Document:

Exhibit 10.2 

AMENDMENT

                    AMENDMENT,
dated as of March 25, 2011 (this “Amendment”), to the Credit Agreement,
dated as of June 21, 2007 (as amended, modified, restated and supplemented from
time to time, the “Existing Credit Agreement”), among XL Group Ltd.
(formerly, XL Capital Ltd), an exempted company incorporated in the Cayman
Islands with limited liability (“XL Group Ltd”), X.L. America, Inc., a
Delaware corporation (“XL America”), XL Insurance (Bermuda) Ltd, a
Bermuda limited liability company (“XL Insurance”) and XL Re Ltd, a
Bermuda limited liability company (“XL Re” and, together with XL Group
Ltd, XL America and XL Insurance, each an “Account Party” and each a “Guarantor”
and collectively, the “Account Parties” and the “Guarantors”),
the several lenders from time to time parties hereto (the “Lenders”), the
several agents parties thereto and JPMORGAN CHASE BANK, N.A., as administrative
agent (the “Administrative Agent”). 

W I T N E S S E T H:

                    WHEREAS,
pursuant to the Existing Credit Agreement, the Lenders agreed to make, and have
made, certain loans and other extensions of credit to the Account Parties; 

                    WHEREAS,
the Account Parties have requested that certain provisions of the Existing
Credit Agreement be amended as set forth herein; and 

                    WHEREAS,
the Required Lenders are willing to agree to such amendments on the terms set
forth herein; 

                    NOW,
THEREFORE, the parties hereto hereby agree as follows: 

                    SECTION
1. Defined Terms. Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Existing Credit Agreement. 

                    SECTION
2. Amendments. 

	
  

 	
  

 
	
  

 	
           2.1
 Amendment to Section 1.01 (Defined Terms). Section 1.01 of the
 Existing Credit Agreement is hereby amended by (i) adding the following terms
 in proper alphabetical order: 

 

	
  

 	
  

 
	
  

 	
           “First
 Amendment Effective Date” means March 25, 2011. 

 
	
  

 	
  

 
	
  

 	
           “Secured
 Credit Agreement” means the proposed Credit Agreement to be dated as of
 or about March 25, 2011 among XL Group plc (“XL Group”), XL Group Ltd.
 (“XL Group Ltd”), XL America, XL Insurance, XL Re, XL Re Europe
 Limited, XL Insurance Company Limited, XL Insurance Switzerland Ltd, XL Life
 Ltd, the lenders party thereto and JPMCB, as administrative agent, as
 amended, restated, supplemented or otherwise modified from time to time,
 including any renewals, extensions or replacements thereof that increase the
 principal amount thereof as of the First Amendment Effective Date; provided,
 however, that to the extent such principal amount exceeds $1,000,000,000,
 such excess amount shall not be deemed to be incurred under the Secured
 Credit Agreement. 

 

2 

          (ii)
deleting the definitions of “Commitment” and “Letter of Credit Commitment” and
substituting in lieu thereof the following: 

                    “Commitment”
means, with respect to any Lender, the Letter of Credit Commitment or the
Revolving Credit Commitment of such Lender, as applicable. The aggregate amount
of the Lenders’ Commitments as of the First Amendment Effective Date is
$3,000,000,000. 

                    “Letter
of Credit Commitment” means, with respect to any Lender, the commitment of
such Lender, if any, (a) to issue Syndicated Letters of Credit and
Non-Syndicated Letters of Credit and acquire participations in Participated
Letters of Credit and/or (b) to make Loans under Section 2.07(a)(I), in each
case expressed as an amount representing the maximum aggregate amount of such
Lender’s Credit Exposure hereunder, as such commitment may be (i) reduced from
time to time pursuant to Section 2.11 and (ii) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 10.04.
The initial amount of each Lender’s Letter of Credit Commitment (including such
Lender’s allocable portion of the RC Sublimit that may be borrowed under
Section 2.07(a)(I)) is set forth on Schedule I or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its Letter of
Credit Commitment, as applicable. The aggregate amount of the Lenders’ Letter
of Credit Commitments as of the First Amendment Effective Date is
$3,000,000,000. 

                    2.2
Amendments to Section 6.01 (Financial Statements and Other Information).

	
  

 	
  

 
	
  

 	
           (a)
 Section 6.01(a) of the Existing Credit Agreement is hereby amended by
 replacing such Section in its entirety with the following: 

 

	
  

 	
  

 
	
  

 	
           (a)
 by April 10 of each year, (i) the audited balance sheet and related
 statements of operations, stockholders’ equity and cash flows of XL Group and
 its consolidated Subsidiaries as of the end of and for the immediately
 preceding fiscal year, setting forth in comparative form the figures for (or,
 in the case of the balance sheet, as of the end of) the previous fiscal year
 (if such figures were already produced for such corresponding period),
 reported on by independent public accountants of recognized national standing
 (without a “going concern” or like qualification or exception and without any
 qualification or exception as to the scope of such audit) to the effect that
 such financial statements present fairly in all material respects the
 financial condition and results of operations of XL Group and its
 consolidated Subsidiaries on a consolidated basis in accordance with GAAP
 consistently applied (it being understood that delivery to the Lenders of XL
 Group’s Report on Form 10-K filed with the SEC shall satisfy the financial
 statement delivery requirements under this clause (i) so long as the
 financial information required to be contained in such report is
 substantially the same as the financial information required under this
 clause (i)); and (ii) the unaudited consolidated balance sheet and related
 statements of operations, stockholders’ equity and cash flows of XL Group Ltd
 and its consolidated Subsidiaries as of the end of and for the immediately
 preceding fiscal year, setting forth in each case in comparative form the
 figures for (or, in the case of the balance sheet, as of the end of) the
 previous fiscal year (if such figures were already produced for such
 corresponding period), certified by a Financial Officer of XL Group Ltd as
 presenting fairly in all material respects the financial condition and
 results of operations of XL Group Ltd and its consolidated Subsidiaries on a
 consolidated basis in accordance with GAAP consistently applied, subject to
 normal year-end audit adjustments and the absence of footnotes; 

 

3

	
  

 	
  

 	
  

 
	
  

 	
           (b)
 Section 6.01(b) of the Existing Credit Agreement is hereby amended by
 replacing such Section in its entirety with the following: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (b)
 (i) by May 15 of each year, the balance sheet and related statements of
 operations and stockholders’ equity of each of XL Insurance and XL Re (in
 each case, in the event consolidated financial statements are prepared in the
 ordinary course of business, prepared in a manner that consolidates the
 applicable consolidated Subsidiaries) as of the end of and for the immediately
 preceding year, setting forth in each case in comparative form the figures
 for (or, in the case of the balance sheet, as of the end of) the previous
 fiscal year (if such figures were already produced for such corresponding
 period), in each case audited and reported on by independent public
 accountants of recognized national standing (without a “going concern” or
 like qualification or exception and without any qualification or exception as
 to the scope of such audit) in accordance with GAAP, Local GAAP, SAP or SFR,
 as the case may be, consistently applied; (ii) by June 15 of each year, the
 unaudited consolidated balance sheet and related statements of operations,
 stockholders’ equity and cash flows of XL America and its consolidated
 Subsidiaries as of the end of and for the immediately preceding fiscal year,
 setting forth in each case in comparative form the figures for (or, in the
 case of the balance sheet, as of the end of) the previous fiscal year (if
 such figures were already produced for such corresponding period), certified
 by a Financial Officer of XL America as presenting fairly in all material
 respects the financial condition and results of operations of XL America and
 its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
 consistently applied, subject to normal year-end audit adjustments and the
 absence of footnotes; and (iii) by June 15 of each year, audited statutory
 financial statements for each Insurance Subsidiary of XL America as of the
 end of and for the immediately preceding fiscal year, in each case reported
 on by independent public accountants of recognized national standing (without
 a “going concern” or like qualification or exception and without any
 qualification or exception as to the scope of such audit) to the effect that
 such audited financial statements present fairly in all material respects the
 financial condition and results of operations of such Insurance Subsidiary in
 accordance with SAP consistently applied; 

 
	
  

 	
  

 	
  

 
	
  

 	
           (c)
 Section 6.01(c) of the Existing Credit Agreement is hereby amended by
 replacing such Section in its entirety with the following: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (c)
 within 60 days after the end of each of the first three fiscal quarters of
 each fiscal year of XL Group, (i) the unaudited consolidated balance sheet
 and related statements of operations, stockholders’ equity and cash flows of
 XL Group and its consolidated Subsidiaries as of the end of and for such
 fiscal quarter and the then elapsed portion of the fiscal year, setting forth
 in each case in comparative form the figures for (or, in the case of the
 balance sheet, as of the end of) the corresponding period or periods of the
 previous fiscal year (if such figures were already produced for such
 corresponding period or periods), all certified by a Financial Officer of XL
 Group as presenting fairly in all material respects the financial condition
 and results of operations of XL Group and its consolidated Subsidiaries on a
 consolidated basis in accordance with GAAP consistently applied, subject to
 normal year-end audit adjustments and the absence of footnotes (it being
 understood that delivery to the Lenders of XL 

 

4 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Group’s
 Report on Form 10-Q filed with the SEC shall satisfy the financial statement
 delivery requirements under this clause (i) so long as the financial
 information required to be contained in such report is substantially the same
 as the financial information required under this clause (i)); and (ii) an
 unaudited balance sheet and related statements of operations and stockholders’
 equity of each of XL Group Ltd, XL America, XL Insurance and XL Re (in each
 case, in the event consolidated financial statements are prepared in the
 ordinary course of business, prepared in a manner that consolidates the
 applicable consolidated Subsidiaries) as of the end of and for such fiscal
 quarter and the then elapsed portion of the fiscal year, setting forth in
 each case in comparative form the figures for (or, in the case of the balance
 sheet, as of the end of) the corresponding period or periods of the previous
 fiscal year (if such figures were already produced for such corresponding
 period or periods), all certified by a Financial Officer of the respective
 Account Party as presenting fairly in all material respects the financial
 condition and results of operations of such Account Party (or, if applicable,
 of such Account Party and its consolidated Subsidiaries on a consolidated
 basis) in accordance with GAAP or SAP, as the case may be, consistently
 applied, subject to normal year-end audit adjustments and the absence of
 footnotes; 

 
	
  

 	
  

 	
  

 
	
  

 	
           (d)
 Section 6.01(e) of the Existing Credit Agreement is hereby amended by
 replacing such Section in its entirety with the following: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (e)
 [Intentionally left blank]; 

 
	
  

 	
  

 	
  

 
	
  

 	
           2.3
 Amendment to Section 7.01 (Mergers). Section 7.01 of the Existing
 Credit Agreement is hereby amended by replacing the word “and” appearing
 before “(c)” with a comma and by adding the following to the end thereof: 

 
	
  

 	
  

 
	
  

 	
  

 	
           and
 (d) any Account Party may merge or consolidate with any other Account Party
 if the obligations hereunder of the non-surviving Account Party with respect
 to any outstanding Letters of Credit issued for its account have been (i)
 assumed by another Account Party, (ii) terminated or expired or (iii) dealt
 with in any other manner satisfactory to the Administrative Agent. 

 
	
  

 	
  

 	
  

 
	
  

 	
           2.4
 Amendment to Section 7.03 (Liens). Section 7.03 of the Existing Credit
 Agreement is hereby amended by replacing the words “date hereof” in Section
 7.03(a) with the words “First Amendment Effective Date”, by deleting the word
 “and” appearing before “(j)”, by replacing the period at the end of Section
 7.03(j) with “; and”, and by adding the following to the end thereof: 

 
	
  

 	
  

 
	
  

 	
  

 	
           (k)
 Liens securing Indebtedness incurred under the Secured Credit Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
           2.5
 Amendment to Section 7.04 (Transactions with Affiliates). Section 7.04
 of the Existing Credit Agreement is hereby amended by replacing the word
 “and” appearing before “(iii)” with a comma, and by replacing the period at
 the end thereof with the following: 

 
	
  

 	
  

 
	
  

 	
  

 	
           and (iv) the
 borrowings by and guarantees by and among the Account Parties, certain of
 their Significant Subsidiaries and certain Affiliates thereof under or pursuant
 to the Secured Credit Agreement. 

 

5

	
  

 	
  

 	
  

 
	
  

 	
           2.6
 Amendment to Section 7.07 (Indebtedness). Section 7.07 of the Existing
 Credit Agreement is hereby amended by deleting the word “and” appearing
 before “(f)”, and by replacing Section 7.07(f) in its entirety with the
 following: 

 
	
  

 	
  

 
	
  

 	
  

 	
           (f)
 Indebtedness incurred under the Secured Credit Agreement; and 

 
	
  

 	
  

 
	
  

 	
  

 	
           (g) other
 Indebtedness existing on the First Amendment Effective Date and described in
 Part A of Schedule II and extensions, renewals and replacements of any such
 Indebtedness that do not increase the outstanding principal amount thereof. 

 
	
  

 	
  

 
	
  

 	
           2.7
 Amendment to Schedule I. Schedule I to the Existing Credit Agreement
 is hereby amended and restated to read in its entirety as set forth in
 Exhibit A hereto. 

 
	
  

 	
  

 
	
  

 	
           2.8
 Amendment to Schedule II. Schedule II to the Existing Credit Agreement
 is hereby amended and restated to read in its entirety as set forth in
 Exhibit B hereto. 

 

                    SECTION
3. Effective Date. This Amendment shall become effective on the date
(the “First Amendment Effective Date”) on which the Administrative Agent
shall have received (a) (i) a counterpart of the Secured Credit Agreement and
(ii) a counterpart of this Amendment, in each case executed and delivered by a
duly authorized officer of each of the Account Parties and the Required Lenders
and (b) an executed Acknowledgment and Consent, in the form set forth at the
end of this Amendment, from each Account Party. 

                    SECTION
4. Expenses. The Account Parties agree to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with this Amendment, any other documents prepared in
connection herewith and the transaction contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent. 

                    SECTION
5. Representations and Warranties. The Account Parties hereby represent
and warrant that (a) each of the representations and warranties made in Section
4 of the Existing Credit Agreement shall be, after giving effect to this
Amendment, true and correct in all material respects as if made on and as of
the First Amendment Effective Date (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such
specific date), (b) after giving effect to this Amendment, no Default or Event
of Default shall have occurred and be continuing and (c) this Amendment has
been duly executed and delivered by each Account Party and constitutes a legal,
valid and binding obligation of such Account Party, enforceable against such
Account Party in accordance with its terms, except as such enforceability may
be limited by (x) bankruptcy, insolvency, reorganization, moratorium,
examination or similar laws of general applicability affecting the enforcement
of creditors’ rights and (y) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law). 

                    SECTION
6. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY 

6 

(WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

                    SECTION
7. Amendments; Execution in Counterparts. (a) This Amendment shall not
constitute an amendment of any other provision of the Existing Credit Agreement
not referred to herein and shall not be construed as a waiver or consent to any
further or future action on the part of the Account Parties that would require
a waiver or consent of the Lenders or the Administrative Agent. Except as
expressly amended hereby, the provisions of the Existing Credit Agreement are
and shall remain in full force and effect. The term “Credit Documents” in the
Credit Agreement and the other Credit Documents shall include, without
limitation, this Amendment and any agreements, instruments and other documents
executed and/or delivered in connection herewith. 

                    (b)
This Amendment may not be amended nor may any provision hereof be waived except
pursuant to a writing signed by the Account Parties, the Administrative Agent
and the Required Lenders. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. 

                    SECTION
8. Release of Claims. Each Account Party, by signing below, hereby
waives and releases each of the Administrative Agent, the Issuing Lender, the
Lenders, their respective affiliates and their and their affiliates’ respective
directors, officers, employees, attorneys, advisors and consultants from any
and all claims, offsets, defenses and counterclaims of any Account Party
arising on or prior to the execution of this Amendment in connection with any
action or inaction by any such Person under or in respect of the Credit
Documents or this Amendment, such waiver and release being with full knowledge
and understanding of the circumstances and effect thereof and after having
consulted legal counsel with respect thereto. 

[Remainder of page intentionally left blank.]

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

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 X.L.
 AMERICA, INC.,

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By 

 	
 /s/ Gabriel
 G. Carino III

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Gabriel G.
 Carino III

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President & Treasurer

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL INSURANCE
 (BERMUDA) LTD,

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ C.
 Stanley Lee

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 C. Stanley
 Lee

 
	
  

 	
  

 	
 Title:

 	
 Chief
 Financial Officer

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL RE LTD,

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Mark
 Twite

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Mark Twite

 
	
  

 	
  

 	
 Title:

 	
 Senior Vice
 President and

 
	
  

 	
  

 	
  

 	
   Chief
 Financial Officer

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL GROUP
 LTD. (formerly, XL CAPITAL LTD),

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Simon
 Rich

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Simon Rich

 
	
  

 	
  

 	
 Title:

 	
 Director

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 JPMORGAN
 CHASE BANK, N.A., as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Erin
 O’Rourke

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Erin
 O’Rourke

 
	
  

 	
  

 	
 Title:

 	
 Managing
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 DEUTSCHE
 BANK AG NEW YORK BRANCH, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Robert
 Chesley

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Robert
 Chesley

 
	
  

 	
  

 	
 Title:

 	
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Kathleen
 Bowers

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Kathleen
 Bowers

 
	
  

 	
  

 	
 Title:

 	
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 MIZUHO
 CORPORATE BANK LIMITED, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ David
 Lim

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 David Lim

 
	
  

 	
  

 	
 Title:

 	
 Authorized
 Signatory

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NOVA SCOTIA, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ David
 Schwartzbard

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 David
 Schwartzbard

 
	
  

 	
  

 	
 Title:

 	
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF TOKYO-MITSUBISHI UFJ., NEW YORK BRANCH, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Rick
 Adler

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Rick Adler

 
	
  

 	
  

 	
 Title:

 	
 Authorized
 Signatory

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO
 BANK, NATIONAL ASSOCIATION, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ William
 R. Goley

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 William R.
 Goley

 
	
  

 	
  

 	
 Title:

 	
 Director

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 LANDESBANK HESSEN-THÜRINGEN

 
	
  

 	
 GIROZENTRALE,
 New York Branch, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Samuel
 W. Bridges

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Samuel W.
 Bridges

 
	
  

 	
  

 	
 Title:

 	
 Senior Vice
 President

 
	
  

 	
  

 	
  

 	
 Financial
 Institutions

 
	
  

 	
  

 	
  

 	
 Public
 Finance

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Irina
 Rakhlis

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Irina
 Rakhlis

 
	
  

 	
  

 	
 Title:

 	
 Assistant
 Vice President

 
	
  

 	
  

 	
  

 	
 Financial
 Institutions

 
	
  

 	
  

 	
  

 	
 Public
 Finance

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 LLOYDS TSB
 BANK PLC, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Shane
 Klein

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Shane Klein

 
	
  

 	
  

 	
 Title:

 	
 Senior Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Candi
 Obrentz

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Candi
 Obrentz

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 UBS AG,
 STAMFORD BRANCH, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Mary E.
 Evans

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Mary E.
 Evans

 
	
  

 	
  

 	
 Title:

 	
 Associate
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Omar
 Musule

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Omar Musule

 
	
  

 	
  

 	
 Title:

 	
 Associate
 Director

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 COMERICA
 BANK, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Chatphet
 Saipetch

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Chatphet
 Saipetch

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BARCLAYS
 BANK PLC, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Alicia
 Borys

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Alicia Borys

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BNP PARIBAS,
 as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Nair P.
 Raghu

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Nair P.
 Raghu

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Joseph
 Malley

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Joseph
 Malley

 
	
  

 	
  

 	
 Title:

 	
 Managing
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 COMMERZBANK
 AG, New York and

 
	
  

 	
 Grand Cayman
 Branches, as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Paul
 Vedova

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Paul Vedova

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Michael
 McCarthy

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Michael
 McCarty

 
	
  

 	
  

 	
 Title:

 	
 Managing
 Director

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 CITIBANK,
 N.A., as Lender

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Peter C.
 Bickford

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Peter C.
 Bickford

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President

 

	
  
 	
  
 	
  
 	
  
 
	
  
 	
 CREDIT AGRICOLE
 CORPORATE AND INVESTMENT BANK, as Lender
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 By: 
 	
 /s/ Charles
 Kornberger
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name: 
 	
 Charles
 Kornberger
 
	
  
 	
  
 	
 Title:
 	
 Managing
 Director
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Gina
 Harth-Cryde
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name: 
 	
 Gina
 Harth-Cryde
 
	
  
 	
  
 	
 Title:
 	
 Managing
 Director
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 MORGAN
 STANLEY BANK, N.A., as Lender
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Harry
 Comninellis
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name: 
 	
 Harry
 Comninellis
 
	
  
 	
  
 	
 Title:
 	
 Authorized
 Signatory
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 GOLDMAN
 SACHS BANK USA, as Lender
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Mark
 Walton
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name: 
 	
 Mark Walton
 
	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

	 
	JPMORGAN CHASE BANK, N.A.,

	 
	as Administrative Agent

	 
	 
	 
	 

	 
	By: 
	/s/ Erin O’Rourke

	 
	 
	
   
	 
	 
	Name:
	Erin O’Rourke

	 
	 
	Title:
	Managing Director

EXHIBIT B

Indebtedness and Liens

Part A – Indebtedness

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 6.50%
 guaranteed senior notes due January 15, 2012, issued by XL Capital Finance
 (Europe) plc and guaranteed by XL Capital Ltd, under the Indenture dated
 January 10, 2002, by and among XL Capital Finance (Europe) plc, XL Capital
 Ltd and State Street Bank and Trust Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Indenture,
 dated as of June 2, 2004, between XL Capital Ltd and The Bank of New York, as
 Trustee.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Indenture,
 dated as of January 10, 2002, among XL Capital Finance (Europe) plc, XL
 Capital Ltd and State Street Bank and Trust Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 5.25% Senior
 Notes due 2014, under the First Supplemental Indenture, dated as of August
 23, 2004, to the Indenture dated as of June 2, 2004 between XL Capital Ltd
 and the Bank of New York, as Trustee.

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 6.375%
 Senior Notes due 2024, under the Second Supplemental Indenture, dated as of
 November 12, 2004, to the Indenture, dated as of June 2, 2004, between XL
 Capital Ltd and The Bank of New York, as Trustee.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 6.25% Senior
 Notes due May 15, 2027, under the Fourth Supplemental Indenture, dated May 7,
 2007, to the Indenture, dated as of June 2, 2004, between XL Capital Ltd and
 The Bank of New York, as trustee.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Replacement
 Capital Covenant, dated March 15, 2007.

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 Pledge
 Agreement dated as of December 18, 2001, made by XL Investments Ltd, XL Re
 Ltd, XL Insurance (Bermuda) Ltd and XL Europe Ltd as grantors and in favour
 of Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Amendment
 No. 1 dated as of July 1, 2003, to the Pledge Agreement dated as of December
 18, 2001, made by XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd
 and XL Europe Ltd as grantors and in favour of Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Insurance
 Letters of Credit – Master Agreement dated May 19, 1993, between XL Re Ltd
 and Citibank, N.A.

 

	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Service
 Agreement Relative to Sureties, Letters of Guarantees and International
 Stand-by L/Cs dated April 25, 2003, between XL Re Europe Limited (formerly
 known as Le Mans Re) and Calyon (formerly known as Credit Lyonnais).

 
	
  

 	
  

 	
  

 
	
  

 	
 12.

 	
 Assignment
 Agreement dated July 11, 2003, among XL Re Ltd, Mangrove Bay Trust and The
 Bank of New York.

 
	
  

 	
  

 	
  

 
	
  

 	
 13.

 	
 Insurance
 Letter of Credit – Master Agreement, dated 11 November 2009, between XL
 Insurance (Bermuda) Ltd and Citibank Europe PLC.

 
	
  

 	
  

 	
  

 
	
  

 	
 14.

 	
 Pledge
 Agreement dated as of 11 November 2009 between XL Insurance (Bermuda) Ltd and
 XL Re Ltd as Pledgors and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 15.

 	
 Amendment
 No. 1, dated as of November 23, 2009, to Pledge Agreement dated as of 11
 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
 and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 16.

 	
 Amendment
 No. 2, dated as of December 23, 2009, to Pledge Agreement dated as of 11
 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
 and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 17.

 	
 Amendment
 No. 3, dated as of June 30, 2010, to Pledge Agreement dated as of 11 November
 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors and
 Citibank Europe PLC.

 
	
  

 	
  

 	
  

 
	
  

 	
 18.

 	
 The London
 Market Letter of Credit Scheme, dated October 21, 1996, between Mid Ocean
 Reinsurance Company Limited and Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 19.

 	
 Amendment
 No. 1, dated June 24, 2002, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL Europe
 Ltd and Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 20.

 	
 Amendment
 No. 2, dated February 24, 2009, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL Insurance
 Company Ltd and Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 21.

 	
 Amendment
 No. 3, dated March 20, 2009, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
 Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 22.

 	
 Amendment
 No. 4, dated December 14, 2010, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
 Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 23.

 	
 Guarantee
 Agreement, dated December 18, 2001, between XL Re Ltd, XL Insurance (Bermuda)
 Ltd, XL Insurance Company Ltd and Citibank, N.A. 

 

	
  

 	
  

 	
  

 
	
  

 	
 24.

 	
 Amendment
 No. 1, dated February 24, 2009, to Guarantee Agreement, dated December 18,
 2001, between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
 Europe Ltd and Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 25.

 	
 Sixth Supplemental
 Indenture, dated as of June 30, 2010, to the Indenture, dated as of June 2,
 2004, and the Fifth Supplemental Indenture, dated as of August 5, 2008,
 between XL Capital Ltd, XL Group plc, as guarantor and The Bank of New York
 Mellon, as trustee.

 
	
  

 	
  

 	
  

 
	
  

 	
 26.

 	
 Pledge
 Agreement, dated August 5, 2008, by and among XL Capital Ltd, XL Company
 Switzerland GmbH and The Bank of New York Mellon, as Collateral Agent
 Custodial Agent and Securities Intermediary and Purchase Contract Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
 27.

 	
 First
 Amendment, dated as of June 30, 2010, to the Pledge Agreement, dated August
 5, 2008, by and among XL Capital Ltd, XL Company Switzerland GmbH and The
 Bank of New York Mellon, as Collateral Agent Custodial Agent and Securities
 Intermediary and Purchase Contract Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
 28.

 	
 First
 Amendment, dated as of June 30, 2010, to the Purchase Contract Agreement,
 dated August 5, 2008, between the Registrant, XL Capital Ltd, XL Company
 Switzerland and The Bank of New York Mellon, as Purchase Contract Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
 29.

 	
 Supplemental
 Indenture, dated as of June 30, 2010, to the Indenture, dated as of January
 10, 2002, among XL Capital Finance (Europe) plc, XL Capital Ltd, XL Company
 Switzerland GmbH and State Street Bank and Trust Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 30.

 	
 10.75%
 Equity Security Units, comprised of the 8.25% Notes due 2021, under the Fifth
 Supplemental Indenture, dated August 5, 2008, to the Indenture, dated as of
 June 2, 2004, between XL Capital Ltd and The Bank of New York Mellon, as
 trustee, and a forward purchase contract. 

 
	
  

 	
  

 	
  

 
	
  

 	
 31.

 	
 Lease
 Guarantee, dated April 30, 2007, between XL Capital Investment Partners Inc.,
 X.L. America, Inc. and 1540 Broadway Owner, LLC.

 
	
  

 	
  

 	
  

 
	
  

 	
 32.

 	
 Lease
 Guarantee and Surety Agreement, dated November 30, 2010, between XL Global
 Services, Inc., X.L. America, Inc., and 505 Eagleview Blvd Assoc. LP. 

 
	
  

 	
  

 	
  

 
	
  

 	
 33.

 	
 70
 Gracechurch, London, EC3V 0XL Capital Lease. 

 

Part B – Liens

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Insurance
 Letters of Credit – Master Agreement dated May 19, 1993, between XL Re Ltd
 and Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Pledge
 Agreement dated as of December 18, 2001, made by XL Investments Ltd, XL Re
 Ltd, XL Insurance (Bermuda) Ltd and XL Europe Ltd as grantors and in favour
 of Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Amendment
 No. 1 dated as of July 1, 2003, to the Pledge Agreement dated as of December
 18, 2001, made by XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd
 and XL Europe Ltd as grantors and in favour of Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Service
 Agreement Relative to Sureties, Letters of Guarantees and International
 Stand-by L/Cs dated April 25, 2003, between XL Re Europe Limited (formerly
 known as Le Mans Re) and Calyon (formerly known as Credit Lyonnais).

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Assignment
 Agreement dated July 11, 2003, among XL Re Ltd, Mangrove Bay Trust and The
 Bank of New York.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Floating
 Charge, dated December 31, 2010, by XL Insurance (Bermuda) Ltd in Favour of
 XL Insurance Company Limited.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Pledge
 Agreement dated as of 11 November 2009 between XL Insurance (Bermuda) Ltd and
 XL Re Ltd as Pledgors and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 Amendment
 No. 1, dated as of November 23, 2009, to Pledge Agreement dated as of 11
 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
 and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Amendment
 No. 2, dated as of December 23, 2009, to Pledge Agreement dated as of 11
 November 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors
 and Citibank Europe PLC as Pledgee.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Amendment
 No. 3, dated as of June 30, 2010, to Pledge Agreement dated as of 11 November
 2009 between XL Insurance (Bermuda) Ltd and XL Re Ltd as Pledgors and
 Citibank Europe PLC.

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Amendment
 No. 1, dated June 24, 2002, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL Europe
 Ltd and Citibank, N.A.

 
	
  

 
	
  

 	
 12.

 	
 Amendment
 No. 2, dated February 24, 2009, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd, XL
 Insurance Company Ltd and Citibank, N.A.

 

	
  

 	
  

 	
  

 
	
  

 	
 13.

 	
 Amendment
 No. 3, dated March 20, 2009, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
 Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 14.

 	
 Amendment
 No. 4, dated December 14, 2010, to Pledge Agreement, dated December 18, 2001,
 between XL Investments Ltd, XL Re Ltd, XL Insurance (Bermuda) Ltd and
 Citibank, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 15.

 	
 Pledge
 Agreement, dated August 5, 2008, by and among XL Capital Ltd, XL Company
 Switzerland GmbH and The Bank of New York Mellon, as Collateral Agent
 Custodial Agent and Securities Intermediary and Purchase Contract Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
 16.

 	
 First
 Amendment, dated as of June 30, 2010, to the Pledge Agreement, dated August
 5, 2008, by and among XL Capital Ltd, XL Company Switzerland GmbH and The
 Bank of New York Mellon, as Collateral Agent Custodial Agent and Securities
 Intermediary and Purchase Contract Agent.

 

ACKNOWLEDGEMENT AND CONSENT

                    Each
of the parties hereto hereby acknowledges and consents to the Amendment, dated
as of March 25, 2011 (the “Amendment”; capitalized terms used herein,
but not defined, shall have the meanings set forth in the Amendment), to the
Credit Agreement, dated as of June 21, 2007, among XL Group Ltd (formerly, XL
Capital), X.L. America, XL Insurance and XL Re, the several lenders from time to
time parties thereto, the several agents parties thereto and JPMorgan Chase
Bank, N.A., as administrative agent, and agrees, with respect to each Credit
Document to which it is a party, all of its obligations, liabilities and
indebtedness under such Credit Document, including guarantees, shall remain in
full force and effect on a continuous basis after giving effect to the
Amendment.

 [Remainder of page intentionally left blank.]

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

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 X.L.
 AMERICA, INC., 

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 
	
  

 	
 By 

 	
 /s/ Gabriel
 G. Carino III

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Gabriel G.
 Carino III

 
	
  

 	
  

 	
 Title:

 	
 Vice
 President & Treasurer

 
	
  

 	
  

 	
  

 
	
  

 	
 XL INSURANCE
 (BERMUDA) LTD, 

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ C.
 Stanley Lee

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 C. Stanley
 Lee

 
	
  

 	
  

 	
 Title: 

 	
 Chief
 Financial Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 XL RE LTD, 

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Mark
 Twite

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Mark Twite

 
	
  

 	
  

 	
 Title: 

 	
 Senior Vice
 President and

 Chief Financial Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 XL GROUP
 LTD. (formerly, XL CAPITAL LTD), 

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Simon
 Rich

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 	
 Simon Rich

 
	
  

 	
  

 	
 Title: 

 	
 DirectorExhibit 10.3

PLEDGE AGREEMENT

          THIS
PLEDGE AGREEMENT (as amended or otherwise modified from time to time, this “Agreement”)
dated as of March 25, 2011 is among XL GROUP PLC, an Irish public limited
company (“XL Group”), XL GROUP LTD., an exempted company incorporated in
the Cayman Islands with limited liability (“XL Group Ltd”), X.L.
AMERICA, INC., a Delaware corporation (“XL America”), XL INSURANCE
(BERMUDA) LTD, a Bermuda limited liability company (“XL Insurance (Bermuda)”),
XL RE LTD, a Bermuda limited liability company (“XL Re”), XL RE EUROPE
LIMITED, an Irish limited liability company (“XL Re Europe”), XL
INSURANCE COMPANY LIMITED, a limited company domiciled in the United Kingdom (“XL
Insurance”), XL INSURANCE SWITZERLAND LTD, a company limited by shares
organized under the laws of Switzerland (“XL Switzerland”) and XL LIFE
LTD, a Bermuda company (“XL Life” and together with XL Group, XL Group
Ltd, XL America, XL Insurance (Bermuda), XL Re, XL Re Europe, XL Insurance and
XL Switzerland, each an “Pledgor” and collectively, the “Pledgors”)
and The Bank of New York Mellon, not in its individual capacity but solely as
Collateral Agent (in such capacity, the “Collateral Agent”), for the
benefit of the Secured Parties (as defined below). 

W I T N E S S E T H:

          WHEREAS,
the Pledgors, various financial institutions, the Collateral Agent and JPMorgan
Chase Bank, N.A., as Administrative Agent, have entered into a Credit Agreement
dated as of March 25, 2011 (as amended or otherwise modified from time to time,
the “Credit Agreement”); and

          WHEREAS,
under the Credit Agreement, each of the Pledgors has agreed to grant to the
Collateral Agent security interests in each of their respective Accounts (as
defined below), and each of the Pledgors has agreed to deliver cash and
Eligible Assets to its Accounts from time to time in order to secure its
obligations under the Credit Agreement.

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

          1.
Definitions. In addition to terms defined in the preamble and recitals,
(a) capitalized terms used but not defined herein have the respective meanings
set forth in the Credit Agreement, and (b) the following terms have the
following meanings (such definitions to be applicable to both the singular and
plural forms of such terms):

          “Account”
means, with respect to any Pledgor, the segregated securities account (and
includes any sub-accounts thereof and deposit accounts related thereto)
established and maintained in accordance with the Control Agreement and bearing
the account number specified on Schedule II thereto with respect to such
Pledgor (as the same may be redesignated, renumbered or otherwise modified from
time to time, and including any account opened in replacement of or in
substitution for such account).

          “Cash
Collateral Account” has the meaning given to it in Section 6(f).

          “Collateral”
has the meaning given to it in Section 2.

          “Control
Agreement” means the Collateral Account Control Agreement, dated as of
March 25, 2011, among the Pledgors, the Collateral Agent, as pledgee, the
Custodian and the Administrative Agent.

          “Custodian”
means The Bank of New York Mellon (or any successor thereto permitted under the
Control Agreement).

          “Enforcement
Event” means the occurrence and continuation of any Event of Default under
the Credit Agreement, which has not been waived by the Administrative Agent; provided
that no Enforcement Event shall be deemed to have occured with respect to XL
Insurance Switzerland Ltd., XL Re Europe Limited or XL Insurance Company
Limited (collectively, the “European Entities”), unless such European Entity
is the defaulting party.

          “Enforcement
Event Notice” means a notice delivered from the Administrative Agent to the
Collateral Agent (with a copy to XL Group) stating (i) that an Enforcement
Event has occurred and is continuing and (ii) which Pledgors are subject to
such Enforcement Event.

          “Investment
Property” shall have the meaning provided in Article 8 or Article 9, as
applicable, of the UCC. 

          “Liabilities”
means, with respect to any Pledgor and to the extent owing to one or more
Secured Parties, (i) all Obligations of such Pledgor, (ii) all obligations of
such Pledgor under this Agreement and the Control Agreement, and (iii) all
other obligations of such Pledgor directly related to any Letter of Credit
issued for the account of such Pledgor, in each case, howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, now
or hereafter existing, or due or to become due.

          “Notice
of Exclusive Control” has the meaning given to it in Section 6(d).

          “Obligations”
means, with respect to any Pledgor, the LC Disbursements (and interest thereon)
made by the Lenders to such Pledgor and all other amounts from time to time
owing by such Pledgor to the Lenders, the Collateral Agent or the Administrative
Agent by such Account Parties under any of the Credit Documents.

          “Proceeds”
means all “proceeds” as such term is defined in Section 9-102(a)(64) of the
UCC.

          “Secured
Parties” means the Lenders, the Issuing Lenders, the Administrative Agent
and the Collateral Agent.

          “UCC”
means the Uniform Commercial Code as in effect in the State of New York. 

          2.
Grant of Security Interest. As security for the payment of all of its
Liabilities (and not the Liabilities of any other Pledgor), each Pledgor hereby
assigns to the Collateral Agent, and 

2

grants to the Collateral Agent
a continuing security interest in, as agent for the benefit of the Secured
Parties, all right, title and interest of such Pledgor in the following
property of such Pledgor, whether now or hereafter existing or acquired,
regardless of where located (the “Collateral”):

	
  

 	
  

 
	
  

 	
           (a)
 its Account and all cash, Eligible Assets and all other property held therein
 or credited thereto from time to time;

 
	
  

 	
  

 
	
  

 	
           (b)
 to the extent related to any property described in this Section 2, all books,
 correspondence, credit files, records and other papers; and

 
	
  

 	
  

 
	
  

 	
           (c)
 all Proceeds of any of the foregoing.

 

          3.
Warranties. Each Pledgor warrants that: 

          (a)
such Pledgor is the sole entitlement holder of its Account and no other Person
(other than the Collateral Agent pursuant to this Agreement and the Custodian
pursuant to the Control Agreement) has control or possession of, or any other
interest in, such Account or any cash, Eligible Assets or other property held
in or credited to such Account and, without limiting the foregoing, no control
agreements exist with respect to its Collateral other than the Control
Agreement;

          (b)
such Pledgor is and will be the lawful owner of all of its Collateral, free of
all Liens, other than the security interest created hereunder and Liens in
favor of the Custodian, as securities intermediary, with respect to its
Account; and

          (c)
under the laws of the State of New York, (i) this Agreement creates a security
interest that is enforceable against the Collateral in which such Pledgor has
rights as of the date hereof and will create a security interest that is
enforceable against the Collateral in which such Pledgor hereafter acquires
rights at the time such Pledgor acquires any such rights and (ii) the
Collateral Agent has a perfected and first priority security interest in the
Collateral in which such Pledgor has rights as of the date hereof, and will
have a perfected and first priority security interest in the Collateral in
which such Pledgor hereafter acquires rights at the time such Pledgor acquires
any such rights, in each case securing the payment and performance of the Liabilities
of such Pledgor.

          4.
Agreements of the Pledgors; Control; Withdrawals. 

          (a)
Each Pledgor will, at the Administrative Agent’s reasonable request, at any
time and from time to time, promptly execute and deliver to the Collateral Agent
such financing statements, amendments and other documents (including recording
a charge or filing (i) in the case of a Pledgor organized under the laws of a
state of the United States, in such state, (ii) in the case of a Pledgor not
incorporated or organized under the laws of a state of the United States, in
the District of Columbia and, if applicable, in the state of the United States
in which such Pledgor maintains its chief executive office as such office is
identified to the Collateral Agent by such Pledgor), and do such other related
acts as the Collateral Agent (acting at the written direction of the
Administrative Agent) may reasonably request, in order to establish and
maintain valid, attached and perfected first-priority security interests under
the laws of the State of New 

3

York in the
Collateral in favor of the Collateral Agent, free and clear of all Liens except
Liens in favor of the Custodian. 

          (b)
Each Pledgor irrevocably authorizes the Collateral Agent (at the request of the
Administrative Agent) at any time, and from time to time, to file and/or record
in any United States jurisdiction any initial financing statement and/or charge
and amendments thereto that (i) indicate the Collateral and
(ii) contain any other information required by Section 5 of Article 9 of
the UCC of the jurisdiction wherein such financing statement or amendment is
filed regarding the sufficiency or filing office acceptance of any financing
statement or amendment, the applicable laws of the jurisdiction of organization
of such Pledgor with respect to recording a security interest. Each Pledgor
acknowledges that pursuant to the Control Agreement, the Collateral Agent has
“control” (as that term is used in Section 9-106 of the UCC) of any securities
account comprising such Pledgor’s Custodian Securities Account pursuant to
Sections 9-106(a), 9-106(c) and 8-106(d)(1) of the UCC and also “control” (as
that term is used in Section 9-104 of the UCC) of any deposit account
comprising such Pledgor’s Custodian Securities Account pursuant to Section
9-104 of the UCC. 

          (c)
Subject to the terms of the Control Agreement, the parties agree that unless
and until such time as the Collateral Agent (acting at the written direction of
the Administrative Agent) shall deliver a Notice of Exclusive Control to the
Custodian in respect of the Account of a Pledgor (and at any time after the
written rescission by the Collateral Agent (acting at the written direction of
the Administrative Agent) of such Notice of Exclusive Control), and upon three
(3) Business Days notice to the Administrative Agent and the Collateral Agent,
each Pledgor shall have the right to instruct the Custodian to:

	
  

 	
  

 
	
  

 	
           (i)
 substitute any cash or Eligible Assets held in the Account of such Pledgor
 with other cash or Eligible Assets, provided that, (i) immediately after
 giving effect to such substitution, the Borrowing Base of such Pledgor is at
 least equal to the aggregate face value (or its Dollar Equivalent) of all
 Letters of Credit issued on behalf of such Pledgor and (ii) such substitution
 shall precede the related release; and

 
	
  

 	
  

 
	
  

 	
           (ii)
 to the extent that the Borrowing Base of such Pledgor exceeds the aggregate
 face value (or its Dollar Equivalent) of all Letters of Credit issued on behalf
 of such Pledgor, transfer cash or Eligible Assets from such Account to any
 account specified by such Pledgor in an amount equal to such excess, in each
 case, in accordance with the terms of the Credit Agreement.

 

For the
avoidance of doubt, any substituted (in the case of the foregoing clause (i))
or withdrawn (in the case of the foregoing clause (ii)) cash or Eligible Assets
shall cease to secure the Liabilities and shall be released without further
action from the Liens granted to the Secured Parties hereunder.

          (d)
Each Pledgor agrees that, immediately upon the delivery of a Notice of
Exclusive Control with respect to its Account (but only for so long as such
Notice of Exclusive Control has not been rescinded), (i) it will not have the
right to make or request any withdrawal from such Account (including any
sub-account or related account thereof) or otherwise to direct the 

4

Custodian’s
disposition of any Collateral of such Pledgor, and (ii) the Collateral Agent
has the exclusive right (acting at the written direction of the Administrative
Agent) to direct the Custodian’s disposition of the Collateral of such Pledgor
without further consent of or notice to such Pledgor. No Pledgor shall give any
consent or waiver, authorize any assumption, make any modification or
supplement, or take any other action with respect to any Collateral in any
manner inconsistent with the manner in which such Pledgor acts with respect to
investments of the same type held by such Pledgor for its own account.

          5.
Voting Rights; Rights to Income.

          (a)
Each Pledgor agrees, immediately upon the delivery of a Notice of Exclusive
Control with respect to its Account (but for so long as such Notice of
Exclusive Control has not been rescinded), (a) that the Collateral Agent
(acting at the written direction of the Administrative Agent) may exercise (to
the exclusion of such Pledgor) the voting power and all other incidental rights
of ownership with respect to any Investment Property constituting such Pledgor’s
Collateral, and such Pledgor hereby grants the Collateral Agent an irrevocable
proxy, exercisable under such circumstances, to vote such Investment Property,
and (b) to promptly deliver to the Collateral Agent such additional proxies and
other documents as may be necessary to allow the Collateral Agent (acting at
the written direction of the Administrative Agent) to exercise such voting
power. The Collateral Agent agrees that unless and until a Notice of Exclusive
Control with respect to the Account of a Pledgor shall have been delivered by
the Administrative Agent to the Collateral Agent (and at any time after the
rescission of such Notice of Exclusive Control), such Pledgor will have the
exclusive voting power with respect to any Investment Property constituting
Collateral of such Pledgor and the Collateral Agent will, upon the written
request of such Pledgor and upon the written direction of the Administrative
Agent, promptly deliver such proxies and other documents, if any, as shall be
reasonably requested by such Pledgor and completed and provided for execution
to the Collateral Agent which are necessary to allow such Pledgor to exercise
that voting power.

          (b)
Unless and until such time as the Collateral Agent (acting at the written
direction of the Administrative Agent) shall deliver a Notice of Exclusive
Control to the Custodian in respect of the Account of a Pledgor (and at any
time after the rescission of such Notice of Exclusive Control), such Pledgor
shall be entitled to receive (by delivery of the Custodian to such Pledgor in
accordance with the Control Agreement) all cash dividend payments, interest
payments and other distributions of cash received by the Custodian in respect
of any assets of such Pledgor credited to the Account of such Pledgor free and
clear of any Lien granted under this Agreement; provided, that after receipt of
any such Notice of Exclusive Control (but only for so long as such Notice of
Exclusive Control has not been rescinded), the Collateral Agent (acting at the
written direction of the Administrative Agent) shall instruct the Custodian to
deposit and retain in the Account of such Pledgor all such cash dividend
payments, interest payments and other distributions of cash received by the
Custodian in respect of any assets of such Pledgor credited to such Account. At
all times, any distributions other than cash received by the Custodian in
respect of any Collateral of such Pledgor shall be delivered by the Custodian
to the Account related to such Collateral, and the security interest granted
under this Agreement with respect to Collateral credited to such Account shall
automatically attach to such distributions other than cash for the benefit of
the Secured Parties.

5

          6.
Default and Remedies upon an Enforcement Event. (a) If the Collateral
Agent has received an Enforcement Event Notice with respect to one or more
Pledgors (which notice(s) have not been rescinded), then the Collateral Agent
may (and shall if so directed by the Administrative Agent in writing) apply all
or any portion of the credit balance of the Account of each such Pledgors to
the payment of the respective Liabilities of each such Pledgor (and not the
Liabilities of any other Pledgor).

          (b)
Without limiting the foregoing, if the Collateral Agent has received an
Enforcement Event Notice with respect to one or more Pledgors (which notice(s)
have not been rescinded), the Collateral Agent (acting at the written direction
of the Administrative Agent) may exercise all the rights of a secured party
under the UCC (whether or not in effect in the jurisdiction where such rights
are exercised) with respect to the Collateral of such Pledgors.

          (c)
Without limiting clause (a) above, each Pledgor agrees that, if the
Collateral Agent has received an Enforcement Event Notice with respect to it
(which notice has not been rescinded), then any item of its Collateral may be
sold for cash or on credit or for future delivery without assumption of any
credit risk, in any number of lots at the same or different times, at any
exchange, brokers’ board or elsewhere, by public or private sale, and at such
times and on such terms, as the Collateral Agent, acting at the written
direction of the Administrative Agent, shall elect. The Collateral Agent shall
give the applicable Pledgor such notice of any private or public sales as may
be required by the UCC or other applicable law. Each Pledgor recognizes that
the Collateral Agent may be unable to make a public sale of any or all of the
Collateral of such Pledgor, by reason of prohibitions contained in applicable
securities laws or otherwise, and expressly agrees that a private sale to a
restricted group of purchasers for investment and not with a view to any
distribution thereof shall be considered a commercially reasonable sale. The
Collateral Agent shall have the right upon any such public sale, and, to the
extent permitted by law, upon any such private sale, to purchase the whole or
any part of the Collateral of such Pledgor so sold, free of any right or equity
of redemption, which right or equity of redemption the applicable Pledgor
hereby releases to the extent permitted by law.

          (d)
Without limiting clause (a) above, if the Collateral Agent has received
an Enforcement Event Notice with respect to one or more Pledgors (which
notice(s) have not been rescinded), the Collateral Agent (acting at the written
direction of the Administrative Agent) shall have the right to deliver to the
Custodian, in accordance with the Control Agreement, a “Notice of Exclusive
Control” in respect of the respective Account of each such Pledgor (a “Notice
of Exclusive Control”) pursuant to which the Collateral Agent shall have
the right (acting at the written direction of the Administrative Agent), so
long as the Enforcement Event Notice in respect of any particular Pledgor has
not been rescinded, to execute and deliver to the Custodian any entitlement
order, to execute and deliver other instructions directing the disposition of
the Collateral of any such particular Pledgor, to vote and to give consents,
ratifications and waivers with respect to the Collateral of any such particular
Pledgor and exercise all rights, privileges or options pertaining to the
Collateral of any such particular Pledgor, as if the Collateral Agent were the
absolute owner thereof; provided, that the Collateral Agent hereby covenants
that it will not deliver to the Custodian a Notice of Exclusive Control with
respect to the Account of any Pledgor or otherwise instruct the Custodian to
liquidate, transfer, restrict transfer of or otherwise act on the Collateral of
any Pledgor until it has received an Enforcement Event Notice in respect of
such Pledgor (which notice has not been rescinded).

6

          (e)
For the purpose of enabling the Collateral Agent to exercise its rights under
this Section 6 or otherwise in connection with this Agreement, each
Pledgor hereby constitutes and appoints the Collateral Agent (and any of the
Collateral Agent’s officers, employees or agents designated by the Collateral
Agent) its true and lawful attorney-in-fact, with full power and authority to
(i) sign and file any financing statements or other documents, papers or
instruments which must be executed or filed to perfect or continue perfection,
maintain the priority of or provide notice of the pledge of and security
interest in the Collateral of such Pledgor under the laws of the state of New
York, in each case at the written direction of the Administrative Agent and
(ii) if the Collateral Agent has received an Enforcement Event Notice in
respect of a Pledgor (which has not been rescinded), do any and all acts that
the Administrative Agent requests in writing (including deliver a Notice of
Exclusive Control pursuant to Section 6(f)) and things for and on behalf
of the Pledgors that are necessary or desirable to protect, collect, realize
upon and preserve the Collateral of such Pledgor, to enforce the Collateral
Agent’s rights with respect to the Collateral of such Pledgor and to accomplish
the purposes hereof. Such appointment by the Pledgors is coupled with an
interest and is irrevocable so long as all Liabilities of the Pledgors have not
been paid and performed in full. Each Pledgor ratifies, to the extent permitted
by law, all that the Collateral Agent shall lawfully and in good faith do or
cause to be done by virtue of and in compliance with this Section 6(e).

          (f)
To the extent that any of the Liabilities of a Pledgor may be contingent,
unmatured or unliquidated (including with respect to undrawn amounts under any
Letter of Credit) after such time as an Enforcement Event Notice with respect
to such Pledgor shall have been delivered to the Collateral Agent (and which
has not been rescinded), the Collateral Agent (acting at the written direction
of the Administrative Agent) (i) shall instruct the Custodian to retain the
proceeds of any sale, collection, disposition or other realization upon the
Collateral of such Pledgors (or any portion thereof) in a separate cash
collateral account related to the Account of such Pledgor (a “Cash
Collateral Account”) until such time as the Administrative Agent directs
the Collateral Agent to apply such proceeds to the Liabilities of such Pledgor
(and not to the Liabilities of any other Pledgor), and such Pledgor agrees that
such retention of such proceeds by the Collateral Agent shall not be deemed
strict foreclosure with respect thereto; (ii) may conclusively rely on any
estimate made by the Administrative Agent of the liquidated amount of any such
contingent, unmatured or unliquidated claims against or in respect of a Pledgor
and apply the proceeds of the Collateral of such Pledgor against such amount as
directed by the Administrative Agent; and (iii) otherwise may proceed in
any other manner permitted by applicable law. Each Pledgor agrees that any Cash
Collateral Account shall be a blocked account and that upon the irrevocable
deposit of funds into such account, such Pledgor shall not have any right of
withdrawal with respect to such funds and any funds deposited into a Cash
Collateral Account shall not be withdrawn. Each Pledgor hereby grants to the
Collateral Agent a continuing security interest in all right, title and
interest of such Pledgor in and to any Cash Collateral Account and the deposits
and funds held therein, and the Collateral Agent shall have all rights of a
secured creditor under the UCC with respect thereto. Each Pledgor irrevocably
waives the right to make any withdrawal from any Cash Collateral Account until
payment in full in cash of all Liabilities of such Pledgor and the termination
or expiration of each Letter of Credit issued for the account of such Pledgor
pursuant to the Credit Agreement.

          (g)
Except as otherwise provided in this Agreement, EACH PLEDGOR HEREBY WAIVES, TO
THE EXTENT PERMITTED BY APPLICABLE LAW, NOTICE AND 

7

JUDICIAL HEARING IN CONNECTION
WITH THE COLLATERAL AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S
DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY PRIOR
NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Pledgor
hereby further waives, to the extent permitted by law: (i) all damages
occasioned by such taking of possession or any such disposition except any
damages which are the direct result of the Collateral Agent’s gross negligence,
bad faith or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision), and (ii) all rights of
redemption, appraisement, valuation, stay, extension or moratorium now or
hereafter in force under any applicable law in order to prevent or delay the
enforcement of this Agreement or the absolute sale of the Collateral of such
Pledgor or any portion thereof, and each Pledgor, for itself and all who may
claim under it, insofar as it or they now or hereafter lawfully may, hereby
waives the benefit of all such laws. To the extent permitted by applicable law,
any sale of, or the grant of options to purchase, or any other realization
upon, any Collateral shall operate to divest all right, title, interest, claim
and demand, either at law or in equity, of the relevant Pledgor therein and
thereto, and shall be a perpetual bar both at law and in equity against such
Pledgor and against any Persons claiming or attempting to claim the Collateral
so sold, optioned or realized upon, or any part thereof, from, through and
under such Pledgor.

          7.
Application of Proceeds; Releases; Etc. (a) The Collateral Agent shall
apply the proceeds of any sale or other disposition or collection of any
Collateral of any Pledgor to the Liabilities of such Pledgor in the order
directed by the Administrative Agent in accordance with the terms of the Credit
Agreement. 

          (b)
Upon release of the Collateral of each Pledgor pursuant to Section 10.15(b)
of the Credit Agreement, the Collateral Agent (acting at the written direction
of the Administrative Agent) shall (i) deliver or pay, or cause the Custodian
to delivery or pay in accordance with the Control Agreement, to the account
specified by each Pledgor (or its designee) any surplus Collateral held in the
Account of such Pledgor (or any proceeds thereof held by the Collateral Agent
elsewhere), and (ii) execute and deliver any financing statement amendments or
termination statements or such other documents, instruments, notices,
supplements or other agreements as may be provided to it by the Pledgors to
terminate any financing statements or evidence the termination thereof or any
other documents filed with respect to, or otherwise relating to, the
Collateral. The obligations of the Collateral Agent under this Section 7(b)
shall survive the termination of this Agreement.

          8.
General. (a) All notices and other communications provided for hereunder
shall be in accordance with Section 10.01 of the Credit Agreement.

          (b)
Each Pledgor agrees to pay all expenses, including reasonable attorney’s fees
and charges (including time charges of attorneys who are employees of the
Collateral Agent), paid or incurred by the Collateral Agent in endeavoring to
collect the Liabilities of such Pledgor, or any part thereof, and in enforcing
this Agreement against such Pledgor, and such obligations will themselves be
Liabilities.

          (c)
No delay on the part of the Collateral Agent in the exercise of any right or
remedy shall operate as a waiver thereof, and no single or partial exercise by
the Collateral Agent of any 

8

right or remedy shall preclude
other or further exercise thereof or the exercise of any other right or remedy.

          (d)
This Agreement shall remain in full force and effect until the Commitments have
terminated, all Liabilities have been paid in full and each Letter of Credit
has terminated or expired pursuant to the Credit Agreement. At such time, the
Administrative Agent in writing will instruct the Collateral Agent to provide
the Custodian with written instructions in the form required to terminate the
Control Agreement. If at any time all or any part of any payment theretofore
applied by the Collateral Agent to any of the Liabilities is or must be
rescinded or returned by the Collateral Agent for any reason whatsoever
(including the insolvency, bankruptcy or reorganization of any Pledgor), such
Liabilities shall, for the purposes of this Agreement, to the extent that such
payment is or must be rescinded or returned, be deemed to have continued in
existence, notwithstanding such application by the Collateral Agent, and this
Agreement shall continue to be effective or be reinstated, as the case may be,
as to such Liabilities, all as though such application by the Collateral Agent
had not been made.

          (e)
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

          (f)
This Agreement shall be construed in accordance with and governed by the law of
the State of New York.

          (g)
The rights and privileges of the Collateral Agent hereunder shall inure to the
benefit of its successors and assigns. No Person other than the parties hereto
is an intended or third-party beneficiary of any of the provisions of this
Agreement.

          (h)
This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, and each such counterpart
shall be deemed to be an original, but all such counterparts shall together
constitute one and the same Agreement.

          (i)
Each party hereto hereby irrevocably and unconditionally submits, for itself
and its property, to the exclusive jurisdiction of the Supreme Court of the State
of New York sitting in the Borough of Manhattan in the City of New York and of
the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Administrative Agent,
the Collateral Agent or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement against any Pledgor or its properties in
the courts of any jurisdiction.

9

          (j)
Neither the Collateral Agent nor the Administrative Agent shall be responsible
or liable for any failure or delay in the performance of its obligations under
this Agreement arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage;
epidemics; riots; interruptions, loss or malfunctions of utilities, computers
(hardware or software) or communications service; accidents; labor disputes;
acts of civil or military authority; governmental actions; or inability to
obtain labor, material, equipment or transportation.

          (k)
XL Group agrees to indemnify the Collateral Agent against and to hold the
Collateral Agent harmless from all costs, expenses, damages, liabilities or
claims, including reasonable fees of counsel, including any claim by any
Pledgor or the Administrative Agent, that are sustained by the Collateral Agent
as a result of the Collateral Agent’s action or inaction in connection with
this Agreement, except to the extent arising out of the Collateral Agent’s
gross negligence, bad faith or willful misconduct. The foregoing indemnity
shall be a continuing obligation of the Pledgors and their respective
successors and assigns, notwithstanding the termination of this Agreement.

          (l)
The Collateral Agent may conclusively rely on an Enforcement Event Notice
received from the Administrative Agent, without any further inquiry or
investigation of any kind, for so long as it has not received written notice of
the rescission of such Enforcement Event Notice by and from the Administrative
Agent. Subject to the terms of the Credit Agreement, at any such time after its
initial delivery of an Enforcement Event Notice in respect of a Pledgor to the
extent no Event of Default remains continuing with respect to such Pledgor, the
Administrative Agent shall deliver a notice of rescission to the Collateral
Agent informing it that the Enforcement Event Notice has been rescinded.

          (m)
Each party hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement in any court referred to in
paragraph (i) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.

          (n)
To the extent that any Pledgor has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution or
execution, on the ground of sovereignty or otherwise) with respect to itself or
its property, it hereby irrevocably waives, to the fullest extent permitted by
applicable law, such immunity in respect of its obligations under this
Agreement.

          (o)
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF 

10

LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

          (p)
The obligations of each Pledgor hereunder shall remain in full force and effect
without regard to, and shall not be impaired by any exercise or non-exercise,
or any waiver of, any right, remedy, power or privilege under or in respect of
this Agreement or any other Credit Document.

          (q)
Any Person that is required to execute a counterpart of this Agreement after
the date hereof pursuant to the requirements of the Credit Agreement or any
other Credit Document shall become a Pledgor hereunder by (x) executing a
counterpart hereof and delivering same to the Collateral Agent, or by executing
an assumption agreement in form and substance reasonably satisfactory to the
Collateral Agent (acting at the written direction of the Administrative Agent),
(y) delivering supplements to Schedule I and II as are necessary to cause such
schedules to be complete and accurate with respect to such additional Pledgor
on such date and complying with Section 10.14 of the Credit Agreement and (z)
taking all actions as specified in this Agreement as would have been taken by
such Pledgor had it been an original party to this Agreement, in each case with
all documents required above to be delivered to the Collateral Agent and with all
documents and actions required above to be taken to the reasonable satisfaction
of the Collateral Agent (acting at the written direction of the Administrative
Agent).

          (r)
By the execution and delivery of this Agreement, each Pledgor acknowledges that
it has by a separate written instrument, designated and appointed CT
Corporation System, 111 Eighth Avenue, 13th floor, New York, New York 10011 (or
any successor entity thereto), as its authorized agent upon which process may
be served in any suit or proceeding arising out of or relating to this
Agreement that may be instituted in any federal or state court in the State of
New York. Each party to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 10.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

          (s)
The parties hereto acknowledge and agree that any Guarantor may, but is not
required to, deliver any cash or Eligible Assets to the Account of any Pledgor
for the purpose of securing the Liabilities of such Pledgor and that upon any
such cash or Eligible Assets being credited to the Account of any Pledgor, such
cash and Eligible Assets shall be deemed to be Collateral of such Pledgor.

          (t)
Notwithstanding anything herein to the contrary, each party hereto agrees that
the Administrative Agent may provide multiple directions and/or instructions to
the Collateral Agent in a single writing; provided that no such
instructions or directions shall relate to contingent events in the future.

 [Signature pages follow]

11

          IN WITNESS
WHEREOF, this Agreement has been duly executed as of the day and year first
above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 PLEDGORS:

 
	
  

 	
  

 	
  

 
	
  

 	
 Signed and
 Delivered as a Deed

 
	
  

 	
 For and on
 behalf of 

 
	
  

 	
 XL GROUP
 PLC,

 
	
  

 	
 as an
 Account Party and a Guarantor

 
	
  

 	
 by its duly
 authorized attorney in the presence of:

 
	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Simon
 Rich

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Simon
 Rich

 
	
  

 	
  

 	
 Title:
   Attorney

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 /s/ Robert
 Hawley

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Witness

 
	
  

 	
  

 	
 Name: Robert
 Hawley

 
	
  

 	
  

 	
 Title: V.P.
 Corporate Treasury

 
	
  

 	
  

 	
  

 
	
  

 	
 XL GROUP
 LTD.

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Simon
 Rich

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Simon
 Rich

 
	
  

 	
  

 	
 Title:   Director

 
	
  

 	
  

 	
  

 
	
  

 	
 X.L.
 AMERICA, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Gabriel
 G. Carino III

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name:
 Gabriel G. Carino III

 
	
  

 	
  

 	
 Title:   Vice
 President & Treasurer 

 
	
  

 	
  

 	
  

 
	
  

 	
 XL INSURANCE
 (BERMUDA) LTD

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ C.
 Stanley Lee

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: C.
 Stanley Lee

 
	
  

 	
  

 	
 Title:   Chief
 Financial Officer 

 

S-1

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL RE LTD

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Mark
 Twite

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Mark
 Twite

 
	
  

 	
  

 	
 Title:
   Senior Vice President and 

 
	
  

 	
  

 	
            Chief
 Financial Officer 

 
	
  

 	
  

 	
  

 
	
  

 	
 Signed and
 Delivered as a Deed

 
	
  

 	
 For and on
 behalf of 

 
	
  

 	
 XL RE EUROPE
 LIMITED,

 
	
  

 	
 as an
 Account Party 

 
	
  

 	
 by its duly
 authorized attorney 

 
	
  

 	
 in the
 presence of:

 
	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Rhicert
 J. Webb

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Rhicert J.
 Webb

 
	
  

 	
  

 	
 Title:   Attorney

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 /s/ Janet
 Dray

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Witness

 
	
  

 	
  

 	
 Name: Janet D.
 Dray

 
	
  

 	
  

 	
 Title:   Executive
 Assistant

 
	
  

 	
  

 	
  

 
	
  

 	
 XL INSURANCE
 COMPANY LIMITED,

 
	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Paul
 Bradbrook

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: P.R.
 Bradbrook

 
	
  

 	
  

 	
 Title:   Finance
 Director 

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Rhicert
 J. Webb

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Rhicert J.
 Webb

 
	
  

 	
  

 	
 Title:   Director

 

S-2

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL INSURANCE
 SWITZERLAND LTD

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Daniel
 Maurer

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Daniel
 Maurer

 
	
  

 	
  

 	
 Title:   Chairman
 

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/
 Bruno Länzlinger

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Bruno
 Länzlinger

 
	
  

 	
  

 	
 Title:   CEO
 

 
	
  

 	
  

 	
  

 
	
  

 	
 XL LIFE LTD

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 /s/ Simon
 Rich

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Simon
 Rich

 
	
  

 	
  

 	
 Title:   Director

 

S-3

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 COLLATERAL AGENT:

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON

 
	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Cindy
 Jean Paul 

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: Cindy
 Jean Paul

 
	
  

 	
  

 	
 Title:
 Senior Associate 

 
	
  

 	
  

 	
  

 
	
  

 	
 Address:

 
	
  

 	
  

 
	
  

 	
 Facsimile
 Number: 

 

S-4

	
  

 	
  

 	
  

 
	
 Acknowledged
 and, with respect to Section 8(l), agreed to by: 

 
	
  

 	
  

 
	
 JPMORGAN CHASE BANK, N.A., 

 
	
 as
 Administrative Agent 

 
	
  

 	
  

 
	
 By:

 	
 /s/ David
 Elias 

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name: David
 Elias

 
	
  

 	
 Title:   Vice
 President 

 

 

S-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]