Document:

Exhibit
10.1

 

AMENDED AND RESTATED LETTER OF CREDIT AND

REIMBURSEMENT AGREEMENT AMENDMENT NO. 3

 

This AMENDED AND RESTATED LETTER OF CREDIT AND
REIMBURSEMENT AGREEMENT AMENDMENT NO. 3, dated and effective as of September 9,
2004 (this “Amendment”), is by and among Arch Reinsurance Ltd., Arch
Reinsurance Company and Arch Insurance Company (the “Obligors”) and Fleet
National Bank, as Agent and Issuing Lender (“Fleet”), and Comerica Bank
and Barclays Bank (collectively with Fleet, the “Lenders”).

 

WHEREAS, the Obligors and the Lenders are
parties to an Amended and Restated Letter of Credit and Reimbursement Agreement
dated as of April 17, 2002 and Amended and Restated as of August 12, 2003, as
further amended by the Amended and Restated Letter of Credit and Reimbursement
Agreement Amendment No. 1 dated as of August 20, 2003, as further amended by
the Amended and Restated Letter of Credit and Reimbursement Agreement Amendment
No. 2 dated as of August 10, 2004 (as so amended and restated, the “Reimbursement
Agreement”); and

 

WHEREAS, the Obligors the Lenders wish to
amend the Reimbursement Agreement to extend the Facility Termination Date as
set forth below.

 

NOW THEREFORE, the parties hereto agree as
follows:

 

Section 1.               Defined
Terms.  Capitalized terms used herein
and not otherwise defined shall have the meanings assigned to them in the
Reimbursement Agreement.

 

Section 2.               Amendment
to the Reimbursement Agreement. 
Effective as of the effective date hereof and subject to the
satisfaction of the conditions precedent set forth in Section 3 hereof, the
Reimbursement Agreement is hereby amended as follows:

 

The definition of “Facility Termination Date” set
forth in Section 1.1 of the Reimbursement Agreement is deleted in its entirety
and the following is substituted in lieu thereof:

 

“Facility Termination Date” means September 24,
2004.

 

Section 3.               Conditions
of Effectiveness.  This Amendment
shall become effective when, and only when, the Lenders shall have received a
counterpart of this Amendment executed by each of the parties hereto.  In addition, all corporate and legal
proceedings and all instruments and agreements in connection with the
transactions contemplated by this Amendment shall be satisfactory in form and
substance to the Lenders and the Lenders shall have received any and all other
information and documents with respect to each Obligor which they may
reasonably request.

 

Section 4.               Representations
and Warranties of the Obligors. 
Each Obligor for itself represents as follows:

 

(a)           The
execution, delivery and performance by such Obligor of this Amendment

 

 

has been duly authorized by all necessary corporate action and does not
and will not (i) require any consent or approval of such Obligor’s
shareholders; (ii) violate any provisions of the Constituent Documents of such
Obligor; (iii) violate any provision of, or require any filing, registration,
consent or approval under, any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award presently in effect having
applicability to and binding upon such Obligor, except where such violation or
failure to file would not reasonably be expected to have a material adverse
effect on the condition (financial or otherwise) of such Obligor or the ability
of such Obligor to perform its obligations with respect to this Amendment or
the Reimbursement Agreement, as amended; or (iv) result in a breach of, cause a
lien to arise under, or constitute a default or require any consent under, any
note, indenture or loan or agreement or any other agreement of such Obligor
except where such breach, default or failure to obtain consent or approval
would not reasonably be expected to have a material adverse effect on the
condition (financial or otherwise) of such Obligor or the ability of such
Obligor to perform its obligations with respect to this Amendment or the
Reimbursement Agreement, as amended.

 

(b)           This
Amendment and the Reimbursement Agreement, as amended hereby, constitute the
legal, valid and binding obligations of such Obligor, enforceable against such
Obligor in accordance with their respective terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency and other
similar laws affecting creditors’ rights generally and by general principles of
equity.

 

(c)           The
representations and warranties contained in Article IV of the Reimbursement
Agreement (as amended by this Amendment) are true, correct and complete in all
material respects on and as of the date hereof as though made on and as of such
date.

 

(d)           No
Default or Event of Default as described in Article VI of the Reimbursement
Agreement has occurred and is continuing or will result from the signing of
this Amendment or the transactions contemplated hereby.

 

(e)           There
has been no material adverse change in the condition (financial or otherwise)
of such Obligor or the ability of each Obligor to perform its obligations with
respect to the Reimbursement Agreement as amended hereby since the date of the
last financial statements furnished to the Lenders.

 

Section 5.               Reference
to and Effect on the Reimbursement Agreement.

 

(a)           Upon
the effectiveness of this Amendment, each reference in the Reimbursement
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import shall mean and be a reference to the Reimbursement Agreement as amended
hereby.

 

(b)           Except
as specifically amended above, the Reimbursement Agreement shall remain in full
force and effect and is hereby ratified and confirmed.

 

(c)           Except
as expressly provided herein, the execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the

 

2

 

Lenders under the Reimbursement Agreement, nor constitute a waiver of
any provision of the Reimbursement Agreement.

 

Section 6.               Costs,
Expenses and Taxes.  The Lenders
agree that they will be solely responsible for any and all costs and expenses
incurred by the Lenders in connection with the preparation, execution and
delivery of this Amendment and any other instruments and documents to be
delivered hereunder.

 

Section 7.               Execution
in Counterparts.  This Amendment may
be executed in multiple counterparts, each of which shall be deemed to be an
original and all of which when taken together shall constitute but one and the
same instrument.

 

Section 8.               Governing
Law.  This Amendment, and the rights
and obligations of the parties hereunder, shall be governed by, and construed
in accordance with the laws of the State of Connecticut without giving effect
to the choice of law or conflicts of the law principles thereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

3

 

IN WITNESS
WHEREOF, the parties have caused this Amendment to be duly executed and delivered
by their respective officers, as an instrument under seal, as of the date first
above written.

 

	
   

  	
  ARCH REINSURANCE LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janine Trench

  	
   

  
	
   

  	
   

  	
  Name: Janine Trench

  
	
   

  	
   

  	
  Title: Controller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ARCH REINSURANCE
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barry Golub

  	
   

  
	
   

  	
   

  	
  Name: Barry Golub

  
	
   

  	
   

  	
  Title: Controller

  
	
   

  	
   

  	
   

  
	
   

  	
  ARCH INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ramin Taraz

  	
   

  
	
   

  	
   

  	
  Name: Ramin Taraz

  
	
   

  	
   

  	
  Title: Controller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET NATIONAL BANK, as
  Agent and Issuing Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Debra Basler

  	
   

  
	
   

  	
   

  	
  Name: Debra Basler

  
	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMERICA BANK, as
  Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dru Steinly

  	
   

  
	
   

  	
   

  	
  Name: Dru Steinly

  
	
   

  	
   

  	
  Title: International Commercial Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BARCLAYS BANK, as
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brendan Mahoney

  	
   

  
	
   

  	
   

  	
  Name: Brendan Mahoney

  
	
   

  	
   

  	
  Title: Director’s
  Assistant

  
					

 

4Exhibit 10.2

 

FIRST AMENDMENT AND CONSENT TO CREDIT AGREEMENT

 

FIRST
AMENDMENT AND CONSENT TO CREDIT AGREEMENT, dated as of September 10, 2004 (this
“Amendment”), among ARCH CAPITAL GROUP LTD., a company organized under
the laws of Bermuda (the “Borrower”), the lenders from time to time
party to the Credit Agreement (the “Lenders”), and JPMORGAN CHASE BANK,
as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”).  All capitalized terms used
herein and not otherwise defined herein shall have the respective meanings
provided such terms in the Credit Agreement.

 

W I T N E S S E T H :

 

WHEREAS, the
Borrower, Lenders and the Administrative Agent are parties to a Credit
Agreement, dated as of September 12, 2003 (as amended, restated, modified
and/or supplemented prior to the date hereof, the “Credit Agreement”);
and

 

WHEREAS,
subject to the terms, conditions and agreements herein set forth, the parties
hereto have agreed to amend the Credit Agreement as herein provided;

 

NOW, THEREFORE,
it is agreed:

 

I.              Amendments.

 

1.  The
definition of “Commitment Expiration Date” appearing in Section 1.01 of
the Credit Agreement is hereby amended by deleting said definition in its
entirety and inserting the following new definition in lieu thereof:

 

“Commitment Expiration Date” means (i) in the case of each
Continuing Lender, September 17, 2004 and (ii) in the case of each Lender other
than a Continuing Lender, September 10, 2004.

 

2.  The
definition of “Maturity Date” appearing in Section 1.01 of the Credit
Agreement is hereby amended by deleting said definition in its entirety and
inserting the following new definition in lieu thereof:

 

“Maturity Date” means September 17, 2004.

 

3.  Section
1.01 of the Credit Agreement is hereby further amended by inserting the
following new definition in appropriate alphabetical order:

 

“Continuing Lender” means JPMorgan Chase Bank, Bank of America,
N.A., The Bank of Bermuda Limited (or its successor in interest), Wachovia
Bank, National Association, and The Bank of New York.

 

 

II.            Consent.

 

1.  It is hereby understood and agreed that any reference to
Commitment Expiration Date appearing in the Credit Agreement shall be construed
to be the Commitment Expiration Date for a given Lender.

 

III.           Miscellaneous.

 

1.  In
order to induce the Lenders to enter into this Amendment, the Borrower hereby
represents and warrants that (x) no Default or Event of Default exists as of
the First Amendment Effective Date after giving effect to this Amendment and
(y) all of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
the First Amendment Effective Date after giving effect to this Amendment, with
the same effect as though such representations and warranties had been made on
and as of such date (other than those representations or warranties which are
made as of a specified date or with respect to a specified period of time, in
which case such representations and warranties shall be made solely as of such
specified date or with respect to such specified period of time).

 

2.  This
Amendment is limited as specified and shall not constitute a modification,
acceptance or waiver of any other provision of the Credit Agreement (or of any
provision beyond the specific amendments granted hereby) or any other Credit
Document.

 

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

 

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

 

5.  This
Amendment shall become effective on the first date (the “First Amendment
Effective Date”) on which the Borrower, each Continuing Lender and the
Lenders constituting the Required Lenders shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered
(including by way of facsimile transmission) the same to the White and Case
LLP, 1155 Avenue of the Americas, New York, NY 10036, Attention: Gina Kwack
(facsimile number 212-354-8113).

 

6.  At
all times on and after the First Amendment Effective Date, all references in
the Credit Agreement and each of the Credit Documents to the Credit Agreement shall
be deemed to be references to the Credit Agreement after giving effect to this
Amendment.  It is agreed that this
Amendment shall constitute a Credit Document for all purposes under the Credit
Agreement and the other Credit Documents.

 

* * * *

 

2

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first written above.

 

	
   

  	
  ARCH CAPITAL GROUP LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Vollaro

  	
   

  
	
   

  	
   

  	
  Name: John D. Vollaro

  
	
   

  	
   

  	
  Title: Executive Vice President and Chief

  Financial Officer

  

 

 

	
   

  	
  JPMORGAN CHASE BANK,
  Individually

  and as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Heather Lindstrom

  	
   

  
	
   

  	
   

  	
  Name: Heather Lindstrom

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  BANK OF AMERICA, N.A.,
  Individually and

  as Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Debra Basler

  	
   

  
	
   

  	
   

  	
  Name: Debra Basler

  
	
   

  	
   

  	
  Title: Principal

  

 

 

	
   

  	
  THE BANK OF BERMUDA
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. Graham Welton

  	
   

  
	
   

  	
   

  	
  Name: W. Graham Welton

  
	
   

  	
   

  	
  Title: Head of Corporate Investment

  Banking & Markets

  

 

 

	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lizanne T. Eberle

  	
   

  
	
   

  	
   

  	
  Name: Lizanne T. Eberle

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kimberly Shaffer

  	
   

  
	
   

  	
   

  	
  Name: Kimberly Shaffer

  
	
   

  	
   

  	
  Title: Director

  

 

 

	
   

  	
  BARCLAYS BANK PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brendan Mahoney

  	
   

  
	
   

  	
   

  	
  Name: Brendan Mahoney

  
	
   

  	
   

  	
  Title: Director’s Assistant

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