Document:

EXHIBIT
        10.14

      Execution
        Version

    

     

    
 

    LOAN
      AGREEMENT

    

    DATED
      AS OF NOVEMBER 16, 2007

     

    BETWEEN

     

    AMTRUST
      INTERNATIONAL INSURANCE, LTD. 

     

    AS
      BORROWER,

     

     

    AND

     

     

    MAIDEN
      INSURANCE COMPANY, LTD.

    AS
      LENDER

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I.

            	
              DEFINITIONS

            	
              1

            
	 	 	 
	
              ARTICLE
                II.

            	
              COMMITMENT

            	
              3

            
	 	 	 
	
              ARTICLE
                III.

            	
              CONDITIONS
                PRECEDENT; REMEDIES

            	
              5

            
	 	 	 
	
              ARTICLE
                IV.

            	
              REPRESENTATIONS
                AND WARRANTIES

            	
              5

            
	 	 	 
	
              ARTICLE
                V.

            	
              COVENANTS

            	
              6

            
	 	 	 
	
              ARTICLE
                VI.

            	
              MISCELLANEOUS

            	
              6

            

    

    

    

    EXHIBIT
      A. FORM OF NOTE

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    LOAN
      AGREEMENT

     

    This
      LOAN
      AGREEMENT, dated as of November 16, 2007 (this “Agreement”),
      is by
      and between MAIDEN INSURANCE COMPANY, LTD., an insurance company formed with
      limited liability under the laws of the Islands of Bermuda (the “Lender”),
      and
      AMTRUST INTERNATIONAL INSURANCE, LTD., an insurance company formed with
      limited liability under the laws of the Islands of Bermuda (the “Borrower”).

     

    RECITALS

     

    WHEREAS,
      the Borrower and the Lender have entered into that certain Quota Share
      Reinsurance Agreement, dated September 17, 2007 (the “Reinsurance
      Agreement”);
      and

     

    WHEREAS,
      pursuant to the Reinsurance Agreement, the parties hereto have agreed to enter
      into this Agreement whereby the Lender will make available to the Borrower
      loans
      (each a “Loan”
and
      collectively, the “Loans”),
      which
      Loans will be used by the Borrower solely for the purpose set forth in
Section
      5.1;

     

    NOW
      THEREFORE, in consideration of these premises and the terms and conditions
      set
      forth in this Agreement, and for other good and valuable consideration, the
      receipt of which is hereby acknowledged, the parties hereto hereby agree as
      follows:

     

     

    ARTICLE
      I.

     

    DEFINITIONS

     

    1.1. Certain
      Definitions.
      For all
      purposes of this Agreement, capitalized terms used herein but not otherwise
      defined herein have the meanings set forth in the Reinsurance Agreement. In
      addition, the following terms shall have the following meanings: 

     

    “Advance”
has
      the
      meaning set forth in Section
      2.1.1.

     

    “Agreement”
has
      the
      meaning set forth in the preamble hereto.

     

    “Borrower”
has
      the
      meaning set forth in the preamble hereto.

     

    “Business
      Day”
means
      a
      day which is not a Saturday, a Sunday or any other day, including public
      holidays, on which banks in the City of New York or Bermuda are authorized
      or
      required by law or executive order to close.

     

    “Interest
      Period”
means
      (i) with respect to the initial Interest Period, the period commencing on the
      first date on which the Lender makes an Advance to the Borrower hereunder and
      ending on December 31, 2007 and (ii) with respect to all succeeding Interest
      Periods, the three-month period commencing on the last day of the immediately
      preceding Interest Period and ending on the last day of the third calendar
      month
      following such day; provided,
      however,
      that
      (x) if an Interest Period would end on a day that is not a Business Day, such
      Interest Period shall be extended to the next succeeding Business Day unless
      such next succeeding Business Day would fall in the next calendar month, in
      which case such Interest Period shall end on the next preceding Business Day,
      (y) no Interest Period with respect to any Loan shall end on a day that is
      later
      than the Maturity Date and (z) interest shall accrue from and including the
      first day of an Interest Period to but excluding the last day of such Interest
      Period.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Lender”
has
      the
      meaning set forth in the preamble hereto.

     

    “Loan”
has
      the
      meaning set forth in the recitals hereto.

     

    “Loan
      Documents”
means
      this Agreement, any Notes, the Reinsurance Agreement, the Master Agreement
      dated
      as of July 3, 2007, by and between AmTrust Financial Services, Inc. and Maiden
      Holdings, Ltd. (as amended by Amendment No. 1 thereto, dated September 17,
      2007,
      the “Master
      Agreement”)
      and
      all other agreements, instruments, documents and certificates, including
      pledges, powers of attorney, consents, assignments, contracts, notices and
      all
      other written matter whether heretofore, now or hereafter executed by or on
      behalf of the Borrower, or any employee of the Borrower, and delivered to the
      Lender in connection with this Agreement or the transactions contemplated
      thereby.

     

    “Maturity
      Date”
means,
      with respect to each Advance, the earliest to occur of (i) ten (10) years
      following the date such Advance was made with respect to an Affiliate, (ii)
      such
      time as there are no remaining Obligations due to such Affiliate under the
      Reinsurance Agreement in respect of which such Advance was originally made
      or
      (iii) such time as the Borrower is no longer required to secure its
      proportionate share of such Obligations. 

     

    “Note”
has
      the
      meaning set forth in Section
      2.4.2.

     

    “Reinsurance
      Agreement" has the meaning set forth in the recitals hereto.

     

    "Segregated
      Account”
means
      a
      segregated account established by an Affiliate as described in Section C(5)(d)
      and D(4) of Article XXIII of the Reinsurance Agreement.

     

    1.2. Other
      Interpretive Provisions.
      The
      definitions of terms herein shall apply equally to the singular and plural
      forms
      of the terms defined. The word “including” shall be deemed to be followed by the
      phrase “without limitation.” The word “will” shall be construed to have the same
      meaning and effect as the word “shall.” Unless the context requires otherwise,
      (i) any definition of or reference to any agreement, instrument or other
      document shall be construed as referring to such agreement, instrument or other
      document as from time to time amended, restated, supplemented or otherwise
      modified (subject to any restrictions on such amendments, restatements,
      supplements or modifications set forth herein or in any other Loan Document),
      (ii) any reference herein to any Person shall be construed to include such
      Person’s successors and assigns, (iii) the words “herein,” “hereof” and
“hereunder,” and words of similar import when used herein shall be construed to
      refer to this Agreement in its entirety and not to any particular provision
      hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules
      shall be construed to refer to Articles and Sections of, and Exhibits and
      Schedules to, this Agreement, (v) any reference to any law shall include all
      statutory and regulatory provisions consolidating, amending, replacing or
      interpreting such law and any reference to any law or regulation shall, unless
      otherwise specified, refer to such law or regulation as amended, modified or
      supplemented from time to time, and (vi) the words “asset” and “property” shall
      be construed to have the same meaning and effect and to refer to any and all
      tangible and intangible assets and properties, including cash, securities,
      accounts and contract rights. 

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ARTICLE
      II.

     

    COMMITMENT

     

    2.1. Loan.

     

    2.1.1. Commitment.
      During
      the term of the Reinsurance Agreement, including any renewals thereof, and
      any
      periods thereafter in which the Lender remains liable to the Borrower for
      Covered Business, the Lender shall make a Loan through advances (each, an
“Advance”)
      to the
      Borrower in respect of the Obligations to each Affiliate that the Borrower
      is
      obligated to secure, such Advance not to exceed an amount equal to the Lender’s
      proportionate share of such Obligations to such Affiliate, in accordance with
      the Reinsurance Agreement, but only to the extent that the Lender does not
      elect
      to fund or provide for collateral in respect of such Obligations other than
      through Advances. The Lender and the Borrower acknowledge and agree that (x)
      Advances, to the extent of the amount thereof so made, shall discharge the
      Lender's obligation to provide security for its proportionate share of the
      Obligations as contemplated by Article XXIII of the Reinsurance Agreement and
      (y) the failure of the Borrower to obtain any Advance pursuant to this Agreement
      for any reason (including the non-satisfaction of any condition to such Advance)
      shall not discharge the Lender's obligation to provide security for its
      proportionate share of the Obligations as contemplated by Article XXIII of
      the
      Reinsurance Agreement.

     

    2.1.2. Request
      for Advances; Frequency of Advances.
      Each
      report delivered to the Lender pursuant to Article VII of the Reinsurance
      Agreement (a "Quarterly
      Report")
      shall
      constitute a request for an Advance with respect to each Affiliate in an amount
      equal to the excess, if any, of (a) the Lender's proportionate share of the
      Obligations as set forth on such Quarterly Report in respect of such Affiliate
      over (b) the sum of the then current Aggregate Collateral Value with respect
      to
      such Affiliate plus the portion, if any, of Advances previously made and
      attributable to such Affiliate but not deposited by the Borrower into the
      applicable Trust Account for whatever reason. For greater certainty, the Lender
      shall not be required to make Advances in respect of any Affiliate more
      frequently than once per calendar quarter. 

     

    2.1.3. Any
      Advance shall be made within ten (10) days following each such request to the
      Lender. 

     

    2.1.4. Maturity.
      Each
      Loan arising from an Advance shall be due and payable in full on the Maturity
      Date with respect to such Advance.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.1.5. Prepayments.
      If, as
      of the end of a calendar quarter, the sum of the Aggregate Collateral Value
      with
      respect to an Affiliate plus the portion, if any, of Advances with respect
      to
      such Affiliate not deposited by the Borrower into the applicable Trust Accounts
      for whatever reason, both calculated as of the date such prepayment is to be
      paid, exceeds one hundred two percent (102%) of the Lender’s proportionate share
      of the Obligations to such Affiliate, the Borrower shall prepay the Loans made
      under such Advances with respect to such Affiliate within forty-five (45) days
      following the end of such quarter in an amount equal to (a) the lesser of the
      amount of such Advances or such excess minus (b) any amounts then due and
      payable by the Lender under the Reinsurance Agreement. For greater certainty,
      upon remittance by the Borrower of the payment described in the immediately
      preceding sentence, the amount described in clause (b) of such sentence shall
      be
      considered to be repaid to the Lender for purposes of this Agreement and shall
      be considered to be paid to the Borrower for purposes of the Reinsurance
      Agreement.

     

    2.1.6. Automatic
      Reduction in Principal.
      If an
      Affiliate withdraws Loan proceeds from a Trust Account into which Advances
      with
      respect to such Affiliate have been deposited, or from a Segregated Account
      that
      is funded by withdrawals from such a Trust Account, for the purpose of
      reimbursing such Affiliate for Ultimate Net Loss not received from the Borrower
      or for unearned premiums due to such Affiliate but not otherwise paid by the
      Borrower, the outstanding principal amount of the Loan with respect to such
      Affiliate automatically shall be reduced by the amount of such withdrawal and,
      as of the date the Affiliate applies such amount for such purposes, interest
      shall no longer be due on the amount of the reduction in principal.

     

    2.2. Interest
      Rate.
      Each
      Loan shall bear interest in an amount equal to the actual amount of dividends,
      interest and other income earned on the portion of such Loan deposited in the
      Trust Accounts and, to the extent so transferred, the portion of such Loan
      held
      by an Affiliate in a Segregated Account, less any amounts due and payable (i)
      by
      the Lender under the Reinsurance Agreement or the Asset Management Agreement
      or
      (ii) to any Trustee with respect to loan proceeds deposited into a Trust
      Account; provided,
      however,
      that
      such interest shall be payable only to the extent that, after giving effect
      to
      the payment of such interest, the sum of (a) Aggregate Collateral Value with
      respect to such Affiliate plus (b) the portion, if any, of Advances not
      deposited by the Borrower into the applicable Trust Accounts for whatever
      reason, both calculated as of the date such interest is to be paid, would not
      be
      less than the Lender’s proportionate share of the Obligations to such Affiliate
      as of such date.

     

    2.3. Interest
      Payment Dates.
      Subject
      to Section 2.2, all interest accruing during a calendar quarter (as determined
      pursuant to the terms of Section 2.2) shall be payable not later than sixty
      (60)
      calendar days following the end of such calendar quarter. 

     

    2.4. Evidence
      of Indebtedness.

     

    2.4.1. The
      Lender shall maintain records in which it will record (i) the amount of each
      Advance extended hereunder and (ii) the amount of any principal or interest
      due
      and payable or to become due and payable from the Borrower to the Lender
      hereunder.

     

    2.4.2. Each
      Advance under the Loan shall be evidenced by a promissory note in substantially
      the form of Exhibit
      A
      attached
      hereto (a “Note”).
      The
      Borrower shall prepare, execute and deliver to the Lender the Note payable
      to
      the order of the Lender upon delivery by the Lender of the first Advance made
      hereunder. Each Advance evidenced by the Note and interest thereon shall at
      all
      times be represented by the Note.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III.

     

    CONDITIONS
      PRECEDENT; REMEDIES

     

    3.1. Effectiveness.
      This
      Agreement shall become effective as of when this Agreement or counterparts
      hereof shall have been duly executed by the Borrower and the
      Lender.

     

    3.2. Each
      Credit Extension.
      The
      Lender shall not be required to make any Advance if
      and to
      the extent, on the date of any such Advance (a) the Borrower shall have failed
      to perform any of its obligations (including its payment obligations) under
      Article XXIII of the Reinsurance Agreement after expiration of any applicable
      cure period, or (b) after giving effect to any such Advance, the Aggregate
      Collateral Value would exceed an amount equal to the Lender's proportionate
      share of the Obligations to an Affiliate.
      The
      foregoing sentence shall not be construed to be the Lender's sole or exclusive
      remedy in respect of the Borrower, and the Lender expressly reserves the right
      to exercise any rights or remedies available to it hereunder, under any other
      Loan Documents or at law or equity, including without limitation the Lender’s
      rights and remedies under the Guarantee. 

     

     

    ARTICLE
      IV.

     

    REPRESENTATIONS
      AND WARRANTIES

     

    The
      Borrower represents and warrants to the Lender as follows:

     

    4.1. Organization;
      Power.
      The
      Borrower (a) is an insurance company formed with limited liability, duly
      organized, validly existing and in good standing under the laws of the Islands
      of Bermuda and (b) has the power to (i) execute, deliver and perform its
      obligations under this Agreement and (ii) consummate all of the transactions
      contemplated hereby.

     

    4.2. Authorization.
      The
      execution, delivery and performance by the Borrower of this Agreement (a) have
      been duly authorized by all requisite corporate action and (b) will not (i)
      violate (A) any provision of law, statute, rule or regulation in any material
      respect or the certificate of authority or other constitutive documents of
      the
      Borrower, (B) any order or decree of any court, or any rule, regulation or
      order
      of any other agency of government binding upon the Borrower or (C) any
      provisions of any indenture, agreement or other instrument to which the Borrower
      or any of its properties or assets are or may be bound, (ii) be in conflict
      with, result in a breach of or constitute (alone or with notice or lapse of
      time
      or both) a default under any indenture, agreement or other instrument referred
      to in clause
      (b)(i)(C)
      above or
      (iii) result in the creation or imposition of any lien upon any property or
      assets of the Borrower.

     

    4.3. Governmental
      Approvals.
      No
      registration or filing with, or consent or approval of, or action by, any
      federal, state or other governmental or regulatory authority is or will be
      required in connection with the execution, delivery and performance by the
      Borrower of this Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    4.4. Binding
      Effect.
      This
      Agreement has been duly executed and delivered by the Borrower and constitutes
      a
      legal, valid and binding obligation of the Borrower, enforceable in accordance
      with its terms, subject to applicable bankruptcy, insolvency, reorganization,
      moratorium and other laws from time to time in effect affecting the enforcement
      of creditors’ rights generally.

     

     

    ARTICLE
      V.

     

    COVENANTS

     

    5.1. Use
      of
      Proceeds.
      The
      Borrower shall as soon as commercially practicable deposit all proceeds from
      Advances into Trust Accounts (as defined in Article XXIII of the Reinsurance
      Agreement) that have been established for each Affiliate. The Borrower shall
      notify the Lender in writing promptly following each deposit of an Advance
      into
      a Trust Account.

     

    5.2. Compliance
      with Loan Documents.
      The
      Borrower agrees that it will do or cause to be done all things necessary for
      Borrower and the Affiliates to comply with the terms of the Loan
      Documents.

     

    5.3. Existence.
      The
      Borrower will do or cause to be done all things necessary to preserve and keep
      in full force and effect its legal existence.

     

     

    ARTICLE
      VI.

     

    MISCELLANEOUS

     

    6.1. Amendments,
      Waivers and Consents.
      No
      amendment or waiver of any provision of this Agreement, and no consent to the
      departure by the Borrower or the Lender therefrom, shall be effective unless
      in
      writing signed by the Lender and the Borrower , and each such waiver or consent
      shall be effective only in the specific instance and for the specific purpose
      for which given.

     

    6.2. Notices.
      Any
      notice and other communication required or permitted hereunder shall be in
      writing and shall be delivered personally, sent by facsimile transmission (and
      immediately after transmission confirmed by telephone), or sent by certified,
      registered or express mail, postage prepaid; provided, however, that the party
      delivering a communication by facsimile transmission shall retain the
      electronically generated confirmation of delivery, showing the telephone number
      to which the transmission was sent and the date and time of the transmission.
      Any such notice shall be deemed given when so delivered personally or sent
      by
      facsimile transmission (and immediately after transmission confirmed by
      telephone), or, if mailed, on the date shown on the receipt therefore, as
      follows (or to such other address or facsimile number as the party shall furnish
      the other party in accordance with this paragraph):

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    If
      to the
      Borrower, to:

     

    AmTrust
      International Insurance, Ltd.

    Suite
      102
      Washington Mall

    7
      Reid
      Street

    Hamilton
      HM 11

    Bermuda

    Tel:
      441.292.6564

    Fax:
      441.292.5796

    

    With
      a
      copy to:

     

    AmTrust
      Financial Services, Inc.

    59
      Maiden
      Lane, 6th
      Floor

    New
      York,
      NY 10038

    Tel:
      212.220.7120

    Fax:
      212.220.7130

    Attention:
      General Counsel

    

    If
      to the
      Lender, to:

     

    Maiden
      Insurance Company, Ltd.

    Suite
      104
      Washington Mall

    7
      Reid
      Street

    Hamilton
      HM 11

    Bermuda

    Attention:
      CFO

    Tel:
      441.295.5225

    Fax:
      441.292.0471

     

    With
      a
      copy to:

     

    Conyers
      Dill and Pearman

    Clarendon
      House

    2
      Church
      Street

    PO
      Box HM
      666

    Hamilton
      HM CX

    Bermuda

    Attention:
      Christopher Garrod, Esq.

    Tel:
      (441) 295 1422

    Fax:
      (441) 292 4720

     

    6.3. No
      Partnership.
      The
      parties hereto are independent contractors, and neither party nor its employees
      or agents will be deemed to be employees or agents of the other for any purpose
      or under any circumstances. No partnership, joint venture, alliance, fiduciary
      or any relationship other than that of independent contractors is created
      hereby, expressly or by implication.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    6.4. Binding
      Effect; Successors and Assigns.
      The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns permitted hereby,
      except that no party hereto may assign or otherwise transfer any of its rights
      or obligations hereunder without the prior written consent of each other party
      hereto. Except as provided in the preceding sentence, nothing in this Agreement,
      expressed or implied, shall be construed to give any Person other than the
      parties hereto any legal or equitable right, remedy or claim under or in respect
      of this Agreement or any covenants, agreements, representations or provisions
      contained herein.

     

    6.5. No
      Waiver; Cumulative Remedies.
      No
      failure by any Person to exercise, and no delay by any Person in exercising,
      any
      right, remedy, power or privilege hereunder shall operate as a waiver thereof;
      nor shall any single or partial exercise of any right, remedy, power or
      privilege hereunder preclude any other or further exercise thereof or the
      exercise of any other right, remedy, power or privilege. The rights, remedies,
      powers and privileges herein provided are cumulative and not exclusive of any
      rights, remedies, powers and privileges provided by law.

     

    6.6. Severability.
      If any
      provision of this Agreement is held to be illegal, invalid or unenforceable,
      (a)
      the legality, validity and enforceability of the remaining provisions of this
      Agreement shall not be affected or impaired thereby and (b) the parties shall
      endeavor in good faith negotiations to replace the illegal, invalid or
      unenforceable provisions with valid provisions the economic effect of which
      comes as close as possible to that of the illegal, invalid or unenforceable
      provisions. The invalidity of a provision in a particular jurisdiction shall
      not
      invalidate or render unenforceable such provision in any other
      jurisdiction.

     

    6.7. Arbitration;
      Governing Law; Jurisdiction; Etc.

     

    6.7.1. ARBITRATION.
      As a
      condition precedent to any right of action hereunder, any dispute arising out
      of
      the interpretation, performance or breach of this Agreement, including the
      formation or validity thereof, shall be submitted for arbitration in accordance
      with the terms and provisions of ARTICLE XVI of the Reinsurance
      Agreement.

     

    6.7.2. GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THAT
      WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER
      JURISDICTIONS.

     

    6.7.3. SUBMISSION
      TO JURISDICTION.
      WITHOUT
      LIMITING THE PROVISIONS OF SECTION 6.7.1 AS TO ARBITRATION, EACH PARTY HERETO
      IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
      NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN
      NEW
      YORK, 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 ARBITRAL AWARD, AND , SUBJECT TO SECTION 6.7.1, EACH OF
      THE
      PARTIES HERETO 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 COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 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.
      

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    6.7.4. WAIVER
      OF VENUE.
      WITHOUT
      LIMITING THE PROVISIONS OF SECTION 6.7.1 AS TO ARBITRATION, EACH PARTY HERETO
      IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
      OF
      VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
      IN ANY COURT REFERRED TO IN SECTION
      6.7.3.
      EACH OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
      BY
      APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF
      SUCH
      ACTION OR PROCEEDING IN ANY SUCH COURT.

     

    6.7.5. SERVICE
      OF PROCESS.
      EACH
      PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED
      FOR NOTICES IN SECTION
      6.2.
      NOTHING
      IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS
      IN
      ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     

    6.8. Waiver
      of Jury Trial.
      EACH
      PARTY HERETO HEREBY IRREVOCABLY 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).

     

    6.9. Counterparts;
      Integration.
      This
      Agreement may be executed in counterparts (and by different parties hereto
      in
      different counterparts), each of which shall constitute an original, but all
      of
      which when taken together shall constitute a single contract. This Agreement
      constitutes the entire contract among the parties relating to the subject matter
      hereof and supersedes any and all previous agreements and understandings, oral
      or written, relating to the subject matter hereof. Delivery of an executed
      counterpart of a signature page of this Agreement by telecopy shall be effective
      as delivery of a manually executed counterpart of this Agreement.

     

    6.10. Headings.
      Article
      and Section headings and the Table of Contents used herein are for convenience
      of reference only and are not to affect the construction of, or to be taken
      into
      consideration in interpreting, this Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    6.11. Termination.
      This
      Agreement shall terminate upon termination of the Reinsurance Agreement and
      payment in full of all principal of and interest on the Notes; provided that
      Lender shall have no further obligation with respect to its proportionate share
      of the Obligations.

     

    [Signature
      Pages Follow]

     

    

     

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Borrower and the Lender have executed this Agreement as
      of
      the date first above written.

     

    
      	 	
              LENDER:

            
	 	 
	 	
              MAIDEN
                INSURANCE COMPANY, LTD.

            

    

    

    

    
      	 	
              By:
                /s/ Bentzion S.
                Turin                                               
                

            
	 	
              Name:
                Bentzion S. Turin

            
	 	
              Title:
                Chief Operating Officer

            

    

    

    
      	 	
              BORROWER:

            
	 	 
	 	
              AMTRUST
                INTERNATIONAL INSURANCE, LTD.

            
	 	 
	 	 
	 	
              By:
                /s/ Michael F.
                Bott                                                     
                

            
	 	
              Name:
                Michael F. Bott

            
	 	
              Title:
                Senior Vice-President

            

    

     

     

    
      
        
        

      

      
        
          Signature
            Page to

          Loan
            Agreement

        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    Form
      of Note

     

     

    [Date]

     

    AmTrust
      International Insurance, Ltd. (the “Borrower”),
      promises to pay to the order of Maiden Insurance Company, Ltd. and its
      successors and assigns (the “Lender”)
      the
      aggregate unpaid principal amount of all Loans made by the Lender to the
      Borrower pursuant to Article
      II
      of the
      Agreement (as hereinafter defined), together with interest on the unpaid
      principal amount hereof at the rates and on the dates set forth in the
      Agreement. The Borrower shall pay the principal of and accrued and unpaid
      interest on the Loan in full on the Maturity Date and shall make such mandatory
      prepayments as are required to be made under the terms of the
      Agreement.

     

    The
      Lender shall, and is hereby authorized to, record on the schedule attached
      hereto, or to otherwise record in accordance with its usual practice, the date
      and amount of each Loan and the date and amount of each principal payment
      hereunder, which record shall identify the Affiliate in respect of which each
      such Loan shall have been made.

     

    This
      Note
      is one of the Loans issued pursuant to, and is entitled to the benefits of,
      the
      Loan Agreement dated as of November 16, 2007 (which, as it may be amended or
      modified and in effect from time to time, is herein called the “Agreement”),
      by
      and between the Borrower and the Lender, to which Agreement reference is hereby
      made for a statement of the terms and conditions governing this Note, including
      the terms and conditions under which this Note may be prepaid or its maturity
      date accelerated. Capitalized terms used herein and not otherwise defined herein
      are used with the meanings attributed to them in the Agreement.

     

    IN
      WITNESS WHEREOF, the Borrower has executed this Note as of the date first above
      written.

     

    
      	 	
              AMTRUST
                INTERNATIONAL INSURANCE, LTD.

            
	 	 
	 	 
	 	
              By:________________________________________

            
	 	
              Name:

            
	 	
              Title:

            

    

    

    

      Exhibit
        A

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NOTE
      OF
      AMTRUST INTERNATIONAL INSURANCE, LTD.

    DATED
      _________________________________,

     

    SCHEDULE
      OF LOANS AND PAYMENTS OF PRINCIPAL IN RESPECT OF EACH AFFILIATE

     

    

     

    
      	 	 	
              Principal

            	
              Principal

            	 
	 	 	
              Amount
                of

            	
              Amount

            	
              Unpaid

            
	
              Affiliate

            	
              Date

            	
              Advance

            	
              Paid

            	
              Balance

            
	 	 	 	 	 

    

    

     

     

    
      	 	 	
              Principal

            	
              Principal

            	 
	 	 	
              Amount
                of

            	
              Amount

            	
              Unpaid

            
	
              Affiliate

            	
              Date

            	
              Advance

            	
              Paid

            	
              Balance

            
	 	 	 	 	 

    

    
      

    

     

    
      

    

    

      Exhibit
        AEXHIBIT
        10.15

      ADDENDUM
        NO. 1 TO QUOTA SHARE REINSURANCE AGREEMENT 

       

      THIS
        ADDENDUM NO. 1
        (this
        "Addendum") to the Quota Share Reinsurance Agreement (the "Agreement"),
        effective as of July 1, 2007, by and between AMTRUST INTERNATIONAL INSURANCE,
        LTD, of Hamilton, Bermuda (the "Company") and MAIDEN INSURANCE COMPANY, LTD,
        of
        Hamilton, Bermuda (the "Reinsurer"), is made and entered into as of January
        15,
        2008 by and between the Company and the Reinsurer.

      

      WHEREAS,
        pursuant to Article XIII of the Agreement, the Company and the Reinsurer
        may
        mutually agree to amend the Agreement; and

      

      WHEREAS,
        the
        Company and the Reinsurer desire to amend the Agreement in the manner set
        forth
        in this Addendum;

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and mutual covenants contained herein, the
        Company
        and the Reinsurer hereby agree as follows:

       

      ARTICLE
        I

      DEFINITIONS
        AND USAGE

       

      
        	
                1.01

              	
                Definitions.
                  Capitalized terms used but not defined herein shall have the meaning
                  set
                  forth in the Agreement.

              

      

       

      
        	
                1.02

              	
                Headings.
                  The headings contained in this Addendum are for reference purposes
                  only
                  and shall not affect the meaning or interpretation of this
                  Addendum.

              

      

       

       

      ARTICLE
        II 

      ADDENDUM

       

      
        	
                A.

              	
                Effective
                  as of the Effective Time, Article IV, Section F of the Agreement
                  (defining
                  "Net Loss Ratio") is hereby deleted in its
                  entirety.

              

      

       

      
        	
                B.

              	
                Effective
                  as of the Effective Time, Section C of Article VI of the Agreement
                  is
                  hereby amended and restated in its entirety as
                  follows:

              

      

       

      The
        Reinsurer shall allow the Company a 31% commission on all Subject Premium
        ceded
        hereunder and attributable to Covered Business. The Company and the Reinsurer
        acknowledge and agree that the commission payable hereunder shall be subject
        to
        appropriate adjustments if Additional Business is reinsured hereunder as
        described in Section B of Article I hereof. The Company shall allow the
        Reinsurer return commission on return premiums at the rate in effect when
        the
        return premiums were originally ceded to the Reinsurer. It is expressly agreed
        that the ceding commission allowed the Company includes provision for all
        commissions, taxes, assessments (other than assessments based on losses of
        an
        Affiliate, as a ceding company under an Underlying Reinsurance Agreement)
        and
        all other expenses of whatever nature of the Company and Affiliates, except
        loss
        adjustment expense. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        III 

      MISCELLANEOUS

       

      
        	
                A.

              	
                Confirmation
                  of the Agreement.
                  Except as amended by this Addendum, the Agreement remains in full
                  force
                  and effect, without modification or amendment.

              

      

       

      
        	
                B.

              	
                Governing
                  Law.
                  This Addendum shall be governed by the laws of the State of New
                  York,
                  without giving effect to its conflict of laws
                  principles.

              

      

       

      
        	
                C.

              	
                Counterparts.
                  This Addendum may be executed in one or more counterparts, and
                  such
                  counterparts together shall constitute one and the same
                  agreement.

              

      

       

      [Remainder
        of page intentionally left blank]

       

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF the parties hereto, by their respective duly authorized
        officers, have executed this Addendum, in duplicate, as of the dates recorded
        below:

      

      AMTRUST
        INTERNATIONAL INSURANCE, LTD.

       

      
        	By:	
                /s/
                  Michael Bott

              	 
	 	 	 
	 	 	 
	Dated:	
                January
                  15, 2008

              	 
	 	 	 
	 	 	 
	MAIDEN
                INSURANCE COMPANY, LTD.	 
	 	 	 
	 	 	 
	By:	
                /s/
                  Ben Turin

              	 
	 	 	 
	 	 	 
	
                Dated:

              	
                January
                  15, 2008

              	 

      

      

       

      
        
          
          

        

        
          3

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