Document:

Exhibit

Exhibit 10.1

	
			
	DATED                                                                                          14 APRIL 2016

	

	 
	AMTRUST CORPORATE CAPITAL LIMITED
AMTRUST CORPORATE MEMBER LIMITED
AMTRUST CORPORATE MEMBER TWO LIMITED
as Corporate Members
	 

	 
	 
	 

	 
	- and -
	 

	 
	 
	 

	 
	AMTRUST INTERNATIONAL INSURANCE, LTD.
as Account Party
	 

	 
	 
	 

	 
	- and -
	 

	 
	 
	 

	 
	AMTRUST FINANCIAL SERVICES, INC.
as Guarantor
	 

	 
	 
	 

	 
	- and -
	 

	 
	 
	 

	 
	THE BANKS AND FINANCIAL INSTITUTIONS
LISTED IN SCHEDULE 1 OF THE AMENDED FACILITY AGREEMENT
as Original Banks
	 

	 
	 
	 

	 
	- and -
	 

	 
	 
	 

	 
	ING BANK N.V., LONDON BRANCH AND THE BANK OF NOVA SCOTIA, LONDON BRANCH
as Mandated Lead Arrangers
	 

	 
	 
	 

	 
	- and -
	 

	 
	 
	 

	 
	ING BANK N.V., LONDON BRANCH
as Bookrunner, Agent, Issuing Bank and Security Trustee
	 

	 

AMENDING AGREEMENT
RELATING TO A
CREDIT FACILITY AGREEMENT

[Hogan Lovells Logo]

1M1209/001503
Hogan Lovells International LLP
Atlantic House, Holborn Viaduct, London EC1A 2FG

CONTENTS

	
			
	CLAUSE
	 
	PAGE

	 
	 
	 

	2.
	DEFINITIONS AND INTERPRETATION
	2

	 
	 
	 

	3.
	AMENDMENT OF THE FACILITY AGREEMENT
	2

	 
	 
	 

	4.
	REPRESENTATIONS AND WARRANTIES
	3

	 
	 
	 

	5.
	CONTINUITY AND FURTHER ASSURANCE
	3

	 
	 
	 

	6.
	AMENDMENTS
	4

	 
	 
	 

	7.
	TRANSFERS
	4

	 
	 
	 

	8.
	INCORPORATION OF TERMS
	4

	 
	 
	 

	SIGNATURES TO AMENDING AGREEMENT
	5

THIS AGREEMENT dated 14 April 2016 is made 
BETWEEN:
		
	(1)
	AMTRUST CORPORATE CAPITAL LIMITED a company incorporated in England under registered number 08128684 whose registered office is at 2 Minster Court, Mincing Lane, London EC3R 7BB ("ACCL");

		
	(2)
	AMTRUST CORPORATE MEMBER LIMITED a company incorporated in England under registered number 03621278 whose registered office is at 1 Great Tower Street, London EC3R 5AA ("ACML");

		
	(3)
	AMTRUST CORPORATE MEMBER TWO LIMITED a company incorporated in England under registered number 05264527 whose registered office is at 1 Great Tower Street, London EC3R 5AA ("ACM2L");

		
	(4)
	AMTRUST INTERNATIONAL INSURANCE, LTD., a company incorporated in Bermuda under registered number 9551 whose registered office is at 7 Reid Street, Suite 400, Hamilton HM11, Bermuda (the "Account Party");

		
	(5)
	AMTRUST FINANCIAL SERVICES, INC., a corporation organised under the laws of Delaware whose registered office is at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 (the "Guarantor");

		
	(6)
	THE BANKS AND FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1 OF THE AMENDED FACILITY AGREEMENT (the "Original Banks");

		
	(7)
	ING BANK N.V., LONDON BRANCH as Bookrunner;

		
	(8)
	ING BANK N.V., LONDON BRANCH AND THE BANK OF NOVA SCOTIA, LONDON BRANCH as Mandated Lead Arrangers (the "Lead Arrangers");

		
	(9)
	ING BANK N.V., LONDON BRANCH as Agent;

(10)    ING BANK N.V., LONDON BRANCH as Issuing Bank; and
		
	(11)
	ING BANK N.V., LONDON BRANCH as Security Trustee.

WHEREAS
		
	(A)
	Under the Facility Agreement, the Banks (as defined therein) have made available to the Account Party, subject as provided therein, a letter of credit facility of up to £300,000,000 (or equivalent in other eligible currencies):

		
	(a)
	to provide Funds at Lloyd's on behalf of ACCL to support its underwriting at Lloyd's as a member of Syndicate 2526 as constituted for the 2016 and all prior open years of account; 

		
	(b)
	to provide Funds at Lloyd's on behalf of ACML to support its underwriting at Lloyd's as a member of Syndicate 1206 as constituted for the 2016 and all prior open years of account; and

		
	(c)
	to provide Funds at Lloyd's on behalf of ACM2L to support its underwriting at Lloyd's as a member of Syndicate 44 as constituted for the 2016 and all prior open years of account.

		
	(B)
	The parties now wish to amend the Facility Agreement in accordance with this Agreement in order to enable the Account Party to hold cash in a sterling account and a dollar account with ING Bank N.V., London Branch as Eligible Collateral (as defined therein).

IT IS AGREED
		
	1.
	    DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions

In this Agreement, including the Recitals, the expressions used in this Agreement shall have the meanings given in the Amended Facility Agreement (as defined below) and the following expressions shall have the meanings given below:
"Account Security Deed" means the deed of charge over deposits dated on or about the date hereof between the Account Party and the Security Trustee creating security in favour of the Security Trustee over a sterling account and a dollar account of the Account Party held on the books of ING Bank N.V., London Branch.
"Amended Facility Agreement" means the Facility Agreement as amended by this Agreement.
"Amendment Documents" means this Agreement, the Amended Facility Agreement, the Account Security Deed and any Fee Letter entered into on or about the date hereof.
"Effective Date" means the date on which the Agent confirms in writing that it has received the certificate of registration of charge from the Bermuda Registrar of Companies in respect of the Account Security Deed in accordance with Clause 4.4 (Condition precedent) and that it has received (or waived its requirement to receive) the documents and evidence described in Schedule 1 (Conditions Precedent Documents and Evidence) to this Agreement in form and substance satisfactory to it.
"Facility Agreement" means the letter of credit facility agreement dated 24 November 2015 between ACCL, ACML, ACM2L, the Account Party, the Guarantor, and ING Bank N.V., London Branch and The Bank of Nova Scotia, London Branch, as amended and restated from time to time prior to the date of this Agreement.
		
	1.2
	The provisions of clauses 1.2 to 1.9 of the Amended Facility Agreement shall apply to this Agreement as if references therein to "this Agreement" were references to this Agreement.

		
	2.
	    AMENDMENT OF THE FACILITY AGREEMENT

		
	2.1
	With effect on and from the Effective Date, and in accordance with clause 31.3 of the Facility Agreement, the following definitions will be amended so that they will read as follows: 

"Account Security Deeds" means:
		
	1.
	the account security deeds dated 26 November 2013 and on or about 24 November 2015 between the Guarantor and the Security Trustee creating security in favour of the Security Trustee over an account of the Guarantor held on the books of ING Bank N.V., London Branch; and

		
	2.
	the account security deed dated ___ April 2016 between the Account Party and the Security Trustee creating security in favour of the Security Trustee over a sterling account and a dollar account of the Account Party held on the books of ING Bank N.V., London Branch.

"Deposit Accounts" means the accounts on the books of ING Bank N.V., London Branch, which are the subject of the Account Security Deeds, and includes any additional account opened in accordance with any of those deeds.
		
	2.2
	With effect on and from the Effective Date, references to "the Deposit Account" shall be read as "the Deposit Accounts".

		
	2.3
	With effect on and from the Effective Date, clause 12.33 of the Amended Facility Agreement shall read as follows:

"12.33     Deposit Accounts
The Deposit Accounts are not subject to any legal or contractual provision that would cause the claims of any person to rank in priority to the claims of the Finance Parties in respect of the Collateral, save as expressly permitted by any Finance Document."
		
	2.4
	From the Effective Date, any reference in any Finance Document to the Facility Agreement shall be read and construed for all purposes as a reference to the Amended Facility Agreement.

		
	3.
	    REPRESENTATIONS AND WARRANTIES

		
	3.1
	Subject to Clause 3.2, each Obligor represents and warrants that each of the representations and warranties set out in clauses 12.2 to 12.33 of the Amended Facility Agreement, construed as if references therein to "this Agreement" were references to this Agreement, is true and correct in all material respects (or, to the extent any such representation or warranty is qualified as to "material", "Material Adverse Change" or similar wording, in all respects) as at the date of this Agreement and at the Effective Date.

		
	3.2
	Each Obligor gives each representation and warranty under Clause 3.1 in respect of itself only, and only to the extent that the terms of the relevant clause make the relevant clause applicable in respect of it.

		
	4.
	    CONTINUITY AND FURTHER ASSURANCE

		
	4.1
	Continuing obligations

		
	(a)
	The rights and obligations of the parties under the Facility Agreement and the other Finance Documents shall continue in full force and effect, uninterrupted by the amendment and restatement hereunder, save insofar as they are amended hereby.  In addition:

		
	(i)
	each Obligor that has granted Security pursuant to the Security Documents confirms that the Security created by the relevant Security Documents shall continue fully to secure the obligations of the relevant Obligors under the Amended Facility Agreement; and 

		
	(ii)
	the Guarantor confirms that from the Effective Date the Guarantee given by it in clause 11 (Guarantee and indemnity) of the Facility Agreement will continue in full force and effect and will extend to all obligations of each other Obligor under the Amended Facility Agreement,

in each case, notwithstanding the amendment of the provisions of the Amended Facility Agreement.

		
	4.2
	Prospective effect only

The amendments made hereby to the Facility Agreement shall, with effect from the Effective Date, have prospective effect only.
		
	4.3
	Actions already taken

Any action already taken and any payment already made by a party under the Facility Agreement prior to the Effective Date shall be treated as having been taken or made notwithstanding the amendment and restatement hereby, and shall not be required to be taken or made again by reason of the amendment and restatement hereby.
		
	4.4
	Condition precedent

It shall be a condition precedent to the effectiveness of this Agreement that the Agent has obtained a certificate of registration of the charge in respect of the Account Security Deed from the Bermuda Registrar of Companies.  The Agent will confirm in writing to the Account Party that it has received the certificate of registration, within 5 Business Days of receiving it.
		
	4.5
	Further assurance

Each of the parties shall do all acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant hereto.
		
	5.
	    AMENDMENTS

The parties may agree to further amendments to the Amended Facility Agreement in accordance with the terms thereof without being required to amend or terminate this Agreement.
		
	6.
	    TRANSFERS

Any transfer or assignment made in accordance with the terms of the Amended Facility Agreement shall have the same effect in relation to the rights and obligations of the parties under this Agreement as it has in relation to their rights and obligations under the Amended Facility Agreement. 
		
	7.
	    INCORPORATION OF TERMS

The provisions of clauses 1.9 (Rights of third parties), 17.5 (Indemnity against costs), 31 (Miscellaneous), 34 (Notices) and 35.2 to 35.7 (Applicable Law and Jurisdiction) of the Amended Facility Agreement shall be incorporated into this Agreement as if set out herein and as if references therein to "this Agreement" were references to this Agreement.
		
	8.
	GOVERNING LAW

This Agreement and any contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.
AS WITNESS the hands of the duly authorised representatives of the parties hereto the day and year first before written.

SIGNATURES TO AMENDING AGREEMENT
	
			
	ACCL
	 
	 

	 
	 
	 

	SIGNED for and on behalf of            )
	/s/ Peter Dewey   
	Signature

	 
	 
	 

	AMTRUST CORPORATE             )
	Peter Dewey        
	PRINT NAME

	CAPITAL LIMITED
	 
	 

	 
	Director                   
	Job title

	 
	 
	 

	 
	 
	 

	ACML
	 
	 

	 
	 
	 

	SIGNED for and on behalf of            )
	/s/ Jeremy Cadle   
	Signature

	 
	 
	 

	AMTRUST CORPORATE             )
	Jeremy Cadle        
	PRINT NAME

	MEMBER LIMITED
	 
	 

	 
	Director                   
	Job title

	 
	 
	 

	 
	 
	 

	ACM2L
	 
	 

	 
	 
	 

	SIGNED for and on behalf of            )
	/s/ Jeremy Cadle   
	Signature

	 
	 
	 

	AMTRUST CORPORATE             )
	Jeremy Cadle        
	PRINT NAME

	MEMBER TWO LIMITED
	 
	 

	 
	Director                   
	Job title

	 
	 
	 

	 
	 
	 

	ACCOUNT PARTY
	 
	 

	 
	 
	 

	SIGNED for and on behalf of            )
	/s/ Chris Souter   
	Signature

	 
	 
	 

	AMTRUST INTERNATIONAL             )
	Chris Souter        
	PRINT NAME

	INSURANCE, LTD.
	 
	 

	 
	Assistant Secretary                  
	Job title

	 
	 
	 

	 
	 
	 

	GUARANTOR
	 
	 

	 
	 
	 

	SIGNED for and on behalf of            )
	/s/ Harry Schlachter   
	Signature

	 
	 
	 

	AMTRUST FINANCIAL SERVICES, INC.    )
	Harry Schlachter        
	PRINT NAME

	 
	 
	 

	 
	SVP, Treasurer                  
	Job title

ORIGINAL BANKS

	
			
	SIGNED for and on behalf of                           )
	/s/ Mike Sharman   
	Signature

	ING BANK N.V., LONDON BRANCH             )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant   
	Signature

	 
	Nick Marchant        
	PRINT NAME

	 
	Director                   
	Job title

	 
	 
	 

	 
	 
	 

	SIGNED for and on behalf of                            )
	/s/ Ralph Booth       
	Signature

	THE BANK OF NOVA SCOTIA, LONDON BRANCH  )
	Ralph Booth            
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ NCF Petherbridge
	Signature

	 
	NCF Petherbridge   
	PRINT NAME

	 
	Managing Director   
	Job title

BOOKRUNNER
	
			
	SIGNED for and on behalf of                            )
	/s/ Mike Sharman    
	Signature

	ING BANK N.V., LONDON BRANCH              )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant    
	Signature

	 
	Nick Marchant         
	PRINT NAME

	 
	Director                    
	Job title

MANDATED LEAD ARRANGERS

	
			
	SIGNED for and on behalf of                            )
	/s/ Mike Sharman   
	Signature

	ING BANK N.V., LONDON BRANCH              )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant   
	Signature

	 
	Nick Marchant        
	PRINT NAME

	 
	Director                   
	Job title

	 
	 
	 

	 
	 
	 

	SIGNED for and on behalf of                            )
	/s/ Ralph Booth      
	Signature

	THE BANK OF NOVA SCOTIA, LONDON BRANCH  )
	Ralph Booth           
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ NCF Petherbridge   
	Signature

	 
	NCF Petherbridge        
	PRINT NAME

	 
	Managing Director        
	Job title

AGENT

	
			
	SIGNED for and on behalf of                            )
	/s/ Mike Sharman   
	Signature

	ING BANK N.V., LONDON BRANCH              )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant   
	Signature

	 
	Nick Marchant        
	PRINT NAME

	 
	Director                  
	Job title

ISSUING BANK 

	
			
	SIGNED for and on behalf of                            )
	/s/ Mike Sharman   
	Signature

	ING BANK N.V., LONDON BRANCH              )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant   
	Signature

	 
	Nick Marchant        
	PRINT NAME

	 
	Director                   
	Job title

SECURITY TRUSTEE

	
			
	SIGNED for and on behalf of                            )
	/s/ Mike Sharman   
	Signature

	ING BANK N.V., LONDON BRANCH              )
	Mike Sharman        
	PRINT NAME

	 
	Managing Director  
	Job title

	 
	/s/ Nick Marchant   
	Signature

	 
	Nick Marchant        
	PRINT NAME

	 
	Director                   
	Job title

SCHEDULE 1
CONDITIONS PRECEDENT DOCUMENTS AND EVIDENCE
The documents and evidence referred to in the definition of "Effective Date" are as follows:
		
	1.
	The Account Party

		
	1.1
	A copy of the constitutional documents of the Account Party or confirmation from an authorised officer of the Account Party that its constitutional documents a copy of which was provided to the Agent on or about 26 November 2013 remain in full force and effect and have not been amended since that date.

		
	1.2
	A copy of a resolution of the board of directors of the Account Party:

		
	(a)
	approving the terms of, and the transactions contemplated by, the Amendment Documents to which it is a Party and resolving that the Account Party execute the Amendment Documents to which it is a Party;

		
	(b)
	authorising a specified person or persons to execute the Amendment Documents to which the Account Party is a Party on its behalf; and

		
	(c)
	authorising a specified person or persons, on the Account Party's behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by the Account Party under or in connection with the Amendment Documents to which it is a Party.

		
	1.3
	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above or confirmation from an authorised officer of the Account Party that the specimen signatures provided to the Agent on or about 26 November 2013 remain in full force and effect and have not been amended since that date.

		
	1.4
	A list of the directors and the secretary of the Account Party, signed by the secretary or a director of the Account Party or confirmation from an authorised officer of the Account Party that the list of the directors and company secretary provided to the Agent on or about 26 November 2013 remains in full force and effect and has not been amended since that date.

		
	1.5
	A certificate of the Account Party (signed by a director or other duly authorised officer) confirming that entering into the Amendment Documents and performing its obligations under the Finance Documents would not cause any borrowing, guaranteeing or similar limit binding on the Account Party to be exceeded.

		
	1.6
	A certificate of an authorised signatory of the Account Party certifying that each copy document relating to it specified in this paragraph 1 of Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

		
	1.7
	Where any Amendment Document is executed under a power of attorney, the original or a certified copy of such power of attorney.

		
	1.8
	If the Account Party is organised in or qualified to do business in a jurisdiction of the United States, copies of good standing certificates from the applicable Governmental Authority for the Account Party's jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the date hereof.

		
	2.
	Legal Opinions

		
	2.1
	A legal opinion of Hogan Lovells International LLP, legal advisers to the Agent in England, in form and substance satisfactory to the Agent.

		
	2.2
	A legal opinion of Conyers Dill & Pearman Limited, legal advisers to the Agent in Bermuda, in form and substance satisfactory to the Agent.Exhibit

Exhibit 10.6

ENDORSEMENT NO. 3
to the
AMENDED AND RESTATED 
QUOTA SHARE REINSURANCE AGREEMENT 
(hereinafter referred to as the “Agreement”)
between
AMTRUST INTERNATIONAL INSURANCE, LTD. 
HAMILTON, BERMUDA 
(hereinafter referred to as the “Company”)
and
MAIDEN REINSURANCE, LTD. 
HAMILTON, BERMUDA 
(hereinafter referred to as the “Reinsurer”)

IT IS HEREBY AGREED, as of the Effective Time, 12:01 a.m., Eastern Standard Time, March 1, 2015, that the name of the Reinsurer shall be amended to “Maiden Reinsurance Ltd.” in all places it appears in the Agreement.
IT IS FURTHER AGREED, as of the Effective Time, 12:01 a.m., Eastern Standard Time, September 30, 2015, that the Agreement shall be commuted in accordance with the following:
		
	1.
	The Reinsurer’s liability for the following lines of business shall be commuted:

		
	a.
	AIIC US Non Program Excess & Surplus business;

		
	b.
	SNIC US Non Program Excess & Surplus business;

		
	c.
	Domestic Specialty Risk business - Pet First 3003 Portfolio Transfer, Bentley 3087 Portfolio Transfer, AMTS 3005 Portfolio Transfer, Service Net 3006 Portfolio Transfer, BancInsure LSI 3066 Front and SNIC Warranty Reinsurance;

		
	d.
	SIGNAL – Domestic Specialty Risk Portfolio Transfer;

		
	e.
	AIUL – Ownerguard;

		
	f.
	AIUL - All Other Domestic Liability (other than AIUL - Open Lending Domestic Liability);

1

		
	g.
	AEL – Liability business including Professional Indemnity;

		
	h.
	AEL – Accident & Health business;

		
	i.
	AEL – Bonds business;

		
	j.
	AEL – Inwards reinsurance;

		
	k.
	AIUL - Portfolio transfer business;

		
	l.
	AIUL Program 66015 – Advance E&S (ARI) Assessment Recovery;

		
	m.
	AIUL Program 66020 – ETG Single Buyer Trade Credit Insurance Program;

		
	n.
	AIUL Program 66037 – DGU Equity Protection Program.

The above shall hereinafter be referred to as the “Subject Commutation Business.”
This Agreement is hereby terminated with respect to the Subject Commutation Business. It is understood and agreed that there shall be no further cessions of such business on or after September 30, 2015.
		
	2.
	In consideration for this commutation, the Reinsurer shall pay to the Company the sum of $107,000,000 (One Hundred Seven Million Dollars) (the “Commutation Amount”). The Commutation Amount was offset as a credit to the Company on the December 31, 2015 account between the Company and Reinsurer and paid on March 31, 2016. Notwithstanding the offset and payment of the Commutation Amount, in the event this Agreement is not duly executed by all Parties, such payment is subject to recovery by the Reinsurer.

The Company hereby accepts the Commutation Amount set forth above as the total amount due in full and final settlement of any and all amounts due from the Reinsurer to the Company arising under or in any way connected with the Subject Commutation Business.
Reporting for the period from January 1, 2016 shall exclude Profit Commission from Paid Loss related to the business retained by the Reinsurer.
		
	3.
	As of September 30, 2015, the Company and the Reinsurer, also hereinafter each individually a “Party” and together the “Parties,” (in such capacity, a “Releasor”) hereby releases and discharges the other Party, its parent, subsidiaries, predecessors and affiliates and their respective officers, directors, shareholders, partners, trustees, representatives, agents, attorneys, executors, administrators, successors and assigns (in such capacity, a “Releasee”) from any and all past, present and future claims, causes of action, liabilities and obligations arising out of, under or related directly or indirectly to the Subject Commutation Business in connection with the Agreement between them, whether known or unknown, reported or unreported, and whether presently existing or arising in the future, including but not limited to:  any and all past, present and future payment obligations, adjustments, setoffs, actions, omissions, causes of action, suits, debts, sums of money, accounts, 

2

demands, covenants, controversies, bonds, bills, promises, damages, judgments, claims, costs, expenses, losses, representations and warranties, commissions, salvage, premiums, return premiums, unearned premiums, reserves for ceded losses, reserves for outstanding claims, reserves for known or unknown claims and/or losses whatsoever, whether known or unknown, suspected or unsuspected, accrued or unaccrued, foreseen or unforeseen, including those claims with respect to matters which the Releasor does not know or suspect to exist in its favor at the time of execution of this commutation which, if known to it, might have affected its decision to enter into this commutation and to release the Releasees herein, which the Releasor and/or its respective predecessors, successors and assigns ever had, now have, or hereafter may have, whether grounded in law or equity, in contract or in tort, against the other Party by reason of any matter whatsoever arising out of the Subject Commutation Business, it being the intention of the Parties that this release operate as a full and final settlement of each of the past, current and future liabilities of the Company and the Reinsurer,  as respects the Subject Commutation Business under the Agreement.  The Parties expressly waive any and all rights they may have under statute or common law principles that would limit the effect of the foregoing releases to those claims actually known or suspected to exist at the time of execution of this commutation.  The Company acknowledges the aforementioned payments that have occurred as a complete accord, satisfaction, settlement and commutation of all the Reinsurer’s liabilities as respects the Subject Commutation Business under the Agreement.  This release and discharge shall take effect without need for execution and delivery of a separate instrument.
		
	4.
	The rights, duties and obligations set forth herein shall inure to the benefit of and be binding upon any and all predecessors, successors, affiliates, officers, directors, employees, parents, subsidiaries, stockholders, liquidators and receivers of the Parties hereto.

		
	5.
	Each Party expressly represents and warrants to the other Party that:  (a) it is a corporation duly organized and in good standing in its jurisdiction of incorporation; (b) this commutation has been duly authorized, executed and delivered by and on behalf of it and constitutes its legal, valid and binding agreement; (c) no authorization, consent or approval of any third party or governmental authority is required in connection with the execution, delivery or performance by it of this commutation; (d) there are no pending agreements, transactions, or negotiations to which any of them are a party that would render this commutation or any part thereof void, voidable or unenforceable; (e) execution, delivery or performance by it of this commutation does not and shall not conflict with, or result in any material breach or violation of, its organizational documents or any agreement to which it is a party or by which it or any of its assets or bound; and (f) this commutation is the product of arm’s length negotiations and that its terms have been completely read and fully understood and voluntarily accepted by each of the Parties.

		
	6.
	The Parties hereby agree to execute promptly any and all supplemental agreements, releases, affidavits, waivers and other documents of any nature or kind which the other Party may reasonably require in order to implement the provisions or objectives of this commutation.

3

IN WITNESS WHEREOF, the parties hereto, by their respective duly authorized officers, have executed this ENDORSEMENT NO. 3 to the Agreement as of the dates recorded below:
This 1st day of August      in the year 2016    .
AMTRUST INTERNATIONAL INSURANCE, LTD.

/s/ Stephen Ungar    
Name:  Stephen Ungar
Title:  Secretary

This 27th day of July     in the year 2016    .
MAIDEN REINSURANCE LTD.

/s/ Patrick J. Haveron    
Name:  Patrick J. Haveron
Title:  President

4

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