Document:

Exhibit
10.29

SECOND CONSENT TO CREDIT AGREEMENT

SECOND
CONSENT TO CREDIT AGREEMENT (this
"Consent"), dated as of February 16,
2005, among QUANTA CAPITAL HOLDINGS LTD., an exempted company organized
under the laws of Bermuda (the "Company"),
the Designated Subsidiary Borrowers (as defined in the Credit Agreement
referred to below) existing on the date hereof, the undersigned lenders
party to the Credit Agreement referred to below (each, a
"Consenting Lender" and, collectively, the
"Consenting Lenders"), JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION (f/k/a JPMorgan Chase Bank), as Administrative
Agent (in such capacity, the "Administrative
Agent"), and Bank of America, N.A. and Calyon, New
York Branch, as Co-Syndication Agents (in such capacity, the
"Co-Syndication Agents"). Unless
otherwise defined herein, capitalized terms used herein and defined in
the Credit Agreement referred to below are used herein as therein
defined.

W I TN E S S E TH:

WHEREAS, the Company, the Designated Subsidiary
Borrowers, the lenders from time to time party thereto (the
"Lenders"), the Administrative Agent
and the Co-Syndication Agents have entered into a Credit Agreement,
dated as of July 13, 2004 (as amended, modified or supplemented to, but
not including, the date hereof, the "Credit
Agreement");

WHEREAS, the Company, as sponsor
and Chase Manhattan Bank USA, National Association, as Delaware trustee
(the "Trustee") intend to enter into
the Declaration of Trust on February 22, 2005 (as in effect on the
Second Consent Effective Date referred to below, the
"Original Declaration of Trust II")
pursuant to which the Company and the Trustee will establish Quanta
Capital Statutory Trust II (as in effect on the Second Consent
Effective Date, the "Trust");

WHEREAS, the trustees named therein, the administrators named
therein, the Company and the holders from time to time of the undivided
beneficial interests of the assets of the Trust, intend to enter into
an Amended and Restated Declaration of Trust on or about February 24,
2005, amending and restating in its entirety the Original Declaration
of Trust (as in effect on the Second Consent Effective Date, the
"Declaration of Trust II");

WHEREAS, pursuant to the terms of the Declaration of Trust and the
Capital Securities Purchase Agreement (as defined in the Declaration of
Trust II), the Trust desires to issue 20,000 Capital Securities (as
defined in the Declaration of Trust II) with an aggregate stated
liquidation amount with respect to the assets of the Trust of
$20,000,000 to the purchasers identified in the Capital Securities
Purchase Agreement;

WHEREAS, pursuant to the terms of the
Declaration of Trust and the Common Securities Purchase Agreement (as
defined in the Declaration of Trust II), the Trust desires to issue 619
Common Securities (as defined in the Declaration of Trust II) with an
aggregate stated liquidation amount with respect to the assets of the
Trust of $619,000 to the Company;

WHEREAS, the Trust desires to
use the proceeds from the issuance of the Capital Securities to
purchase the Company's Junior Debt Securities in an aggregate
principal amount not in excess of $20,619,000 due June 15, 2035 (as in
effect on the Second Consent Effective Date, the
"Junior Notes") issued pursuant to
an Indenture which shall be entered into on or about February 24, 2005,
between the Company and JPMorgan Chase Bank, N.A., as trustee (as in
effect on the Second Consent Effective Date, the
"Indenture II" and together with the
Declaration of Trust II, the Capital Purchase Agreement (as defined in
the Declaration of Trust II), the Common Securities Purchase Agreement
(as defined in the Declaration of Trust II) and any other material
agreement entered into in connection with the Transactions (as defined
below), the "Preferred Trust II
Documents");

WHEREAS, the Company desires to
make a common equity contribution with the proceeds of the Junior Notes
to Quanta Reinsurance Ltd. (the "Capital
Contribution"); and

WHEREAS, the parties
hereto wish to consent to the Consented Transactions (as defined below)
with respect to the Credit Agreement on the terms and conditions set
forth herein;

1

NOW, THEREFORE, it is agreed;

A.    Consents to the Credit Agreement

1.    Notwithstanding anything to the contrary contained in
Section 7.07 of the Credit Agreement, the Consenting Lenders hereby (x)
consent to (i) the issuance of the Capital Securities (the
"Issuance") and (ii) the payment of
Dividends to the holders of the Capital Securities pursuant to the
terms of the certificates representing such Capital Securities, the
Declaration of Trust II and the Capital Securities Purchase Agreement,
in each case, as in effect on the Second Consent Effective Date (the
"Preferred Dividends" and, together
with the Issuance, the "Preferred Securities
Transactions") and (y) waive the provisions of
Section 7.07 with respect to the Preferred Securities Transactions.

2.    Notwithstanding anything to the contrary contained in
Section 7.11 of the Credit Agreement, the Consenting Lenders hereby (x)
consent to (i) the restrictions on the ability of the Trust to sell,
assign, transfer, exchange or otherwise dispose of any of the Trust
Property (as defined in the Declaration of Trust II) or any interest
therein, (ii) the restrictions on the ability of the Trust to make or
incur loans and (iii) any other restrictions placed on the Trust and
its property and assets (collectively, the restrictions described in
the foregoing clauses (i) through (iii) inclusive, the
"Permitted Restrictions" and,
together with the Preferred Securities Transactions, the
"Consented Transactions"), in each
case, pursuant to the Declaration of Trust II, as in effect on the
Second Consent Effective Date and (y) waive the provisions of Section
7.11 with respect to the Permitted Restrictions.

B.    Miscellaneous Provisions

1.    In
order to induce the Consenting Lenders to enter into this Consent, the
Company and each Designated Subsidiary Borrower hereby represents and
warrants to the Administrative Agent and each Lender that (i) all of
the representations and warranties contained in the Credit Agreement
and in the other Credit Documents are true and correct in all material
respects on and as of the Second Consent Effective Date (as defined
below), both before and after giving effect to (x) this Consent and (y)
the Consented Transactions, the issuance of the Junior Notes, the
Capital Contribution and the other transactions contemplated hereby and
thereby (collectively, the
"Transactions") (unless such
representations and warranties relate to a specific earlier date, in
which case such representations and warranties shall be true and
correct as of such earlier date), (ii) there exists no Default or Event
of Default on the Second Consent Effective Date, both before and after
giving effect to this Consent and the Transactions and (iii) there have
been no amendments or modifications to the Preferred I Trust Documents
(as defined below) that could reasonably be expected to be adverse to
the interests, rights or remedies of the Administrative Agent, the
Collateral Agent or the Lenders.

2.    Notwithstanding
anything to the contrary contained herein or in the Consent, dated as
of December 16, 2004 (the "First
Consent"), among the Company, the Designated
Subsidiary Borrowers, the lenders party thereto, the Administrative
Agent and the Syndication Agent, the Company agrees that it will not,
and will not permit any of its Subsidiaries to, amend or modify, or
permit the amendment or modification of (i) the Declaration of Trust
(as defined in the First Consent), the Indenture (as defined in the
First Consent), Capital Purchase Agreement (as defined in the First
Consent) and the Common Securities Purchase Agreement (as defined in
the First Consent) or any other material agreement entered in
connection with the transactions contemplated by the First Consent
(collectively, as in effect on the date of effectiveness of the First
Consent, the "Preferred Trust I
Documents") or (ii) the Preferred Trust II Documents,
in each case, to contain any financial performance related covenants or
incurrence covenants which restrict the operations of the Company and
its Subsidiaries; provided that (x) such Preferred Trust I Documents
and Preferred Trust II Document may be amended to contain financial
performance related covenants or incurrence covenants which are no more
restrictive than the terms, provisions and covenants contained in the
Credit Agreement, (y) the Preferred Trust I Documents may not be
amended or modified to increase the amount of Capital Securities (as
defined in the Declaration of Trust) issued or the amount of Preferred
Dividends (as defined in the First Consent) payable in connection
therewith from the amounts existing on the date of effectiveness of the
First Consent (the "First Consent Effective

2

Date") and (z) the Preferred
Trust II Documents may not be amended or modified to increase the
amount of Capital Securities (as defined in the Declaration of Trust
II) issued or the amount of Preferred Dividends (as defined hereunder)
payable in connection therewith from the amounts existing on the Second
Consent Effective Date.

3.    This Consent is limited as
specified and shall not constitute a modification, acceptance or waiver
of any other provision of the Credit Agreement or any other Credit
Document.

4.    This Consent may be executed in any number of
counterparts and by the different parties hereto on separate
counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one
and the same instrument. A complete set of counterparts executed by all
the parties hereto shall be lodged with the Company and the
Administrative Agent.

5.    THIS CONSENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

6.    This Consent shall become effective on the date (the
"Second Consent Effective Date")
when the Company, each Designated Subsidiary Borrower and the
Consenting Lenders constituting the Required Lenders shall have signed
a counterpart hereof (whether the same or different counterparts) and
shall have delivered (including by way of facsimile transmission) the
same to the Administrative Agent; provided that (i) the
structure and all terms of, and the documentation for, each component
of the Transaction shall be substantially consistent with the terms
hereof and with the Preferred Trust II Documents, (ii) the Preferred
Trust II Documents shall not have been amended or modified from the
forms thereof previously delivered to the Administrative Agent and its
counsel, in each case, in any material respect adverse to the
Administrative Agent, the Collateral Agent or the Lenders without the
consents thereof and (iii) each component of the Transaction shall have
been, or shall be simultaneously, consummated in accordance with the
documentation therefor and all applicable laws.

7.    From and
after the Second Consent Effective Date, all references in the Credit
Agreement and in the other Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement as modified
hereby.

* * *

3

IN WITNESS WHEREOF, the undersigned have
caused this Consent to be duly executed and delivered as of the date
first above
written.

							
	 		 
	 		QUANTA
CAPITAL HOLDINGS
LTD.
	 		By: /s/
John S. Brittain, Jr.  

Name: John S. Brittain,
Jr.
Title: Chief Financial
Officer
	 		 
	 		QUANTA
REINSURANCE
LTD.
	 		By: /s/
John S. Brittain, Jr.  

Name: John S. Brittain,
Jr.
Title: Chief Financial Officer

	 		 
	 		QUANTA U.S.
HOLDINGS INC.
	 		By:
/s/ John S. Brittain, Jr.  

Name: John S.
Brittain, Jr.
Title: Chief Financial
Officer
	 		QUANTA
SPECIALTY LINES INSURANCE COMPANY
	 		By: /s/ John S. Brittain,
Jr.  
	 		Name: John S.
Brittain, Jr.
Title: Chief Financial
Officer
	

4

							
	 		QUANTA
REINSURANCE U.S.
LTD.
	 		By: /s/
John S. Brittain, Jr.  

Name: John S. Brittain,
Jr.
Title: Chief Financial Officer

	 		 
	 		QUANTA
INDEMNITY
COMPANY
	 		By: /s/
John S. Brittain, Jr.  

Name: John S. Brittain,
Jr.
Title: Chief Financial
Officer
	

5

							
	 		JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION, Individually and as Administrative
Agent
	 		By: /s/
Heather Lindstrom  

Name: Heather
Lindstrom
Title: Vice
President
	 		BANK OF
AMERICA, N.A.
	 		By:
/s/ Debra Basler  

Name: Debra
Basler
Title: Senior Vice
President
	 		CALYON,
NEW YORK BRANCH
	 		By:
/s/ Peter Rasmussen  

Name: Peter
Rasmussen
Title: Managing
Director
	 		 
	 		By:
/s/ Sebastian Rocco  

Name: Sebastian
Rocco
Title: Managing
Director
	 		DEUTSCHE
BANK AG NEW YORK
BRANCH
	 		By: /s/
Ruth Leung  

Name:Ruth
Leung
Title:Director
	 		 
	 		By:
/s/ John S. McGill  

Name: John S.
McGill
Title: Director
	

6

							
	 		BARCLAYS
BANK PLC
	 		By:
/s/ Paul Johnson  

Name: Paul
Johnson
Title:
Director
	 		 
	 		COMERICA
BANK
	 		By: /s/
Martin G. Ellis  

Name: Martin G.
Ellis
Title: First Vice
President
	

7MARC PHARMACEUTICALS, INC.
                               350 BEDFORD STREET
                               STAMFORD, CT 06901

                                                                   March 1, 2005

Ms. Barbara Pifel
Ms. Audrey Schwimmer
Mr. Derek Spears

Weill Medical College of Cornell University
Office of Research & Sponsored Programs
1300 York Avenue, Room A-131
New York, NY 10021

Dr. Brij B. Saxena
515 East 71st Street, Room 412
New York, NY 10021

     Re: Sponsored Research Agreement between Marc Pharmaceuticals, Inc. and
Weill Medical College Cornell University dated January 22, 2004 (the
"Agreement")

Dear Ladies and Gentleman:

     This letter is to confirm our understanding that the first payment to be
made under the Agreement, pursuant to Section 4.1 which provided that $187,500
shall be paid by June 30, 2004, and the letter from us to you dated July 9, 2004
which provided instead that the payment be paid as follows: $75,000 by July 15,
2004 and $112,500 by November 12, 2004, shall be revised again as follows:
$147,500 has already been paid and the additional $40,000 shall be paid by May
1, 2005.

     In addition, this letter is to confirm our understanding that the second
payment to be made under the Agreement, pursuant to Section 4.1 which provided
that $187,500 shall be paid by April 1, 2005, shall instead be paid by July 1,
2005.

                                       58

     We trust that the foregoing represents the understanding between us. Please
indicate your confirmation by signature and return of the enclosed copy.

                                              Sincerely,
                                              Marc Pharmaceuticals, Inc.

                                              By:
                                                 -------------------------------
                                                 Name: Robert M. Cohen
                                                 Title: President

We hereby confirm our agreement and understanding of the foregoing:

Weill Medical College of Cornell University
By:______________________________
Name:___________________________
Title:_____________________________

Principal Investigator

By
   --------------------------------
         Dr. Brij B. Saxena

                                       59

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