Document:

EX-4.2

 

Exhibit 4.2

EXECUTION COPY

FIRST SUPPLEMENTAL INDENTURE

BY AND AMONG

PLATINUM UNDERWRITERS FINANCE, INC.

AS ISSUER,

PLATINUM UNDERWRITERS HOLDINGS, LTD.,

AS GUARANTOR

AND

JPMORGAN CHASE BANK, N.A.,

AS TRUSTEE

DATED AS OF MAY 26, 2005

PLATINUM UNDERWRITERS FINANCE, INC.

SERIES A 7.50% NOTES DUE JUNE 1, 2017

 

 

 Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE
I     DEFINITIONS
	 	 	2	 
	Section 1.1. Definitions
	 	 	2	 
	ARTICLE II GENERAL TERMS AND CONDITIONS OF THE NOTES
	 	 	2	 
	Section 2.1. Title
	 	 	2	 
	Section 2.2. Principal Amount
	 	 	2	 
	Section 2.3. Payment of Principal and Interest.
	 	 	3	 
	Section 2.4. Additional Interest.
	 	 	3	 
	Section 2.5. Optional Redemption.
	 	 	3	 
	Section 2.6. Amendments to Event of Default
	 	 	5	 
	Section 2.7. Form, Currency and Denominations
	 	 	5	 
	Section 2.8. Global Securities.
	 	 	5	 
	Section 2.9. Ranking
	 	 	5	 
	Section 2.10. Miscellaneous
	 	 	5	 
	ARTICLE III MISCELLANEOUS PROVISIONS
	 	 	6	 
	Section 3.1. Ratification and Incorporation of Indenture
	 	 	6	 
	Section 3.2. Counterparts
	 	 	6	 
	Section 3.3. Governing Law
	 	 	6	 
	Section 3.4. Headings
	 	 	6	 
	Section 3.5. Trustee
	 	 	6	 
	Exhibit A
	 	 	A-1	 

 i

 

 

FIRST SUPPLEMENTAL INDENTURE

          This First Supplemental Indenture, dated as of May 26, 2005 (the “Supplemental Indenture”), to
the Indenture, dated as of May 26, 2005 (the “Indenture”) by and among Platinum Underwriters
Finance, Inc., a corporation duly organized and existing under the laws of the State of Delaware,
having its principal office at 2 World Financial Center, 225 Liberty Street, 23rd
Floor, New York, New York 10281 (the “Company”), and Platinum Underwriters Holdings,
Ltd., a corporation duly organized and existing under the laws of Bermuda, having its principal
office at The Belvedere Building, 69 Pitts Bay Road, Pembroke, HM 08, Bermuda (the “Guarantor”),
and JPMorgan Chase Bank, N.A., a national banking association duly organized and existing under the
laws of the United States of America, having its principal corporate trust office at 4 New York
Plaza, New York, New York 10004, as Trustee (the “Trustee”) is effective upon the execution hereof
by the parties hereto.

RECITALS

          WHEREAS, the Company and the Guarantor have heretofore executed and delivered to the Trustee
the Indenture providing for the issuance from time to time of its notes, debentures or other
evidences of its unsecured indebtedness (the “Securities”), unlimited as to principal amount;

          WHEREAS, the Indenture is incorporated herein by this reference;

          WHEREAS, Section 3.1 of the Indenture provides that, with respect to any series of Securities
to be authenticated and delivered under the Indenture, the terms of such series of Securities shall
be established by (i) a resolution of the Company’s Board of Directors and set forth in an
Officer’s Certificate of the Company or (ii) one or more indentures supplemental to the Indenture;

     WHEREAS, the Company desires to create, under the Indenture, a series of Securities to be
known as its Series A 7.50% Notes due June 1, 2017 (the “Notes”), guaranteed by the Guarantor, the
form and substance of such notes and the terms, provisions and conditions thereof to be set forth
as provided in the Indenture and this Supplemental Indenture; and

          WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental
Indenture and to make it a valid and binding obligation of the Company and the Guarantor have been
done or performed;

          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantor and the
Trustee mutually covenant and agree as follows:

 

 

ARTICLE I

DEFINITIONS

          Section 1.1. Definitions. The following defined terms used herein shall have the
meanings specified below. Capitalized terms used herein without definition shall have the
respective meanings assigned such terms in the Indenture.

          “Additional Interest” shall have the same meaning as set forth in the Registration Rights
Agreement.

          “Interest Payment Date” means, with respect to the Notes only, June 1 and December 1 of each
year.

          “Regular Record Date” means, with respect to the Notes only, the close of business on May 15
or November 15, as the case may be, immediately preceding each Interest Payment Date.

          “Registration Default” shall have the same meaning as set forth in the Registration Rights
Agreement.

          “Registration Rights Agreement” means the Exchange and Registration Rights Agreement dated as
of May 26, 2005, by and among the Company, the Guarantor and Goldman, Sachs & Co., as initial
purchaser, as the same shall be amended from time to time in accordance with the terms therein.

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE NOTES

          There is hereby established a new series of Securities under the Indenture with the following
terms:

          Section 2.1. Title. The title of the series is “Series A 7.50% Notes due June 1,
2017”.

          Section 2.2. Principal Amount. There are to be issued by the Company, and
authenticated and delivered by the Trustee on the date hereof, $250,000,000 principal amount of
Notes, and such principal amount of Notes may be increased from time to time pursuant to Section
3.1 of the Indenture. All Notes need not be issued on the same date and such series may be reopened
at any time, without the consent of any Holder, for issuances of additional Notes, unlimited in
principal amount, upon delivery by the Company to the Trustee of either a resolution of the
Company’s Board of Directors and set forth in an Officer’s Certificate of the Company or an
indenture supplemental to the Indenture, setting forth the original issuance date of such
additional Notes. The terms of any such additional Notes will be identical (except as to
denomination, and the date from which interest shall accrue, the issue price and the first Interest
Payment Date) to the terms of the Notes initially issued, authenticated and delivered on the date

2

 

hereof. Any such additional Notes will, together with the previously issued Notes, constitute
a single series of Securities under the Indenture.

          Section 2.3. Payment of Principal and Interest.

          (a) The principal of the Notes shall be due on June 1, 2017 which date shall be the
Stated Maturity, subject to the provisions of the Indenture relating to acceleration of maturity.
The Notes will bear interest from May 26, 2005, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, at a rate of 7.50% per annum, payable
semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2005, and
at the Stated Maturity. The Company will pay interest to the Persons in whose names the Notes are
registered on the Regular Record Date for such Interest Payment Date. Interest will be computed on
the basis of a 360-day year comprised of twelve 30-day months.

          (b) If any Interest Payment Date falls on a day that is not a Business Day, the
interest payment will be postponed to the next day that is a Business Day, and no interest on such
payment will accrue for the period from and after such Interest Payment Date. If the maturity date
of the Notes falls on a day that is not a Business Day, the payment of interest and principal may
be made on the next succeeding Business Day, and no interest on such payment will accrue for the
period from and after the maturity date. Interest payments for the Notes will include accrued
interest from and including the date of issue or from and including the last date in respect of
which interest has been paid, as the case may be, to, but excluding, the Interest Payment Date or
the date of maturity, as the case may be. Interest on the Notes which have a Redemption Date after
a Regular Record Date, and on or before the following Interest Payment Date, will also be payable
to the Persons in whose names the Notes are registered on such Regular Record Date.

          (c) Payment of the principal and interest due at maturity of the Notes shall be made
upon surrender of the Notes at the Corporate Trust Office of the Trustee. The principal of and
interest on the Notes shall be paid in Dollars. Payments of principal of or interest on the Notes
will be made, subject to such surrender where applicable, at the option of the Company, (i) by
check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) by wire transfer to an account maintained by the payee with a bank
located in the United States.

          Section 2.4. Additional Interest.

          If a Registration Default occurs, the Notes shall bear Additional Interest (as defined in the
Registration Rights Agreement) at the rate per annum as specified in the Registration Rights
Agreement, in addition to the interest referred to above, as liquidated damages, for the period
from the occurrence of such Registration Default until such time as no Registration Default is in
effect.

          Section 2.5. Optional Redemption.

          (a) The Notes will be redeemable as a whole at any time or in part from time to
time, at the option of the Company, at a “make-whole” redemption price equal to the greater

3

 

of (i) 100% of the principal amount of the Notes being redeemed or (ii) the sum of the present
values of the remaining scheduled payments of principal and interest (other than accrued interest)
on the Notes being redeemed, discounted to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus,
in either case, any interest accrued but not paid to the date of redemption. Notice of any
redemption will be mailed at least 30 days but no more than 60 days before the redemption date to
each Holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption
price, on and after the redemption date, interest will cease to accrue on the Notes or portions
thereof called for redemption.

          (b) For the purposes of this Section 2.5,

          “Treasury Rate” means, with respect to any redemption date for the Notes, the rate per year
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date.

          “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to
be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes.

          “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

          “Comparable Treasury Price” means, with respect to any redemption date for the Notes, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third Business Day preceding the redemption date, as set
forth in the daily statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or
(2) if that release (or any successor release) is not published or does not contain those prices on
that Business Day, (A) the average of the Reference Treasury Dealer Quotations for the redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations for that
redemption date, or (B) if the Company obtains fewer than four Reference Treasury Dealer
Quotations, the average of all the Reference Treasury Dealer Quotations obtained.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by a Reference Treasury Dealer at 5:00 p.m. New York City time, on
the third Business Day preceding such redemption date.

          “Reference Treasury Dealer” means (1) Goldman Sachs & Co. or its successor; provided, however,
that if they cease to be a primary U.S. Government securities dealer in New

4

 

York City, the Company shall appoint another primary U.S. Government securities dealer as a
substitute and (2) any other U.S. Government securities dealers selected by the Company.

          Section 2.6. Amendments to Event of Default. The provisos in Section 6.1(a) and
Section 6.1(b) of the Indenture shall not be applicable with respect to the Notes.

          Section 2.7. Form, Currency and Denominations. The Notes shall be issued in fully
registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000. The
Notes will be issued in substantially the form set forth in Exhibit A hereto, which shall include
the Private Placement Legend only for so long as, and to the extent that, the Notes constitute
Restricted Securities. The Depository with respect to the Notes shall be The Depository Trust
Company, New York, New York.

          Section 2.8. Global Securities.

          (a) The Notes will be issued in the form of one or more Global Securities registered
in the name of the Depository (which shall be The Depository Trust Company) or its nominee. Except
under the circumstances set forth in Section 3.6 of the Indenture, the Global Securities will not
be exchangeable for, and will not otherwise be issuable as, Notes in definitive form. Owners of
beneficial interests in such a Global Security will not be considered the registered owners or
Holders of Notes for any purpose.

          (b) No Security representing a Note shall be exchangeable, except for another Global
Security of like denomination and tenor to be registered in the name of the Depository or its
nominee or to a successor Depository or its nominee. Payment of principal of, any premium or
interest on, and any Additional Amounts or Additional Interest, if applicable, in respect of, any
Note in global form shall be made to the registered Holder thereof.

          (c) The provisions of Section 3.7 of the Indenture shall apply to the Notes only for
so long as, and to the extent that, the Notes constitute Restricted Securities.

          Section 2.9. Ranking. The Notes will represent the Company’s direct, unsecured
obligations and will rank equally with all the Company’s existing and future unsecured and
unsubordinated indebtedness. The Guarantees will represent the Guarantor’s direct, unsecured
obligations and will rank equally with all the Guarantor’s existing and future unsecured and
unsubordinated indebtedness. The Notes and the Guarantees will rank junior to any senior secured
debt that the Company or the Guarantor, respectively may incur in the future.

          Section 2.10. Miscellaneous. The Company is not obligated to redeem or purchase any
Notes pursuant to any sinking fund or analogous provision. The Notes will not be convertible into
shares of Common Stock of the Company and/or exchangeable for other securities. The amount of
payments of principal with respect to the Notes shall not be determined with reference to an index,
formula or other method or methods. No Notes are issuable upon the exercise of warrants. Each of
Section 12.2(b) of the Indenture relating to defeasance and Section 12.2(c) of the Indenture
relating to covenant defeasance shall be applicable to the Notes. Except as set forth in Section
4.4 of the Indenture, there will be no Additional Amount payable on the

5

 

Notes. The Company may exercise its option to redeem the Notes for tax purposes pursuant to
Section 4.5 of the Indenture.

ARTICLE III

MISCELLANEOUS PROVISIONS

          Section 3.1. Ratification and Incorporation of Indenture. As supplemented hereby,
the Indenture is in all respects ratified and confirmed, and the Indenture as supplemented by this
Supplemental Indenture shall be read, taken and construed as one and the same instrument.

          Section 3.2. Counterparts. This Supplemental Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the
same instrument.

          Section 3.3. Governing Law. This Supplemental Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without regard to conflicts of law
principles thereof.

          Section 3.4. Headings. The Article and Section headings herein are for convenience
only and shall not affect the construction hereof.

          Section 3.5. Trustee. The Trustee makes no representations as to the validity or
sufficiency of this Supplemental Indenture. The recitals and statements herein are deemed to be
those of the Company and the Guarantor and not of the Trustee.

[The remainder of this page is intentionally left blank.]

6

 

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	PLATINUM UNDERWRITERS FINANCE, INC.	 	 
	

	 	 	 	as Issuer	 	 
	 

	 	 	 	 	 	 
	

	 	By:
	 	/s/ Gregory E.A. Morrison	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Gregory E.A. Morrison	 	 
	

	 	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PLATINUM UNDERWRITERS HOLDINGS, LTD.	 	 
	

	 	 	 	as Guarantor	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Gregory E.A. Morrison	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Gregory E.A. Morrison	 	 
	

	 	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	

	 	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Albert P. Mari, Jr.	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Albert P. Mari, Jr.	 	 
	

	 	 	 	Title: Vice President	 	 

7

 

EXHIBIT A

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO PLATINUM UNDERWRITERS FINANCE, INC. OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
SUCH PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A
NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF
DTC OR A NOMINEE OF SUCH SUCCESSOR.

[LEGEND ONLY APPLICABLE IF A RESTRICTED SECURITY: NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
IN A TRANSACTION MEETING THE REQUIREMENT OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (3) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (4)
TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES.]

	 	 	 	 	 
	

	 	PLATINUM UNDERWRITERS FINANCE, INC.

	

	 	SERIES A 7.50%
NOTES DUE JUNE 1, 2017
 

	No. 1

	 	CUSIP No.: 72766C AA 4 (Rule 144A)

	

	 	CUSIP No.: U7263U AA 5 (Regulation S)

 
	Principal Amount:

	 	$250,000,000	 	 

A-1

 

	 	 	 
	Regular Record Date:

	 	May 15 or November 15, as the case may be,
	

	 	immediately preceding each Interest
Payment Date
 
	Original Issue Date:

	 	May 26, 2005
 
	Maturity Date:

	 	June 1, 2017
 
	Interest Payment Dates:

	 	June 1 and December 1
 
	Interest Rate:

	 	7.50% per annum
 
	Authorized Denomination:

	 	$1,000, or any integral multiple of $1,000

          Platinum Underwriters Finance, Inc., a company duly organized and existing under the laws of
the State of Delaware (the “Company”, which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the Principal Amount shown above on the Maturity Date shown above, and
to pay interest thereon from the Original Issuance Date shown above, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually in
arrears on each Interest Payment Date as specified above (including the Maturity Date), commencing
on December 1, 2005, at the rate of 7.50% per annum until the principal hereof is paid or duly
provided for. Interest not timely paid or provided for shall, to the extent permitted by
applicable laws, bear simple interest at the rate of 7.50% per annum. As provided in the Indenture,
the Company under certain circumstances would be required to pay Additional Amounts to the Holders
of the Notes. In addition, if a Registration Default (as defined in the Supplemental Indenture
dated as of May 26, 2005) occurs, the Notes shall bear Additional Interest (as defined in the
Supplemental Indenture dated as of May 26, 2005) at a rate per annum specified therein, in addition
to the interest referred to above, as liquidated damages, for the period from the occurrence of
such Registration Default until such time as no Registration Default is in effect.

          The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date (including the Maturity Date) will, as provided in the Indenture, be paid to the Person in
whose name this Note is registered at the close of business on the Regular Record Date as specified
above next preceding each Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close of business on a
Special Record Date for the payment of such defaulted interest established by notice given by or on
behalf of the Company to the Holders of Notes not less than 15 days prior to such Special Record
Date, such Special Record Date to be not less than 10 days prior to the date for payment of such
defaulted interest, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange, if any, on which the Notes shall be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in the Indenture.

          Payments of interest on this Note will include interest accrued to but excluding the
respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on
the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest
is

A-2

 

payable on this Note is not a Business Day, then payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day, with the same force and effect as
if made on the date the payment was originally payable. A “Business Day” shall mean each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New
York City are generally authorized or obligated, by law, regulation or executive order to close.

          Payment of the principal of and interest due on the Maturity Date of this Note shall be made
upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and
interest on this Note shall be paid in Dollars. Payments of principal of or interest will be made,
subject to such surrender where applicable, at the option of the Company, (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the Security Register or
(ii) by wire transfer to an account maintained by the payee with a bank located in the United
States.

          REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE.

          Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note and the Guarantee endorsed herein shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 	 	PLATINUM UNDERWRITERS FINANCE, INC.
	 
	 	 	 	 
	

	 	By:
	 	                                                            
	

	 	 	 	Name:
	

	 	 	 	Title:
	

	 	By:
	 	                                                            
	

	 	 	 	Name:
	

	 	 	 	Title:

A-3

 

CERTIFICATE OF AUTHENTICATION

          This is one of the Series A 7.50 % Notes due June 1, 2017 referred to in the within-mentioned
Indenture.

	 	 	 
	

	 	JPMORGAN CHASE BANK, N.A., as
	

	 	Trustee
	 
	 	 
	

	 	By:                                                             
	

	 	Authorized Officer

(Reverse Side of Note)

          This security is one of a duly authorized issue of debt securities of the Company (hereinafter
called the “Securities”), all issued or to be issued under and pursuant to an Indenture, dated as
of May 26, 2005 (the “Indenture”), by and among the Company, the Guarantor and JPMorgan Chase Bank,
N.A., as trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto relating to this security (including,
without limitation, the First Supplemental Indenture, dated as of May 26, 2005, by and among the
Company, the Guarantor and the Trustee) reference is hereby made for a statement of the respective
rights, limitation of rights, duties and immunities thereunder of the Company, the Guarantor, the
Trustee and the Holders of the Securities issued thereunder and of the terms upon which said
Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or
more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest at different rates and may otherwise vary as provided
in the Indenture or any indenture supplemental thereto. This security is one of a series designated
on the face as Series A 7.50 % Notes due June 1, 2017 (the “Notes”), initially limited in aggregate
principal amount to $250,000,000, subject to increase as provided in Section 3.1 of the Indenture.
Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Indenture.

     While this Note is represented by one or more global notes registered in the name of DTC or
its nominee, the Company will cause payments of principal of, premium, if any, and interest on this
Note to be made to DTC or its nominee, as the case may be, by wire transfer to the extent, in the
funds and in the manner required by agreements with, or regulations or procedures

 

 

prescribed from time to time by, DTC or its nominee, and otherwise in accordance with such
agreements, regulations and procedures.

          The Notes will not have a sinking fund. The Notes will be redeemable as a whole at any time or
in part from time to time, at the option of the Company, at a “make-whole” redemption price equal
to the greater of (i) 100% of the principal amount of the Notes being redeemed or (ii) the sum of
the present values of the remaining scheduled payments of principal and interest (other than
accrued interest) on the Notes being redeemed, discounted to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50
basis points, plus, in either case, any interest accrued but not paid to the date of redemption.
Notice of any redemption will be mailed at least 30 days but no more than 60 days before the
redemption date to each Holder of the Notes to be redeemed. Unless the Company defaults in payment
of the redemption price, on and after the redemption date, interest will cease to accrue on the
Notes or portions thereof called for redemption.

          “Treasury Rate” means, with respect to any redemption date for the Notes, the rate per year
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date.

          “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to
be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes.

          “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

          “Comparable Treasury Price” means, with respect to any redemption date for the Notes, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third Business Day preceding the redemption date, as set
forth in the daily statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or
(2) if that release (or any successor release) is not published or does not contain those prices on
that Business Day, (A) the average of the Reference Treasury Dealer Quotations for the redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations for that
redemption date, or (B) if the Company obtains fewer than four Reference Treasury Dealer
Quotations, the average of all the Reference Treasury Dealer Quotations obtained.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by a Reference Treasury Dealer at 5:00 p.m. New York City time, on
the third Business Day preceding such redemption date.

2

 

          “Reference Treasury Dealer” means (1) Goldman Sachs & Co. or its successor; provided, however,
that if they cease to be a primary U.S. Government securities dealer in New York City, the Company
shall appoint another primary U.S. Government securities dealer as a substitute and (2) any other
U.S. Government securities dealers selected by the Company.

          The Company will mail a notice of redemption at least 30 days but no more than 60 days before
the redemption date to each Holder of the Securities to be redeemed. If less than all of the
Securities are to be redeemed, the Trustee will select, by such method as it will deem fair and
appropriate, including pro rata or by lot, the Securities to be redeemed in whole or in part.

          The Indenture contains provisions for redemption of the Notes for tax purposes in whole but
not in part at the option of the Company.

          The Indenture also contains provisions for defeasance at any time of the entire indebtedness
of the Notes or of certain restrictive covenants with respect to the Notes, in each case upon
compliance with certain conditions set forth in the Indenture.

          If an Event of Default with respect to the Notes shall occur and be continuing, the principal
of the Notes may be declared due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the Guarantor and the rights of
the Holders of the Notes to be affected under the Indenture at any time by the Company, the
Guarantor and the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Notes at the time Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority in principal amount of the Notes at
the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company or
the Guarantor, or both, with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Note.

          No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company for such purpose, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and of like tenor and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. No
service charge shall be made for any such registration of transfer or exchange, but the

3

 

Company may require payment of a sum sufficient to cover any tax or other governmental charge
or certain other expenses payable in connection therewith.

          Prior to due presentment of this Note for registration of transfer, the Company, the
Guarantor, the Trustee and any agent of the Company or the Guarantor or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Company, the Guarantor nor the Trustee nor any such agent
shall be affected by notice to the contrary.

          The Notes are issuable only in registered form without coupons in denominations of $1,000 and
any integral multiple of $1,000. As provided in the Indenture and subject to certain limitations
therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a
different authorized denomination, as requested by the Holder surrendering the same upon surrender
of the Note or Notes to be exchanged at the office or agency of the Company.

          This Note shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to conflicts of law principles thereof.

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

TEN COM-as tenants in common

UNIF GIFT MIN ACT - Uniform Gifts to Minors Act

TEN ENT-as tenants by the entireties

JT TEN-as joint tenants with rights of

survivorship and not as tenants in common

Additional abbreviations may also be used though not on the above list.

          FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social
Security or other identifying number of assignee)

          PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE the within
Note and all rights thereunder, hereby irrevocably constituting and appointing agent to transfer
said Note on the books of the Company with full power of substitution in the premises.

Dated:

4

 

     NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular without alteration or enlargement, or any change
whatever.

5

 

GUARANTEE

          For value received, Platinum Underwriters Holdings, Ltd., a corporation duly organized and
existing under the laws of Bermuda (herein called the “Guarantor”, which term includes any
successor under the Indenture referred to in the Note upon which this Guarantee is endorsed),
hereby absolutely, fully and unconditionally and irrevocably guarantees to the Holder of the Note
upon which this Guarantee is endorsed, and to the Trustee on behalf of itself and such Holder, (a)
the due and punctual payment of the principal of, premium, if any, interest, if any, and Additional
Amounts, if any, on such Note, and the due and punctual payment of any sinking fund payments
provided in such Note when and as the same shall become due and payable, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise, (b) the due and
punctual payment of interest on overdue principal of and interest on such Note, if any, if lawful,
and (c) the due and punctual payment of any and all other payments due to the Holder or the
Trustee, all in accordance with the terms of such Note and of the Indenture. In case of the
failure of the Company, punctually to make any such payment of principal, premium, if any,
interest, if any, or Additional Amounts, if any, the Guarantor hereby agrees to cause any such
payment to be made punctually when and as the same shall become due and payable, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Company.

          The Guarantor hereby agrees that its obligations hereunder are a guaranty of payment and not a
guaranty of collection or performance and shall be unconditional and absolute, irrespective of the
validity, regularity or enforceability of such Note or the Indenture or any limitation of the
Company thereunder or any limitation on the method or terms of payment thereunder which may now or
hereafter be caused or imposed in any manner whatsoever, the absence of any action to enforce the
same, any waiver or consent by the Holder of such Note or by the Trustee with respect to any
provisions thereof or of the Indenture, the obtaining of any judgment against the Company or any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor. The Guarantor hereby waives the benefits of
division and discussion, diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company, protest or notice with respect to such Note or the indebtedness evidenced
thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except
by complete performance of the obligations contained in such Note and in this Guarantee.

          Without limiting the generality of the foregoing, the Guarantor hereby agrees that the
obligations of the Guarantor hereunder shall not be released, affected or impaired by assignment or
transfer in whole or in part of the Note whether or not made without notice to or the consent of
the Guarantor and shall not be subject to any reduction, limitation, impairment or termination for
any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any defense of, including, but not limited to, setoff, counterclaim, recoupment
or termination whatsoever, and that such obligations shall not be released, affected or impaired
regardless of whether or not any Holder, including the Holder of the Note, or anyone on behalf of
any such Holder shall have instituted any suit, action or proceeding or exhausted its remedies or
taken any steps to enforce any rights against the Company or any other person to compel any such
performance or observance or to collect all or

 

part of any such amount, either pursuant to the provisions of the Indenture or the Note or at
law or in equity, and regardless of any other condition or contingency, or by reason of the
invalidity, illegality or unenforceability of the Note or the Indenture or otherwise and that such
obligations shall not be discharged or impaired or otherwise affected by the failure of the Trustee
or any Holder of such Note to assert any claim or demand or to enforce any remedy under the
Indenture or such Note, any other guarantee or any other agreement, by any waiver, amendment,
indulgence or modification (whether material or otherwise) of any provision of any thereof, by any
default, failure or delay, willful or otherwise, in the performance of any obligations under the
Indenture, the Note or this Guarantee, or by the voluntary or involuntary liquidation, sale or
other disposition of all or substantially all of the assets of the Company or the Guarantor, or any
receivership, insolvency, bankruptcy, reorganization, or other similar proceedings, affecting the
Company or any of its assets, or the release of any property from the lien and Note interest
created by the Indenture or the Note or of any other Note for the Note, or the release or discharge
of the Company or the Guarantor from the performance or observance of any agreement, covenant, term
or condition contained in the Indenture or the Note by operation of law, or the merger or
consolidation of the Company or the Guarantor, or any other cause, whether similar or dissimilar to
the foregoing, or by any other act or omission that may or might in any manner or to the extent
vary the risk or obligations of the Guarantor or that would otherwise operate as a discharge or a
surety or guarantor as a matter of law or equity (other than the performance of the obligations
contained in such Note and in this Guarantee).

          The Holder of the Note upon which this Guarantee is endorsed is entitled to the further
benefits relating hereto set forth in the Indenture. No reference herein to the Indenture and no
provision of this Guarantee or of the Indenture shall alter or impair the guarantee of the
Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of
and interest, or any such other payments, on the Note upon which this Guarantee is endorsed.

          This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York, without giving effect to the conflicts of laws principles thereof.

          All terms used in this Guarantee which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

          This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Note upon which this Guarantee is endorsed shall have been executed by the
Trustee under the Indenture by the manual signature of one of its authorized officers.

 

          IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed.

	 	 	 
	

	 	PLATINUM UNDERWRITERS
	

	 	HOLDINGS, LTD.
	 
	 	 
	

	 	By:                                                            
	

	 	          Name:
	

	 	          Title:
	Attest:
	 	 
	 
	 	 
	By:                                                            
	 	 
	          Name:
	 	 
	          Title:EX-4.3

 

Exhibit 4.3

Platinum Underwriters Finance, Inc.

Series A 7.50% Notes due June 1, 2017

Unconditionally Guaranteed by

Platinum Underwriters Holdings, Ltd.

Exchange and Registration Rights Agreement

May 26, 2005                

Goldman, Sachs & Co.,

85 Broad Street

New York, New York 10004

Ladies and Gentlemen:

             Platinum Underwriters Finance, Inc., a Delaware company (the “Company”), proposes to issue and
sell to the Purchaser (as defined herein) upon the terms set forth in the Purchase Agreement (as
defined herein) its Series A 7.50% Notes due June 1, 2017 which are unconditionally guaranteed by
Platinum Underwriters Holdings, Ltd., a Bermuda company (the “Guarantor”). As an inducement to the
Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Purchaser thereunder, each of the Company and the Guarantor agrees with the
Purchaser for the benefit of holders (as defined herein) from time to time of the Registrable
Securities (as defined herein) as follows:

             1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the
following terms shall have the following respective meanings:

     The term “broker-dealer” shall mean any broker or dealer registered with the Commission
under the Exchange Act.

     “Base Interest” shall mean the interest that would otherwise accrue on the Securities under
the terms thereof, and the Indenture, without giving effect to the provisions of this Agreement.

     “Closing Date” shall mean the date on which the Securities are initially issued.

     “Commission” shall mean the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities Act, whichever is
the relevant statute for the particular purpose.

     “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date
as of which the Commission declares the Exchange Registration Statement effective or as of which
the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration,
shall mean the time and date as of which the Commission declares the Shelf Registration
Statement effective or as of which the Shelf Registration Statement otherwise becomes effective.

 

 

     “Electing Holder” shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii)
or 3(d)(iii) hereof.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as
the same shall be amended from time to time.

     “Exchange Offer” shall have the meaning assigned thereto in Section

2(a) hereof.

     “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof.

     “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a)
hereof.

     “Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof.

     The term “holder” shall mean the Purchaser and other persons who acquire Registrable
Securities from time to time (including any successors or assigns), in each case for so long as
such person owns any Registrable Securities.

     “Indenture” shall mean the Indenture, dated as of May 26, 2005, by and among the Company,
the Guarantor and JPMorgan Chase Bank, N.A., as trustee (the “Trustee”), as amended by the First
Supplemental Indenture dated as of May 26, 2005 by and among the Company, the Guarantor and the
Trustee, as the same may be further amended from time to time.

     “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto.

     The term “person” shall mean a corporation, association, partnership, organization,
business, individual, government or political subdivision thereof or governmental agency.

     “Purchase Agreement” shall mean the Purchase Agreement, dated as of May  , 2005 by and
among the Purchaser, the Guarantor and the Company relating to the Securities.

     “Purchaser” shall mean Goldman, Sachs & Co.

     “Registrable Securities” shall mean the Securities; provided, however, that a Security
shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section
2(a) hereof, the Security has been exchanged for an Exchange Security in an Exchange Offer as
contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the
last two sentences of Section 2(a), is included in a prospectus for use in connection with
resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections
5, 6 and 9 until resale of such Registrable Security has been effected within the 180-day period
referred to in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b) hereof, a
Shelf Registration Statement registering such Security under the Securities Act has been
declared or becomes effective and such Security has been sold or otherwise transferred by the
holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration
Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any
legend borne by such Security relating to restrictions on transferability thereof, under the
Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; (iv) such
Security is eligible to be

2

 

sold pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to be
outstanding.

     “Registration Default” shall have the meaning assigned thereto in Section 2(c) hereof.

     “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof.

     “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof.

     “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course
of such holder’s business, (iii) a holder who has arrangements or understandings with any person
to participate in the Exchange Offer for the purpose of distributing Exchange Securities and
(iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by
such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired
by the broker-dealer directly from the Company.

     “Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated under
the Securities Act (or any successor provision), as the same shall be amended from time to time.

     “Securities” shall mean, collectively, the Series A 7.50% Notes due June 1, 2017, of the
Company to be issued and sold to the Purchaser, and securities issued in exchange therefor or in
lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the
guarantee provided for in the Indenture (the “Guarantee”) and, unless the context otherwise
requires, any reference herein to a “Security,” an “Exchange Security,” or a “Registrable
Security” shall include a reference to the related Guarantee.

     “Securities Act” shall mean the Securities Act of 1933, or any successor thereto, as the
same shall be amended from time to time.

     “Shelf Registration” shall have the meaning assigned thereto in Section 2(b) hereof.

     “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b)
hereof.

     “Special Interest” shall have the meaning assigned thereto in Section 2(c) hereof.

     “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto,
and the rules, regulations and forms promulgated thereunder, all as the same shall be amended
from time to time.

           Unless the context otherwise requires, any reference herein to a “Section” or “clause”
refers to a Section or clause, as the case may be, of this Exchange and Registration Rights
Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Exchange and Registration Rights Agreement as a whole and not to any particular
Section or other subdivision.

     2. Registration Under the Securities Act.

     (a) Except as set forth in Section 2(b) below, the Company and the Guarantor agree to file
under the Securities Act, as soon as practicable, but no later than 90 days after the Closing
Date, a registration statement relating to an offer to exchange (such registration

3

 

statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any
and all of the Securities for a like aggregate principal amount of debt securities issued by the
Company and guaranteed by the Guarantor, which debt securities and guarantee are substantially
identical to the Securities and the related Guarantee, respectively (and are entitled to the
benefits of a trust indenture which is substantially identical to the Indenture or is the
Indenture and which has been qualified under the Trust Indenture Act, except that they have been
registered pursuant to an effective registration statement under the Securities Act and do not
contain provisions for the Special Interest contemplated in Section 2(c) below (such new debt
securities hereinafter called “Exchange Securities”). Each of the Company and the Guarantor
agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become
effective under the Securities Act as soon as practicable, but no later than 180 days after the
Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate
form and will comply in all material respects with all applicable tender offer rules and
regulations under the Exchange Act. Each of the Company and the Guarantor further agrees to use
its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days
after such registration statement has become effective, hold the Exchange Offer open for at
least 30 days and exchange Exchange Securities for all Registrable Securities that have been
properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The
Exchange Offer will be deemed to have been “completed” only if the debt securities and related
guarantee received by holders other than Restricted Holders in the Exchange Offer for
Registrable Securities are, upon receipt, transferable by each such holder without restriction
under the Securities Act and the Exchange Act and without material restrictions under the blue
sky or securities laws of a substantial majority of the States of the United States of America.
The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (i) the
Company and the Guarantor having exchanged the Exchange Securities for all outstanding
Registrable Securities pursuant to the Exchange Offer and (ii) the Company and the Guarantor
having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable
Securities that have been properly tendered and not withdrawn before the expiration of the
Exchange Offer, which shall be on a date that is at least 30 days following the commencement of
the Exchange Offer. The Company and the Guarantor agree (x) to include in the Exchange
Registration Statement a prospectus for use in any resales by any holder of Exchange Securities
that is a broker-dealer and (y) to keep such Exchange Registration Statement effective for a
period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange
Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer
has been completed or such time as such broker-dealers no longer own any Registrable Securities.
With respect to such Exchange Registration Statement, such holders shall have the benefit of
the rights of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e)
hereof.

     (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission
interpretations are changed such that the debt securities or the related guarantee received by
holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not
or would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the Exchange Offer has not been completed within 225 days following the
Closing Date or (iii) the Exchange Offer is not available as a matter of law to any holder of
the Securities, the Company and the Guarantor shall, in lieu of (or, in the case of clause
(iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under
the Securities Act as soon as practicable, but no later than the later of 30 days after the time
such obligation to file arises, a “shelf” registration statement providing for the registration
of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable
Securities, pursuant to Rule 415 or any similar rule that may be adopted by the

4

 

Commission (such filing, the “Shelf Registration” and such registration statement, the
“Shelf Registration Statement”). The Company and the Guarantor agree to use their reasonable
best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no
later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf
Registration Statement continuously effective for a period ending on the earlier of the second
anniversary of the Effective Time or such time as there are no longer any Registrable Securities
outstanding, provided, however, that no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the prospectus forming a part
thereof for resales of Registrable Securities unless such holder is an Electing Holder, provided
further, that subject to the requirements set forth in Section 3(e) hereof, the Company and the
Guarantor may, by notice to holders of Registrable Securities, suspend the availability of the
Shelf Registration Statement and the use of the related prospectus for up to an aggregate of 30
days in any consecutive 90 day-period and 90 days in any consecutive twelve-month period, if the
board of directors of either of the Company or the Guarantor determines in good faith that it is
in the Company’s or the Guarantor’s best interests to refrain from disclosing the existence of,
or facts surrounding any proposed or pending material corporate transaction or other material
non-public information that would be required to be disclosed or incorporated by reference in
the Shelf Registration Statement and (y) after the Effective Time of the Shelf Registration
Statement, promptly upon the request of any holder of Registrable Securities that is not then an
Electing Holder, to take any action reasonably necessary to enable such holder to use the
prospectus forming a part thereof for resales of Registrable Securities, including, without
limitation, any action necessary to identify such holder as a selling securityholder in the
Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve
any such holder of the obligation to return a completed and signed Notice and Questionnaire to
the Company and the Guarantor in accordance with Section 3(d)(ii) or (iii) hereof. The Company
and the Guarantor further agree to supplement or make amendments to the Shelf Registration
Statement, as and when required by the rules, regulations or instructions applicable to the
registration form used by the Company and the Guarantor for such Shelf Registration Statement or
by the Securities Act or rules and regulations thereunder for shelf registration, and the
Company and the Guarantor agree to furnish to each Electing Holder copies of any such supplement
or amendment prior to its being used or promptly following its filing with the Commission.

     (c) In the event that (i) the Company and the Guarantor have not filed the Exchange
Registration Statement or Shelf Registration Statement on or before the date on which such
registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively,
or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become
effective or been declared effective by the Commission on or before the date on which such
registration statement is required to become or be declared effective pursuant to Section 2(a)
or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after
the initial effective date of the Exchange Registration Statement relating to the Exchange Offer
(if the Exchange Offer is then required to be made), or (iv) any Exchange Registration Statement
or Shelf Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared
effective but shall thereafter either be withdrawn by the Company or the Guarantor or shall
become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act
suspending the effectiveness of such registration statement (except as specifically permitted
herein) without being succeeded immediately by an additional registration statement filed and
declared effective or (v) if any Shelf Registration Statement required by Section 2(b) hereof is
filed and declared effective, and during the period the Company and the Guarantor are required
to use their reasonable best efforts to cause the Shelf Registration Statement to remain
effective, the Company and

5

 

the Guarantor shall have suspended the availability of the Shelf Registration Statement and
the use of the related prospectus pursuant to Section 2(b) hereof for more than 30 days in the
aggregate in any consecutive 90 day-period and 90 days in the aggregate in any consecutive
twelve-month period and be continuing to suspend the availability of the Shelf Registration
Statement (each such event referred to in clauses (i) through (v), a “Registration Default” and
each period during which a Registration Default has occurred and is continuing, a “Registration
Default Period”), then, as liquidated damages for such Registration Default, subject to the
provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base
Interest, shall accrue at a per annum rate of 0.25% of the aggregate principal amount of the
outstanding Registrable Securities for the first 90 days of the Registration Default Period and
at a per annum rate of 0.50% thereafter for the remaining portion of the Registration Default
Period.

     (d) Each of the Company and the Guarantor shall take all actions reasonably necessary or
advisable to be taken by it to ensure that the transactions contemplated herein are effected as
so contemplated, including all actions necessary or desirable to register the Guarantee under
the registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable.

     (e) Any reference herein to a registration statement as of any time shall be deemed to
include any document incorporated, or deemed to be incorporated, therein by reference as of such
time and any reference herein to any post-effective amendment to a registration statement as of
any time shall be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time.

     3. Registration Procedures.

                If the Company and the Guarantor file a registration statement pursuant to Section 2(a) or
Section 2(b), the following provisions shall apply:

     (a) At or before the Effective Time of the Exchange Offer or the Shelf Registration, as the
case may be, the Company and the Guarantor shall qualify the Indenture under the Trust Indenture
Act.

     (b) In the event that such qualification would require the appointment of a new trustee
under the Indenture, the Company and the Guarantor shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture.

     (c) In connection with the Company’s and the Guarantor’s obligations with respect to the
registration of Exchange Securities as contemplated by Section 2(a) (the “Exchange
Registration”), if applicable, each of the Company and the Guarantor shall, as soon as
practicable (or as otherwise specified):

     (i) prepare and file with the Commission, as soon as practicable but no later than
90 days after the Closing Date, an Exchange Registration Statement on any form which may
be utilized by the Company and the Guarantor and which shall permit the Exchange Offer
and resales of Exchange Securities by broker-dealers during the Resale Period to be
effected as contemplated by Section 2(a), and use their reasonable best efforts to cause
such Exchange Registration Statement to become effective as soon as practicable
thereafter, but no later than 180 days after the Closing Date;

6

 

     (ii) as soon as practicable prepare and file with the Commission such amendments
and supplements to such Exchange Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such Exchange
Registration Statement for the periods and purposes contemplated in Section 2(a) hereof
and as may be required by the applicable rules and regulations of the Commission and the
instructions applicable to the form of such Exchange Registration Statement, and
promptly provide each broker-dealer holding Exchange Securities with such number of
copies of the prospectus included therein (as then amended or supplemented), in
conformity in all material respects with the requirements of the Securities Act and the
rules and regulations of the Commission thereunder, as such broker-dealer reasonably may
request prior to the expiration of the Resale Period, for use in connection with resales
of Exchange Securities;

     (iii) promptly notify each broker-dealer that has requested or received copies of
the prospectus included in such registration statement, and confirm such advice in
writing, (A) when such Exchange Registration Statement or the prospectus included
therein or any prospectus amendment or supplement or post-effective amendment has been
filed, and, with respect to such Exchange Registration Statement or any post-effective
amendment, when the same has become effective, (B) of any comments by the Commission and
by the blue sky or securities commissioner or regulator of any state with respect
thereto or any request by the Commission for amendments or supplements to such Exchange
Registration Statement or prospectus or for additional information, (C) of the issuance
by the Commission of any stop order suspending the effectiveness of such Exchange
Registration Statement or the initiation or threatening of any proceedings for that
purpose of which the Company or the Guarantor becomes aware, (D) if at any time the
representations and warranties of the Company or the Guarantor contemplated by Section 5
cease to be true and correct in all material respects, (E) of the receipt by the Company
or the Guarantor of any notification with respect to the suspension of the qualification
of the Exchange Securities for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose, or (F) at any time during the Resale Period when a
prospectus is required to be delivered under the Securities Act, that such Exchange
Registration Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable requirements of
the Securities Act and the rules and regulations of the Commission thereunder or
contains an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

     (iv) in the event that the Company or the Guarantor would be required, pursuant to
Section 3(c)(iii)(F) above, to notify any broker-dealers holding Exchange Securities, as
soon as practicable prepare and furnish to each such holder a reasonable number of
copies of a prospectus supplemented or amended so that, as thereafter delivered to
purchasers of such Exchange Securities during the Resale Period, such prospectus shall
conform in all material respects to the applicable requirements of the Securities Act
and the rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of
the circumstances then existing;

7

 

     (v) use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Registration Statement or any
post-effective amendment thereto at the earliest practicable date;

     (vi) use its reasonable best efforts to (A) register or qualify the Exchange
Securities under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B)
keep such registrations or qualifications in effect and comply in all material respects
with such laws so as to permit the continuance of offers, sales and dealings therein in
such jurisdictions until the expiration of the Resale Period and (C) take any and all
other actions as may be reasonably necessary or advisable to enable each broker-dealer
holding Exchange Securities to consummate the disposition thereof in such jurisdictions;
provided, however, that neither the Company nor the Guarantor shall be required for any
such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it
would not otherwise be required to qualify but for the requirements of this Section
3(c)(vi), (2) consent to general service of process in any such jurisdiction, (3) make
any changes to its memorandum of association or bye-laws or any agreement between it and
its stockholders or (4) subject itself to taxation in any jurisdiction;

     (vii) use its reasonable best efforts to obtain the consent or approval of each
governmental agency or authority, whether federal, state or local, which may be required
to effect the Exchange Registration, the Exchange Offer and the offering and sale of
Exchange Securities by broker-dealers during the Resale Period;

     (viii) provide a CUSIP number for all Exchange Securities, not later than the
applicable Effective Time; and

     (ix) comply in all material respects with all applicable rules and regulations of
the Commission, and make generally available to its securityholders as soon as
practicable but no later than eighteen months after the effective date of such Exchange
Registration Statement, an earning statement of the Company and its subsidiaries
complying with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule 158 thereunder).

     (d) In connection with the Company’s and the Guarantor’s obligations with respect to the
Shelf Registration, if applicable, the Company and the Guarantor shall, as soon as practicable
(or as otherwise specified):

     (i) prepare and file with the Commission, as soon as practicable but in any case
within the time periods specified in Section 2(b), a Shelf Registration Statement on any
form which may be utilized by the Company and the Guarantor and which shall register all
of the Registrable Securities for resale by the holders thereof in accordance with such
method or methods of disposition as may be specified by such of the holders as, from
time to time, may be Electing Holders and use its reasonable best efforts to cause such
Shelf Registration Statement to become effective as soon as practicable but in any case
within the time periods specified in Section 2(b);

     (ii) not less than 30 calendar days prior to the Effective Time of the Shelf
Registration Statement, mail the Notice and Questionnaire to the holders of Registrable
Securities; no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement as of the Effective Time, and no holder shall be entitled
to use the prospectus forming a part thereof for resales of

8

 

Registrable Securities at any time, unless such holder has returned a completed and signed Notice and
Questionnaire to the Company and the Guarantor by the deadline for response set forth
therein; provided, however, holders of Registrable Securities shall have at least 28
calendar days from the date on which the Notice and Questionnaire is first mailed to
such holders to return a completed and signed Notice and Questionnaire to the Company
and the Guarantor;

     (iii) after the Effective Time of the Shelf Registration Statement, upon the
request of any holder of Registrable Securities that is not then an Electing Holder,
promptly send a Notice and Questionnaire to such holder; provided that the Company and
the Guarantor shall not be required to take any action to name such holder as a selling
securityholder in the Shelf Registration Statement or to enable such holder to use the
prospectus forming a part thereof for resales of Registrable Securities until such
holder has returned a completed and signed Notice and Questionnaire to the Company and
the Guarantor;

     (iv) as soon as practicable prepare and file with the Commission such amendments
and supplements to such Shelf Registration Statement and the prospectus included therein
as may be reasonably necessary to effect and maintain the effectiveness of such Shelf
Registration Statement for the period specified in Section 2(b) hereof and as may be
required by the applicable rules and regulations of the Commission and the instructions
applicable to the form of such Shelf Registration Statement, and furnish to the Electing
Holders copies of any such supplement or amendment simultaneously with or prior to its
being used or filed with the Commission;

     (v) comply in all material respects with the provisions of the Securities Act with
respect to the disposition of all of the Registrable Securities covered by such Shelf
Registration Statement in accordance with the intended methods of disposition by the
Electing Holders provided for in such Shelf Registration Statement;

     (vi) provide (A) the Electing Holders, (B) the underwriters (which term, for
purposes of this Exchange and Registration Rights Agreement, shall include a person
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities
Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for any
such underwriter or agent and (E) not more than one counsel for all the Electing Holders
the reasonable opportunity to participate in the preparation of such Shelf Registration
Statement, each prospectus included therein or filed with the Commission and each
amendment or supplement thereto;

     (vii) for a reasonable period prior to the filing of such Shelf Registration
Statement, and throughout the period specified in Section 2(b), make available at
reasonable times at the Company’s or the Guarantor’s principal place of business or such
other reasonable place for inspection by the persons referred to in Section 3(d)(vi) who
shall certify to the Company and the Guarantor that they have a current intention to
sell the Registrable Securities pursuant to the Shelf Registration such financial and
other information and books and records of the Company and the Guarantor, and use their
reasonable best efforts to cause the officers, employees, counsel and independent
certified public accountants of the Company and the Guarantor to respond to such
inquiries, as shall be reasonably necessary, in the judgment of the respective counsel
referred to in such Section, to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act;

9

 

provided, however, that each such party shall as a
condition to obtaining any such information, books and records, agree in writing to
maintain in confidence and not to disclose to any other person any information or
records reasonably designated by the Company or the Guarantor as being confidential,
until such time as (A) such information becomes a matter of public record (whether by
virtue of its inclusion in such registration statement or otherwise), or (B) such person
shall be required so to disclose such information pursuant to a subpoena or order of any
court or other governmental agency or body having jurisdiction over the matter (subject
to the requirements of such order, and only after such person shall have given the
Company and the Guarantor prompt prior written notice of such requirement), or (C) such
information is required to be, and is, set forth in such Shelf Registration Statement or
the prospectus included therein or in an amendment to such Shelf Registration Statement
or an amendment or supplement to such prospectus in order that such Shelf Registration
Statement, prospectus, amendment or supplement, as the case may be, complies with
applicable requirements of the federal securities laws and the rules and regulations of
the Commission and does not contain an untrue statement of a material fact or omit to
state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

     (viii) promptly notify each of the Electing Holders, any sales or placement agent
therefor and any underwriter thereof (which notification may be made through any
managing underwriter that is a representative of such underwriter for such purpose) and
confirm such advice in writing, (A) when such Shelf Registration Statement or the
prospectus included therein or any prospectus amendment or supplement or post-effective
amendment has been filed, and, with respect to such Shelf Registration Statement or any
post-effective amendment, when the same has become effective, (B) of any comments by the
Commission and by the blue sky or securities commissioner or regulator of any state with
respect thereto or any request by the Commission for amendments or supplements to such
Shelf Registration Statement or prospectus or for additional information, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of such Shelf
Registration Statement or the initiation or threatening of any proceedings for that
purpose of which the Company or the Guarantor becomes aware, (D) if at any time the
representations and warranties of the Company and the Guarantor contemplated by Section
3(d)(xvii) or Section 5 cease to be true and correct in all material respects, (E) of
the receipt by the Company or the Guarantor of any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose of
which the Company or the Guarantor becomes aware, or (F) if at any time when a
prospectus is required to be delivered under the Securities Act, that such Shelf
Registration Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable requirements of
the Securities Act and the rules and regulations of the Commission thereunder or
contains an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

     (ix) use their reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of such registration statement or any post-effective
amendment thereto at the earliest practicable date;

10

 

     (x) if requested by any managing underwriter or underwriters, any placement or
sales agent or any Electing Holder, promptly incorporate in a prospectus supplement or
post-effective amendment such information as is required by the applicable rules and
regulations of the Commission and as such managing underwriter or underwriters, such
agent or such Electing Holder specifies should be included therein relating to the terms
of the sale of such Registrable Securities, including information with respect to the
principal amount of Registrable Securities being sold by such Electing Holder or agent
or to any underwriters, the name and description of such Electing Holder, agent or
underwriter, the offering price of such Registrable Securities and any discount,
commission or other compensation payable in respect thereof, the purchase price being
paid therefor by such underwriters and with respect to any other terms of the offering
of the Registrable Securities to be sold by such Electing Holder or agent or to such
underwriters; and make all required filings of such prospectus supplement or
post-effective amendment promptly after notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

     (xi) furnish to each Electing Holder, each placement or sales agent, if any,
therefor, each underwriter, if any, thereof and the respective counsel referred to in
Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed
copy) of such Shelf Registration Statement, each such amendment and supplement thereto
(in each case including all exhibits thereto (in the case of an Electing Holder of
Registrable Securities, upon request) and documents incorporated by reference therein)
and such number of copies of such Shelf Registration Statement (excluding exhibits
thereto and documents incorporated by reference therein unless specifically so requested
by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus
included in such Shelf Registration Statement (including each preliminary prospectus and
any summary prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the Commission
thereunder, and such other documents, as such Electing Holder, agent, if any, and
underwriter, if any, may reasonably request in order to facilitate the offering and
disposition of the Registrable Securities owned by such Electing Holder, offered or sold
by such agent or underwritten by such underwriter and to permit such Electing Holder,
agent and underwriter to satisfy the prospectus delivery requirements of the Securities
Act; and each of the Company and the Guarantor hereby consents to the use of such
prospectus (including such preliminary and summary prospectus) and any amendment or
supplement thereto by each such Electing Holder and by any such agent and underwriter,
in each case in the form most recently provided to such person by the Company or the
Guarantor, in connection with the offering and sale of the Registrable Securities
covered by the prospectus (including such preliminary and summary prospectus) or any
supplement or amendment thereto;

     (xii) use their reasonable best efforts to (A) register or qualify the Registrable
Securities to be included in such Shelf Registration Statement under such securities
laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or
sales agent, if any, therefor and underwriter, if any, thereof shall reasonably request,
(B) keep such registrations or qualifications in effect and comply in all material
respects with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions during the period the Shelf Registration is required to
remain effective under Section 2(b) above and for so long as may be necessary to enable
any such Electing Holder, agent or underwriter to complete its

11

 

distribution of Securities pursuant to such Shelf Registration Statement and (C) take any and all other
actions as may be reasonably necessary or advisable to enable each such Electing Holder,
agent, if any, and underwriter, if any, to consummate the disposition in such
jurisdictions of such Registrable Securities; provided, however, that neither the
Company nor the Guarantor shall be required for any such purpose to (1) qualify as a
foreign corporation in any jurisdiction wherein it would not otherwise be required to
qualify but for the requirements of this Section 3(d)(xii), (2) consent to general
service of process in any such jurisdiction (3) make any changes to its certificate of
incorporation or by-laws or any agreement between it and its stockholders or (4) subject
itself to taxation in any jurisdiction;

     (xiii) use their reasonable best efforts to obtain the consent or approval of each
governmental agency or authority, whether federal, state or local, which may be required
to effect the Shelf Registration or the offering or sale in connection therewith or to
enable the selling holder or holders to offer, or to consummate the disposition of,
their Registrable Securities;

     (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate
with the Electing Holders and the managing underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to
be sold, which certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be penned, lithographed or engraved, or
produced by any combination of such methods, on steel engraved borders, and which
certificates shall not bear any restrictive legends; and, in the case of an underwritten
offering, enable such Registrable Securities to be in such denominations and registered
in such names as the managing underwriters may reasonably request at least two business
days prior to any sale of the Registrable Securities;

     (xv) provide a CUSIP number for all Registrable Securities, not later than the
applicable Effective Time;

     (xvi) enter into one or more underwriting agreements, engagement letters, agency
agreements, “best efforts” underwriting agreements or similar agreements, as
appropriate, including customary provisions relating to indemnification and
contribution, and take such other actions in connection therewith as any Electing
Holders aggregating at least 20% in aggregate principal amount of Registrable Securities
at the time outstanding shall reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities;

     (xvii) whether or not an agreement of the type referred to in Section 3(d)(xvi)
hereof is entered into and whether or not any portion of the offering contemplated by
the Shelf Registration is an underwritten offering or is made through a placement or
sales agent or any other entity, (A) make such representations and warranties to the
Electing Holders and the placement or sales agent, if any, therefor and the
underwriters, if any, thereof in form, substance and scope as are customarily made in
connection with an offering of debt securities pursuant to any appropriate agreement or
to a registration statement filed on the form applicable to the Shelf Registration; (B)
obtain opinions of counsels to the Company and the Guarantor in customary form and
covering such matters, of the type customarily covered by such opinions, as the managing
underwriters, if any, or as any Electing Holders of at least 20% in aggregate principal
amount of Registrable Securities at the time outstanding may

12

 

reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent,
if any, therefor and the underwriters, if any, thereof and dated the effective date of
such Shelf Registration Statement (and if such Shelf Registration Statement contemplates
an underwritten offering of a part or all of the Registrable Securities, dated the date
of the closing under the underwriting agreement relating thereto) (it being agreed that
the matters to be covered by such opinions shall include the due organization and good
standing of the Company and the Guarantor and their respective subsidiaries; the due
licensing as an insurer or reinsurer of the Company, the Guarantor and their respective
subsidiaries; the due authorization, execution and delivery of the relevant agreement of
the type referred to in Section 3(d)(xvi) hereof; the due authorization, issuance and
delivery, and the validity, of the Securities and the Guarantees; the absence of
material legal or governmental proceedings involving the Company, the Guarantor and
their respective subsidiaries; the absence of a breach by the Company, the Guarantor or
any of their respective subsidiaries of, or a default under, material agreements binding
upon the Company, the Guarantor or any subsidiary of the Company or the Guarantor; the
absence of governmental approvals required to be obtained in connection with the Shelf
Registration, the offering and sale of the Registrable Securities, this Exchange and
Registration Rights Agreement or any agreement of the type referred to in Section
3(d)(xvi) hereof, except such approvals as may be required under state securities, blue
sky or insurance securities laws, or such consents, approvals, authorizations,
registrations or qualifications as may be required and have been obtained; the material
compliance as to form of such Shelf Registration Statement and any documents
incorporated by reference therein with the requirements of the Securities Act and of the
Indenture with the Trust Indenture Act and the rules and regulations of the Commission
thereunder, respectively; and, as of the date of the opinions and of the Shelf
Registration Statement or most recent post-effective amendment thereto, as the case may
be, the absence from such Shelf Registration Statement and the prospectus included
therein, as then amended or supplemented, and from the documents incorporated by
reference therein (in each case other than the financial statements and other financial
information contained therein) of an untrue statement of a material fact or the omission
to state therein a material fact necessary to make the statements therein not misleading
(in the case of such documents, in the light of the circumstances existing at the time
that such documents were filed with the Commission under the Exchange Act)); (C) obtain
a “cold comfort” letter or letters from the independent certified public accountants of
the Company and the Guarantor addressed to the selling Electing Holders, the placement
or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the
effective date of such Shelf Registration Statement and (ii) the effective date of any
prospectus supplement to the prospectus included in such Shelf Registration Statement or
post-effective amendment to such Shelf Registration Statement which includes unaudited
or audited financial statements as of a date or for a period subsequent to that of the
latest such statements included in such prospectus (and, if such Shelf Registration
Statement contemplates an underwritten offering pursuant to any prospectus supplement to
the prospectus included in such Shelf Registration Statement or post-effective amendment
to such Shelf Registration Statement which includes unaudited or audited financial
statements as of a date or for a period subsequent to that of the latest such statements
included in such prospectus, dated the date of the closing under the underwriting
agreement relating thereto), such letter or letters to be in customary form and covering
such matters of the type customarily covered by letters of such type; (D) deliver such
documents and certificates, including officers’ certificates, as may be reasonably
requested by any Electing

13

 

Holders of at least 20% in aggregate principal amount of
Registrable Securities at the time outstanding or the placement or sales agent, if any,
therefor and the managing underwriters, if any, thereof to evidence the accuracy of the
representations and warranties made pursuant to clause (A) above or those contained in
Section 5(a) hereof and the compliance with or satisfaction of any agreements or
conditions contained in the underwriting agreement or other agreement entered into by
the Company or the Guarantor; and (E) undertake such obligations relating to expense
reimbursement, indemnification and contribution as are provided in Section 6 hereof;

     (xviii) notify in writing each holder of Registrable Securities of any proposal by
the Company or the Guarantor to amend or waive any provision of this Exchange and
Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment or
waiver effected pursuant thereto, each of which notices shall contain the text of the
amendment or waiver proposed or effected, as the case may be;

     (xix) in the event that any broker-dealer registered under the Exchange Act shall
underwrite any Registrable Securities or participate as a member of an underwriting
syndicate or selling group or “assist in the distribution” (within the meaning of the
Conduct Rules (the “Conduct Rules) of the National Association of Securities Dealers,
Inc. (“NASD”) or any successor thereto, as amended from time to time) thereof, whether
as a holder of such Registrable Securities or as an underwriter, a placement or sales
agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer
in complying with the requirements of such Conduct Rules, including by (A) if such
Conduct Rules shall so require, engaging a “qualified independent underwriter” (as
defined in such Conduct Rules) to participate in the preparation of the Shelf
Registration Statement relating to such Registrable Securities, to exercise usual
standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Shelf Registration Statement is an underwritten offering or is made
through a placement or sales agent, to recommend the yield of such Registrable
Securities, (B) indemnifying any such qualified independent underwriter to the extent of
the indemnification of underwriters provided in Section 6 hereof (or to such other
customary extent as may be requested by such underwriter), and (C) providing such
information to such broker-dealer as may be required in order for such broker-dealer to
comply with the requirements of the Conduct Rules; and

     (xx) comply in all material respects with all applicable rules and regulations of
the Commission, and make generally available to its securityholders as soon as
practicable but in any event not later than eighteen months after the effective date of
such Shelf Registration Statement, an earning statement of the Guarantor and its
subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Company, Rule 158 thereunder).

     (e) In the event that the Company and the Guarantor would be required, pursuant to Section
2(b) or Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement or sales
agent, if any, therefor and the managing underwriters, if any, thereof, the Company and the
Guarantor shall without delay prepare and furnish to each of the Electing Holders, to each
placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of
copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of
Registrable Securities, such prospectus shall conform in all material respects to the applicable
requirements of the Securities Act and the rules and regulations of

14

 

the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any
notice (a “notice of suspension”) from the Company and the Guarantor pursuant to Section 2(b) or
Section 3(d)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the disposition
of Registrable Securities pursuant to the Shelf Registration Statement applicable to such
Registrable Securities until such Electing Holder shall have received (i) in the case of a
notice of suspension pursuant to Section 2(b) hereof, notice of termination of such suspension
or (ii) in the case of a notice of suspension pursuant to Section 3(d)(viii)(F) hereof, copies
of such amended or supplemented prospectus, and if so directed by the Company and the Guarantor,
such Electing Holder shall deliver to the Company and the Guarantor (at the Company’s and the
Guarantor’s expense) all copies, other than permanent file copies, then in such Electing
Holder’s possession of the prospectus covering such Registrable Securities at the time of
receipt of a notice of suspension. The period of effectiveness of the Shelf Registration
Statement provided for in Section 2(b) hereof shall be extended by the number of days in any
period of suspension.

     (f) In the event of a Shelf Registration, in addition to the information required to be
provided by each Electing Holder in its Notice Questionnaire, the Company and the Guarantor may
require such Electing Holder to furnish to the Company and the Guarantor such additional
information regarding such Electing Holder and such Electing Holder’s intended method of
distribution of Registrable Securities as may be required in order to comply with the Securities
Act. Each such Electing Holder agrees to notify the Company and the Guarantor in writing as
promptly as practicable of any inaccuracy or change in information previously furnished by such
Electing Holder to the Company and the Guarantor or of the occurrence of any event in either
case as a result of which any prospectus relating to such Shelf Registration contains or would
contain an untrue statement of a material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities or omits to state any
material fact regarding such Electing Holder or such Electing Holder’s intended method of
disposition of such Registrable Securities required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing, and promptly
to furnish to the Company and the Guarantor in writing any additional information required to
correct and update any previously furnished information or required so that such prospectus
shall not contain, with respect to such Electing Holder or the disposition of such Registrable
Securities, an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing.

     (g) Until the expiration of two years after the Closing Date, the Company and the Guarantor
will not, and will not permit any of their “affiliates” (as defined in Rule 144) to, resell any
of the Securities that have been reacquired by any of them except pursuant to an effective
registration statement under the Securities Act.

	 	4.  	Registration Expenses.

          The Company and the Guarantor, jointly and severally (but without duplication) agree to bear
and to pay or cause to be paid promptly all expenses incident to the Company’s and the Guarantor’s
performance of or compliance with this Exchange and Registration Rights Agreement, including (a)
all Commission and any NASD registration, filing and review fees and expenses including reasonable
fees and disbursements of counsel for the placement or sales

15

 

agent or underwriters in connection with such registration, filing and review, (b) all fees and expenses in connection with the
qualification of the Securities for offering and sale under the State securities and blue sky laws
referred to in Section 3(d)(xii) hereof and determination of their eligibility for investment under
the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate,
including any reasonable fees and disbursements of counsel for the Electing Holders or underwriters
in connection with such qualification and determination, (c) all expenses relating to the
preparation, printing, production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared for distribution
pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the
Securities for delivery and the expenses of printing or producing any underwriting agreements,
agreements among underwriters, selling agreements and blue sky or legal investment memoranda and
all other documents in connection with the offering, sale or delivery of Securities to be disposed
of (including certificates representing the Securities), (d) messenger, telephone and delivery
expenses relating to the offering, sale or delivery of Securities and the preparation of documents
referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent
of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f)
internal expenses (including all salaries and expenses of the Company’s and the Guarantor’s
officers and employees performing legal or accounting duties), (g) fees, disbursements and expenses
of counsel and independent certified public accountants of the Company and the Guarantor (including
the expenses of any opinions or “cold comfort” letters required by or incident to such performance
and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter”
engaged pursuant to Section 3(d)(xix) hereof, (i) reasonable fees, disbursements and expenses of
one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected
by the Electing Holders of at least a majority in aggregate principal amount of the Registrable
Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Company
and the Guarantor), (j) any fees charged by securities rating services for rating the Securities,
and (k) fees, expenses and disbursements of any other persons, including special experts, retained
by the Company and the Guarantor in connection with such registration (collectively, the
“Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or
paid by any holder of Registrable Securities or any placement or sales agent therefor or
underwriter thereof, the Company and the Guarantor (without duplication) shall reimburse such
person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after
receipt of a request therefor and reasonable supporting documentation. Notwithstanding the
foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and
commissions and underwriting discounts and commissions attributable to the sale of such Registrable
Securities and the fees and disbursements of any counsel or other advisors or experts retained by
such holders (severally or jointly), other than the counsel and experts specifically referred to
above.

	 	5.  	Representations and Warranties.

          Each of the Company and the Guarantor represents and warrants to, and agrees with, the
Purchaser and each of the holders from time to time of Registrable Securities that:

     (a) Each registration statement covering Registrable Securities and each prospectus
(including any preliminary or summary prospectus) contained therein or furnished pursuant to
Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such
registration statement or prospectus, when it becomes effective or is filed with the Commission,
as the case may be, and, in the case of an underwritten offering of Registrable Securities, at
the time of the closing under the underwriting agreement relating thereto, will conform in all
material respects to the requirements of the Securities Act and the rules and

16

 

regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein
not misleading; and at all times subsequent to the Effective Time when a prospectus would be
required to be delivered under the Securities Act, other than from (i) such time as a notice has
been given to holders of Registrable Securities pursuant to Section 3(d)(viii)(F) or Section
3(c)(iii)(F) hereof until (ii) such time as the Company and the Guarantor furnish an amended or
supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv) hereof, each such
registration statement, and each prospectus (including any summary prospectus) contained therein
or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then amended or supplemented,
will conform in all material respects to the requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder and will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; provided, however, that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Company or the Guarantor by a holder of Registrable Securities
expressly for use therein.

     (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a)
hereof, when they become or became effective or are or were filed with the Commission, as the
case may be, will conform or conformed in all material respects to the requirements of the
Securities Act or the Exchange Act, as applicable, and none of such documents will contain or
contained an untrue statement of a material fact or will omit or omitted to state a material
fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that this representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information furnished in writing to the
Company or the Guarantor by a holder of Registrable Securities expressly for use therein.

     (c) The compliance by the Company and the Guarantor with all of the provisions of this
Exchange and Registration Rights Agreement and the consummation of the transactions herein
contemplated will not conflict with or result in a breach of any of the terms or provisions of,
or constitute a default under or give rise to a right of termination under (i) the memorandum of
association or bye-laws or other organizational document of the Company or the Guarantor or any
of their respective subsidiaries, (ii) any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which the Company, the Guarantor or any of their respective
subsidiaries is a party or by which the Company, the Guarantor or any of their respective
subsidiaries is bound or to which any of the properties or assets of the Company, the Guarantor
or any of their respective subsidiaries is subject, or (iii) any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over the Company, the
Guarantor or any of their respective subsidiaries or any of their respective properties, other
than, in the case of clause (ii) or (iii), such conflicts, breaches, violations, defaults and
termination rights which (A) would not, individually or in the aggregate, have a material
adverse effect on the consolidated financial position, shareholders’ equity or results of
operations of the Guarantor and its subsidiaries, taken as a whole, (B) affect the offering and
distribution of the Securities, or (C) would not adversely affect the consummation of the
transactions contemplated hereunder; and no consent, approval, authorization, order,
registration or qualification of or with any such court or governmental agency or body is
required for the consummation by the Company and the Guarantor of the transactions contemplated
by this Exchange and Registration Rights Agreement, except (i) the registration under the
Securities Act of the Securities, and

17

 

qualification of the Indenture under the Trust Indenture
Act, (ii) such consents, approvals, authorizations, registrations or qualifications as may be
required under state securities, blue sky or insurance securities laws in connection with the
offering and distribution of the Securities, (iii) such consents, approvals, authorizations,
registrations or qualifications as may be required and have been obtained from the Bermuda
Monetary Authority, and (iv) such consents, approvals, authorizations, registrations or
qualifications the failure of which to obtain or make would not, individually or in the
aggregate have a material adverse effect on the consolidated financial position, shareholders’
equity or results of operations of the Guarantor and its subsidiaries, taken as a whole, or
affect the offering and distribution of the Securities.

     (d) This Exchange and Registration Rights Agreement has been duly authorized, executed and
delivered by each of the Company and the Guarantor.

	 	6.  	Indemnification.

     (a) Indemnification
by the Company and the Guarantor. The Company and the Guarantor,
jointly and severally, will indemnify and hold harmless each of the holders of Registrable
Securities included in an Exchange Registration Statement, each of the Electing Holders of
Registrable Securities included in a Shelf Registration Statement and each person who
participates as a placement or sales agent or as an underwriter in any offering or sale of such
Registrable Securities against any losses, claims, damages or liabilities, joint or several, to
which such holder, agent or underwriter may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in any Exchange Registration Statement or Shelf Registration Statement,
as the case may be, under which such Registrable Securities were registered under the Securities
Act, or any preliminary, final or summary prospectus contained therein or furnished by the
Company and the Guarantor to any such holder, Electing Holder, agent or underwriter, or any
amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse such holder, such Electing Holder, such
agent and such underwriter for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such action or claim as such expenses are
incurred; provided, however, that neither the Company nor the Guarantor shall be liable to any
such person in any such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, or preliminary, final or summary prospectus, or
amendment or supplement thereto, in reliance upon and in conformity with written information
furnished to the Company or the Guarantor by such person expressly for use therein.

     (b) Indemnification
by the Holders and any Agents and Underwriters. The Company or the
Guarantor may require, as a condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2(b) hereof and to entering into any
underwriting agreement with respect thereto, that the Company and the Guarantor shall have
received an undertaking reasonably satisfactory to it from the Electing Holder of such
Registrable Securities and from each underwriter named in any such underwriting agreement,
severally and not jointly, to (i) indemnify and hold harmless the Company, the Guarantor, and
all other holders of Registrable Securities, against any losses, claims, damages or liabilities
to which the Company, the Guarantor or such other holders of Registrable Securities may become
subject, under the Securities Act or otherwise, insofar as

18

 

such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of a material fact contained in such registration statement, or any
preliminary, final or summary prospectus contained therein or furnished by the Company and the
Guarantor to any such Electing Holder, agent or underwriter, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company or the Guarantor by such Electing
Holder or underwriter expressly for use therein, and (ii) reimburse the Company and the
Guarantor for any legal or other expenses reasonably incurred by the Company and the Guarantor
in connection with investigating or defending any such action or claim as such expenses are
incurred; provided, however, that no such Electing Holder shall be required to undertake
liability to any person under this Section 6(b) for any amounts in excess of the dollar amount
of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s
Registrable Securities pursuant to such registration.

     (c) Notices
of Claims, Etc. Promptly after receipt by an indemnified party under subsection
(a) or (b) above of written notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the
indemnification provisions of or contemplated by this Section 6, notify such indemnifying party
in writing of the commencement of such action; provided, however, that the omission to notify
the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party except to the extent it has been materially prejudiced thereby, and in any
event it shall not relieve it from any liability otherwise than under the indemnification
provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be
brought against any indemnified party and it shall notify an indemnifying party of the
commencement thereof, such indemnifying party shall be entitled to participate therein and, to
the extent that it shall wish, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the indemnifying
party), and, after notice from the indemnifying party to such indemnified party of its election
so to assume the defense thereof, such indemnifying party shall not be liable to such
indemnified party for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other
than reasonable costs of investigation. No indemnifying party shall, without the written
consent of the indemnified party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to, any pending or threatened action or claim in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all
liability arising out of such action or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

     (d) Contribution.
If for any reason the indemnification provisions contemplated by Section
6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred
to therein, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to

19

 

reflect the relative fault of the
indemnifying party and the indemnified party in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities (or actions in respect thereof),
as well as any other relevant equitable considerations. The relative fault of such indemnifying
party and indemnified party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by such indemnifying party or by such indemnified
party, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it would not be
just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata
allocation (even if the holders or any agents or underwriters or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in this Section 6(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, or liabilities (or actions in
respect thereof) referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no
holder shall be required to contribute any amount in excess of the amount by which the dollar
amount of the proceeds received by such holder from the sale of any Registrable Securities
(after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of
any damages which such holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission, and no underwriter shall be required
to contribute any amount in excess of the amount by which the total price at which the
Registrable Securities underwritten by it and distributed to the public were offered to the
public exceeds the amount of any damages which such underwriter has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this Section
6(d) to contribute shall be several in proportion to the principal amount of Registrable
Securities registered or underwritten, as the case may be, by them and not joint.

     (e) The obligations of the Company and the Guarantor under this Section 6 shall be in
addition to any liability which the Company or the Guarantor may otherwise have and shall
extend, upon the same terms and conditions, to each officer, director and partner of each
holder, agent and underwriter and each person, if any, who controls any holder, agent or
underwriter within the meaning of the Securities Act; and the obligations of the holders and any
agents or underwriters contemplated by this Section 6 shall be in addition to any liability
which the respective holder, agent or underwriter may otherwise have and shall extend, upon the
same terms and conditions, to each officer and director of the Company or the Guarantor
(including any person who, with his consent, is named in any registration statement as about to
become a director of the Company or the Guarantor) and to each person, if any, who controls the
Company within the meaning of the Securities Act.

	 	7.  	Underwritten Offerings.

     (a) Selection of Underwriters. If any of the Registrable Securities covered by the Shelf
Registration are to be sold pursuant to an underwritten offering, the managing underwriter or
underwriters thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such offering,

20

 

provided that such designated managing underwriter or underwriters is or are reasonably
acceptable to the Company and the Guarantor.

     (b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each
other such holder that no such holder may participate in any underwritten offering hereunder
unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis provided
in any underwriting arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements.

	 	8.  	Rule 144.

          Each of the Company and the Guarantor covenants to the holders of Registrable Securities that
to the extent it shall be required to do so under the Exchange Act, the Company and the Guarantor
shall timely file the reports required to be filed by it under the Exchange Act or the Securities
Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in
subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the rules
and regulations adopted by the Commission thereunder, and shall take such further action as any
holder of Registrable Securities may reasonably request, all to the extent required from time to
time to enable such holder to sell Registrable Securities without registration under the Securities
Act within the limitations of the exemption provided by Rule 144 under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or regulation hereafter
adopted by the Commission. Upon the request of any holder of Registrable Securities in connection
with that holder’s sale pursuant to Rule 144, the Company and the Guarantor shall deliver to such
holder a written statement as to whether it has complied with such requirements.

	 	9.  	Miscellaneous.

     (a) No Inconsistent Agreements. Each of the Company and the Guarantor represents,
warrants, covenants and agrees that it has not granted, and shall not grant, registration rights
with respect to Registrable Securities or any other securities which would be inconsistent with
the terms contained in this Exchange and Registration Rights Agreement.

     (b) Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if the Company and the Guarantor fail to perform any of their respective
obligations hereunder and that the Purchaser and the holders from time to time of the
Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that
the Purchaser and such holders, in addition to any other remedy to which they may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of the
Company and the Guarantor under this Exchange and Registration Rights Agreement in accordance
with the terms and conditions of this Exchange and Registration Rights Agreement, in any court
of the United States or any State thereof having jurisdiction.

     (c) Notices. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by
hand, if delivered personally or by courier, or three days after being deposited in the mail
(registered or certified mail, postage prepaid, return receipt requested) as follows: If to the
Company, to it at 2 World Financial Center, 225 Liberty Street, 23rd Floor, New
York, New York 10281, Attention: Secretary, if to the Guarantor, to it at The Belvedere
Building, 69 Pitts Bay Road, Pembroke, Bermuda HM 08, Bermuda, Attention: Secretary, and if to a
holder, to the address of such holder set forth in the security register or

21

 

other records of the Company, or to such other address as the Company, the Guarantor or any such holder may have
furnished to the other in writing in accordance herewith except that notices of change of
address shall be effective only upon receipt.

     (d)
 Parties in Interest. All the terms and provisions of this Exchange and Registration
Rights Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and the holders from time to time of the Registrable Securities and the
respective successors and assigns of the parties hereto and such holders, and the provisions of
Section 6 herein shall apply to, and be enforceable by, the persons specified therein. In the
event that any transferee of any holder of Registrable Securities shall acquire Registrable
Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise,
such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all
of the terms of this Exchange and Registration Rights Agreement, and by taking and holding such
Registrable Securities such transferee shall be entitled to receive the benefits of, and be
conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of
this Exchange and Registration Rights Agreement. If the Company or the Guarantor shall so
request, any such successor, assign or transferee shall agree in writing to acquire and hold the
Registrable Securities subject to all of the applicable terms hereof.

     (e) Survival. The respective indemnities, agreements, representations, warranties and each
other provision set forth in this Exchange and Registration Rights Agreement or made pursuant
hereto shall remain in full force and effect regardless of any investigation (or statement as to
the results thereof) made by or on behalf of any holder of Registrable Securities, any director,
officer or partner of such holder, any agent or underwriter or any director, officer or partner
thereof, or any controlling person of any of the foregoing, and shall survive delivery of and
payment for the Registrable Securities pursuant to the Purchase Agreement and the transfer and
registration of Registrable Securities by such holder and the consummation of an Exchange Offer.

     (f) Governing Law. This Exchange and Registration Rights Agreement shall be governed by
and construed in accordance with the laws of the State of New York without regard to the
conflicts of laws rules of such state.

     (g) Headings. The descriptive headings of the several Sections and paragraphs of this
Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute
a part of this Exchange and Registration Rights Agreement and shall not affect in any way the
meaning or interpretation of this Exchange and Registration Rights Agreement.

     (h) Entire Agreement; Amendments. This Exchange and Registration Rights Agreement and the
other writings referred to herein (including the Indenture and the form of Securities) or
delivered pursuant hereto which form a part hereof contain the entire understanding of the
parties with respect to its subject matter. This Exchange and Registration Rights Agreement
supersedes all prior agreements and understandings between the parties with respect to its
subject matter. This Exchange and Registration Rights Agreement may be amended and the
observance of any term of this Exchange and Registration Rights Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively) only by a
written instrument duly executed by the Company, the Guarantor and the holders of at least a
majority in aggregate principal amount of the Registrable Securities at the time outstanding.
Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound
by any amendment or waiver

22

 

effected pursuant to this Section 9(h), whether or not any notice,
writing or marking indicating such amendment or waiver appears on such Registrable Securities or
is delivered to such holder.

     (i) Inspection. For so long as this Exchange and Registration Rights Agreement shall be in
effect, this Exchange and Registration Rights Agreement and a complete list of the names and
addresses of all the holders of Registrable Securities shall be made available for inspection
and copying on any business day by any holder of Registrable Securities for proper purposes only
(which shall include any purpose related to the rights of the holders of Registrable Securities
under the Securities, the Indenture and this Agreement) at the offices of the Company at the
address thereof set forth in Section 9(c) above and at the office of the Trustee under the
Indenture.

     (j) Counterparts. This agreement may be executed by the parties in counterparts, each of
which shall be deemed to be an original, but all such respective counterparts shall together
constitute one and the same instrument.

23

 

     If the foregoing is in accordance with your understanding, please sign and return to us
counterparts hereof, and upon the acceptance hereof by you, this letter and such acceptance hereof
shall constitute a binding agreement among the Purchaser, the Guarantor and the Company.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	Platinum Underwriters Finance, Inc.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Gregory E.A. Morrison
	

	 	 	 	Name: Gregory E.A. Morrison

Title: President and Chief Executive

Officer
	 
	 	 	 	 
	 	 	Platinum Underwriters Holdings, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Gregory E.A. Morrison
	

	 	 	 	Name: Gregory E.A. Morrison

Title: President and Chief Executive

Officer

	 	 	 
	Accepted as of the date hereof:
	 
	 	 
	Goldman, Sachs & Co.
	 
	 	 
	By:

	 	/s/ Goldman Sachs & Co.
	

	 	Name: 

Title:

24

 

Exhibit A

Platinum Underwriters Finance, Inc.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which
beneficial interests in Platinum Underwriters Finance, Inc., a Delaware company (the “Company”),
Series A 7.50% Notes due June 1, 2017 (the “Securities”) are held.

The Company is in the process of registering the Securities under the Securities Act of 1933, as
amended for resale by the beneficial owners thereof. In order to have their Securities included in
the registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the
registration statement depend upon their returning the Notice and Questionnaire by [Deadline For
Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Platinum Underwriters Finance, Inc. at
2 World Financial Center, 225 Liberty Street, 23rd Floor, New York, New York 10281,
Attention: Secretary.

	*Not less than 28 calendar days from date of mailing.

A-1

 

Platinum Underwriters Finance, Inc.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange and
Registration Rights Agreement”) among Platinum Underwriters Finance, Inc., a Delaware company (the
“Company”), Platinum Underwriters Holdings, Ltd., a Bermuda company (the “Guarantor”) and the
Purchaser named therein. Pursuant to the Exchange and Registration Rights Agreement, the Company
and the Guarantor have filed with the United States Securities and Exchange Commission (the
“Commission”) a registration statement on Form [__] (the “Shelf Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Company’s Series A 7.50% Notes due June 1, 2017 (the “Securities”). A copy of the
Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights
Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the
Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Registrable Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must
be completed, executed and delivered to the Company’s and the Guarantor’s counsel at the address
set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of
Registrable Securities who do not complete, execute and return this Notice and Questionnaire by
such date (i) will not be named as selling securityholders in the Shelf Registration Statement and
(ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

The term “Registrable Securities” is defined in the Exchange and Registration Rights
Agreement.

A-2

 

ELECTION

The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to
include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and
listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration Rights Agreement, including, without
limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned
Selling Securityholder were an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling
Securityholder will be required to deliver to the Company and the Trustee the Notice of Transfer
set forth as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the Company and the
Guarantor and represents and warrants that such information is accurate and complete:

A-3

 

QUESTIONNAIRE

	(1)  	(a) Full Legal Name of Selling Securityholder:

	 	(b)  	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable
Securities Listed in Item (3) below:
	 
	 	(c)  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above)
Through Which Registrable Securities Listed in Item (3) below are Held:

	(2)  	Address for Notices to Selling Securityholder:
	 
	   	                                        
	 
	   	                                        
	 
	   	                                        

	 	 	 	 	 
	

	 	Telephone:
	 	                                                            
	

	 	Fax:
	 	                                                            
	

	 	Contact Person:
	 	                                                            

	(3)  	Beneficial Ownership of Securities:
	 
	   	Except as set forth below in this Item (3), the undersigned does not beneficially own any
Securities.

	 	(a)  	Principal amount of Registrable Securities beneficially owned:                                        
	 	   	CUSIP No(s). of such Registrable Securities:                                                                                

	 	(b)  	Principal amount of Securities other than Registrable Securities beneficially owned:
                                                                                                                                            
	 	   	CUSIP No(s). of such other Securities:                                                                                
	 
	 	(c)  	Principal amount of Registrable Securities which the undersigned wishes to be included
in the Shelf Registration Statement:
                                                                                                                                            
	 
	 	   	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration
Statement:                                                                                                                                            
	 
	 	(d)  	If beneficial owner is other than an individual, the name of the individual who
exercises investment and voting control over the securities for such beneficiary owner.

	(4)  	Beneficial Ownership of Other Securities of the Company or the Guarantor:
	 
	   	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not
the beneficial or registered owner of any other securities of the Company or the
Guarantor, other than the Securities listed above in Item (3).
	 
	   	State any exceptions here:

A-4

 

	(5)  	Relationships with the Company or the Guarantor:
	 
	   	Except as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Company or the Guarantor
(or its predecessors or affiliates) during the past three years.
	 
	   	State any exceptions here:
	 
	(6)  	Plan of Distribution:
	 
	   	Except as set forth below, the undersigned Selling Securityholder intends to distribute
the Registrable Securities listed above in Item (3) only as follows (if at all):
Such Registrable Securities may be sold from time to time directly by the undersigned
Selling Securityholder or, alternatively, through underwriters, broker-dealers or
agents. Such Registrable Securities may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. Such sales may be effected in
transactions (which may involve crosses or block transactions) (i) on any national
securities exchange or quotation service on which the Registered Securities may be
listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in
transactions otherwise than on such exchanges or services or in the over-the-counter
market, or (iv) through the writing of options. In connection with sales of the
Registrable Securities or otherwise, the Selling Securityholder may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of
the Registrable Securities in the course of hedging the positions they assume. The
Selling Securityholder may also sell Registrable Securities short and deliver
Registrable Securities to close out such short positions, or loan or pledge
Registrable Securities to broker-dealers that in turn may sell such securities.
	 
	   	State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and
regulations thereunder, particularly Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the
Company or the Guarantor, the Selling Securityholder agrees to notify the transferee(s) at the time
of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange
and Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (6) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

A-5

 

In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and
Registration Rights Agreement to provide such information as may be required by law for inclusion
in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the
Company and the Guarantor of any inaccuracies or changes in the information provided herein which
may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains
in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement
shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight
delivery as follows:

	 	 	 	 	 
	

	 	(i) To the Company:	 	 
	

	 	 	 	Platinum Underwriters Finance, Inc.
	

	 	 	 	2 World Financial Center

225 Liberty Street, 23rd Floor

New York, New York 10281

Attention: Secretary
	 
	 	 	 	 
	

	 	(ii) To the Guarantor:	 	 
	

	 	 	 	Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke, Bermuda

HM 08, Bermuda

Attention: Secretary
	 
	 	 	 	 
	

	 	(iii) With a copy to:	 	 
	

	 	 	 	                                                            
	

	 	 	 	                                                            
	

	 	 	 	                                                            
	

	 	 	 	                                                            
	

	 	 	 	                                                            

Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the
Company’s and the Guarantor’s counsel, the terms of this Notice and Questionnaire, and the
representations and warranties contained herein, shall be binding on, shall inure to the benefit of
and shall be enforceable by the respective successors, heirs, personal representatives, and assigns
of the Company, the Guarantor and the Selling Securityholder (with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This
Agreement shall be governed in all respects by the laws of the State of New York without regard to
the conflicts of laws rules of such state.

A-6

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Dated:                                        

	 	 	 
	

	 	                                                                                                                                            

Selling Securityholder

(Print/type full legal name of beneficial owner of Registrable Securities)
	 
	 	 
	

	 	By:                                                                                                                        

Name:

Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[DEADLINE FOR RESPONSE] TO THE COMPANY’S AND THE GUARANTOR’S COUNSEL AT:

	 
	                                                            
	                                                            
	                                                            
	                                                            
	                                                            

A-7

 

Exhibit B

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

JPMorgan Chase Bank, N.A.

Platinum Underwriters Finance, Inc.

c/o JPMorgan Chase Bank, N.A.

WSS/Trust Company-Global Debt

4 New York Plaza, 15th Floor

New York, New York 10004

Attention:

	 	 	 	 	 
	

	 	Re:
	 	Platinum Underwriters Finance, Inc. (the “Company”)

Series A 7.50% Notes due June 1, 2017 (the “Notes”)

Dear Sirs:

Please be advised that                                                              has transferred $                     aggregate principal amount of the
above-referenced Notes pursuant to an effective Registration Statement on Form [                    ]
(File No. 333-                    ) filed by the Company and the Guarantor.

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as
a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate
principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such
owner’s name.

Dated:

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	(Name)
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	(Authorized Signature)

A-8

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