Document:

First Amendment Agreement to the Third Amended & Restated Credit Agreement

 Exhibit 10.20 
 FIRST AMENDMENT AGREEMENT 
 THIS FIRST AMENDMENT AGREEMENT
(this “Amendment”), dated as of November 23, 2009, is among RENAISSANCERE HOLDINGS LTD. (the “Borrower”), the Lenders listed on the signature pages hereto and BANK OF AMERICA, N.A., as LC Issuer and as Administrative Agent
for the Lenders. 
 W I T N E S S E T H: 
 WHEREAS, the parties hereto are parties to that certain Third Amended and Restated Credit Agreement dated as of April 9, 2009 (the
“Credit Agreement”); and 
 WHEREAS, the parties hereto wish to amend the Credit Agreement as hereinafter set forth.

 NOW, THEREFORE, the parties hereto, in consideration of the premises and the mutual agreements herein contained, 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 First Amendment Effective Date (as defined below), the Credit Agreement shall be amended as follows: 
 (a) Amendments to Section 1.1. Section 1.1 of the Credit Agreement is amended as follows: 
 (i) The definition of “Insurance-Linked Securities Fund” is restated in its entirety to read as follows:

 Insurance-Linked Securities Fund means a pooled investment vehicle formed or organized by a member of
the ILS Fund Group (i) which is not licensed by a Governmental Authority to engage in the insurance business by issuing Primary Policies or entering into Reinsurance Agreements or Industry Loss Warranties, (ii) which is managed by a
Non-Insurance Subsidiary or a member of the ILS Fund Group, (iii) which invests in any or all of the following: bonds and other securities, repurchase agreements, Swap Contracts and other arrangements related to insurance, reinsurance and
weather, energy and related commodity derivatives transactions including Industry Loss Warranties or collateralized reinsurance contracts, and (iv) the ownership or profit interests in which may be held by institutional investors and/or one or
more members of the ILS Fund Group. 

 (ii) The definition of “Subsidiary” is amended by inserting the
following at the end thereof: 
 “nor shall any member of the ILS Fund Group be deemed to be a Subsidiary
of the Borrower provided that the Borrower directly owns 100% of the beneficial, economic and voting rights of RenaissanceRe Fund Management Holdings Ltd.” 
 (iii) The following new definition is added in the proper alphabetical order: 
 “ILS Fund Group means RenaissanceRe Fund Management Holdings Ltd., a Bermuda company, its Subsidiaries in
existence on October 1, 2009 and each Subsidiary (including any Insurance-Linked Securities Fund or Person licensed as an insurance company) formed after October 1, 2009 in connection with the establishment and management of
Insurance-Linked Securities Funds.” 
 (b) Amendment to Section 1.3. The proviso in the first
sentence of Section 1.3 of the Credit Agreement is amended to read as follows: 
 ;provided, however, that for
purposes of calculating the financial covenants, the financial statements required under Section 6.1(a) shall be adjusted so that DaVinciRe Holdings Ltd., DaVinci Reinsurance Ltd. and the ILS Fund Group shall be accounted for under the
equity method rather than consolidated as Subsidiaries. 
 (c) Amendment to Section 6.9. The second
parenthetical of Section 6.9 of the Credit Agreement is amended in its entirety to read as follows: 
 “(including the management of Insurance-Linked Securities Funds through a Non-Insurance Subsidiary or through the ILS Fund Group)”. 
 (d) Amendment to Section 7.6 Section 7.6 of the Credit Agreement is amended in its entirety to read as follows: 
 “Transactions with Affiliates. Not, and not permit any Subsidiary to, enter into, or cause, suffer or permit to
exist, directly or indirectly, any arrangement, transaction or contract with any of its Affiliates unless such arrangement, transaction or contract is on an arm’s length basis; provided that there shall be excluded from the foregoing
restrictions (a) transactions between the Borrower and the Joint Venture, between the Borrower and any wholly-owned Subsidiary of the Borrower, between any wholly-owned Subsidiaries of the Borrower or between any wholly-owned Subsidiary of the
Borrower and the Joint Venture, (b) transactions expressly contemplated by written contracts between (i) the Borrower or any wholly owned Subsidiary of the Borrower, on the one hand, and any non-wholly owned Subsidiary or Affiliate of the
Borrower (other than a member of the ILS Fund Group) on the other hand or (ii) any non-wholly owned Subsidiary of the Borrower and any Affiliate of the Borrower (other than a member of the ILS Fund Group); provided the aggregate net amount paid
by the Borrower and its

  

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Subsidiaries thereunder does not exceed $10,000,000 in any Fiscal Year, and (c) transactions between the Borrower or any of its Subsidiaries and a member of the ILS Fund Group provided such
transaction is (i) related to the business of the Borrower as set forth in Section 6.9, (ii) in compliance with the Borrower’s then-existing underwriting and investment guidelines (collectively, the “Guidelines”)
and (iii) conducted on an arms’ length basis. For the avoidance of doubt, each transaction between the Borrower or one of its Subsidiaries and a member of the ILS Fund Group must meet the Guidelines as well as any related transaction
entered into by the Borrower or such Subsidiary with a third party for the benefit or on behalf of such ILS Fund Group member. By way of example, an Insurance Subsidiary may not act as a fronting reinsurer on behalf of a member of the ILS Fund
Group with respect to a reinsurance risk unless such Insurance Subsidiary would have been in compliance with the Guidelines had such Insurance Subsidiary taken the reinsurance risk directly.” 
 (e) Amendment to Article VII. Article VII is amended by inserting the following new Section 7.13 at the end
thereof: 
 “SECTION 7.13 Investments in ILS Fund Group. Not, and not permit its Subsidiaries to,
(i) incur contingent liabilities or otherwise provide credit support (including granting a Lien on any of its assets) for the Debt of or enter into any net worth maintenance agreements with respect to any member of the ILS Fund Group at any
time or (ii) make any loans to purchase or redeem any capital stock of or otherwise make any investment in any member of the ILS Fund Group during the existence or continuation of any Default or Event of Default.” 
 Section 3. Representation and Warranties. In order to induce the Lenders, the LC Issuer and the Administrative Agent to execute and
deliver this Amendment, the Borrower hereby represents and warrants to the Lenders, the LC Issuer and to the Administrative Agent that both before and after giving effect to the Amendment that: 
 (a) No Event of Default or Default has occurred and is continuing or will result from the execution and delivery or
effectiveness of this Amendment; and 
 (b) the warranties of the Borrower contained in Article V of the Credit
Agreement are true and correct as of the date hereof and the Amendment Effective Date, with the same effect as though made on such date; provided that (i) with respect to clause (a) of Section 5.2, the reference to “2007 Fiscal
Year” therein shall instead be a reference to “2008 Fiscal Year”. 
 Section 4. Conditions to
Effectiveness. The Amendments set forth in Section 2 hereof shall become effective on the date (the “Amendment Effective Date”) when the Administrative Agent shall have received four counterparts of this Amendment executed by the
Borrower, the Administrative Agent and the Required Lenders. 
  

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 Section 5. Reaffirmation of Loan Documents. From and after the date hereof, each
reference to the Credit Agreement that appears in any other Loan Document shall be deemed to be a reference to the Credit Agreement as amended hereby. As amended hereby, the Credit Agreement is hereby reaffirmed, approved and confirmed in every
respect and shall remain in full force and effect. 
 Section 6. Counterparts; Effectiveness. This Amendment may be
executed by the parties hereto in any number of counterparts and by the different parties on 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. 
 Section 7. Governing Law; Entire Agreement. This Amendment shall be deemed a contract made under and
governed by the laws of the State of New York. This Amendment constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior agreements with respect thereto. 
 Section 8. Loan Document. This Amendment is a Loan Document. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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

			
	RENAISSANCERE HOLDINGS LTD.
		
	By:	 	/s/ Jeffrey D. Kelly
	Title: Chief Financial Officer and Executive Vice President
	
	 BANK OF AMERICA, N.A.,
 as Administrative Agent, LC Issuer
 and Lender

		
	By:	 	/s/ Debra Basler
	Title: Senior Vice President
	
	CITIBANK N.A.
		
	By:	 	/s/ Peter C. Bickford
	Title: Vice President
	
	THE BANK OF NEW YORK MELLON BANK
		
	By:	 	/s/ Illegible
	Title: Vice President
	
	THE BANK OF N.T. BUTTERFIELD & SON LIMITED.
		
	By:	 	/s/ Alan Day
	Title: Vice President
		
	By:	 	/s/ Dan McCleary
	Title: Vice President

  

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	WACHOVIA BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ William R. Goley
	Title: Director
	
	UBS LOAN FINANCE LLC
		
	By:	 	/s/ Illegible
	Title: Associate Director
		
	By:	 	/s/ Illegible
	Title: Associate Director
	
	BARCLAYS BANK PLC
		
	By:	 	/s/ Stuart Ratcliffe
	Title: Director - Insurance

  

 S-2Agreement Regarding Use of Aircraft Interest, dated as of November 17, 2009

 Exhibit 10.48 
 AGREEMENT REGARDING USE OF AIRCRAFT INTEREST 
 THIS AGREEMENT REGARDING USE OF AIRCRAFT INTEREST (the “Agreement”) is entered into as of this 17th day of November 2009, by and between RenaissanceRe Holdings Ltd. (the “Company”), and Neill A. Currie
(“Mr. Currie”). 
 RECITALS 
 A. Whereas, RenaissanceRe Holdings Ltd. (the “Company”) owns a 100% interest in a Raytheon Hawker 800XP plane, FAA Aircraft
Number N892QS, operated under a NetJets Aviation Inc. (“NetJets”) fractional interest program (together with any other aircraft as to which the Company has an interest pursuant to the fractional interest program under NetJets
Agreement, the “RenRe Aircraft Interest”), pursuant to a November 28, 2003 agreement between the Owner Trustee, Wilmington Trust Company, and NetJets (as amended from time to time, the “NetJets Agreement”) on
terms as set forth in certain agreements with NetJets and Wilmington Trust Company; and 
 B. Whereas, Mr. Currie is
permitted to use the RenRe Aircraft Interest for his personal use under his employment agreement with the Company subject to an agreed-upon cap (the “Cap”) allowing 24 round trips per year for Mr. Currie’s business commute
and 25-hours per year for his other personal travel; and 
 C. Whereas, the Compensation Committee believes it is in the best
interests of the Company to allow Mr. Currie to utilize hours in respect of the RenRe Aircraft Interest in addition to the Cap, provided that Mr. Currie pays the aggregate incremental cost incurred by the Company in connection with any
such flights in a manner that complies with the relevant provisions of the Sarbanes-Oxley Act of 2002 and Federal Aviation Administration (“FAA”) regulations. 
 NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as follows: 
 1. Part 135 Instruction. Subject to Section 3, the Company agrees to provide a standing instruction to NetJets to ensure that,
and Mr. Currie agrees that, any flight taken by Mr. Currie pursuant to the RenRe Aircraft Interest for his personal use will be pursuant to Part 135 of the Federal Aviation regulations. 
 2. Payment for Flights. Subject to Section 3, Mr. Currie agrees to fund a Company account with cash in an amount of not
less than $25,000, which cash may be drawn upon at any time by the Company to cover the aggregate incremental cost incurred by the Company in connection with any flight taken by Mr. Currie pursuant to the RenRe Aircraft Interest for his
personal use. To the extent the Company withdraws cash from the account to cover the aggregate incremental cost of any flight in accordance with this Section 2, Mr. Currie shall deposit an amount of money into the account so that it again
contains an aggregate amount of not less than $25,000. “Aggregate incremental cost” shall be calculated in the same manner as prescribed by Regulation S-K and the rules and other guidance of the Securities and Exchange Commission.

 3. Applicability of Provisions. The provisions of Sections 1 and
2 of this Agreement shall only apply in instances in which Mr. Currie uses the RenRe Aircraft Interest for personal use and which flight exceeds the Cap, whether it is any round trip for Mr. Currie’s business commute after the
24th such trip of the year or any hour flown for
Mr. Currie’s other personal travel after the 25th such hour of travel of the year. 
 4. Severability. Each of the provisions of this Agreement is a separate and
distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other
provisions hereof 
 5. General. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of Bermuda. 
 (b) Neither this Agreement nor any rights or obligations hereunder shall be assigned or transferred by Mr. Currie.

 (c) This Agreement shall be binding upon and inure to the benefit of Mr. Currie and the Company and its
successors and assigns. 
 (d) No amendment, modification or termination of this Agreement shall be effective
unless in writing signed by both parties hereto. 
 (e) This Agreement may be executed and delivered in one or
more counterparts, each of which when executed and delivered shall be deemed to be an original but all of which when taken together shall constitute one and the same Agreement. 
 *        *        * 
 [Signatures appear on following page.] 
  

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 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as
of the date first above written. 
  

			
	RENAISSANCERE HOLDINGS LTD.
		
	By	 	/s/ Stephen H. Weinstein
		 	Name: Stephen H. Weinstein
		 	Title: SVP and Corporate Secretary
		
		 	/s/ Neill A. Currie
		 	Neill Currie

  

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