Document:

Exhibit 4.2 

          THIS
FIRST AMENDMENT TO THE PLEDGE AGREEMENT, dated as of June 30, 2010 (this
“Amendment”), among XL Capital Ltd, a Cayman Islands exempted limited company
(“XL-Cayman”), XL Company Switzerland GmbH, a limited liability company incorporated
under the laws of Switzerland (“XL-Switzerland”), and The Bank of New York
Mellon, a New York banking corporation, not individually but solely as
collateral agent (in such capacity, together with its successors in such
capacity, the “Collateral Agent”), as custodial agent (in such capacity,
together with its successors in such capacity, the “Custodial Agent”), as
securities intermediary with respect to the Collateral Account (in such
capacity, together with its successors in such capacity, the “Securities
Intermediary”), in each case pursuant to the Pledge Agreement (as hereafter
referred to), and as purchase contract agent and as attorney-in-fact of the
Holders from time to time of the Units (in such capacity, together with its
successors in such capacity, the “Purchase Contract Agent”, and in all such
capacities collectively, the “Agents”) pursuant to the Purchase Contract
Agreement. 

          WHEREAS,
XL-Cayman and the Agents executed and delivered a Pledge Agreement, dated as of
August 5, 2008 (the “Pledge Agreement”); 

          WHEREAS,
XL-Cayman and the Purchase Contract Agent executed and delivered a Purchase
Contract Agreement, dated as of August 5, 2008, as amended and supplemented by
the First Supplement to the Purchase Contract Agreement, dated as the date
hereof (the “Purchase Contract Agreement”), to provide for the execution and
delivery of the Purchase Contracts and Certificates related to the Normal Units
and the Stripped Units (collectively, the “Units”); 

          WHEREAS,
concurrently with the execution and delivery of this Amendment, XL-Cayman is
transferring substantially all of its assets, including all of the Collateral,
to XL-Switzerland (the “Succession Event”); 

          WHEREAS,
as a condition to the Succession Event, Section 9.1 of the Purchase Contract
Agreement requires, among other things, that XL-Switzerland execute and deliver
one or more supplemental agreements to expressly assume all the obligations of
XL-Cayman under the Purchase Contracts, the Purchase Contract Agreement and the
Pledge Agreement; 

          WHEREAS,
Section 9.1(i) and (ii) of the Pledge Agreement authorizes XL-Cayman and the
Agents to enter into an amendment without the consent of any Holders or holders
of any Separate Notes to, respectively, (a) evidence the succession of another
Person to XL-Cayman, and the assumption of any such successor of the covenants
of XL-Cayman and (b) add to the covenants of XL-Cayman for the benefit of the
Holders or holders of any Separate Notes so long as such covenants do not
adversely affect the validity, perfection or priority of the security interests
granted or created under the Pledge Agreement; 

          WHEREAS,
XL-Switzerland and XL-Cayman desire to enter into an amendment to the Pledge
Agreement pursuant to the terms of Section 9.1(i) and (ii) thereof; 

          WHEREAS,
the changes to the Pledge Agreement set forth in this Supplemental Agreement do
not adversely affect the validity, perfection or priority of the security
interests granted or created under the Pledge Agreement; 

          WHEREAS,
XL-Switzerland and XL-Cayman have requested that the Agents execute and deliver
this Amendment; and 

          NOW
THEREFORE, in consideration of their mutual promises, XL-Switzerland and
XL-Cayman covenant and agree with the Agents as follows: 

ARTICLE I

DEFINITIONS

          Section
1.1 Definition of Terms. Unless the context otherwise requires: 

	
  

 	
  

 
	
  

 	
           (a) a
 term defined in the Pledge Agreement has the same meaning when used in this Amendment; 

 
	
  

 	
  

 
	
  

 	
           (b) a
 term defined anywhere in this Amendment has the same meaning throughout; 

 
	
  

 	
  

 
	
  

 	
           (c) the
 terms defined in this Amendment include the plural as well as the singular,
 and nouns and pronouns of the masculine gender include the feminine and
 neuter gender; 

 
	
  

 	
  

 
	
  

 	
           (d) all
 accounting terms not otherwise defined in this Amendment have the meaning
 assigned to them in accordance with generally accepted accounting principles
 in the United States; 

 
	
  

 	
  

 
	
  

 	
           (e) the
 words “herein,” “hereof” and “hereunder” and other words of similar import
 refer to this Amendment as a whole and not to any particular Article, Section
 or other subdivision; 

 
	
  

 	
  

 
	
  

 	
           (f) the
 Article and Section headings herein are for convenience only and shall not
 affect the construction hereof.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

          Section
2.1 Each of XL-Switzerland and XL-Cayman represents and warrants that the
Succession Event constitutes the transfer of substantially all XL-Cayman’s
assets to XL-Switzerland. 

ARTICLE III

ASSUMPTION OF OBLIGATIONS

          Section
3.1 Assumption. XL-Switzerland hereby expressly assumes all the
obligations of XL-Cayman under the Pledge Agreement. 

2

          Section
3.2 Acceptance by Agents. The Agents accept this Amendment and agree to
execute their duties and responsibilities as hereby amended and supplemented
upon the terms and conditions set forth in the Pledge Agreement, including
without limitation the terms and provisions defining and limiting the
liabilities and responsibilities of the Agents, which terms and provisions
shall in like manner define and limit its liabilities and responsibilities in
the performance of its duties created by the Pledge Agreement as hereby
amended; and without limiting the generality of the foregoing, XL-Switzerland
affirms its rights and responsibilities with respect to the Agents under
Section 8.6 of the Pledge Agreement. 

ARTICLE IV

SUCCESSION

          Section
4.1 Succession. Upon the consummation of the Succession Event,
XL-Switzerland shall succeed to XL-Cayman under the Pledge Agreement, with the
same effect as if XL-Switzerland had been named as the “Company” in the Pledge
Agreement. 

          Section
4.2 Co-Obligor. Upon XL-Switzerland’s succession to XL-Cayman under the
Pledge Agreement pursuant to Section 4.1 herein, XL-Cayman (a) agrees to be
held jointly and severally liable for any and all obligations of XL-Switzerland
under the Pledge Agreement and (b) acknowledges it will no longer have any
rights, title or interest in the Collateral. 

ARTICLE V

CONCERNING ORDINARY SHARES

          Section
5.1 References to Ordinary Shares. From and after the date hereof,
references in the Pledge Agreement to the delivery, issuance or purchase of the
Ordinary Shares of the Company in connection with the settlement of Purchase
Contracts shall be deemed to refer to the delivery, issuance or purchase of any
such securities, cash or property that the Holders of Units are entitled to
receive upon settlement of such Purchase Contracts taking into account, among
other things, any conversion of the Ordinary Shares covered by each Purchase
Contract pursuant to Section 5.6(b)(i) of the Purchase Contract Agreement. 

ARTICLE VI

NOTICE TO PARTIES

          Section
6.1 Notices. Pursuant to Section 10.4 of the Pledge Agreement, all
notices, requests, instructions, consents and other communications provided for
in the Pledge Agreement, as amended and supplemented hereby, shall be given or
made in writing (including, without limitation, by telecopy) as set forth in
Section 10.4 of the Pledge Agreement, or, if sent to XL-Switzerland, will be
mailed, delivered or telecopied to XL House, One Bermudiana Road, Hamilton, HM
08, Bermuda (facsimile: 441-292-5280), Attention: Manager. 

3

ARTICLE VII

MISCELLANEOUS

          Section
7.1 Ratification of Pledge Agreement. The Pledge Agreement, as amended
hereby, is in all respects ratified and confirmed, and this Amendment shall be
deemed part of the Pledge Agreement in the manner and to the extent herein and
therein provided. 

          Section
7.2 Effectiveness. This Amendment shall become a legally effective and
binding instrument upon the execution and delivery hereof by all parties
hereto. 

          Section
7.3 Pledge Agreement. Except as amended hereby, all provisions in the
Pledge Agreement shall remain in full force and effect. 

          Section
7.4 Holders of Certificates Bound. Every Holder of Certificates
heretofore or hereafter authenticated, executed on behalf of the Holders and
delivered under the Purchase Contract Agreement shall be bound hereby. 

          Section
7.5 Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Amendment by signing
any such counterpart. 

          Section
7.6 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the respective successors and assigns of XL-Cayman,
XL-Switzerland, the Collateral Agent, the Custodial Agent, the Securities
Intermediary and the Purchase Contract Agent, and the Holders from time to time
of the Units, by their acceptance of the same, shall be deemed to have agreed
to be bound by the provisions hereof and to have ratified the agreements of,
and the grant of the Pledge hereunder by, the Purchase Contract Agent.

          Section
7.7 Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to
the fullest extent permitted by law, (i) the other provisions hereof shall
remain in full force and effect in such jurisdiction and shall be liberally
construed in order to carry out the intentions of the parties hereto as nearly
as possible and (ii) the invalidity or unenforceability of any provision hereof
in any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction. 

          Section
7.8 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 

          Section
7.9 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Without limiting the
foregoing, the above choice of law is expressly agreed to by the Securities
Intermediary, the Collateral Agent, the Custodial Agent and the Holders from
time to 

4

time acting
through the Purchase Contract Agent, as their attorney-in-fact, in connection
with the establishment and maintenance of the Collateral Account, which law,
for purposes of the Code, shall be deemed to be the law governing all
Securities Entitlement related thereto. In addition, such parties agree that,
for purposes of the Code, New York shall be the Securities Intermediary’s
jurisdiction. The Company, the Collateral Agent and the Holders from time to
time of the Units, acting through the Purchase Contract Agent as the
attorney-in-fact, hereby submit to the nonexclusive jurisdiction of the United
States District Court for the Southern District of New York and of any New York
state court sitting in the Borough of Manhattan in New York City for the
purposes of all legal proceedings arising out of or relating to this Agreement
or the transactions contemplated hereby. The Company, the Collateral Agent and
the Holders from time to time of the Units, acting through the Purchase
Contract Agent as their attorney-in-fact, irrevocably waive, to the fullest
extent permitted by applicable law, any objection which they may now or
hereafter have to the laying of the venue of any such proceeding brought in
such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum. 

          Section
7.10 No Waiver. No failure on the part of any party hereto or any of its
agents to exercise, and no course of dealing with respect to, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by any party hereto or any of
its agents of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
The remedies herein are cumulative and are not exclusive of any remedies
provided by law. 

          Section
7.11 Incorporation by Reference. Each of XL-Cayman, XL-Switzerland, the
Collateral Agent and the Securities Intermediary agrees that the Purchase
Contract Agent is, in acting hereunder with respect to XL-Cayman and
XL-Switzerland, entitled to all rights, privileges, benefits, protections,
immunities and indemnities provided to it under the Purchase Contract
Agreement. 

[SIGNATURE PAGES FOLLOW]

5

          IN
WITNESS WHEREOF, this First Amendment to the Pledge Agreement is executed as of
the date first set forth above. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL CAPITAL
 LTD

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Simon
 Rich

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Simon
 Rich

 	
  

 
	
  

 	
  

 	
 Title:   Senior Vice President

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL COMPANY
 SWITZERLAND GMBH

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ John
 Hume

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: John
 Hume

 	
  

 
	
  

 	
  

 	
 Title:   Manager

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Gérald
 Kanis

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Gérald
 Kanis

 	
  

 
	
  

 	
  

 	
 Title:   Manager

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON, as

 	
  

 
	
  

 	
  

 	
 Collateral
 Agent, Custodial Agent,

 	
  

 
	
  

 	
  

 	
 Securities
 Intermediary and Purchase

 	
  

 
	
  

 	
  

 	
 Contract
 Agent

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Timothy
 W. Casey

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name:
 Timothy W. Casey

 	
  

 
	
  

 	
  

 	
 Title:   Senior Associate

 	
  

 

6Exhibit 4.3 

XL CAPITAL LTD

and

XL GROUP plc

to

THE BANK OF NEW YORK MELLON,

as Trustee

SIXTH SUPPLEMENTAL INDENTURE

Dated as of June 30, 2010

SENIOR DEBT SECURITIES

Supplement to Indenture dated as of June 2,
2004

and Fifth Supplemental Indenture dated as of August 5, 2008

                    SIXTH
SUPPLEMENTAL INDENTURE dated as of June 30, 2010 (the “Sixth Supplemental
Indenture”), by and among XL CAPITAL LTD, a Cayman Islands exempted limited
company (the “Company”), the entire issued ordinary share capital of
which is owned by the Guarantor (as defined below) and having its principal
office at XL House, One Bermudiana Road, Hamilton HM 08, Bermuda, XL GROUP PLC,
a public limited company incorporated under the laws of Ireland (the “Guarantor”),
having its registered office at No. 1 Hatch Street Upper, 4th Floor,
Dublin 2, Ireland, and THE BANK OF NEW YORK MELLON, a New York banking
corporation, having a Corporate Trust Office at 101 Barclay Street, Floor 8W,
New York, New York 10286, as trustee (the “Trustee”); 

                    WHEREAS,
the Company and the Trustee, formerly known as The Bank of New York, have as of
June 2, 2004 entered into an Indenture (the “Base Indenture”) providing
for the issuance by the Company from time to time of its senior debt
securities; 

                    WHEREAS,
the Company and the Trustee have executed certain supplemental indentures
including that certain Fifth Supplemental Indenture, dated as of August 5,
2008, pursuant to which the Company issued a series of its 8.25% Senior Notes
due 2021 (“2021 Securities” or the “Notes”) under the Base
Indenture and provided for certain additional provisions of such 2021
Securities (the “Fifth Supplemental Indenture” and together with the
Base Indenture and this Sixth Supplemental Indenture, the “Indenture”); 

                    WHEREAS,
the 2021 Securities were issued as part of the 10.75% Equity Security Units
issued by the Company on August 5, 2008; 

                    WHEREAS,
the Guarantor desires to Guarantee (as defined herein) the 2021 Securities and
to correct an inconsistency resulting from the Guarantee; 

                    WHEREAS,
pursuant to Sections 9.01(1) and (4) of the Base Indenture, and Section 4.3 of
the Fifth Supplemental Indenture, the Company and the Trustee may enter into
supplemental indentures without the consent of any Holder to, respectively, (i)
cure any ambiguity, omission, defect or inconsistency and (ii) provide any
guarantees of securities of any series, provided that any such
changes do not materially and adversely affect the interest of the holders of
such securities; 

                    WHEREAS,
the changes to the Indenture set forth in this Sixth Supplemental Indenture do
not materially and adversely affect the interest of the holders of the 2021
Securities; 

                    WHEREAS,
the execution and delivery of this Sixth Supplemental Indenture has been
authorized by a resolution of the Board of Directors of the Guarantor or a duly
authorized committee thereof; 

                    WHEREAS,
concurrent with the execution hereof, the Company has delivered an Officers’
Certificate and has caused its counsel to deliver to the Trustee an Opinion of
Counsel; and 

                    WHEREAS,
all conditions and requirements of the Base Indenture necessary to make this
Sixth Supplemental Indenture a valid, binding and legal instrument in
accordance with its terms have been performed and fulfilled by the parties
hereto and the execution and delivery thereof have been in all respects duly
authorized by the parties hereto. 

                    NOW,
THEREFORE, THE SIXTH SUPPLEMENTAL INDENTURE WITNESSETH: 

                    For
and inconsideration of the mutual promises and agreements herein contained, the
Company, the Guarantor and the Trustee covenant and agree, for the equal and
proportional benefit of all Holders of the 2021 Securities (the “Holders”),
as follows: 

ARTICLE I

DEFINITIONS

                    Section
1.1. Definition of Terms. 

                    Unless
otherwise provided herein or unless the context otherwise requires: 

                    (a)
a term defined in the Base Indenture or Fifth Supplemental Indenture has the
same meaning when used in this Sixth Supplemental Indenture; 

                    (b)
a term defined anywhere in this Sixth Supplemental Indenture has the same
meaning throughout; 

                    (c)
the singular includes the plural and vice versa; 

                    (d)
headings are for convenience of reference only and do not affect
interpretation. 

ARTICLE II

GUARANTEE

                    Section
2.1. Unconditional Guarantee. 

                    (a)
The Guarantor does hereby fully and unconditionally guarantee (the “Guarantee”)
to the Holders of the Notes all payments on the Notes when due, in accordance
with the provisions of the Notes and the Indenture, each as amended and
supplemented hereby, as provided below. 

                    (b)
The Guarantor hereby waives notice of acceptance of the Guarantee and of
default of performance by the Company, and hereby agrees that payment under the
Guarantee shall be subject to no condition other than the giving of a written
request for payment stating the fact of default of performance, in the manner 

2

provided in
Section 1.05 of the Base Indenture. The Guarantee is a guarantee of payment and
not of collection. 

                    (c)
The obligations of the Guarantor under the Guarantee shall in no way be
impaired by: (i) any extension, amendment, modification or renewal of the
Notes; (ii) any waiver of any Event of Default, extension of time or failure to
enforce any of the provisions of the 2021 Securities or the Indenture; or (iii)
any extension, moratorium or other relief granted to the Company pursuant to
any applicable law or statute. 

                    (d)
The Guarantor shall be obligated to make payment under the Guarantee, for the
benefit of the Holders of the Notes, in the same manner in which the Company is
obligated to make payments on the Notes. 

                    (e)
Subject to clause (f) below, the Guarantor hereby agrees that: 

	
  

 	
  

 	
  

 
	
  

 	
                     (i)
 the Notes will be paid strictly in accordance with the terms of the Notes and
 the Indenture, each as amended and supplemented hereby, regardless of the
 value, genuineness, validity, regularity or enforceability of the Notes and
 the Indenture, and of any law, regulation or order now or hereafter in effect
 in any jurisdiction affecting any of such terms or the rights of the Trustee
 with respect thereto, to the fullest extent permitted by law; and 

 
	
  

 	
  

 	
  

 
	
  

 	
                     (ii)
 the liability of the Guarantor to the extent herein set forth shall be
 absolute and unconditional, not subject to any reduction, limitation,
 impairment, termination, defense, offset, counterclaim, or recoupment
 whatsoever (all of which are hereby expressly waived by the Guarantor),
 whether by reason of any claim of any character whatsoever, including,
 without limitation, any claim of waiver, release, surrender, alteration or
 compromise, or by reason of any liability at any time to the Guarantor or
 otherwise, whether based upon any obligations or any other agreement or
 otherwise, and howsoever arising, whether out of action or inaction or
 otherwise and whether resulting from default, willful misconduct, negligence
 or otherwise, and without limiting the foregoing, irrespective of: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (A)
 any lack of validity or enforceability of any agreement or instrument
 relating to the Notes; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (B)
 any change in the time, manner or place of payment under, or in any other
 term in respect of, all or any of the Notes, or any other amendment or waiver
 of or consent to any departure from any other agreement relating to the
 Notes; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (C)
 any increase in, addition to, exchange or release of, or nonperfection of any
 lien on or security interest in, any collateral, or any release or amendment
 or waiver of or consent to any departure from or failure to enforce any other
 guarantee, for all or any of the Notes; 

 

3

	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (D)
 any other circumstance that might otherwise constitute a defense available
 to, or a discharge of, the Company in respect of the Notes; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (E)
 the absence of any action on the part of the Trustee to obtain payment under
 the Notes or the Indenture from the Company; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (F)
 any insolvency, bankruptcy, reorganization or dissolution, or any similar
 proceeding of or in respect of the Company, including, without limitation,
 rejection of the Notes in such bankruptcy; or 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
                     (G)
 the absence of notice or any delay in any action to enforce any provision of
 the Notes or the Indenture or to exercise any right or remedy against the
 Guarantor or the Company, whether under the Indenture, the Notes or any
 agreement or any indulgence, compromise or extension granted. 

 

                    (f)
Notwithstanding anything to the contrary in the Guarantee, the Guarantor does
not waive any defense that would be available to the Company based on a breach,
default or misrepresentation by the Trustee, or failure of any condition to the
Company’s obligations under the Indenture or the illegality of any provision of
the Indenture. 

                    (g)
The Guarantor further agrees that, to the extent that the Company or the
Guarantor makes a payment or payments to the Trustee, which payment or payments
or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or repaid to the Company or the Guarantor or their
respective estate, trustee, receiver or any other party under any bankruptcy
laws, state or federal law, common law or equitable cause, then to the extent
of such payment or repayment, the Guarantee and the advances or part thereof
which have been paid, reduced or satisfied by such amount shall be reinstated
and continued in full force and effect as of the date such initial payment,
reduction or satisfaction occurred. 

                    Section
2.2. Execution and Delivery of Guarantee. 

                    (a)
If an officer whose signature is on this Sixth Supplemental Indenture,
including an officer of the Guarantor, no longer holds that office, the
Guarantee shall be valid nevertheless. 

                    (b)
The Guarantee contained in this Sixth Supplemental Indenture are entered into
by the Guarantor for the benefit of the Holders from time to time of the Notes.
Such provisions shall not be deemed to create any right, or to be in whole or
in part for the benefit, of any Person other than the Trustee, the Guarantor,
the Holders from time to time of the Notes and their permitted successors and
assigns. 

                    (c)
The delivery of the Guarantee to the Trustee shall constitute due delivery of
the Guarantee on behalf of the Guarantor to all Holders of the 2021 Securities 

4

authenticated
and delivered under the Indenture, whether or not notation of the Guarantee is
made upon any such Note. 

                    Section
2.3. Waiver of Subrogation. The Guarantor shall be subrogated to all
rights of the Holders of the Notes and the Trustee against the Company pursuant
to the provisions of the Guarantee; provided, however, that the
Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon, such right of subrogation until the principal of,
interest on and additional amounts, if any, payable in respect of all of the
2021 Securities issued under the Indenture shall have been paid in full. 

                    Section
2.4. No Suspension of Remedies. Nothing contained in this Article II
shall limit the right of the Trustee or the Holders of the Notes to take any
action pursuant to Article Five of the Base Indenture or to pursue any other
rights or remedies under the Indenture or under applicable law. 

                    Section
2.5. Termination. The Guarantee shall remain in full force and effect
and shall be binding on the Guarantor, its successors and assigns until all of
the Obligations have been satisfied in full. 

ARTICLE III

AMENDMENT OF THE FIFTH SUPPLEMENTAL INDENTURE

                    Section
3.1. Deletion of Inconsistency. The text of Section 2.14 of the Fifth
Supplemental Indenture is hereby deleted and replace in its entirety by:
“Reserved.” 

ARTICLE IV

MISCELLANEOUS

                    Section
4.1. Application of Sixth Supplemental Indenture. Each and every term
and condition contained in this Sixth Supplemental Indenture that modifies,
amends or supplements the terms and conditions of the Base Indenture or the
Fifth Supplemental Indenture shall apply only to the 2021 Securities and not to
any other existing or future series of Securities issued under the Base
Indenture. 

                    Section
4.2. Benefits of Sixth Supplemental Indenture. Nothing contained in this
Sixth Supplemental Indenture shall or shall be construed to confer upon any
person other than a Holder of the Notes, the Company, the Guarantor and the
Trustee any right or interest to avail itself or himself, as the case may be,
of any benefit under any provision of the Indenture. 

                    Section
4.3. Amendment of Sixth Supplemental Indenture. The Company, the
Guarantor and the Trustee, at any time and from time to time, may amend, modify
or supplement this Sixth Supplemental Indenture in accordance with the
provisions of Article Nine of the Base Indenture. 

5

                    Section
4.4. Effective Date. This Sixth Supplemental Indenture shall be
effective as of the date first above written and upon the execution and
delivery hereof by each of the parties hereto. 

                    Section
4.5. Governing Law; Submission to Jurisdiction. 

                    THIS
SIXTH SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

                    The
Guarantor hereby submits to the nonexclusive jurisdiction of the United States
District Court for the Southern District of New York and of any New York state
court sitting in the Borough of Manhattan in New York City for the purposes of
all legal proceedings arising out of or relating to the Indenture. The
Guarantor irrevocably waives, to the fullest extent permitted by applicable
law, any objection which it may now or hereafter have to the laying of the
venue of any such proceeding brought in such a court and any claim that any
such proceeding brought in such a court has been brought in an inconvenient
forum. 

                    Section
4.6. Counterparts. This Sixth Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument. 

                    Section
4.7. Ratification of Indenture. Each of the Base Indenture and the Fifth
Supplemental Indenture, each as supplemented by this Sixth Supplemental
Indenture, is in all respects ratified and confirmed, and this Sixth
Supplemental Indenture shall be deemed part of the Indenture in the manner and
to the extent herein and therein provided. 

                    Section
4.8. Validity and Sufficiency. The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this
Sixth Supplemental Indenture or for or in respect of the recitals contained
herein, all of which are made solely by the Company and the Guarantor. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

6

                    IN
WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental
Indenture to be duly executed by their respective officers hereunto duly
authorized, all as of the day and year first above written. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL CAPITAL
 LTD

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Simon
 Rich

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Simon Rich

 
	
  

 	
  

 	
 Title:

 	
 Senior Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GIVEN under
 the Common Seal of XL GROUP PLC

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Simon
 Rich

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Simon Rich

 
	
  

 	
  

 	
 Title:

 	
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Mervyn
 Skeet

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Mervyn Skeet

 
	
  

 	
  

 	
 Title:

 	
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON, as Trustee

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Timothy
 W. Casey

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Timothy W.
 Casey

 
	
  

 	
  

 	
 Title:

 	
 Senior
 Associate

 

7

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