Document:

EX-10.1

FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT, dated as of February 7, 2013 (this
“Amendment”), is entered into by and among Alterra Capital Holdings Limited, a Bermuda
company (“Alterra Capital”), Alterra Bermuda Limited, a Bermuda company (“Alterra
Bermuda”), Alterra Reinsurance USA Inc., a Connecticut corporation, (“Alterra
Reinsurance” and together with Alterra Capital and Alterra Bermuda, the “Borrowers”),
various lenders party hereto (the “Lenders”), and Bank of America, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”), Fronting Bank and L/C Administrator.

RECITALS

A. The Borrowers, the Lenders and the Administrative Agent are parties to the Credit
Agreement, dated as of December 16, 2011 (as in effect on the date hereof, the “Existing Credit
Agreement”, and after giving effect to the amendments in Article II of this Amendment, the
“Credit Agreement”). Capitalized terms used herein without definition shall have the
meanings given to them in the Existing Credit Agreement.

B. Markel Corporation, a Virginia corporation (“Markel”), and Alterra Capital have
agreed that upon satisfaction of certain conditions precedent, Commonwealth Merger Subsidiary
Limited, a Bermuda exempted company and newly formed wholly owned subsidiary of Markel (“Merger
Sub”), will merge into Alterra Capital with Alterra Capital as the surviving company and a
direct, wholly-owned subsidiary of Markel (the “Merger”) pursuant to the Agreement and Plan
of Merger dated as of December 18, 2012 (the “Merger Agreement”) among Alterra Capital,
Markel and Merger Sub.

C. The Borrowers desire to obtain the consent of the Required Lenders to the Merger and to
make certain amendments to the Existing Credit Agreement, and the Administrative Agent and the
Required Lenders have agreed to make such amendments on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

CONSENT

1.1 Upon satisfaction of the conditions set forth in Section 3.1 of this Amendment,
notwithstanding anything contained in Sections 7.04 and 8.01(k) of the Existing Credit Agreement to
the contrary, the undersigned Lenders hereby each consent to the Merger and the Change of Control
that will occur upon effectiveness of the Merger and waive any Event of Default under
Section 8.01(f) of the Existing Credit Agreement as a result of noncompliance with
Section 7.04 of the Existing Credit Agreement or under Section 8.01(k) of the
Existing Credit Agreement (in effect immediately prior to the effectiveness hereof) that would
arise as a result of the Merger.

1.2 This consent shall not constitute or be deemed to be a waiver of, consent to or departure
from, any other term or provision in the Existing Credit Agreement, which shall continue in full
force and effect, nor shall this limited consent constitute a course of dealing among the parties.

ARTICLE II

AMENDMENTS TO CREDIT AGREEMENT

2.1 Upon effectiveness of the Merger, the Existing Credit Agreement will be amended as
follows:

(a) Amendments to Section 1.01. Section 1.01 is amended by:

(i) amending and restating the definition of “Aggregate Commitments” to read as follows:

“Aggregate Commitments” means the Commitments of all the Lenders. On the
First Amendment Effective Date the Aggregate Commitments are $900,000,000.

(ii) amending and restating the definition of “Alterra Capital” to read as follows:

“Alterra Capital” means Alterra Capital Holdings Limited, a Bermuda
exempt company and the surviving company in the Merger.

(iii) amending and restating the definition of “Change of Control” to read as follows:

“Change of Control” means an event or series of events by which:

(a) any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, but excluding any employee
benefit plan of such person or its subsidiaries, and any person or entity
acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or
group shall be deemed to have “beneficial ownership” of all securities that
such person or group has the right to acquire (such right, an “option
right”), whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of at least 51% or more of the
equity securities of Markel entitled to vote for members of the board of
directors or equivalent governing body of Markel on a fully-diluted basis
(and taking into account all such securities that such person or group has
the right to acquire pursuant to any option right) without regard to the
voting limitations set forth in the Organization Documents of Markel;

(b) during any period of 12 consecutive months, a majority of the
members of the board of directors or other equivalent governing body of
Markel cease to be composed of individuals (i) who were members of that
board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting
at the time of such election or nomination at least a majority of that board
or equivalent governing body or (iii) whose election or nomination to that
board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at
the time of such election or nomination at least a majority of that board or
equivalent governing body (excluding, in the case of both clause
(ii) and clause (iii), any individual whose initial nomination
for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of
proxies or consents for the election or removal of one or more directors by
any person or group other than a solicitation for the election of one or
more directors by or on behalf of the board of directors);

(c) Markel fails to own, directly or indirectly, free and clear of all
Liens, 100% of the Equity Interests of Alterra Capital without regard to any
voting limitations set forth in the Organization Documents of Alterra
Capital; or

(d) Alterra Capital fails to own, directly or indirectly, free and
clear of all Liens, 100% of the Equity Interests of Alterra Bermuda and each
Person who becomes a Designated Borrower (so long as such Person is a
Designated Borrower) without regard to any voting limitations set forth in
the Organization Documents of such Subsidiary.

(iv) adding the following definitions in proper alphabetical order:

“First Amendment” means the First Amendment to Credit Agreement and Consent
dated as of February 7, 2013 by and among the Borrowers, the Lenders party thereto
and the Administrative Agent.

“First Amendment Effective Date” has the meaning set forth in the First
Amendment.

“Markel” means Markel Corporation, a Virginia corporation.

“Merger” means a merger of Merger Sub into Alterra Capital with Alterra
Capital as the surviving company and a direct, wholly-owned subsidiary of Markel
pursuant to the Agreement and Plan of Merger dated as of December 18, 2012 among
Alterra Capital, Markel and Merger Sub.

“Merger Sub” means Commonwealth Merger Subsidiary Limited, a Bermuda
exempted company and newly formed wholly owned subsidiary of Markel.

(b) Amendment to Section 6.01(d). Section 6.01(d) is amended and restated to read as
follows:

(d) [Reserved]

(c) Amendment to Section 7.05. Section 7.05 is amended and restated to read as
follows:

7.05 Transactions with Affiliates. Enter into, or cause, suffer or permit to
exist, 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 the foregoing restriction shall not apply to (i) Permitted
Transactions, (ii) transactions between or among Markel and any of its Wholly Owned
Subsidiaries or between and among any of Markel’s Wholly Owned Subsidiaries, (iii)
Restricted Payments permitted pursuant to Section 7.07, (iv) reasonable and
customary fees paid to members of the board of directors (or similar governing body)
of Alterra Capital and its Subsidiaries and reimbursement of reasonable expenses of
directors of Alterra Capital and its Subsidiaries, (v) compensation arrangements for
officers and other employees of Markel and its Subsidiaries entered in the ordinary
course of business, and (vi) the provision of director’s, officer’s and employee’s
indemnification and insurance in the ordinary course of business.

(d) Amendments to Section 8.01. Section 8.01 of the Credit Agreement is amended
as follows:

(i) Section 8.01(k) is amended and restated to read as follows:

(k) Change of Control. A Change of Control occurs.

(ii) The following new subsection (m) is inserted at the end of Section 8.01:

(m) Merger Documents. Alterra Capital fails to provide Administrative Agent with the
following on or before the date which is five (5) Business Days (or such longer period as
may be acceptable to the Administrative Agent) following the date on which the Merger
becomes effective, each in form and substance reasonably satisfactory to the Administrative
Agent: (i) an opinion of Bermuda counsel to the Borrowers and (ii) a certificate of the
secretary or an assistant secretary of Alterra Capital certifying (A) that attached thereto
is a true and complete copy of the memorandum of association of Alterra Capital filed with
the Registrar of Companies for the Bermuda Ministry of Finance after giving effect to the
Merger, (B) that attached thereto is a true and complete copy of the Bye-laws or similar
governing document of Alterra Capital after giving effect to the Merger, and (C) as to the
incumbency and genuineness of the signature of each officer of Alterra Capital entitled to
execute Loan Documents and request Credit Extensions under the Credit Agreement, and
attaching all such copies of the documents described above.

(e) Amendment to Schedule 2.01. Schedule 2.01 (Commitments and Applicable
Percentages) is amended by substituting Schedule 2.01 attached hereto therefor.

ARTICLE III

CONDITIONS OF EFFECTIVENESS

3.1 This Amendment shall become effective as of the date hereof (the “First Amendment
Effective Date”) when, and only when, each of the following conditions precedent shall have
been satisfied:

(a) The Administrative Agent shall have received a counterpart of this Amendment
executed and delivered by the Borrowers, the Administrative Agent and the Required Lenders.

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

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

(d) The Administrative Agent shall have received an amendment fee of $15,000 for each
consenting Lender.

ARTICLE IV

CONFIRMATION OF REPRESENTATIONS AND WARRANTIES

Each Borrower hereby represents and warrants, on and as of the First Amendment Effective Date,
that (i) the representations and warranties applicable to such Borrower contained in Article V of
the Existing Credit Agreement and in the other Loan Documents are true and correct in all material
respects as of the First Amendment Effective Date, with the same effect as though made on such date
(unless stated to relate solely to an earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date), (ii) this
Amendment has been duly authorized, executed and delivered by such Borrower and constitutes the
legal, valid and binding obligation of such Borrower enforceable against it in accordance with its
terms, subject to general principles of equity (regardless of whether considered in a proceeding in
equity or at law) and to applicable bankruptcy, insolvency, and similar laws affecting the
enforcement of creditors’ rights generally, (iii) no Default shall have occurred and be continuing,
both immediately before and after giving effect to the applicable provisions of this Amendment, and
(iv) the Borrowers have heretofore furnished to the Administrative Agent true and complete copies
of the Merger Agreement (including all publicly available exhibits and schedules) and all
amendments, modifications and waivers relating thereto, in each case as in effect on the First
Amendment Effective Date.

ARTICLE V

MISCELLANEOUS

5.1 Governing Law. This Amendment shall be governed by and construed and enforced in
accordance with the laws of the State of New York.

5.2 Full Force and Effect. Except as provided in Article I hereof, the Existing
Credit Agreement shall continue in full force and effect in accordance with the provisions thereof.
Upon the effectiveness of the Merger, the Existing Credit Agreement as amended pursuant to Article
II hereof shall continue in full force and effect and any reference to the Existing Credit
Agreement or any of the other Loan Documents herein or in any Loan Document shall refer to the
Credit Agreement and the other Loan Documents as amended pursuant to Article II hereof. This
Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment,
modification or waiver of any provision of the Existing Credit Agreement except as expressly set
forth herein. This Amendment shall constitute a Loan Document under the terms of the Credit
Agreement.

5.3 Expenses. All reasonable fees and expenses of counsel to the Administrative
Agent, and all reasonable out-of-pocket costs and expenses of the Administrative Agent, in each
case, in connection with the preparation, negotiation, execution and delivery of this Amendment and
the other Loan Documents delivered in connection herewith shall be paid prior to the First
Amendment Effective Date to the extent invoiced prior to the First Amendment Effective Date.

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

5.5 Successors and Assigns. This Amendment shall be binding upon, inure to the
benefit of and be enforceable by the respective successors and permitted assigns of the parties
hereto.

5.6 Construction. The headings of the various sections and subsections of this
Amendment have been inserted for convenience only and shall not in any way affect the meaning or
construction of any of the provisions hereof.

5.7 Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument.
Delivery of an executed signature page of this Amendment by facsimile transmission or electronic
“.pdf” file shall be effective as delivery of a manually executed counterpart hereof.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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

ALTERRA CAPITAL HOLDINGS LIMITED

By:

Name:

Title:

ALTERRA BERMUDA LIMITED

By:

Name:

Title:

ALTERRA REINSURANCE USA INC.

By:

Name:

Title:

1

BANK OF AMERICA, N.A., as

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

By:

Name: Tiffany Burgess

Title: Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION

By:

Name:

Title:

CITIBANK, N.A.

By:

Name:

Title:

ING BANK N.V., LONDON BRANCH

By:

Name:

Title:

By:

Name:

Title:

THE BANK OF NEW YORK MELLON

By:

Name:

Title:

LLOYDS TSB BANK PLC

By:

Name:

Title:

By:

Name:

Title:

COMMERZBANK AKTIENGESELLSCHAFT, FILIALE LUXEMBURG

By:

Name:

Title:

U.S. BANK NATIONAL ASSOCIATION

By:

Name:

Title:

BARCLAYS BANK PLC

By:

Name:

Title:

2

DEUTSCHE BANK AG NEW YORK BRANCH

By:

Name:

Title:

By:

Name:

Title:

NORDEA BANK FINLAND PLC, NEW YORK BRANCH

By:

Name:

Title:

COMERICA BANK

By:

Name:

Title:

3EX-10.2

AMENDMENT NO. 12 TO CREDIT AGREEMENT

AND CONSENT NO. 1

AMENDMENT NO. 12 TO CREDIT AGREEMENT AND CONSENT NO. 1 (this “Amendment”), dated as of
February 11, 2013, to the Credit Agreement, dated as of December 21, 2006, by and between Alterra
Bermuda Limited, a Bermuda company (the “Borrower”) and The Bank of Nova Scotia (the
“Lender”), as amended by Amendment No. 1, dated as of December 20, 2007, Amendment No. 2,
dated as of December 18, 2008, Amendment No. 3, dated as of December 17, 2009, Amendment No. 4,
dated as of May 3, 2010, Amendment No. 5, dated as of August 30, 2010, Amendment No. 6, dated as of
December 1, 2010, Amendment No. 7, dated as of December 13, 2010, Amendment No. 8, dated as of
December 12, 2011, Amendment No. 9, dated as of December 16, 2011, Amendment No. 10, dated as of
February 22, 2012, and Amendment No. 11, dated as of December 14, 2012 (as the same may be amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”).

RECITALS

I. Capitalized terms used herein and not herein defined shall have the meanings set forth in
the Credit Agreement.

II. The Borrower has informed the Lender that the Parent and Markel Corporation, a Virginia
corporation (“Markel”) have proposed a business combination (the “Merger”), in
connection with which Markel has formed Commonwealth Merger Subsidiary Limited, a Bermuda exempted
company and a wholly owned subsidiary of Markel (“Merger Sub”), and pursuant to the
Agreement and Plan of Merger dated as of December 18, 2012 (the “Merger Agreement”) among
the Parent, Markel and Merger Sub, upon satisfaction of certain conditions precedent, intend to
merge Merger Sub into the Parent with the Parent as the surviving company and a direct,
wholly-owned subsidiary of Markel.

III. The Merger will result in a Change in Control.

IV. The Borrower has requested that the Lender (a) consent to the Change in Control resulting
solely from the Merger, and (b) amend the Credit Agreement upon the terms and conditions herein
contained to allow for the Merger, and the Lender has agreed so to do on the terms and conditions
herein contained.

Accordingly, in consideration of the Recitals and the covenants, conditions and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

1. The Lender hereby consents to the Change in Control resulting from the Merger, and waives
any Event of Default that would arise as a result of non-compliance with Section 7.1(l) of the
Credit Agreement as a result of the Merger.

2. The defined terms “Alterra Holdings Credit Agreement” and “Alterra USA
Holdings” contained in Section 1.1 of the Credit Agreement are hereby deleted.

3. Section 1.1 of the Credit Agreement is hereby amended by adding the following defined terms
thereto in appropriate alphabetical order:

Markel means Markel Corporation, a Virginia corporation.

Markel Amendment means Amendment No. 12 to Credit Agreement and Consent
No. 1, dated as of February 11, 2013, between the Lender and the Borrower.

Markel Amendment Effective Date means “Amendment Effective Date”, as
defined in the Markel Amendment.

4. Section 1.1 of the Credit Agreement is hereby amended by amending and restating the
following defined terms therein:

Change in Control shall be deemed to have occurred if (a) any sale,
lease, exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, of the assets of Markel, the Parent or
the Borrower occurs; (b) any “person” as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is or
becomes, directly or indirectly, the “beneficial owner,” as defined in Rule 13d-3
under the Exchange Act, of securities of Markel that represent 51% or more of the
combined voting power of Markel’s then outstanding securities, (c) Markel ceases to
own, directly or indirectly, 100% of the Capital Stock of and beneficial interest in
the Parent entitled to vote (in accordance with the provisions of the bye-laws of
the Parent) upon general matters submitted to shareholders including election of the
board of directors, or (d) the Parent ceases to own, directly or indirectly, 100% of
the Capital Stock of and beneficial interest in the Borrower entitled to vote (in
accordance with the provisions of the bye-laws of the Borrower) upon general matters
submitted to shareholders including election of the board of directors.

Parent Credit Agreement means the Credit Agreement, dated as of
December 16, 2011, entered into by and among the Borrower, the Parent, various
financial institutions which are parties thereto, and Bank of America, N.A., as
fronting bank, as letter of credit administrator, and as administrative agent.

5. Section 5.1(b) of the Credit Agreement is hereby amended by replacing the words “the Parent
and its Subsidiaries” contained therein with the following:

Markel, the Parent and the Parent’s Subsidiaries.

6. Section 5.1(e) of the Credit Agreement is hereby amended in its entirety to read as
follows:

(e) GAAP Financial Statements.

(i) Within 45 days after the close of each of the first three fiscal quarters
of each fiscal year of the Parent beginning with the fiscal quarter of the Parent
ending after the Markel Amendment Effective Date, a copy of the unaudited
consolidated balance sheets of the Parent, as of the close of such quarter and the
related consolidated statements of income and cash flows for that portion of the
fiscal year ending as of the close of such fiscal quarter, all prepared in
accordance with GAAP (subject to normal year-end adjustments and the absence of
footnotes) and accompanied by the certification of an Executive Officer of the
Parent that all such financial statements are complete and correct and present
fairly, in all material respects, in accordance with GAAP (subject to normal
year-end adjustments and the absence of footnotes) the financial position and
consolidated results of operations and cash flows of the Parent as at the end of
such fiscal quarter and for the period then ended; and

(ii) Within 90 days after the close of each fiscal year beginning with the
fiscal year of the Parent ending after the Markel Amendment Effective Date (unless
the Markel Amendment Effective Date occurs on or before March 31, 2013, in which
event such delivery shall be made within 90 days after December 31, 2012), a copy of
the annual audited financial statements of the Parent consisting of consolidated and
consolidating balance sheets and consolidated and consolidating statements of income
and retained earnings and cash flows, setting forth in comparative form in each case
the figures for the previous fiscal year, which financial statements shall be
prepared in accordance with GAAP, certified without material qualification by KPMG
or any other firm of independent certified public accountants of recognized national
standing selected by the Parent that all such financial statements are complete and
correct and present fairly, in all material respects, in accordance with GAAP the
financial position and the consolidated results of operations and cash flows of the
Parent as at the end of such year and for the period then ended

7. Section 6.2(h) of the Credit Agreement is hereby amended by replacing the words “Debt owed
by the Borrower or any Subsidiary thereof to the Parent or any of its Subsidiaries, provided that
if such Debt is owed by the Borrower such Debt is subordinate to Debt under the this Agreement on
terms satisfactory to the Lender” therein with the following:

Debt owed by the Borrower or any Subsidiary thereof to Markel, the Parent or any of
their respective Subsidiaries, provided that if such Debt is owed by the Borrower
such Debt is subordinate to Debt under the this Agreement on terms satisfactory to
the Lender.

8. Section 6.2(i) of the Credit Agreement is hereby amended by replacing the words “under any
Existing Agreement and the other Credit Documents and Loan Documents (as defined in the Parent
Credit Agreement and Alterra Holdings Credit Agreement, respectively)” therein with the following:

under any Existing Agreement and the other Credit Documents and Loan Documents (as
defined in the Parent Credit Agreement, as in effect on the Markel Amendment
Effective Date).

9. Section 6.3(a)(ii)(3) of the Credit Agreement is hereby amended by replacing the words “(3)
any HP U.S. Subsidiary may merge, amalgamate or consolidate with any other Subsidiary of the Parent
(other than the Borrower) or any Subsidiary of the Borrower” therein with the following:

(3) any HP U.S. Subsidiary may merge, amalgamate or consolidate with any other
Subsidiary of Markel, the Parent (other than the Borrower) or any Subsidiary of the
Borrower.

10. Section 6.3(c) of the Credit Agreement is hereby amended by replacing the words “provided,
that any HP U.S. Subsidiary may be sold, transferred, conveyed or leased to the Parent, the
Borrower or any of their respective Subsidiaries” therein with the following:

provided, that any HP U.S. Subsidiary may be sold, transferred, conveyed or leased
to Markel, the Parent, the Borrower or any of their respective Subsidiaries.

11. Section 6.7(b) of the Credit Agreement is hereby amended by replacing the words
“restrictions in the Existing Agreements as in effect on the Amendment No. 9 Effective Date (the
“Existing Restrictions”)” contained therein with the following:

restrictions in the Existing Agreements as in effect on the Markel Amendment
Effective Date (the “Existing Restrictions”).

12. Section 7.1(e) of the Credit Agreement is hereby amended by replacing the words “The
Parent” with “Markel, the Parent”.

13. Subject to paragraph 15 hereof, the amendments to the Credit Agreement set forth in
paragraphs 2 through 12 hereof shall not be effective until (i) the Merger shall have become
effective and (ii) each of the following conditions is satisfied (the date, if any, on which such
conditions shall have first been satisfied being referred to herein as the “Amendment Effective
Date”):

(a) The Lender shall have received from the Borrower either (i) a counterpart
of this Amendment executed on behalf of the Borrower or (ii) written evidence
satisfactory to the Lender (which may include telecopy transmission of a signed
signature page of this Amendment) that the Borrower has executed a counterpart of
this Amendment;

(b) the Lender shall have received a closing certificate, duly executed by the
proper parties and substantially in the form of Annex I hereto;

(c) the Lender shall have received an upfront fee in the amount of $15,000; and

(d) all fees and expenses payable to the Lender and invoiced to the Borrower at
least three (3) Business Days prior to the Amendment Effective Date (including the
reasonable fees and expenses of counsel to the Lender) due and payable on or prior
to the Amendment Effective Date shall have been paid.

14. Notwithstanding anything herein to the contrary, paragraphs 1 through 12 hereof shall be
and become null and void and be of no further force or effect in the event that the Merger does not
occur on or before October 1, 2013.

15. The Borrower (i) reaffirms and admits the validity and enforceability against the Borrower
of each Credit Document and all of its obligations thereunder, (ii) agrees and admits that it has
no defense to or offset against any such obligation, and (iii) represents and warrants that, as of
the date of the execution and delivery hereof by the Borrower, (x) each of the representations and
warranties of the Borrower contained in the Credit Document is true and correct in all material
respects, except to the extent that such representations and warranties relate to an earlier date
in which event such representations and warranties were true and correct in all material respects
on such earlier date, and (y) no Default has occurred and is continuing.

16. This Amendment may be executed in any number of counterparts, each of which shall be
original and all of which shall constitute one agreement. It shall not be necessary in making
proof of this Amendment to produce or account for more than one counterpart signed by the party to
be charged.

17. This Amendment shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to conflict of laws principles that would require the application
of the laws of another jurisdiction.

18. Except as amended hereby, the Credit Agreement shall in all other respects remain in full
force and effect.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Credit
Agreement to be duly executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

ALTERRA BERMUDA LIMITED

By:

Name:

Title:

THE BANK OF NOVA SCOTIA

By:

Name:

Title:

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