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                                                                Exhibit 10.14.29

                           [Letterhaed of ING Barings]

XL Capital Ltd;
Cumberland House
One Victoria Street
P.O. Box HM 2245
Hamilton HMJX Bermuda

XL Insurance Ltd; and
Cumberland House
One Victoria Street
P.O. Box HM 2245
Hamilton HMJX Bermuda

XL Mid Ocean Reinsurance Ltd
Cumberland House
One Victoria Street
P.O. Box HM 2245
Hamilton HMJX Bermuda

                                                                17 December 1999

Dear Sirs,

We, ING Bank N.V., acting through our London Branch at 60 London Wall, London
EC2M 5TQ, (the "Bank") are pleased to confirm our agreement with you, XL Capital
Ltd, XL Insurance Ltd and XL Mid Ocean Reinsurance Ltd (each an "Account Party"
and collectively the "Account Parties") to make available an uncommitted Letter
of Credit facility together with its related schedules (the "Facility") under
the terms and conditions provided below.

1. Definitions

      (a)   "Anniversary Date" shall mean each anniversary after the Date of
            Issuance.

      (b)   "Business Day" means a day on which the relevant London financial
            markets are open for the transaction of business contemplated hereby
            and, a day on which banks are open for business in the place of
            payment.

      (c)   "Event of Default" means the events of default set out in Clause 12
            hereof.

      (d)   "Expiry Date" means the expiry date of a Letter of Credit from time
            to time which shall be an initial period of 5 years in respect of
            Letters of Credit issued in favour of The Council of Lloyd's ,
            subject to an annual extension of 365 days in each case.

      (e)   "Letter of Credit" means any Letter of Credit issued by the Bank
            pursuant to the terms of this Facility.

      (f)   "Material Indebtedness" means any indebtedness of the Account Party
            in an aggregate principal amount exceeding USD15,000,000 (fifteen
            million United States Dollars).

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      (g)   "Subsidiary" has the meaning ascribed to it by Section 736 of the
            Companies Act 1985 (as amended from time to time).

2. Type and Amount of Facility

      Type:             Issuance of Reinsurance Letters of Credit in favour of
                        The Council of Lloyd's substantially in the form of the
                        Fourth Schedule attached to this Facility

      Amount:           Up to a maximum aggregate of USD150,000,000, (in words:
                        one hundred and fifty  million  United  States Dollars)

      Account Parties:  XL Capital Ltd;

                        XL Insurance Ltd; or

                        XL Mid Ocean Reinsurance Ltd

      Beneficiaries:    To be advised

      Initial Term of each Letter of Credit: Five years for each Letter of
      Credit issued in favour of the Council of Lloyd's

      Date of Issuance: on or before 31st January 2000

      Issuing Fee:      35 basis points per annum

      Purpose:          to cover Funds at Lloyd's Requirements

3. Availability of Facility

      (a)   When an Account Party wishes the Bank to issue Letters of Credit on
            its behalf, the Account Party shall give to the Bank at least two
            Business Days irrevocable written notice in the form attached at
            Third Schedule hereto ("Drawdown Notice") of its request referring
            to the Facility and specifying the currency and the amount of the
            Letter of Credit and the date upon which such Letter of Credit is to
            expire unless extended as provided in the terms of the Letter of
            Credit.

      (b)   This Facility is of an uncommitted nature. Accordingly, there is no
            obligation on the Bank to agree to any request made by the Account
            Party pursuant to Clause 3(a). In the event that the Bank declines
            to comply with any such request, it shall have no further effect.

      (c)   If there is any inconsistency between the terms of any Drawdown
            Notice and the terms of this Facility, the terms of this Facility
            shall prevail.

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      (d)   Each Account Party shall be jointly and severally liable for the
            liabilities of each of the other Account Parties hereunder.

4. Fees

      The Account Parties will pay the Bank, in respect of each Letter of
      Credit, an opening fee payable quarterly in arrears in the currency of
      each Letter of Credit, computed on the basis of actual days between the
      Date of Issuance and the Anniversary Date and upon a 360 day year at 35
      basis points per annum on the maximum amount of the Bank's liability under
      the Letter of Credit.

5. The Account Parties liabilities in relation to Letters of Credit

5.1 Reimbursement

      Each relevant Account Party shall:

      (a)   pay to the Bank on demand an amount equal to and in the same
            currency as all sums paid by the Bank under or in connection with
            any Letter of Credit issued pursuant to this Facility with any sums
            payable by the Account Party hereunder); and

      (b)   indemnify the Bank on demand against all actions, charges, claims,
            costs, damages, demands, expenses, taxes, duties, losses and
            proceedings (other than actions, charges, claims, costs, damages,
            demands, taxes, duties, losses and proceedings resulting from
            negligence or wilful default on the part of the Bank) which may be
            brought or preferred against the Bank or which the Bank may suffer
            or incur arising out of or in connection with any Letter of Credit
            issued hereunder or any amendment or variation in the terms of that
            Letter of Credit in connection with the enforcement or the
            preservation of the Bank's rights hereunder.

5.2 Authorisations

      The Bank is irrevocably authorised to make any payments and comply with
      any demands which may be claimed from or made upon the Bank under, in
      connection with or by reason of any Letter of Credit issued pursuant to
      the terms hereof on the first demand being made. The Bank may make these
      demands or comply with these payments:

      (a)   without any reference to or further authority from the relevant
            Account Party;

      (b)   without requiring proof that the amounts so demanded are or were
            due; and

      (c)   notwithstanding that an Account Party may dispute the validity of
            demand or payment or that any demand is made after the stated expiry
            date (if any) of the relevant Letter of Credit.

5.3 Binding effect of payments

      Any payment which the Bank shall make in accordance with (or which is
      apparently or purporting to be in accordance with) any Letter of Credit
      issued hereunder shall be binding upon, and shall be accepted by, the
      Company as conclusive evidence that the Bank was liable to make such
      payment.

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5.4 Defences

      It shall not be a defence to a claim by the Bank against an Account Party
      hereunder that the Bank could have resisted any claim by the beneficiary
      of the relevant Letter of Credit.

5.5 Risk

      Any Letter of Credit issued hereunder or any communication shall be sent
      at the relevant Account Party's risk and cost and each Account Party shall
      hold the Bank harmless from any liability (other than liability resulting
      from negligence or wilful default on the part of the Bank) for any loss or
      damage arising out of any delay, loss in transit, errors in translation,
      coding or decoding or omissions, variations, mutilations or other errors
      in transmission of those letters, facsimile, cables or telex messages.

6. Default Interest

      (a)   If an Account Party fails to pay any amount payable by it hereunder
            on the due date thereof, the Account Party shall on demand from time
            to time pay interest on such overdue amount from the due date up to
            the date of receipt of actual payment (both before and after
            judgement) at a rate determined by the Bank from time to time to be
            2 % above the offered rate quoted by leading banks in the London
            Interbank Market at or about 11.00 a.m. (London time) on the
            appropriate quotation date for deposits of a similar amount to, and
            in the currency of, the unpaid amount, and for such interest period
            as the Bank may consider appropriate. Such interest shall be
            compounded daily.

      (b)   Interest shall be calculated on the basis of a 360 day year and for
            the actual number of days elapsed in the period of question.

7. Payments

      All payments to be made by an Account Party hereunder shall be made to the
      Bank in US Dollar funds for value on the due date to Chase Manhattan Bank
      N.A. New York, for the account of ING Bank N.V. London Branch, Account
      No.001-1-938123 or in other currencies to an account as instructed by the
      Bank, without set-off or counter-claim and free of and without deduction
      for any taxes, levies, withholdings or imposts imposed by any governmental
      or taxing authority in Bermuda or the Cayman Islands whatsoever. If any
      deductions whatsoever are required to be made, each Account Party hereby
      agrees to indemnify the Bank against the same and will pay such additional
      amounts as the Bank may certify as necessary to ensure receipt by the Bank
      of the full amount it would have received hereunder but for such
      deduction. In the event of such payment the Account Parties will deliver
      promptly to the Bank such tax receipts or other documentation as it may
      reasonably require. No such additional amounts will be payable with
      respect to a payment made to the Bank with respect to any tax or other
      amount which would not have been imposed, payable or due: (i) but for the
      existence for any present or former connection between the Bank and
      Bermuda or the Cayman Islands (including without limitation, the Bank
      being or having or maintaining or having maintained a permanent
      establishment or being or having been engaged in business in, Bermuda or
      the Cayman Islands); or (ii) but for the failure to comply with a request
      by an Account Party to

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      satisfy any certification, identification or other reporting requirements,
      whether imposed by statute, treaty, regulation or administrative
      practices, concerning nationality, residence or connection with any
      applicable taxing jurisdiction. The obligation to pay additional amounts
      in respect of taxes shall not apply to any tax which is payable otherwise
      than by deduction or withholding.

8. Increased Costs

      If the result of any present or future law, regulation, treaty or official
      directive (whether or not having the force of law) or any change therein
      or in the interpretation or application thereof or compliance by the Bank
      with any request of any relevant authority is directly or indirectly to
      increase the cost to the Bank of the transactions contemplated hereby, or
      is to reduce any amount receivable by the Bank or the effective return to
      the Bank hereunder whether by way of change in the manner in which the
      Bank allocates capital to the Account Parties' obligations hereunder or
      otherwise, each Account Party will, forthwith on demand, which demand
      shall include a description of the facts and circumstances regarding such
      a demand, pay to the Bank such amounts as the Bank shall certify as
      necessary to compensate it for such additional cost or reduction.

9. Collateralisation or cancellation of Letters of Credit issued to The Council
   of Lloyd's

      The Bank may, in its absolute discretion, serve notice on an Account Party
      and an Account Party may serve notice on the Bank, at least thirty days
      before each anniversary of the date of issuance of a Letter of Credit (an
      "Anniversary Date") issued in favour of The Council of Lloyd's, that the
      Bank or the Account Party, respectively, does not wish to extend such
      Letter of Credit beyond its Expiry Date. On receipt of such notice by the
      relevant Account Party or on service of such notice by the relevant
      Account Party on the Bank, the Account Party undertakes to either (i)
      provide the Bank on or before the Anniversary Date with collateral equal
      to 110% of the face value of such Letters of Credit in the form of AA
      rated Corporate Bonds or OECD bonds together with a charge or other
      security over such collateral in a form satisfactory to the Bank or (ii)
      to ensure that the Letter of Credit is cancelled on or before the
      Anniversary Date. Failure by an Account Party to comply with this clause 9
      shall constitute an Event of Default in accordance with clause 12 hereof.

10. Representations and Warranties

      Each Account Party represents and warrants on the date of this Facility
      and on each date that any amount under this Facility is or may be
      outstanding as if warranted on each such date that:

(a)   it is duly incorporated and validly existing under the laws of the
      jurisdiction of its incorporation; and

(b)   the obligations expressed to be assumed by it in this Facility are legal
      and valid obligations binding on it and enforceable in accordance with its
      terms, subject to any reservations or qualifications noted in any legal
      opinion, is within its powers and does not conflict with any law or
      document, except

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      where such conflicts would not be reasonably expected to have a material
      adverse effect on the ability of the Account Party to perform any of its
      obligations under this Facility; and

(c)   no authorisations or consents whatsoever in relation to this Facility are
      required, except for such authorisations or consents the failure to have
      or obtain would not be reasonably expected to have a material adverse
      effect on the ability of the Account Party to perform any of its
      obligations under this Facility; and

(d)   neither this Facility nor use of the Facility will contravene any
      agreement to which an Account Party or any of its Subsidiaries is a party
      or entitle any person to exercise any rights against such Account Party's
      or any of its Subsidiaries' assets pursuant to any such agreement in any
      way which is reasonably likely to have a material adverse effect; and

(e)   any Letter of Credit issued under this Facility and the obligations
      evidenced hereby and thereby are and will at all times be direct and
      unconditional general obligations of the relevant Account Party, and rank
      and will at all times rank in right of payment and otherwise at least pari
      passu with all other unsecured indebtedness of such Account Party, whether
      now existing or hereafter outstanding; and

(f)   no Event of Default is outstanding or would reasonably be expected to
      result from the issuance of any Letter(s) of Credit under this Facility;
      and

(g)   no litigation, arbitration or administrative proceedings are current,
      pending or threatened which may have a material adverse effect on the
      ability of the Account Party to perform any of its obligations under this
      Facility, except for claims which the relevant Account Party has proved to
      the reasonable satisfaction of the Bank, are frivolous or vexatious or are
      being contested in good faith by appropriate proceedings which are
      reasonably likely to be successful; and

(h)   all information supplied by or on behalf of each Account Party to the Bank
      prior to the date of this Facility was true, complete and accurate in all
      material respects of its date and did not omit any information known to
      any Account Party which if disclosed might reasonably be expected to
      adversely affect the Bank's decision to enter into this Facility.

11. Covenants

11.1 Change of Business

a)    No Account Party will , nor will any Account Party permit any of its
      Subsidiaries to, engage to any material extent in any business other than
      businesses of the nature conducted by such Account Party and its
      Subsidiaries on the date of this Facility and businesses reasonably
      related thereto or in the financial services industry.

b)    No Account Party will change in any material respect any of the
      underwriting standards applied by such Account Party on the date hereof.

11.2 Notice of Default

      Each Account Party shall notify the Bank of the occurrence of any Event of
      Default promptly upon its occurrence.

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11.3 Pari Passu

      Each Account Party shall procure that its obligations under this Facility
      do and will rank at least pari passu with all its other present and future
      unsecured obligations except for obligations which are mandatorily
      preferred by law applying to companies generally.

11.4 Negative Pledge

      No Account Party shall, and each Account Party shall procure that none of
      its Subsidiaries shall, create or permit to subsist (save as created in
      favour of the Bank) any mortgage, charge, lien, hypothecation or other
      encumbrance over any of its assets (collectively "Liens") other than Liens
      arising by operation of law in the ordinary course of business except for:

(a)   Liens existing on the date hereof (and extension, renewal and replacement
      Liens upon the same property, provided the amount secured by each Lien
      constituting such an extension, renewal or replacement Lien shall not
      exceed the amount of the Lien theretofore existing);

(b)   Liens arising from taxes, assessments, charges, levies or claims that are
      not yet due or that remain payable without penalty;

(c)   Zoning restrictions, easements, minor restrictions on the use of real
      property, minor irregularities in title thereto and other Liens that do
      not in the aggregate materially detract from the value of the property or
      asset to, or materially impair its use in the business of, such Account
      Party or its Subsidiaries;

(d)   Liens pursuant to the Pledge Agreement, dated as of 30 June 1999, between
      XL Investments Ltd and XL Mid Ocean Reinsurance Ltd in favour of Mellon
      Bank, N.A., as Agent;

(e)   Liens pursuant to the Pledge Agreement, dated as of 22 December 1999, made
      by XL Investments Ltd in favour of Three Rivers Funding Corporation; and

(f)   any other encumbrances securing an aggregate indebtedness of up to
      USD1,000,000,000.

11.5 Ownership

      Each of XL Insurance Ltd and XL Mid Ocean Reinsurance Ltd is and will
      continue to be wholly owned, either directly or indirectly by XL Capital
      Ltd, except for a nominal number of shares owned by nominee shareholders
      as required pursuant to Bermuda Company Law.

11.6 Financial Undertakings

      XL Capital Ltd will ensure that its Consolidated Tangible Net Worth shall
      not be less than USD2,700,000,000 to be increased annually at the end of
      each year by the sum of (i) 25% of cumulative positive quarterly net
      income plus (ii) 75% of the proceeds of any issue of the Account Party
      capital stock at any time.

      XL Capital Ltd shall ensure that its ratio of Total Funded Debt to
      Consolidated Tangible Net Worth shall not exceed 0.35 at any time.

      For the purposes of this clause 11.6 "Consolidated Tangible Net Worth"
      means at any time the consolidated stockholders' equity of XL Capital Ltd
      and its Consolidated Subsidiaries less their

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      consolidated Intangible Assets, all determined as of such date. For
      purposes of this definition "Intangible Assets" means the amount (to the
      extent reflected in determining such consolidated stockholders' equity) of
      (i) all write-ups (other than write-ups resulting from foreign currency
      translations and write-ups of assets of a going concern business made
      within twelve months after the acquisition of such business) subsequent to
      November 30, 1998, in the book value of any asset owned by XL Capital Ltd
      or a consolidated Subsidiary and (ii) all unamortized debt discount and
      expense, unamortized deferred charges, deferred acquisition costs,
      goodwill, patents, trademarks, service marks, trade names, anticipated
      future benefit of tax loss carry-forwards, copyrights, organization or
      developmental expenses and other intangible assets.

      For the purpose of this clause 11.6 "Total Funded Debt" means at any time
      all Indebtedness of such person which would at such time be classified in
      whole or in part as a liability on the balance sheet of such person in
      accordance with GAAP.

      For the purpose of this clause 11.6 "Indebtedness" means (it being
      understood, for the avoidance of doubt, that insurance payment
      liabilities, as such, and liabilities arising in the ordinary course of
      such person's business as an insurance or reinsurance company or corporate
      member of Lloyd's or as a provider of financial services or contracts (in
      each case other than in connection with the provision of financing to such
      person or any of such person's affiliates) shall not be deemed to
      constitute Indebtedness): (i) all indebtedness or liability for or on
      account of money borrowed by, or for or on account of deposits with or
      advances to (but not including accrued pension costs, deferred income
      taxes or accounts payable of) such person; (ii) all obligations (including
      contingent liabilities) of such person evidenced by bonds, debentures,
      notes, banker's acceptances or similar instruments; (iii) all indebtedness
      or liability for or on account of property or services purchased or
      acquired by such person; (iv) any amount secured by a Lien on property
      owned by such person (whether or not assumed) and capitalised lease
      obligations of such person (without regard to any limitation of the rights
      and remedies of the holder of such Lien or the lessor under such
      capitalised lease to repossession or sale of such property); (v) the
      maximum available amount of all standby letters of credit issued for the
      account of such person and, without duplication, all drafts drawn
      thereunder (to the extent unreimbursed); and (vi) all guaranty equivalents
      of such person.

      Calculation of these items shall be in accordance with generally accepted
      accounting principles in the United States of America consistently
      applied.

11.7 Additional Indebtedness

      No Account Party shall incur any additional indebtedness other than:

      (a)   the indebtedness pursuant to the Short Term Revolving Credit
            Agreement dated as of 30 June 1999 between the Account Parties and
            Mellon Bank, N.A. as Administrative Agent and the other financial
            institutions as set forth therein;

      (b)   the indebtedness pursuant to the Letter of Credit Facility and
            Reimbursement Agreement, dated as of 30 June 1999, between the
            Account Parties, et al., Mellon Bank, N.A. as Issuing Bank and as
            Agent, and the other financial institutions as set forth therein;

      (c)   the indebtedness pursuant to the Credit Agreement (5-Year), dated as
            of 2 September 1997 and as amended thereafter, between the Account
            Parties, et al., The Chase Manhattan Bank as Administrative Agent
            and the other financial institutions as set forth therein;

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      (d)   the indebtedness pursuant to the Revolving Credit Agreement, dated
            as of 6 June 1997 and as amended thereafter, between the Account
            Parties, et al., Mellon Bank, N.A., as Agent, and the other
            financial institutions as set forth therein;

      (e)   the indebtedness pursuant to the Loan Agreement between XL America,
            Inc. as borrower, XL Insurance Ltd and XL Investments Ltd as
            guarantors and Three Rivers Funding Corporation, as Lender, dated as
            of December 22, 1998 (with related waivers);

      (f)   the indebtedness pursuant to the 5-year Credit Agreement, dated as
            of 27 June 1996 between the Account Parties, et al., and The Bank of
            Bermuda Limited;

      (g)   the indebtedness incurred pursuant to the public offering by NAC Re
            Corp of its 7.15% Senior Notes (10 year) due 15 November 2005;

      (h)   other secured Indebtedness (including secured reimbursement
            obligations with respect to letters of credit) of any Account Party
            or any Subsidiary of an Account Party in an aggregate principal
            amount (for all Account Parties and their Subsidiaries) not
            exceeding $400,000,000 at any time outstanding;

      (i)   other secured reimbursement obligations of any Account Party or any
            Subsidiary of an Account Party with respect to letters of credit not
            exceeding $1,000,000,000 in the aggregate at any time outstanding
            for all Account Parties and Subsidiaries;

      (j)   unsecured Indebtedness, so long as upon the incurrrence thereof no
            Event of Default would occur or exist;

      (k)   accounts or claims payable and accrued and deferred compensation
            (including options) incurred in the ordinary course of business by
            any Account Party or any Subsidiary of any Account Party; and

      (l)   Indebtedness incurred in transactions where Liens on cash and
            securities of an Account Party or its Subsidiaries are incurred as
            part of the management of its investment portfolio in accordance
            with customary portfolio management practice and not in violation of
            such Account Party's investment policy as in effect on the date
            hereof.

11.8 Disposal of Assets

      No Account Party shall dispose of any of its assets in any calendar year
      other than;

      (a)   transactions in the ordinary course of business involving current
            assets or other assets classified on such Account Party's balance
            sheet as available for sale;

      (b)   sales, conveyances, assignments or other transfers or dispositions
            in immediate exchange for cash or tangible assets, provided that any
            such sales, conveyances or transfers shall not individually, or in
            the aggregate, exceed $50,000,000 in any calendar year; or

      (c)   dispositions of equipment or other property which is obsolete or no
            longer used or useful in the conduct of the business of such Account
            Party or its Subsidiaries.

11.9 Information

      Each Account Party will promptly deliver to the Bank such financial or
      other information as the Bank may from time to time reasonably request in
      writing.

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12. Events of Default

      If,

      a)    an Account Party fails to repay any amount when due under this
            Facility, unless such failure to pay is resulting from difficulties
            with the banking system or an administrative error on the part of
            the relevant Account Party and payment is made within three Business
            Days of the due date; or

      b)    any representation or warranty made or deemed made by or on behalf
            of an Account Party in this Facility or in a certificate or
            financial statement furnished pursuant to the terms hereof shall
            prove to have been incorrect when made or deemed made; or

      c)    an Account Party shall fail to comply with or perform any covenant,
            condition or agreement contained in this Facility and such failure
            to comply shall not be remedied for a period of 20 days after
            written notice thereof to such Account Party from the Bank; or

      d)    any amount (whether of principal or interest and regardless of
            amount) in respect of any Material Indebtedness of an Account Party
            fails to be paid when and as the same shall become due and payable
            (giving effect to any applicable grace periods and extensions
            thereof) unless such failure to pay is caused by technical
            difficulties with the banking system or an administrative error on
            the part of the relevant Account Party and payment is made within
            three Business Days of the due date; or

      e)    any event or condition occurs that results in any Material
            Indebtedness of an Account Party becoming due prior to its scheduled
            maturity or that enables or permits the holder of any Material
            Indebtedness to cause any Material Indebtedness to become due, or to
            require the prepayment, repurchase, redemption or defeasance
            thereof, prior to its scheduled maturity (giving effect to any
            applicable grace periods and extensions thereof) and the relevant
            Account Party has not satisfied the Bank that such event or
            condition is the subject of a bona dispute which is being contested
            in good faith and by appropriate proceedings; or

      f)    an Account Party goes into liquidation or is dissolved, or a meeting
            of the members or creditors of such Account Party is convened for
            the purpose of considering a resolution for (or to petition for) its
            winding up or for its administration or any such resolution is
            passed; or

      g)    any Account Party is unable or deemed unable to pay its debts as
            they fall due, and it or another person on its behalf commences
            negotiations with any one or more of its creditors with a view to
            the general readjustment or rescheduling of its indebtedness or
            makes a general assignment for the benefit of or a composition with
            its creditors;

      h)    any Account Party takes any corporate action or other steps by any
            Account Party or other person are taken or legal proceedings are
            started for the winding-up, dissolution, administration or
            re-organisation (whether by way of voluntary arrangement, scheme of
            arrangement or otherwise) of such Account Party or for the
            appointment of a liquidator, receiver, administrator, administrative
            receiver, conservator, custodian, trustee or similar officer for it
            or any or all of its revenues and assets;

      i)    any execution or distress is levied against, or an encumbrancer
            takes possession of, the whole or any part of, the property,
            undertaking or assets of any Account Party or any event occurs

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            which (in the opinion of the Bank) under the laws of any
            jurisdiction has a similar or analogous effect;

      j)    it is or becomes illegal for the Bank or an Account Party to make or
            maintain any of its obligations under the facility, subject to any
            qualifications or reservations in any legal opinion; or

      k)    a Change of Control occurs at XL Capital Ltd. For the purposes of
            this Section 12 (l) "Change of Control" shall mean the occurrence of
            any of the following events or conditions: (a) any Person or group
            of Persons (as used in Sections 13 and 14 of the Securities Exchange
            Act of 1934, as amended, and the rules and regulations thereunder)
            shall have become the beneficial owner (as defined in rules
            promulgated by the Securities and Exchange Commission) or more than
            40% of the voting securities of XL Capital Ltd; (b) the sale, lease,
            exchange or other transfer (in one transaction or a series of
            related transactions) of all, or substantially all, of the assets of
            XL Capital Ltd; or (c) a majority of the members of XL Capital Ltd's
            Board of Directors are persons who are then serving on the Board of
            Directors without having been elected by the Board of Directors or
            having been nominated for election by its shareholders; and

      l)    XL Insurance Ltd and/or XL Mid Ocean Reinsurance Ltd shall cease to
            have a claims-paying rating of at least "A" from Standard & Poor's
            Ratings Group Services and from A.M. Best Company

      then, and at any time thereafter, the Bank may by written notice: (i)
      terminate its obligations under this Facility and (ii) require the Account
      Party to provide collateral acceptable to the Bank and equal to the face
      value of each Letter of Ccredit (as determined by the Bank) issued
      hereunder, together with payment of all amounts outstanding hereunder
      (where upon the Account Party shall do so).

13. Conditions Precedent

      The Bank's obligation to make the Facility available in accordance with
      the terms of this Facility is subject to it having received the following
      in form and substance satisfactory to it:

      (i)   a certified copy of each Account Party's constitutive documents;

      (ii)  a certified true copy of a resolution of the Board of Directors of
            each of the Account Parties (substantially in the form of the First
            Schedule hereto) (a) approving the Facility (b) authorising a
            specified person(s), on its behalf, to sign this Facility and (c)
            authorising a specified person(s) to give instructions to the Bank
            in connection with the Facility;

      (iii) a certified copy of specimen signatures for each of the Account
            Parties;

      (iv)  an original copy of this Facility duly executed by the parties
            hereto confirming acceptance of this Facility on the terms and
            conditions set out herein;

      (v)   written opinions of counsel in such forms and covering such matters
            as is reasonably satisfactory to the Bank.

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            The Bank agrees that the documents mentioned above may be delivered
            after the date of this Agreement but not later than 31st January,
            2000.

14. Set Off

      Following the occurrence of an Event of Default, the Bank may apply any
      credit balance to which any Account Party is then entitled from the Bank
      in or towards satisfaction of any sums then due and payable by an Account
      Party to the Bank hereunder (whether by way of collateralisation or
      otherwise), and may arrange foreign exchange transactions to effect this.
      Nothing in this paragraph shall be construed so as to constitute a charge.

15. Miscellaneous Payments

      Each Account Party will pay on demand of the Bank:

      (a)   all funding breakage costs of the Bank, determined in good faith by
            the Bank, and any stamp duties in connection with this Facility;

      (b)   such amount as is necessary to indemnify the Bank against the
            consequences of any non-compliance by the Account Party and any
            action taken by the Bank with regard to this Facility pursuant to
            any instructions given or purported to be given over the telephone
            to any officer of the Account Party;

      (c)   all reasonable costs (including without limitation reasonable legal
            fees) incurred by the Bank in connection with the preparation,
            negotiation and enforcement of this Facility;

      (d)   losses flowing from any judgement or claim being payable in a
            different currency from that agreed under this Facility.

16. Standard Conditions

      The Uniform Customs and Practice for Documentary Credits (1993 Revision)
      (International Chamber of Commerce Publication No. 500) and/or any
      subsequent amendment shall in all respects apply to all Letters of Credit
      and shall be deemed to be incorporated into this Facility, subject to
      clause 17 below.

17. Waivers

      No failure or delay by the Bank in exercising any right, power or
      privilege under this Facility shall operate as a waiver or prejudice any
      other or further exercise by the Bank of any of its rights or remedies
      under this Facility . The rights and remedies under this Facility are
      cumulative and not exclusive of any rights or remedies provided by law.

                                       12
<PAGE>

18. Market Practice

      Relevant market practices shall be in accordance with the Bank's usual
      relevant practice as certified by the Bank.

19. Transfers

      The provisions of this Facility shall be binding upon and inure to the
      benefit of the Account Parties, the Bank and their respective successors
      and assigns, except that no Account Party may assign or otherwise transfer
      the benefit or burden of its rights or obligations under the Facility
      without the prior written consent of the Bank (which consent shall not be
      unreasonably withheld). The Bank may, in the ordinary course of its
      banking business and in accordance with applicable law,assign, and/or
      transfer and/or sell participations in all or in part of its rights and/or
      obligations under the Facility, provided that any such assignment,
      transfer and/or sale of a participation shall be made only with the
      consent of XL Capital Ltd (which consent shall not be unreasonably
      withheld), unless an Event of Default has occurred and is continuing or
      exists, in which case the consent of XL Capital Ltd shall not be required
      The Bank may disclose to a proposed assignee, transferee or
      sub-participant any publicly available information in its possession.

20. Notices

      (a)   All notices or other communications to be made or delivered by one
            person to another under or in connection with this Facility shall be
            given in writing or by facsimile. A notice will be deemed to be
            given:

            (i)   if in writing, when deemed to have been delivered when left at
                  that address or, as the case may be, ten days after being
                  deposited in the post postage prepaid in an envelope addressed
                  to it at that address; and

            (ii)  if by facsimile, when transmission has been completed.

      However, a notice given in accordance with the above, but received on a
      non-working day or after 4:00 p.m. in the place of receipt, will only be
      deemed to be given on the next Business Day in that place

      (b)   The address and facsimile number of each party to this Facility for
            all notices or demands under or in connection with this Facility are
            those notified in writing by that party prior to the date of this
            Facility to the other parties or any other notified by that party
            for the purpose to the other parties by not less than 5 Business
            Days' notice.

21. Counterparts

      This Facility may be executed in any number of counterparts and this has
      the same effect as if the signatures on the counterparts were on a single
      copy of this Facility.

                                       13
<PAGE>

22. Governing Law

22.1  This Facility is governed by English law.

22.2  The Account Parties agree for the benefit of the Bank, and without
      prejudice to the right of the Bank to take proceedings before any other
      court of competent jurisdiction, that (i) the courts of England shall have
      jurisdiction to hear and determine any suit, action or proceeding that may
      arise out of or in connection with this Facility and for such purposes
      irrevocably submits to the jurisdiction of those courts and (ii)
      irrevocably appoints XL Mid Ocean Reinsurance Ltd of 12 Fenchurch Avenue,
      5th Floor, London EC3M 5BS as its agent for service of process in
      connection with any proceedings in the English courts and agrees that any
      such process will be sufficiently and effectively served on it if
      delivered to that agent at that address, or in any other manner permitted
      by law.

If you agree to the above, please sign and return to us the enclosed copy of
this Facility by 31 December 1999, after which date this offer shall lapse.

                                       Yours faithfully
                                     for and on behalf of
                                 ING Bank N.V. London Branch

/s/                                        /s/
   ----------------------------------         ----------------------------------
        Authorised Signatory                            Authorised

Signatory

We confirm our acceptance to the terms and conditions set out above. For and on
behalf of

XL Capital Ltd

Signed Brian M. O'Hara                              Dated December 21, 1999

We confirm our acceptance to the terms and conditions set out above.
For and on behalf of
XL Insurance Ltd

Signed Christopher Coelho                           Dated December 22, 1999

                                       14
<PAGE>

We confirm our acceptance to the terms and conditions set out above. For and on
behalf of

XL Mid Ocean Reinsurance Ltd

Signed H.C.V. Keeling                               Dated December 23, 1999

                                       15
<PAGE>

                                 FIRST SCHEDULE

                             DRAFT BOARD RESOLUTION

I, ______________________ a Director/Secretary of ______________________ (the
"Company") hereby certify that the following is a true copy of an extract of the
minutes of a meeting of the Board of Directors of the Company which was duly
called and held on ______________________ 199[ ] and at which a duly qualified
quorum was present throughout and entitled to vote.

1.    There was produced to the meeting an agreement (the "Facility Agreement")
      dated [__________] between ING Bank N.V. London branch (the "Bank") and
      the Company whereby the Bank would make available to the Company an
      uncommitted facility (the "Facility") on the terms and conditions therein
      contained.

2.    The terms of the Facility Agreement were carefully considered and IT WAS
      RESOLVED that the Facility Agreement, be and are hereby approved.

3.    IT WAS RESOLVED that [____________________] be and he is hereby
      authorised, for and on behalf of the Company, to sign and deliver the
      Facility Agreement together with such changes and amendments thereto as
      [he] [they] may in [his] [their] sole discretion think fit.

4.    IT WAS RESOLVED that the following be and they are hereby authorised to
      give instructions to the Bank in connection with the Facility Agreement
      and the Bank be and it is hereby authorised to act in accordance with such
      instructions:-

      [List of authorised signatories for Facility]

                                       16
<PAGE>

                                 SECOND SCHEDULE

                              INTENTIONALLY OMITTED

                                       17
<PAGE>

                                 THIRD SCHEDULE

                                 DRAWDOWN NOTICE

We refer to the facility agreement (the "Facility Agreement") dated
between ING Bank N.V. London Branch, ( the "Bank"), and XL Capital Ltd, XL
Insurance Ltd and XL Mid Ocean Reinsurance Ltd, together the "Account Parties".

We confirm that all of the terms and conditions of the Facility Agreement
continue to be met and hereby irrevocably request the following drawdown:

Beneficiary Name:                                    ---------------------------

Letter of Credit Amount and Currency:                ---------------------------

Issuance Date of Letter of Credit:                   ---------------------------

Maturity Date of Letter of Credit:                   ---------------------------

For and on behalf of

XL Capital Ltd

Signed                                               Dated
      -------------------------                           ----------------------

XL Insurance Ltd

Signed                                               Dated
      -------------------------                           ----------------------

XL MidOcean Reinsurance Ltd

                                       18
<PAGE>

Signed                                               Dated
      -------------------------                           ----------------------

                                       19
<PAGE>

                                 FOURTH SCHEDULE

                    THE COUNCIL OF LLOYD'S LETTERS OF CREDIT

                                LETTER OF CREDIT

                                                          The Council of Lloyd's
                                                          Lloyds' of London
                                                          One Lime Street
                                                          London EC3M 7HA

Documentary Credit
Ref-

Gentlemen,

Irrevocable Standby Letter of Credit no.
Re:  _______________________ ("the Applicant")

We are pleased to inform you that by order of the Applicant we, ING Bank NV,
London, have opened our Clean Irrevocable Credit no. ______ in your favour for a
sum not to exceed the aggregate of GBP _________________ (Pounds Sterling
_________________) effective from _________________. The initial expiry date of
this credit shall be _________________.

This credit will be extended automatically for a further year, without written
amendment, on the first day of January of every future year from the
commencement date, so that it is always valid for a minimum period of five years
unless at least thirty days prior to ---------------------------------- of the
first year of the then current validity period, notice is given in writing by
us, sent by registered mail to you for the attention of the Manager, Membership
Department, at the above address, that this Letter of Credit will not be
extended beyond the then current expiry date.

All charges are for the Applicant's account.

Funds under this credit are available to you in London upon presentation of your
sight draft(s) drawn on us at the above address mentioning our Credit no.
-------------.

This Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 revision) (International Chamber of Commerce
Publication No. 500) ("UCP").

This Letter of Credit shall be governed by and interpreted in accordance with
English law and we hereby irrevocably submit to the jurisdiction of the High
Court of Justice in England. In the event of a conflict between UCP and English
Law, English Law shall prevail.

We hereby engage with you that we will honour draft(s) drawn under and in
compliance with the terms and conditions of this Letter of Credit.

                                       20
<PAGE>

                                               Yours Faithfully,
                                              For and on behalf of
                                          ING BANK N.V. London branch

                                       21<PAGE>
                                                                Exhibit 10.14.30

                           [Letterhead of ING Barings]

                                 AMENDMENT NO. 1

            AMENDMENT NO. 1, dated as of February 25, 2000 (this "Agreement") is
made by and among XL Capital Ltd, XL Insurance Ltd and XL Mid Ocean Reinsurance
Ltd (the "Account Parties") and ING Bank N.V. London Branch, as issuing bank
(the "Bank") under the letter of credit facility referred to below.

                              W I T N E S S E T H:

            WHEREAS, the Account Parties and the Bank are parties to a Letter of
Credit facility, dated as of December 17, 1999 (the "Facility"), pursuant to
which the Bank has agreed, on the terms and subject to the conditions described
therein, to make available an uncommitted letter of credit facility to the
Account Parties; and

            WHEREAS, the Account Parties and the Bank desire to amend the
Facility as set forth below; and

            WHEREAS, capitalized terms used herein and not otherwise defined
shall have the meanings assigned to them in the Facility;

            NOW THEREFORE, in consideration of the premises and intending to be
legally bound hereby, the parties hereto agree as follows:

            SECTION 1. Amendments.

            1.1 Section 11.4 of the Facility is hereby amended (i) by deleting
the word "and" at the end of paragraph (e) thereof; (ii) by relettering the
existing paragraph (f) thereof as paragraph (g); and (iii) by inserting between
paragraph (e) thereof and the new paragraph (g) thereof a new paragraph (f) to
read as follows:

            "(f)  Asset Accumulation Liens (for the purposes of this Facility,
                  an "Asset Accumulation Lien" means a Lien on amounts received,
                  and on actual and imputed investment income on such amounts
                  received, relating and identified to specific insurance
                  payment liabilities or to liabilities arising in the ordinary
                  course of any Account Party's or Subsidiary's business as an
                  insurance or reinsurance company or corporate member of
                  Lloyd's or as a provider of financial services or contracts,
                  or the proceeds thereof, in each case held in a segregated
                  trust or other account and securing such liabilities;
                  provided, that in no case shall an Asset Accumulation Lien
                  secure Indebtedness and any Lien which secures Indebtedness
                  shall not be an Asset Accumulation Lien); and"

            1.2   Section 11.6 of the Facility is hereby amended as follows:

<PAGE>

            (a) The second paragraph of Section 11.6 is hereby deleted and in
lieu thereof the following covenant is substituted:

            "XL Capital Ltd shall not permit its ratio of (i) Total Adjusted
Funded Debt to (ii) the sum of Total Adjusted Funded Debt plus Consolidated Net
Worth to be greater than .35 at any time."

            (b) The following paragraphs are hereby inserted immediately above
the last paragraph appearing in Section 11.6:

            "For the purpose of this Facility "Consolidated Net Worth" means at
      any time the consolidated stockholders' equity of XL Capital Ltd and its
      Consolidated Subsidiaries."

            "For the purpose of this Facility "Consolidated Subsidiaries" of a
      person means at any time those Subsidiaries of such person the accounts of
      which are consolidated with the accounts of such person in accordance with
      generally accepted accounting principles in the United States of America."

            "For the purpose of this Facility "Total Adjusted Funded Debt" means
      at any time the sum of (x) Total Funded Debt at such time plus (y) the
      aggregate undrawn face amount of all letters of credit (as to which
      reimbursement obligations are not secured by marketable securities with a
      value at least equal to the face amount of such letters of credit) issued
      for the account of, or guaranteed by, XL Capital Ltd or any of its
      Consolidated Subsidiaries at such time (irrespective of whether the
      beneficiary thereof is an affiliate)."

            (c) Paragraph five, which contains the definition of Indebtedness,
is hereby amended by deleting from the first sentence thereof the words "clause
11.6" and replacing them with the word "Facility".

            1.3 Section 11.7 is hereby amended by deleting the word
"indebtedness" in each of paragraphs (a) through (g), inclusive, and replacing
it in each paragraph with the word "Indebtedness".

            1.4 Section 11 is hereby amended by adding Section 11.10 to read as
follows:

      11.10 Information Regarding Asset Accumulation Liens

            Within 100 days after the end of each fiscal year of the Account
      Parties and within sixty days after the end of each of the first three
      quarters of each fiscal year, the Account Parties shall deliver to the
      Bank a statement, certified as true and correct by a principal financial
      officer of XL Capital Ltd, setting forth on a consolidated basis for XL
      Capital Ltd and its Consolidated Subsidiaries as of the end of the fiscal
      year or quarter to which such certificate relates (A) the aggregate book
      value of assets which are subject to Asset Accumulation Liens and the
      aggregate book value of liabilities which are secured by Asset
      Accumulation

                                      -2-
<PAGE>

      Liens and (B) a calculation showing the portion of each of such aggregate
      amounts which portion is attributable to transactions among wholly-owned
      Subsidiaries of XL Capital."

            SECTION 2. Effect. This Agreement shall become effective upon
execution and delivery hereof by the Bank and the Account Parties. This
Agreement shall not constitute a waiver or modification of any provision of the
Facility except the provisions specifically referred to in Section 1 hereof, and
then only to the extent specifically set forth in such Section 1 hereof.

            SECTION 3. Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with English Law.

            SECTION 4. Counterparts. This Agreement may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute but one and the same instrument.

                                      -3-
<PAGE>

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

                              ING BANK N.V. LONDON
                                 BRANCH, as Bank

/s/                                        /s/
-------------------------------------      -------------------------------------
Authorized Signatory                       Authorized Signatory

ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN:

XL CAPITAL LTD, as an Account Party

By: /s/ Brian M. O'Hara
    ---------------------------------
    (Signature)

Name: Brian M. O'Hara
Title: President an Chief Executive Officer

XL INSURANCE LTD, as an Account Party

By: /s/ Christopher Coelho
    ---------------------------------
    (Signature)

Name: Christopher Coelho
Title: Chief Financial Officer

XL MID OCEAN REINSURANCE LTD,
  as an Account Party

By: /s/ H.C.V. Keeling
    ---------------------------------
    (Signature)

Name: H.C.V. Keeling
Title: President

                                      -4-

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