provided however that you will, as soon as is reasonably
possible, give us advice of the receipt by you of any such notice from
any other such parties. We understand that receipt by you of any such
notice may result in the whole of such Credit being cancelled (and not
just the portion attributable to us in the case of a joint credit as
referred to in paragraph 2 above) and, save as is provided above, you
reserve the right, at your sole option and discretion, to give or
procure the giving at any time to the Beneficiary of notification of
intention not to renew any Credit and that if you exercise such said
right you will give us notice in writing thereof as soon as is
reasonably possible.

			
		(b) 	If, in
either of the circumstances referred to in sub-paragraph (a) above, the
Issuing Bank has given notification not to renew such Credit, then you
may (but shall not be obliged to) without further authority from us (or
from any of the other persons as aforesaid) arrange for the Beneficiary
to accept (1) a substitute Credit (the ‘‘Substitute
Credit’’) from the Issuing Bank on terms identical to
such Credit except that (i) the amount of the Substitute Credit will be
equal to the then undrawn face value of such Credit less the portion
thereof (determined by you) to be attributable to the person(s) (the
‘‘excluded Person(s)’’) who gave a notice
of non-renewal to 

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you or, as the case may be, for whom you do
not wish to arrange the issuance of the Substitute Credit and (ii) the
original term of the Substitute Credit will, subject to renewal as
mentioned in sub-paragraph (a) above, be up to one year in duration (or
such longer duration as may be required by any regulatory or other
authority having jurisdiction as to the acceptability of the Substitute
Credit) OR (2) such other arrangement, compromise, release or waiver
as, in your sole opinion, will result in the same effect being achieved
as in (1) above. You will, as soon as reasonably possible, advise us
(unless we are the or one of the Excluded Person(s)) of the matter(s)
effected by you pursuant to the foregoing
provisions.

		
	5. 	You may, at your sole
option, arrange for the issuance of any Credit as being subject to
either (i) the Uniform Customs and Practice for Documentary Credits
(1993 Revision) ICC Publication No. 500 or (ii) the International
Chamber of Commerce Publication No. 590 — the International
Standby Practices 1998, (or any subsequent version of either); provided
however that you may agree such modifications thereof as may be
required by any regulatory or other authority having jurisdiction as to
the acceptability of the Credit in
question.

		
	6. 	Unless otherwise agreed
between us in writing, the previous agreement(s) (if any) entered into
between us governing Credits (other than those at any time governed by
a ‘‘Master Agreement — London Market
Letter of Credit Scheme’’ or substantially equivalent
agreement) established by Citibank Ireland Financial Services plc on
our behalf in favour of Beneficiaries shall, on acceptance by you of
this letter duly executed by us, cease to apply to all such Credits
established by Citibank Ireland Financial Services plc prior to the
date of our signature of this Agreement and all such Credits shall,
from the date of such acceptance be governed by this
Agreement.

		
	7. 	For the avoidance of
doubt any letter or letters of credit or similar or equivalent
instrument or instruments (the ‘‘Existing
Credit(s)’’) which has or have been established or opened
pursuant to the terms of any previous agreement(s) entered into between
us and Citibank, N.A. governing the Existing Credits (including any
security arrangements that apply in respect of any obligation under or
pursuant to such previous agreement(s)) (the ‘‘Existing
Agreement(s)’’) shall continue in force until cancelled.
The Existing Agreement(s) shall continue to apply to the Existing
Credit(s) until all the Existing Credit(s) have been cancelled. If
requested to do so by you, we undertake to take all reasonable steps to
procure that any cancelled Existing Credit(s) are destroyed or returned
to you.

		
	8. 	If, at our request, a
Credit expressly chooses a state or country law other than New York,
U.S.A. or English law, or is silent with respect to the International
Chamber of Commerce Publication No. 500 — Uniform Customs and
Practice for Documentary Credits (the
‘‘UCP’’), the International Chamber of
Commerce Publication No. 590 — International Standby Practices
1998 (the ‘‘ISP’’) or a governing law,
Citibank Ireland Financial Services plc shall not be liable for any
payment, cost, expense or loss resulting from any action or inaction
taken by Citibank Ireland Financial Services plc if such action or
inaction is justified under UCP, ISP, New York law or English law or
the law governing the Credit.

		
	9. 	We
understand that Citibank Ireland Financial Services plc may carry out
any of its obligations under this Agreement through any offices or
branches of Citibank Ireland Financial Services plc wheresoever
situated and may wish to exercise any of its rights under this
Agreement through offices or branches of Citibank Ireland Financial
Services plc wheresoever
situated.

		
	10. 	We further understand
that Citibank Ireland Financial Services plc also reserves the right to
issue any Credit through any third party correspondent of its choice
and/or to have any Credit confirmed by Citibank, N.A. and, in such
circumstances, Citibank Ireland Financial Services plc will be required
to guarantee reimbursement to such correspondent (and/or to Citibank,
N.A., as the case may be) of any payments which such correspondent
(and/or Citibank, N.A., as the case may be) may make under the Credit
in question and such guarantee (howsoever described) shall also be
treated mutatis mutandis as a Credit for the purpose of this
Agreement.

		
	11. 	The provisions of the
foregoing paragraphs shall be equally applicable to any increase,
extension, renewal, partial renewal, modification or amendment of or
substitute instrument for any Credit to 

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which they apply. If for any reason any amount
paid under any Credit is repaid, in whole or in part, by the
Beneficiary thereof, you may, in your sole discretion, treat (or
procure the treatment of) such repayment as a reinstatement of an
amount (equal to such repayment) under such Credit. The value date
applied by you to any such reinstatement shall not be earlier than the
date of such repayment and you shall not be liable for any loss of any
nature which we may suffer or incur and which may arise from any
inadvertent or erroneous
drawing.

		
	12. 	Any notice or demand to
be served on us by you hereunder may be
served:

			
		(a) 	on any of our officers
personally;

			
		(b) 	by letter addressed
to us or to any of our officers and left at our registered office or at
any one of our principal places of
business;

			
		(c) 	by posting the same by
letter addressed in any such manner as aforesaid to such registered
office or any such principal place of business;
or

			
		(d) 	by telex or facsimile
addressed in any such manner as aforesaid to any then published telex
or facsimile number of ourselves.

Unless otherwise
stated, any notice or demand to be served on you by us hereunder must
be served on you either at your address stated at the beginning of this
Agreement (or such other address as you may notify us of from time to
time) or by facsimile to such number as you may notify us of from time
to time.

Any notice or
demand:-

			
		(e) 	sent by post to any
address in the Republic of Ireland or the United Kingdom shall be
deemed to have been served on us at 10am. (London time) on the first
Business Day after the date of posting (in the case of an address in
the Republic of Ireland) and on the second Business Day after posting
(in the case of an address in the United Kingdom) or, in the case of an
address outside the Republic of Ireland or the United Kingdom (or a
notice or demand to you), shall be deemed to have been served on the
relevant party at 10am. (London time) on the third Business Day after
and exclusive of the date of posting;
or

			
		(f) 	sent by telex or facsimile
shall be deemed to have been served on the relevant party when
dispatched.

In proving such service by post it shall be
sufficient to show that the letter containing the notice or demand was
properly addressed and posted and such proof of service shall be
effective notwithstanding that the letter was in fact not delivered or
was returned undelivered.

In this Clause
‘‘Business Day’’ shall be construed as a
reference to a day (other than a Saturday or a Sunday) on which banks
are generally open in London.

		
	13. 	You
shall have a full and unfettered right to (a) assign the whole or any
part of the rights under or the benefit of this Agreement or (b)
(subject to Clause 14 below) novate your rights and obligations under
this Agreement. The words ‘‘you’’ and
‘‘your’’ wherever used herein shall be
deemed to include your assignees and novatees and other successors,
whether immediate or derivative, who shall be entitled to enforce and
proceed upon this Agreement in the same manner as if named herein. You
shall be entitled to impart any information concerning us to any such
assignee, novatee or other successor or any participant or proposed
assignee, novatee, successor or
participant.

14.

			
		14.1 	The
person who is for the time being liable to perform your obligations
under this Agreement (a ‘‘Transferring
Bank’’) shall be entitled to novate at any time, upon
service of a notice in the form attached as Schedule One to this
Agreement (a ‘‘Novation Notice’’) on us,
any or all of its rights and obligations under, and the benefit of,
this Agreement to any Permitted Transferee. With effect from the date
on which a Novation Notice is executed by the Transferring Bank and the
Permitted Transferee and served on us (the ‘‘Novation
Date’’), the provisions of Clause 14.2 shall have effect
(but not otherwise).

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For the purposes of this Clause 14
a ‘‘Permitted Transferee’’ shall mean any
holding company, subsidiary or affiliate of
Citigroup.

			
		14.2 	With effect from
(and subject to the occurrence of) the Novation
Date:

			
		(a) 	the Permitted Transferee
shall be bound by the terms of this Agreement (as novated) in every way
as if the Permitted Transferee were and had been a party hereto in
place of the Transferring Bank and the Permitted Transferee shall
undertake and perform and discharge all your obligations and
liabilities under this Agreement (as novated) whether the same fell or
fall to be performed or arose or arise on, before or after the Novation
Date;

			
		(b) 	we shall release and
discharge the Transferring Bank from further performance of its
obligations arising in favour of us on and after the Novation Date
under this Agreement and all claims and demands whatsoever in respect
thereof against the Transferring Bank and we shall accept the liability
of the Permitted Transferee in respect of such obligations in place of
the liability of the Transferring
Bank;

			
		(c) 	the Transferring Bank
shall release and discharge us from further performance of our
obligations arising in favour of the Transferring Bank on and after the
Novation Date under this Agreement and all claims and demands
whatsoever in respect thereof by the Transferring
Bank;

			
		(d) 	we shall be bound by the
terms of this Agreement (as novated) in every way, and we shall
undertake and perform and discharge in favour of the Permitted
Transferee each of our obligations whether the same fell or fall to be
performed or arose or arise on, before or after the Novation Date and
expressed to be owed to
you.

			
		14.3 	Without prejudice to the
automatic novation of the Transferring Bank’s rights and
obligations pursuant to Clause 14.2 we undertake to sign and return
promptly each acknowledgement of the Novation Notice from time to time
delivered to us promptly following receipt of the same from the
Transferring
Bank.

15.

			
		15.1 	We
hereby irrevocably authorise you to debit and credit, on our behalf,
any account or accounts which are held in our name with Citibank,
N.A.

			
		15.2 	We hereby agree that
Citibank N.A. shall be entitled to rely on and action any credit or
debit made by you in accordance with Clause
15.1.

		
	16. 	This Agreement shall be
governed by English law and for your benefit we hereby irrevocably
submit to the jurisdiction of the English Courts in respect of any
dispute which may arise from or in connection with this Agreement. The
terms of this Agreement may not be waived, modified or amended unless
such waiver, modification or amendment is in writing and signed by you
nor may we assign any of our rights here under without your prior
written
consent.

17.

			
		17.1 	Subject
to this Clause and to Clause 15.2 a person who is not a party to this
Agreement has no rights under the Contracts (Rights of Third Parties)
Act 1999 (the ‘‘Third Parties Act’’) to
enforce any terms of this
Agreement.

			
		17.2 	Citibank, N.A. may
enforce the terms of Clause 15.2 subject to and in accordance with this
Clause and Clause 16 and the provisions of the Third Parties
Act.

			
		17.3 	The parties to this
Agreement do not require the consent of Citibank, N.A. to rescind or
vary this Agreement at any
time.

			
		17.4 	If Citibank, N.A. brings
proceedings to enforce the terms of Clause 15.2 we shall only have
available to us by way of defence, set-off or counterclaim a matter
that would have been available by way of defence, set-off or
counterclaim if Citibank, N.A. had been party to this
Agreement.

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		17.5 	Citibank,
N.A. may not take proceedings to enforce Clause 15.2 unless and until
it gives notice in writing to us in any manner as is permitted by
Clause 12, agreeing irrevocably to the provisions of Clause
16.

Yours faithfully,

For and
on behalf of

ASPEN INSURANCE
LIMITED

*(Full name of Company /
Firm)

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SCHEDULE ONE

Form of Novation
Notice for Clause
14

To:            [                ]

Date:                

Dear
Sirs

Insurance Letters of Credit − Master
Agreement (Form 3/CIFS) dated [            ] and made
between Citibank Ireland Financial Services plc and
[            ] (the
‘‘Agreement’’)

We refer to
Clause 14 of the Agreement. We hereby notify you that we wish to
exercise our option to novate under Clause 14 thereof so that with
effect from today’s date the rights, liabilities and obligations
of [name of Transferring Bank] shall be novated to
[name of Permitted Transferee] in the manner set out
in Clause 14 thereof.

The relevant address for the
purposes of Clause 4(a) and Clause 12 is as
follows:

[insert new
address]

Yours
faithfully

	
	 
	for
and on behalf of

[TRANSFERRING
BANK]
	 
	for
and on behalf of

[PERMITTED
TRANSFEREE]
	[NAME
OF
COUNTERPARTY]:
	

		
	(1) 	acknowledges
receipt of the Novation Notice;
and

		
	(2) 	agrees that with effect from
the date of the Novation Notice the rights, liabilities and obligations
of [                ] are novated to
[                ] in the manner set out in Clause 14
of the
Agreement.

	
	 
	for
and on behalf of

[NAME OF
COUNTERPARTY]

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