Document:

ex-10-63

Translation for information purposes only

LE MANS RE

JL/cg 

	 	BNP PARIBAS
	 	41, Bd du Maréchal Foch
	 	49100 ANGERS
	 
	 	For the attention of M Frédéric
    Tollu
	 
	 	Le Mans, 27 November 2000

Dear Sirs 

Following our recent interview and our telephone conversation today, we confirm our agreement relating the renewal of the reinsurance stand-by letters of credit on the following terms: 

	0.30% (instead of 0.25%) per year on the unitary amount of each letter of credit with a minimum of US$350 per year, the other terms remaining unchanged.

	In the case of the creation of security collateral made up of OECD securities it remains 0.25% but with a minimum of US$350 per year.

We are therefore at your disposal to deal with this agreement according to the normal methods as well as to deposit the collateral according to whatever methods you would like to specify to us, the cover ratio being 105%
and applying to the sovereign securities issued by the states of the OECD. 

Yours faithfully 

     Jacques Lemaire

Administrative and Finance Director 

	Copies for information:	M de la Guierce (MMA)
	 	 
	 	M Loison (MMA)
	 	M Le Bozec (MMA)

Translation for information purposes only 

GENERAL CONDITIONS FOR THE ISSUE OF LETTERS OF CREDIT 

Between the undersigned 

PARIBAS, a limited company with a board of directors
and a board of trustees with a share capital of FRF 16,407,476,000, the registered
office of which is at 3 rue d’Antin, 75002 Paris and which is registered
at the  Trade and Companies Registry with the number PARIS B 662 047 885, represented
by M. Patrick RAKOTOARISOA and M. Antoine
MARTINEZ. Hereafter called “PARIBAS”. 

LE MANS RE, a limited company with a share capital of FRF 404,884,479, a business governed by the insurance code with a registered office at 19/21 rue Chanzy 72000 LE MANS.

Trade and Companies Register number: LE MANS 3 412 041 943, represented by M. Jean-Luc BOURGAULT and M. Clément JOURDAIN.	Hereafter called “the Instructing Party”. 

Firstly, on the basis that:

- The Instructing Party is to seek, for its reinsurance
  operations, that stand-by letters of credit be issued (hereafter “Letters
  of Credit”) in order to guarantee that its obligations under the above-mentioned
operations are carried out.

- It has been agreed, as between the undersigned,
    that a simplified procedure for delivering the Letters of Credit is to be
    implemented. These general conditions are to describe how this is to be operate. 

It is understood as follows: 

Article 1: Issue of the Letters of Credit 

Every request for a Letter of Credit to be issued must be sent either by telex, by fax or by registered letter with acknowledgment of receipt, or by remote transmission (if a licensing agreement for the use of the Lynx-LC
package is concluded between PARIBAS and the Instructing Party) by the Instructing Party to PARIBAS ref 467, 3 rue d’Antin, 75002 Paris at least ten days before the date the relevant Letter of Credit is to be issued. This period of ten days
will start to run when PARIBAS

- 2 -

 receives the above-mentioned telex, fax, registered
    letter with acknowledgment of receipt or remote transmission. 

Every request for a Letter of Credit to be issued must refer to these General Conditions for the Issue of Letters of Credit and include, as a minimum, reference to the following: 

- Name of the Instructing Party	

- Maximum
    amount of the Letter of Credit

- Date the Letter
of Credit comes into force

- Expiry date of the
  Letter of Credit 

 - Name of the beneficiary of the Letter of Credit 

 - Wording of the Letter
      of Credit 

The issue as well as the wording of each Letter of Credit must be expressly accepted by PARIBAS. 

Each Letter of Credit will be issued for a maximum period of one year and will be renewed by PARIBAS for a period of one year from the date of expiry unless (i) notice that it will not be renewed is given by PARIBAS by
registered letter with acknowledgment of receipt or by telex at least 30 days before the expiry date of the Letter of Credit in question, or (ii) a request for non-renewal is sent by the Instructing Party to PARIBAS by registered letter with
acknowledgment of receipt or by telex at least 60 days before the date of expiry of the Letter of Credit in question. 

Article 2: Remuneration 

The Instructing Party will make a payment to PARIBAS calculated on the basis of the maximum amount of the Letters of Credit issued and the period during which the afore-mentioned Letters of Credit are valid, in the
following manner:

 0.25% per year of the unit amount of each Letter
    of Credit with a minimum of US$280 per year. 

This payment will be debited from the Instructing Party’s account n° 7234 V held by PARIBAS, provided that the account is sufficiently in credit at the time each of the relevant Letters of Credit are issued. 

This payment will be debited from the Instructing Party’s account n° 7234 V held by PARIBAS at the end of each quarter, provided that the account is sufficiently in credit. For each Letter of Credit which is
issued after the start of a quarter or where the term ends before the end of a quarter, this payment will be calculated for the whole of the quarter in question. 

Article 3: New circumstances 

If the costs involved in issuing the Letters of Credits are to be borne by PARIBAS as a result of new legislation or regulations, or a new directive or recommendation from a proper authority, or a modification to any law,
regulation or directive (such as, for example,
in relation to reserves or 
- 3 -

obligatory deposits, capital and permanent resource
  margins, liquid or other assets, or any tax, right, duty or other taxation
    other than a tax on the total income of companies), PARIBAS will inform the
    Instructing
  Party and as a result propose that the payments be increased.

 In the event
      where, within sixty days of the Instructing Party receiving notice that
    one of the circumstances
    set out in the
    preceding paragraph has occurred, the Instructing Party and PARIBAS do not
      come to an agreement on the new terms to be applied to the payments, the
      Instructing
    Party will undertake to indemnify PARIBAS against the costs resulting from
      the above-mentioned circumstances on production of the relevant proof that
      such amounts
    have been incurred. 

Article 4: Reimbursement 

It is expressly understood that PARIBAS is not obliged to consider the reasons for the use of of a Letter of Credit by its beneficiary, nor to judge the validity of these reasons. 

The Instructing Party is obliged to reimburse at first request all principal sums, interest and costs that PARIBAS may have to pay in respect of the Letters of Credit issued to its order under this agreement and the
Instructing Party already authorises PARIBAS to debit its account n° 7234 V held by PARIBAS with all amounts for which it is indebted to PARIBAS, as a result of the above, provided that the account is sufficiently in credit. The Instructing
Party waives its right in advance to contest the validity of such payments made as a result of PARIBAS carrying out its obligations in relation to the Letters of Credit. 

All payments of principal, interest, commission and/or related payments in favour of PARIBAS must be made net of all taxes and duties of any kind, present or future, which are payable on such sums irrespective of the means
of recovery used. The Instructing Party in particular therefore will reimburse PARIBAS for all taxes, rights or duties, present or future, relating to these payments, with the exception of corporate tax. 

The Instructing Party undertakes to make sufficient provision in its account n° 7234 V which has been opened in dollars with PARIBAS to reimburse the amounts due to PARIBAS in relation to the Letters of Credit. If this
provision is not sufficient at the time the account is debited by PARIBAS in accordance with the provisions set out in this agreement, the Instructing Party will pay on the amounts due interest calculated at a rate equal to the monthly average of
the average day to day US dollar rates applied to transactions carried out by PARIBAS on the inter-bank market, increased by a margin of 200 basis points, until the total amount is reimbursed. 

Interest due from the Instructing Party will be payable monthly by debiting account n° 7234 V. 

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Article 5: Warranties 

The Instructing Party warrants and these warranties are deemed to be repeated every time a request for a Letter of Credit to be issued is made:

 - that the action in question is not contrary to
    any of the provisions in its articles of association;

 - that it is a French law company with full legal
    capacity to possess and to exercise its rights, and that the signatories
to this agreement are validly authorised to sign it and to bind the company;

 - that all the finance documents which have been
    produced to PARIBAS are accurate, have been prepared according to generally
    applicable accounting
      principles and present an accurate reflection of the results for each financial
year; 

- that since the closing date of the
      last financial year, nothing has occurred which could prevent the obligations
as set out in this document from being carried out;

 - that the Instructing
          Party has not granted any real or personal surety to guarantee an accomodation
granted to it or a third party:

        which is likely to prevent it from
      meeting its obligations as set out in these documents or which could affect
      the
  make up or the value of its assets,

        which, when granted, is likely
      to create an
              accomodation or a priority in relation
    to the rights of PARIBAS,

 - that its obligations under this credit agreement
            will be ranked equally with those entered into in relation to other
banking establishments;

 - that it has obtained all authorisations which
      will be ultimately required for both the reinsurance contracts and the
    Letters of
            Credit relating
              to these contracts. 

Article 6: Covenants 

For as long as the Letters of Credit remain in force, the Instructing Party covenants: 

- to send to PARIBAS all documents which PARIBAS may deem useful in relation to itself and, if applicable, its subsidiaries, particulary its consolidated accounts certified to be compliant at the end of each financial year
(balance sheet, income statement, etc);

 - not to implement a significant change in its
    financial standing, its structure or its activities which may significantly
affect its ability to meet its obligations under the current agreement;

 -
      to keep PARIBAS promptly informed of any significant transformation affecting
      its structure, its nature or its capacity (particularly change of name,
    merger, demerger or conversion into a different type of company, change of
    registered
      office etc). 

- 5 -

Article 7: Applicable law and jurisdiction 

These general conditions are governed by French law. The courts of Paris have jurisdiction to deal with any litigation in relation to their validity, interpretation and/or the implementation of these general conditions. 

The
  Letters of Credit are governed by the Standard Rules and Practices of the International
    Chamber of Commerce (Publication n° 500, 1993) and by French law. Only the courts of Paris have jurisdiction to deal with any litigation in relation to the
  validity, interpretation and/or the implementation of the Letters of Credit. 

Signed: Paris, 7 October 1999 in two originals 

The Instructing Party LE MANS RE

 Represented by 

	Jean-Luc BOURGAULT	Clément JOURDAIN
	 	 
	PARIBAS	 
	Represented by	 
	 	 
	Antoine MARTINEZ	Patrick RAKOTOARISOA

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EXECUTION COPY

364-DAY CREDIT AGREEMENT 

dated as of 

June 25, 2003

 between 

XL CAPITAL LTD, X.L. AMERICA, INC., XL INSURANCE (BERMUDA) LTD, 

XL EUROPE LTD and XL RE LTD,

as Account Parties and Guarantors, 

The LENDERS Party Hereto 

and 

JPMORGAN CHASE BANK, 

as Administrative Agent 

_____________ 

  

  $2,500,000,000 

_____________

     J.P. MORGAN SECURITIES INC., 

as Sole Advisor, Sole Lead Arranger and Sole Bookrunner, 

BANK ONE, NA, 

CITIBANK, N.A.,

DEUTSCHE BANK SECURITIES INC.

and 

WACHOVIA BANK, N.A.,

as Co-Syndication Agents 

and 

MELLON BANK, N.A., 

as Documentation Agent 

 

TABLE OF CONTENTS

	 	 	Page
	 
	ARTICLE I	 	1	 
	 	 	 	 
	   DEFINITIONS	 	1	 
	      SECTION 1.01.	Defined Terms	1	 
	      SECTION 1.02.	Terms Generally	14	 
	      SECTION 1.03.	Accounting Terms; GAAP and SAP	15	 
	 	 	 	 
	ARTICLE II	 	15	 
	 	 	 	 
	   THE CREDITS	 	15	 
	      SECTION 2.01.	Syndicated Letters of Credit.	15	 
	      SECTION 2.02.	Issuance and Administration	17	 
	      SECTION 2.03.	Reimbursement of LC Disbursements, Etc	17	 
	      SECTION 2.04.	Non-Syndicated Letters of Credit.	20	 
	      SECTION 2.05.	Participated Letters of Credit.	25	 
	      SECTION 2.06.	Alternative Currency Letters of Credit.	29	 
	      SECTION 2.07.	RC Sublimit; Revolving Credit Commitments.	31	 
	      SECTION 2.08.	Loans and Borrowings.	31	 
	      SECTION 2.09.	Requests for Borrowings	32	 
	      SECTION 2.10.	Funding of Borrowings.	33	 
	      SECTION 2.11.	Interest Elections	33	 
	      SECTION 2.12.	Termination and Reduction of the Commitments	35	 
	      SECTION 2.13.	Repayment of Loans; Term-Out Option; Evidence of Debt	35	 
	      SECTION 2.14.	Prepayment of Loans.	37	 
	      SECTION 2.15.	Fees.	37	 
	      SECTION 2.16.	Interest	39	 
	      SECTION 2.17.	Alternate Rate of Interest	40	 
	      SECTION 2.18.	Increased Costs.	40	 
	      SECTION 2.19.	Break Funding Payments	41	 
	      SECTION 2.20.	Taxes.	42	 
	      SECTION 2.21.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	43	 
	      SECTION 2.22.	Mitigation Obligations; Replacement of Lenders	45	 
	 	 	 	 
	ARTICLE III	 	46	 
	 	 	 	 
	   GUARANTEE	 	46	 
	      SECTION 3.01.	The Guarantee	46	 
	      SECTION 3.02.	Obligations Unconditional	47	 
	      SECTION 3.03.	Reinstatement	47	 
	      SECTION 3.04.	Subrogation	48	 
	      SECTION 3.05.	Remedies	48	 
	      SECTION 3.06.	Continuing Guarantee	48	 
	      SECTION 3.07.	Rights of Contribution	48	 
	      SECTION 3.08.	General Limitation on Guarantee Obligations	49	 
	 	 	 	 
	ARTICLE IV	 	49	 
	 	 	 	 
	 	i
	 	 

 

	REPRESENTATIONS AND WARRANTIES	49	 
	      SECTION 4.01.	Organization; Powers	49	 
	      SECTION 4.02.	Authorization; Enforceability	49	 
	      SECTION 4.03.	Governmental Approvals; No Conflicts	50	 
	      SECTION 4.04.	Financial Condition; No Material Adverse Change	50	 
	      SECTION 4.05.	Properties.	50	 
	      SECTION 4.06.	Litigation and Environmental Matters.	51	 
	      SECTION 4.07.	Compliance with Laws and Agreements	51	 
	      SECTION 4.08.	Investment and Holding Company Status	51	 
	      SECTION 4.09.	Taxes	51	 
	      SECTION 4.10.	ERISA	51	 
	      SECTION 4.11.	Disclosure	52	 
	      SECTION 4.12.	Use of Credit	52	 
	      SECTION 4.13.	Subsidiaries	52	 
	      SECTION 4.14.	Withholding Taxes	53	 
	      SECTION 4.15.	Stamp Taxes	53	 
	      SECTION 4.16.	Legal Form	53	 
	 	 	 	 
	ARTICLE V	 	53	 
	 	 	 	 
	   CONDITIONS	 	53	 
	      SECTION 5.01.	Effective Date	53	 
	      SECTION 5.02.	Each Credit Event	54	 
	 	 	 	 
	ARTICLE VI	 	55	 
	 	 	 
	   AFFIRMATIVE COVENANTS	55	 
	      SECTION 6.01.	Financial Statements and Other Information	55	 
	      SECTION 6.02.	Notices of Material Events	57	 
	      SECTION 6.03.	Preservation of Existence and Franchises	57	 
	      SECTION 6.04.	Insurance	58	 
	      SECTION 6.05.	Maintenance of Properties	58	 
	      SECTION 6.06.	Payment of Taxes and Other Potential Charges and Priority Claims;	 	 
	 	Payment of Other Current Liabilities	58	 
	      SECTION 6.07.	Financial Accounting Practices	59	 
	      SECTION 6.08.	Compliance with Applicable Laws	59	 
	      SECTION 6.09.	Use of Letters of Credit and Proceeds	59	 
	      SECTION 6.10.	Continuation of and Change in Businesses	59	 
	      SECTION 6.11.	Visitation	59	 
	 	 	 	 
	ARTICLE VII	 	60	 
	 	 	 
	NEGATIVE COVENANTS	60	 
	      SECTION 7.01.	Mergers	60	 
	      SECTION 7.02.	Dispositions	60	 
	      SECTION 7.03.	Liens	60	 
	      SECTION 7.04.	Transactions with Affiliates	62	 
	      SECTION 7.05.	Ratio of Total Funded Debt to Total Capitalization	62	 
	      SECTION 7.06.	Consolidated Net Worth	62	 
	      SECTION 7.07.	Indebtedness	62	 
	 	 	 	 
	 	ii
	 	 

 

	      SECTION 7.08.	Claims Paying Ratings	63	 
	      SECTION 7.09.	Private Act	63	 
	 	 	 	 
	ARTICLE VIII	 	63	 
	 	 	 
	   EVENTS OF DEFAULT	63	 
	 	 	 	 
	ARTICLE IX	 	66	 
	 	 	 
	   THE ADMINISTRATIVE AGENT	66	 
	 	 	 	 
	ARTICLE X	 	68	 
	 	 	 	 
	   MISCELLANEOUS	 	68	 
	      SECTION 10.01.	Notices	68	 
	      SECTION 10.02.	Waivers; Amendments	69	 
	      SECTION 10.03.	Expenses; Indemnity; Damage Waiver	70	 
	      SECTION 10.04.	Successors and Assigns	71	 
	      SECTION 10.05.	Survival	75	 
	      SECTION 10.06.	Counterparts; Integration; Effectiveness	75	 
	      SECTION 10.07.	Severability	76	 
	      SECTION 10.08.	Right of Setoff	76	 
	      SECTION 10.09.	Governing Law; Jurisdiction; Etc.	76	 
	      SECTION 10.10.	WAIVER OF JURY TRIAL	77	 
	      SECTION 10.11.	Headings	78	 
	      SECTION 10.12.	Treatment of Certain Information; Confidentiality	78	 
	      SECTION 10.13.	Judgment Currency	79	 
	 	 	 	 
	SCHEDULE I  	-  Commitments	 	 
	SCHEDULE II 	-  Indebtedness and Liens	 	 
	SCHEDULE III 	-  Litigation	 	 
	SCHEDULE IV 	-  Environmental Matters	 	 
	SCHEDULE V 	-  Subsidiaries	 	 
	 	 	 	 
	EXHIBIT A 	-  Form of Assignment and Assumption	 	 
	EXHIBIT B-1 	-  Form of Opinion of Paul S. Giordano, Esq., Counsel to XL Capital	 	 
	EXHIBIT B-2 	-  Form of Opinion of Charles R. Barr, Esq., Counsel to XL America	 	 
	EXHIBIT B-3 	-  Form of Opinion of Special U.S. Counsel to the Obligors	 	 
	EXHIBIT B-4 	-  Form of Opinion of Special Bermuda Counsel to XL Insurance and XL Re	 
	EXHIBIT B-5 	-  Form of Opinion of Special Cayman Islands Counsel to XL Capital	 	 
	EXHIBIT B-6 	-  Form of Opinion of Special Irish Counsel to XL Europe	 	 
	EXHIBIT C 	-  Form of Opinion of Special New York Counsel to JPMCB	 	 

iii

 

     364-Day Credit Agreement dated as of June 25, 2003, between XL CAPITAL LTD, a company incorporated under the laws of the Cayman Islands, British West Indies ("XL
Capital"), X.L. AMERICA, INC., a
Delaware corporation ("XL America"), XL INSURANCE (BERMUDA) LTD, a Bermuda limited liability company ("XL
Insurance"), XL EUROPE LTD, a company incorporated under the laws of Ireland ("XL
Europe") and XL RE LTD, a Bermuda limited liability company
("XL Re" and, together with XL Capital, XL America, XL Insurance and XL Europe, each an "Account Party" and each a "Guarantor" and
collectively, the "Account Parties" and the "Guarantors"; the Account Parties and the Guarantors being collectively referred to as
the "Obligors"), the LENDERS party hereto, and JPMORGAN CHASE BANK, as Administrative Agent. 

 	 	     The Account Parties have requested that the Lenders issue letters of credit for their account and make loans to them in an aggregate face or principal amount not exceeding $2,500,000,000 at any one time outstanding, and the
Lenders are prepared to issue such letters of credit and make such loans upon the terms and conditions hereof. Accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

     "ABR", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Alternate
Base Rate. 

     "Account Parties" means each of XL Capital, XL America, XL Insurance, XL Europe and XL Re. 

     "Account Party Jurisdiction" means (a) Bermuda, (b) the Cayman Islands, (c) the Republic of Ireland and (d) any other country (i) where any Account Party is licensed
or qualified to do business or (ii) from or through which payments hereunder are made by any Account Party. 

     "Additional Margin" means (a) for each day that the aggregate outstanding principal amount of the Loans shall be greater than 50% of the aggregate outstanding
Revolving Credit Commitments then in effect, a rate per annum equal to 0.10% or (b) from and after the Term-Out Option has been exercised and is in effect, at a rate per annum equal to 0.10%. 

     "Adjusted LIBO Rate" means, for the Interest Period for any Eurodollar Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%)

364-Day Credit Agreement 

 

- 2 - 

equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate for such Interest Period.

     "Administrative Agent" means JPMCB, in its capacity as administrative agent for the Lenders hereunder. 

     "Administrative Questionnaire" means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

     "Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly, Controls or is Controlled by or is under common Control with the
Person specified. 

     "Alternate Base Rate" means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day, and (b) the Federal Funds Effective Rate
for such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective
date of such change in the Prime Rate or the Federal Funds Effective Rate, as the case may be. 

     "Alternative Currency" means any currency other than Dollars (a) that is freely transferable and convertible into Dollars in the London foreign exchange market and (b)
for which no central bank or other governmental authorization in the country of issue of such currency is required to permit use of such currency by any Lender for issuing, renewing, extending or amending letter of credits or funding or making
drawings thereunder and/or to permit any Account Party to pay the reimbursement obligations and interest thereon, each as contemplated hereunder, unless such authorization has been obtained and is in full force and effect. 

     "Alternative Currency LC Exposure" means, at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Alternative Currency
Letters of Credit at such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements under Alternative Currency Letters of Credit that have not been reimbursed by or
on behalf of the Account Parties at such time. The Alternative Currency LC Exposure of any Lender shall at any time be such Lender's share of the total Alternative Currency LC Exposure at such time.

     "Alternative Currency Letter of Credit" means a letter of credit issued by a Lender in an Alternative Currency pursuant to Section 2.06. 

     "Alternative Currency Letter of Credit Report" has the meaning set forth in Section 2.06(b). 

     "Applicable Margin" means (a) for the period from and including the date hereof to but not including the Commitment Termination Date, 0.365% per annum and (b) in the
event that the Term-Out Option has been exercised and is in effect, for the period from and including the Commitment Termination Date to but not including the date of payment in full of the Loans, 0.615% per annum. 

364-Day Credit Agreement 

 

- 3 - 

     "Applicable Percentage" means, with respect to any Lender, the percentage of the Commitments of all the Lenders represented by such Lender's Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

     "Approved Fund" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of
credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

     "Assignment and Assumption" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

     "Availability Period" means the period from and including the Effective Date to and including the Commitment Termination Date. 

     "Board" means the Board of Governors of the Federal Reserve System of the United States of America. 

     "Borrowing" means (a) all ABR Loans made, converted or continued on the same date or (b) all Eurodollar Loans that have the same Interest Period. 

     "Borrowing Request" means a request by an Account Party for a Borrowing in accordance with Section 2.09. 

     "Business Day" means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City, London, the Cayman Islands, British West
Indies, Bermuda or Ireland are authorized or required by law to remain closed and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for,
a Eurodollar Loan, or to a notice by an Account Party with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in Dollar deposits are carried out in the London
interbank market. 

     "Capital Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the
capitalized amount thereof determined in accordance with GAAP. 

     "Change in Control" means the occurrence of any of the following events or conditions: (a) any Person or group of Persons (as used in Sections 13 and 14 of the
Securities Exchange Act of 1934, and the rules and regulations thereunder) shall have become the beneficial owner (as defined in rules promulgated by the SEC) of more than 40% of the voting 

364-Day Credit Agreement 

 

- 4 - 

securities of XL Capital; (b) the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of XL Capital; or (c) a majority of the members of XL
Capital's board of directors are persons who are then serving on the board of directors without having been elected by the board of directors or having been nominated for election by its shareholders. 

     "Change in Law" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the
interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.18(b), by any lending office of such Lender or by such Lender's holding company, if
any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 

     "Code" means the Internal Revenue Code of 1986, as amended from time to time.

     "Commitment" means, with respect to any Lender, the Letter of Credit Commitment or the Revolving Credit Commitment of such Lender, as applicable. The initial aggregate
amount of the Lenders' Commitments is $2,500,000,000. 

     "Commitment Termination Date" means June 23, 2004. 

     "Confirming Lender" means, with respect to any Lender, any other bank that has agreed, by delivery of an agreement in form and substance satisfactory to the
Administrative Agent that such other bank will itself honor the obligations of such Lender in respect of a draft complying with the terms of a Syndicated Letter of Credit or a Non-Syndicated Letter of Credit, as the case may be, as if, and to the
extent, such other bank were the "Issuing Lender" named in such Syndicated Letter of Credit or Non-Syndicated Letter of Credit, as the case may be. 

     "Consolidated Net Worth" means, at any time, the consolidated stockholders' equity of XL Capital and its Subsidiaries. 

     "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto.

     "Credit Documents" means, collectively, this Agreement and the Letter of Credit Documents. 

     "Credit Exposure" means (a) with respect to any Lender under the Letter of Credit Tranche at any time, the sum of the outstanding principal amount of such Lender's
Loans and its LC Exposure thereunder at such time and (b) with respect to any Lender under the Revolving Credit Tranche at any time, the outstanding principal amount of such Lender's Loans thereunder at such time. 

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     "Default" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event
of Default. 

     "Dollar Equivalent" means, as used in each Alternative Currency Letter of Credit Report and in respect of any Alternative Currency Letter of Credit, the amount of
Dollars obtained by converting the Alternative Currency LC Exposure with respect to such Alternative Currency Letter of Credit, as specified in such Alternative Currency Letter of Credit Report, into Dollars at the spot rate for the purchase of
Dollars with such currency as quoted by the Administrative Agent at approximately 11:00 a.m. (London time) on the second Business Day before the date of such Alternative Currency Letter of Credit Report (unless another rate or time is agreed to by
XL Capital and the Administrative Agent). 

     "Dollars" or "$" refers to lawful money of the United States of America. 

     "Effective Date" means the date on which the conditions specified in Section 5.01 are satisfied (or waived in accordance with Section 10.02). 

     "Environmental Laws" means any Law, whether now existing or subsequently enacted or amended, relating to (a) pollution or protection of the environment, including
natural resources, (b) exposure of Persons, including but not limited to employees, to Hazardous Materials, (c) protection of the public health or welfare from the effects of products, by-products, wastes, emissions, discharges or releases of
Hazardous Materials or (d) regulation of the manufacture, use or introduction into commerce of Hazardous Materials, including their manufacture, formulation, packaging, labeling, distribution, transportation, handling, storage or disposal. 

     "Environmental Liability" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of an Account Party or any Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to
any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract or agreement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

     "Equity Rights" means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including any
shareholders' or voting trust agreements) for the issuance, sale, registration or voting of, or securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such
Person. 

     "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

     "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with any Account Party, is treated as a single employer under Section 414(b)
or (c) of 

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the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

     "ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event
for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an "accumulated funding deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to
Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Account Party or any of such Account Party's ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Account Party or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by any Account Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any
Account Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Account Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan
is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

     "Eurodollar", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate. 

     "Event of Default" has the meaning assigned to such term in Article VIII. 

     "Excess Funding Guarantor" has the meaning assigned to such term in Section 3.07. 

     "Excess Payment" has the meaning assigned to such term in Section 3.07. 

     "Excluded Taxes" means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any
Account Party hereunder, (a) Taxes imposed on (or measured by) its net income, net profits or overall gross receipts by the United States of America, or by any jurisdiction under the laws of which such recipient is organized or in which such
recipient has an office or conducts business (other than a business that is deemed to arise solely by reason of both (I) the transactions contemplated by this Agreement and (II) an Account Party being organized, maintaining an office or conducting
business in such jurisdiction), (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which such recipient is organized, has an office or conducts business (other than a business
that is deemed to arise solely by reason of both (I) the transactions contemplated by this Agreement and (II) an Account Party being organized, maintaining an office or conducting business in such jurisdiction) or (c) any Tax that is not imposed
solely as a result of a Change in Law formally announced after the date hereof, and (d) any Tax that is attributable to a recipient's failure or inability to comply with Section 2.20(e). 

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     "Existing Credit Agreement" means the 364-Day Credit Agreement dated as of June 27, 2002 between the Obligors, the lenders party thereto, and JPMCB, as administrative agent for such lenders. 

     "Federal Funds Effective Rate" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a
Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

     "Financial Officer" means, with respect to any Obligor, a principal financial officer of such Obligor. 

     "GAAP" means generally accepted accounting principles in the United States of America. 

     "GIC" means a guaranteed investment contract or funding agreement or other similar agreement issued by an Account Party or any of its Subsidiaries that guarantees to a counterparty a rate of return on
the invested capital over the life of such contract or agreement. 

     "Governmental Authority" means the government of the United States of America, or of any other nation (including the European Union), or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 

     "Granting Lender" has the meaning assigned to such term in Section 10.04. 

     "Guarantee" means, with respect to any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of
negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including any obligation, whether or not contingent, (i) to purchase any such
Indebtedness or any property constituting security therefor for the purpose of assuring the holder of such Indebtedness, (ii) to advance or provide funds or other support for the payment or purchase of any such Indebtedness or to maintain working
capital, solvency or other balance sheet condition of such other Person (including keepwell agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the benefit of any holder of Indebtedness of such other
Person, (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof.
The amount of any Guarantee hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount of the Indebtedness in respect of which such Guarantee is made. The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. 

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     "Guaranteed Obligations"  has the meaning assigned to such term in Section 3.01.

     "Guarantors" means each of XL Capital, XL America, XL Insurance, XL Europe and XL Re. 

     "Hazardous Materials" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

     "Hedging Agreement" means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or
currency exchange rate or commodity price hedging arrangement. 

     "Indebtedness" means, for any Person, without duplication (it being understood, for the avoidance of doubt, that insurance payment liabilities, as such, and
liabilities arising in the ordinary course of such Person's business as an insurance or reinsurance company (including GICs and Stable Value Instruments) or corporate member of The Council of Lloyd's or as a provider of financial or investment
services or contracts (including GICs and Stable Value Instruments) (in each case other than in connection with the provision of financing to such Person or any of such Person's Affiliates) shall not be deemed to constitute Indebtedness): (i) all
indebtedness or liability for or on account of money borrowed by, or for or on account of deposits with or advances to (but not including accrued pension costs, deferred income taxes or accounts payable of) such Person; (ii) all obligations
(including contingent liabilities) of such Person evidenced by bonds, debentures, notes, banker's acceptances or similar instruments; (iii) all indebtedness or liability for or on account of property or services purchased or acquired by such Person;
(iv) any amount secured by a Lien on property owned by such Person (whether or not assumed) and Capital Lease Obligations of such Person (without regard to any limitation of the rights and remedies of the holder of such Lien or the lessor under such
capital lease to repossession or sale of such property); (v) the maximum available amount of all standby letters of credit issued for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed); and
(vi) all Guarantees of such Person. 

     "Indemnified Taxes" means Taxes (including Other Taxes) imposed on the Administrative Agent or any Lender on or with respect to any payment hereunder or the execution,
delivery or enforcement of this Agreement other than Excluded Taxes. 

     "Insurance Subsidiary" means any Subsidiary which is subject to the regulation of, and is required to file statutory financial statements with, any governmental body,
agency or official in any State or territory of the United States or the District of Columbia which regulates insurance companies or the doing of an insurance business therein. 

     "Interest Election Request" means a request by an Account Party to convert or continue a Borrowing in accordance with Section 2.11. 

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     "Interest Payment Date" means (a) with respect to any ABR Loan, each Quarterly Date and (b) with respect to any Eurodollar Loan, the last day of each Interest Period therefor and, in the case of any
Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at three-month intervals after the first day of such Interest Period. 

     "Interest Period" means, for any Eurodollar Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two, three or six months thereafter, as specified in the applicable Borrowing Request or Interest Election Request; provided that (i) if any Interest
Period would end on a day other than 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, and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period)
shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans. 

     "Issuing Lender" means (a) with respect to any Participated Letter of Credit, JPMCB, in its capacity as the issuer of such Participated Letter of Credit hereunder, and
its successors in such capacity as provided in Section 2.05(j), (b) with respect to any Syndicated Letter of Credit, each Lender, in its capacity as the issuer of such Syndicated Letter of Credit and (c) with respect to any Non-Syndicated Letter of
Credit, the Lender named therein as the issuer thereof. 

     "JPMCB" means JPMorgan Chase Bank. 

     "Law" means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority. 

     "LC Disbursement" means (a) with respect to any Participated Letter of Credit or Non-Syndicated Letter of Credit, a payment made by the Issuing Lender pursuant thereto and (b) with respect to any
Syndicated Letter of Credit or Alternative Currency Letter of Credit, a payment made by a Lender pursuant thereto. 

     "LC Exposure" means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements under Letters of Credit that have not yet been reimbursed by or on behalf of the Account Parties at such time. The LC Exposure of any Lender at any time shall be the sum of (i) its Applicable Percentage of
the total LC Exposure (excluding any Alternative Currency LC Exposure) plus (ii) the Alternative Currency LC Exposure (if any) of such Lender at such time. 

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     "Lenders" means the Persons listed on Schedule I and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any
such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. For the purposes of Sections 2.01, 2.02, 2.03, 2.04, 2.05 and 2.06, any reference to the term "Lender" or "Lenders" shall mean a Lender or the Lenders under the
Letter of Credit Tranche. 

     "Letter of Credit Documents" means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or
other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit. 

     "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), 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 2.12 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 the RC Sublimit) 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 initial aggregate amount of the
Lenders' Letter of Credit Commitments is $2,325,000,000. 

     "Letter of Credit Tranche" means the tranche hereunder relating to the Letter of Credit Commitments, the Letters of Credit issued and the Loans made thereunder and the
Lenders having Letter of Credit Commitments or Credit Exposure in respect of such Letters of Credit and Loans. 

     "Letters of Credit" means each of the Syndicated Letters of Credit, the Non-Syndicated Letters of Credit, the Participated Letters of Credit and the Alternative
Currency Letters of Credit. 

     "LIBO Rate" means, for the Interest Period for any Eurodollar Borrowing, the rate appearing on Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any
successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest
rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for the offering of Dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the LIBO Rate for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period. 

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     "Lien" means, with respect to any asset, any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever, including but not
limited to any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security. 

     "Loans" means the loans made by the Lenders under any Tranche to the Account Parties pursuant to Section 2.07. 

     "Margin Stock" means "margin stock" within the meaning of Regulations T, U and X of the Board. 

     "Material Adverse Effect" means a material adverse effect on: (a) the assets, business, financial condition or operations of an Account Party and its Subsidiaries
taken as a whole; or (b) the ability of an Account Party to perform any of its payment or other material obligations under this Agreement. 

     "Maturity Date" means the Commitment Termination Date, as such date may be extended pursuant to the Term-Out Option. 

     "Multiemployer Plan" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

     "NAIC" means the National Association of Insurance Commissioners. 

     "NAIC Approved Lender" means (a) any Lender that is a bank listed on the most current Bank List of banks approved by the NAIC (the "NAIC
Lender List") or (b) any Lender as to which its Confirming Lender is a bank listed on the NAIC Lender List. 

     "Non-Syndicated Letters of Credit" means letters of credit issued under Section 2.04. 

     "Non-U.S. Benefit Plan" means any plan, fund (including any superannuation fund) or other similar program established or maintained outside the United States by any Account Party or any of their
Subsidiaries, with respect to which such Account Party or such Subsidiary has an obligation to contribute, for the benefit of employees of such Account Party or such Subsidiary, which plan, fund or other similar program provides, or results in, the
type of benefits described in Section 3(1) or 3(2) of ERISA, and which plan is not subject to ERISA or the Code. 

     "Obligors" means each of the Account Parties and each of the Guarantors. 

     "Other Taxes" means any and all present or future stamp or documentary taxes or any other similar excise or property taxes, charges or similar levies arising from any payment made hereunder or from
the execution, delivery or enforcement of this Agreement, but excluding property or similar taxes other than any such taxes imposed in such circumstances solely as a result of the Account Party being organized in, maintaining an office in,
conducting business in or maintaining property located in the taxing jurisdiction in question. 

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     "Participant" has the meaning assigned to such term in Section 10.04. 

     "Participated Letters of Credit" means letters of credit issued under Section 2.05. 

     "PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

     "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other
entity. 

     "Plan" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of
which any Account Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. 

     "Prime Rate" means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City;
each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

     "Private Act" means separate legislation enacted in Bermuda with the intention that such legislation apply specifically to an Account Party, in whole or in part.

     "Pro Rata Share" has the meaning assigned to such term in Section 3.07. 

     "Quarterly Date" means the last Business Day of March, June, September and December in each year, the first of which shall be the first such day after the date hereof.

     "RC Sublimit" has the meaning assigned to such term in Section 2.07(a). The initial RC Sublimit is $500,000,000. 

     "Register" has the meaning assigned to such term in Section 10.04. 

     "Related Parties" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such
Person and such Person's Affiliates. 

     "Required Lenders" means, at any time, Lenders having Commitments representing more than 50% of the aggregate Commitments of all the Lenders at such time;
provided that, if the Commitments have expired or been terminated, "Required Lenders" means Lenders having more than 50% of the aggregate Credit Exposure of the Lenders at such time. The
"Required Lenders" of a particular Tranche means Lenders having Commitments under such Tranche representing more than 50% of the aggregate Commitments of all the Lenders under such Tranche at such time; provided that, if the Commitments under such Tranche have expired or been terminated, "Required Lenders" means Lenders under such Tranche having more than 50% of the aggregate Credit Exposure of the Lenders
under such Tranche at such time. 

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     "Revolving Credit Commitment" means, with respect to any Lender, the commitment of such Lender, if any, to make Loans under Section 2.07(b), as such commitment may be (a) reduced from time to time
pursuant to Section 2.12 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of a Lender's Revolving Credit Commitment, if any, is set forth on Schedule I or in
the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as applicable. The initial aggregate amount of the Lenders' aggregate Revolving Credit Commitments is $175,000,000. 

     "Revolving Credit Tranche" means the tranche hereunder relating to the Revolving Credit Commitments, the Loans made thereunder and the Lenders having Revolving Credit
Commitments or Credit Exposure in respect of such Loans. 

     "SAP" means, as to each Account Party and each Subsidiary that offers insurance products, the statutory accounting practices prescribed or permitted by the relevant Governmental Authority for such
Account Party's or such Subsidiary's domicile for the preparation of its financial statements and other reports by insurance corporations of the same type as such Account Party or such Subsidiary in effect on the date such statements or reports are
to be prepared, except if otherwise notified by XL Capital as provided in Section 1.03. 

     "SEC" means the Securities and Exchange Commission or any successor entity. 

     "Specified Account Party" has the meaning assigned to such term in Section 2.05. 

     "SPV" has the
    meaning assigned to such term in Section 10.04. 

     "Stable Value Instrument" means any insurance, derivative or similar financial contract or instrument designed to mitigate the volatility of returns during a given
period on a specified portfolio of securities held by one party (the "customer") through the commitment of the other party (the "SVI provider") to provide the customer with a credited rate of return on the portfolio, typically determined through an
interest-crediting mechanism (and in exchange for which the SVI provider typically receives a fee). 

     "Statutory Reserve Rate" means, for any day (or for the Interest Period for any Eurodollar Borrowing), a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject on such day (or, with respect to an Interest Period, the denominator of which is the number one minus the arithmetic mean of such aggregates for the days in such Interest Period) with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D of the Board). Such
reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions
or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 

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     "Subsidiary" means, with respect to any Person (the "parent"), at any date, any corporation (or similar entity) of which a majority of the shares of outstanding
capital stock normally entitled to vote for the election of directors (regardless of any contingency which does or may suspend or dilute the voting rights of such capital stock) is at such time owned directly or indirectly by the parent or one or
more subsidiaries of the parent. Unless otherwise specified, "Subsidiary" means a Subsidiary of an Account Party. 

     "Syndicated Letters of Credit" means letters of credit issued under Section 2.01. 

     "Taxes" means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 

     "Term-Out Option" has the meaning assigned to such term in Section 2.13(b). 

     "Total Funded Debt" means, at any time, all Indebtedness of XL Capital and its Subsidiaries which would at such time be classified in whole or in part as a liability on the consolidated balance sheet
of XL Capital in accordance with GAAP. 

     "Tranche" means the Letter of Credit Tranche or the Revolving Credit Tranche, as applicable. 

     "Transactions" means the execution, delivery and performance by the Obligors of this Agreement and the other Credit Documents to which any Account Party is intended to
be a party, the issuance of Letters of Credit, the borrowing of Loans and the use of the proceeds thereof. 

     "Type", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to the Adjusted
LIBO Rate or the Alternate Base Rate. 

     "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined
in Part I of Subtitle E of Title IV of ERISA. 

     SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "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 (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d)
all references herein to Articles, Sections, Exhibits and 

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Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) 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. 

     SECTION 1.03. Accounting Terms; GAAP and SAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP or SAP, as the context requires, each as in effect from time to time; provided that, if XL Capital notifies the Administrative Agent that the
Account Parties request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or SAP, as the case may be, or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Account Parties that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or SAP, as the case may
be, or in the application thereof, then such provision shall be interpreted on the basis of GAAP or SAP, as the case may be, as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith.

ARTICLE II 

THE CREDITS 

     SECTION 2.01. Syndicated Letters of Credit. 

     (a) General. Subject to the terms and conditions set forth herein, at the request of any Account Party the Lenders agree at any time and from
time to time during the Availability Period to issue Syndicated Letters of Credit for the account of such Account Party in an aggregate amount that will not result in the Credit Exposure exceeding the Commitments (it being understood that Syndicated
Letters of Credit may be issued, or be outstanding, for the account of more than one of the Account Parties at any time). Each Syndicated Letter of Credit shall be in such form as is consistent with the requirements of the applicable regulatory
authorities in Illinois, California, Wisconsin or New York, as reasonably determined by the Administrative Agent or as otherwise agreed to by the Administrative Agent and XL Capital; provided that, without the prior consent of each Lender, no Syndicated Letter of Credit may be issued that would vary the several and not joint nature of the obligations of the Lenders thereunder as provided in the next succeeding sentence.
Each Syndicated Letter of Credit shall be issued by all of the Lenders thereunder, acting through the Administrative Agent, at the time of issuance as a single multi-bank letter of credit, but the obligation of each Lender thereunder shall be
several and not joint, based upon its Applicable Percentage of the aggregate undrawn amount of such Syndicated Letter of Credit. 

 	 	     (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a Syndicated Letter of Credit (or the amendment, renewal or extension of an
outstanding Syndicated Letter of Credit), an Account Party shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Administrative Agent) to the Administrative Agent (reasonably
in advance of the requested date 

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of issuance, amendment, renewal or extension) a notice requesting
the issuance of a Syndicated Letter of Credit, or identifying the Syndicated
Letter of Credit to be amended, renewed or extended, and specifying the date
of  issuance, amendment, renewal or extension, as the case may be (which shall
be a Business Day), the date on which such Syndicated Letter of Credit is to
expire (which shall comply with paragraph (d) of this Section), the amount of
such Syndicated
Letter of Credit, the name and address of the beneficiary thereof and the terms
and conditions of (and such other information as shall be necessary to prepare,
amend, renew or extend, as the case may be) such Syndicated Letter of Credit.
If any  Syndicated Letter of Credit shall provide for the automatic extension
of the expiry date thereof unless the Administrative Agent gives notice that
such expiry date shall not be extended, then the Administrative Agent will give
such notice if
requested to do so by the Required Lenders of the Letter of Credit Tranche in
a notice given to the Administrative Agent not more than 60 days, but not less
than 45 days, prior to the current expiry date of such Syndicated Letter of Credit.
If  requested by the Administrative Agent, such Account Party also shall submit
a letter of credit application on JPMCB's standard form in connection with any
request for a Syndicated Letter of Credit. In the event of any inconsistency
between the terms
and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by any Account Party
to, or entered into by any Account Party with, the Administrative Agent relating
to any  Syndicated Letter of Credit, the terms and conditions of this Agreement
shall control. 

     (c) Limitations on Amounts. A Syndicated Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or
  extension of each Syndicated Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the aggregate Credit Exposure of the Lenders under the
  Letter of Credit Tranche shall not exceed the aggregate amount of the Letter of Credit Commitments and (ii) the Credit Exposure (excluding any Alternative Currency LC Exposure) of each Lender under the Letter of Credit Tranche shall not exceed the
  Letter of Credit Commitment of such Lender. 

     (d) Expiry Date. Each Syndicated Letter of Credit shall expire at or prior to the close of business on the date one year after the date of the issuance of such
Syndicated Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension). 

     (e) Obligation of Lenders. The obligation of any Lender under any Syndicated Letter of Credit shall be several and not joint and shall at any time be in an amount
equal to such Lender's Applicable Percentage of the aggregate undrawn amount of such Syndicated Letter of Credit, and each Syndicated Letter of Credit shall expressly so provide. 

     (f) Continuation of Existing Syndicated Letters of Credit. Subject to the terms and conditions hereof, each Syndicated Letter of Credit under (and as defined in) the
Existing Credit Agreement which is outstanding on the Effective Date shall automatically be continued hereunder on the Effective Date by all of the Lenders, and the obligation of each such Lender shall be several and not joint, based upon its
Applicable Percentage and the aggregate undrawn amount of such Letter of Credit (as so defined), which shall be deemed a Syndicated Letter of Credit under this Agreement as of such date. The Administrative Agent shall, on the Effective Date or
promptly thereafter, notify each beneficiary of each such Letter of Credit as to the 

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Lenders party thereto, and their respective Applicable Percentages, as of the Effective Date. 

     SECTION 2.02. Issuance and Administration. Each Syndicated Letter of Credit shall be executed and delivered by the Administrative Agent in
the name and on behalf of, and as attorney-in-fact for, each Lender party to such Syndicated Letter of Credit, and the Administrative Agent shall act under each Syndicated Letter of Credit, and each Syndicated Letter of Credit shall expressly
provide that the Administrative Agent shall act, as the agent of each Lender to (a) receive drafts, other demands for payment and other documents presented by the beneficiary under such Syndicated Letter of Credit, (b) determine whether such drafts,
demands and documents are in compliance with the terms and conditions of such Syndicated Letter of Credit and (c) notify such Lender and the Account Parties that a valid drawing has been made and the date that the related LC Disbursement is to be
made; provided that the Administrative Agent shall have no obligation or liability for any LC Disbursement under such Syndicated Letter of Credit, and each Syndicated Letter of Credit shall
expressly so provide. Each Lender hereby irrevocably appoints and designates the Administrative Agent as its attorney-in-fact, acting through any duly authorized officer of JPMCB, to execute and deliver in the name and on behalf of such Lender each
Syndicated Letter of Credit to be issued by such Lender hereunder. Promptly upon the request of the Administrative Agent, each Lender will furnish to the Administrative Agent such powers of attorney or other evidence as any beneficiary of any
Syndicated Letter of Credit may reasonably request in order to demonstrate that the Administrative Agent has the power to act as attorney-in-fact for such Lender to execute and deliver such Syndicated Letter of Credit. Notwithstanding anything in
this Agreement to the contrary, the Administrative Agent has no responsibility hereunder with respect to the issuance, renewal, extension, amendment or other administration of any Alternative Currency Letter of Credit, except as expressly set forth
in Section 2.06. 

     SECTION 2.03. Reimbursement of LC Disbursements, Etc. 

     (a) Reimbursement. If any Lender shall make any LC Disbursement in respect of any Syndicated Letter of Credit or Alternative Currency Letter of Credit, regardless of
the identity of the Account Party of such Syndicated Letter of Credit or Alternative Currency Letter of Credit, as the case may be, the Account Parties jointly and severally agree that they shall reimburse such Lender in respect of such LC
Disbursement under (x) a Syndicated Letter of Credit by paying to the Administrative Agent an amount equal to such LC Disbursement not later than noon, New York City time, on (i) the Business Day that the Account Parties receive notice of such LC
Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Account Parties receive such notice, if such notice is not received prior to such time and (y) an
Alternative Currency Letter of Credit, by paying such Lender on the date, in the currency and amount thereof, together with interest thereon (if any), and in the manner (including the place of payment) as such Lender and such Account Party shall
have separately agreed pursuant to Section 2.06. 

     (b) Reimbursement Obligations Absolute. The Account Parties' joint and several obligations to reimburse LC Disbursements as provided in paragraph (a) of this Section
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any
Syndicated Letter of Credit or any term or provision 

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therein, (ii) any draft or other document presented under a Syndicated Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment
under a Syndicated Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Syndicated Letter of Credit (provided that the
Account Parties shall not be obligated to reimburse such LC Disbursements unless payment is made against presentation of a draft or other document that at least substantially complies with the terms of such Syndicated Letter of Credit), (iv) at any
time or from time to time, without notice to any Account Party, the time for any performance of or compliance with any of such reimbursement obligations of any other Account Party shall be waived, extended or renewed, (v) any of such reimbursement
obligations of any other Account Party shall be amended or otherwise modified in any respect, or any guarantee of any of such reimbursement obligations shall be released, substituted or exchanged in whole or in part or otherwise dealt with, (vi) the
occurrence of any Default, (vii) the existence of any proceedings of the type described in clause (g) or (h) of Article VIII with respect to any other Account Party or any guarantor of any of such reimbursement obligations, (viii) any lack of
validity or enforceability of any of such reimbursement obligations against any other Account Party or any guarantor of any of such reimbursement obligations, or (ix) any other event or circumstance whatsoever, whether or not similar to any of the
foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the obligations of any Account Party hereunder. 

 	 	     Neither the Administrative Agent, nor any Lender nor any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Syndicated Letter of Credit or any
payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Syndicated Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond their control;
provided that the foregoing shall not be construed to excuse the Administrative Agent or a Lender from liability to any Account Party to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Account Parties to the extent permitted by applicable law) suffered by any Account Party that are caused by the gross negligence or willful misconduct of the Administrative
Agent or a Lender. The parties hereto expressly agree that: 

  
     	 	      (i) the Administrative Agent may accept documents that appear on their face to be in substantial compliance with the terms of a Syndicated Letter of Credit without responsibility for further investigation, regardless of any
    notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Syndicated Letter of Credit; 
  

  
     	 	     (ii) the Administrative Agent shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Syndicated Letter
  of Credit; and 
  

  
     	 	     (iii) this sentence shall establish the standard of care to be exercised by the 
  

364-Day Credit Agreement 

 

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    Administrative Agent when determining whether drafts and other documents presented under a Syndicated Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law,
    any standard of care inconsistent with the foregoing). 
  

     (c) Disbursement Procedures. The Administrative Agent shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a
demand for payment under any Syndicated Letter of Credit. The Administrative Agent shall promptly after such examination (i) notify each of the Lenders and the Account Parties by telephone (confirmed by telecopy) of such demand for payment and (ii)
deliver to each Lender a copy of each document purporting to represent a demand for payment under such Syndicated Letter of Credit. With respect to any drawing properly made under a Syndicated Letter of Credit, each Lender will make an LC
Disbursement in respect of such Syndicated Letter of Credit in accordance with its liability under such Syndicated Letter of Credit and this Agreement, such LC Disbursement to be made to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders. The Administrative Agent will make any such LC Disbursement available to the beneficiary of such Syndicated Letter of Credit by promptly crediting the amounts so received, in like funds, to
the account identified by such beneficiary in connection with such demand for payment. Promptly following any LC Disbursement by any Lender in respect of any Syndicated Letter of Credit, the Administrative Agent will notify the Account Parties of
such LC Disbursement; provided that any failure to give or delay in giving such notice shall not relieve the Account Parties of their obligation to reimburse the Lenders with respect to any
such LC Disbursement. 

     (d) Interim Interest. If any LC Disbursement with respect to a Syndicated Letter of Credit is made, then, unless the Account Parties shall reimburse such LC
Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Account Parties reimburse such LC
Disbursement, at the rate per annum equal to (i) 1% plus the Alternate Base Rate to but excluding the date three Business Days after such LC Disbursement is made and (ii) from and including
the date three Business Days after such LC Disbursement is made, 3% plus the Alternate Base Rate. 

     (e) Right of Contribution. The Account Parties hereby agree, as between themselves, that if any Account Party shall pay any reimbursement
obligation in respect of any LC Disbursement with respect to a Syndicated Letter of Credit issued to support the obligations of another Account Party (the "Specified Account Party"), the
Specified Account Party shall, on demand (but subject to the next sentence), pay to such first Account Party an amount equal to the amount of such reimbursement. The payment obligation of a Specified Account Party to another Account Party under this
paragraph (e) shall be subordinate and subject in right of payment to the prior payment in full of the obligations of the Specified Account Party under this Agreement and each other Credit Document, and such other Account Party shall not exercise
any right or remedy with respect to such reimbursement until payment and satisfaction in full of all of such obligations of the Specified Account Party. 

364-Day Credit Agreement

 

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     SECTION 2.04. Non-Syndicated Letters of Credit. 

     (a) General. Subject to the terms and conditions set forth herein, at the request of any Account Party the Lenders agree at any time and from
time to time during the Availability Period to issue Non-Syndicated Letters of Credit for the account of such Account Party in an aggregate amount that will not result in the Credit Exposure exceeding the Commitments (it being understood that
Non-Syndicated Letters of Credit may be issued, or be outstanding, for the account of more than one of the Account Parties at any time). Each Non-Syndicated Letter of Credit shall be in such form as is consistent with the requirements of the
applicable regulatory authorities in the jurisdiction of issue as reasonably determined by the Administrative Agent or as otherwise agreed to by the Administrative Agent and XL Capital. Each Non-Syndicated Letter of Credit shall be issued by the
respective Issuing Lender thereof, through the Administrative Agent as provided in Section 2.04(c), in the amount of such Issuing Lender's Applicable Percentage of the aggregate amount of Non-Syndicated Letters of Credit being requested by such
Account Party at such time, and (notwithstanding anything herein or in any other Letter of Credit Document to the contrary) such Non-Syndicated Letter of Credit shall be the sole responsibility of such Issuing Lender (and of no other Person,
including any other Lender or the Administrative Agent). Notwithstanding anything to the contrary in this 
Agreement, no Non-Syndicated Letter of Credit may be requested hereunder for any jurisdiction unless XL Capital provides evidence reasonably satisfactory to the Administrative Agent that Syndicated Letters of Credit do not comply
with the insurance laws of such jurisdiction. 

     (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of Non-Syndicated Letters of Credit (or the amendment,
renewal or extension of outstanding Non-Syndicated Letters of Credit), an Account Party shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Administrative Agent) to the
Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of Non-Syndicated Letters of Credit, or identifying the Non-Syndicated Letters of Credit to be amended,
renewed or extended, and specifying the date of issuance, amendment, renewal or extension, as the case may be (which shall be a Business Day), the date on which such Non-Syndicated Letters of Credit are to expire (which shall comply with paragraph
(e) of this Section), the aggregate amount of all Non-Syndicated Letters of Credit to be issued in connection with such request, the name and address of the beneficiary thereof and the terms and conditions of (and such other information as shall be
necessary to prepare, amend, renew or extend, as the case may be) such Non-Syndicated Letters of Credit. If Non-Syndicated Letters of Credit issued in connection with the same request shall provide for the automatic extension of the expiry date
thereof unless the Issuing Lender thereof or the Administrative Agent gives notice that such expiry date shall not be extended, then the Administrative Agent (acting on behalf of the relevant Issuing Lenders) will give such notice for all such
Non-Syndicated Letters of Credit if requested to do so by the Required Lenders of the Letter of Credit Tranche in a notice given to the Administrative Agent not more than 60 days, but not less than 45 days, prior to the current expiry date of such
Non-Syndicated Letter of Credit. If requested by the Administrative Agent, such Account Party also shall submit a letter of credit application on JPMCB's standard form in connection with any request for a Non-Syndicated Letter of Credit. In the
event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by any Account Party to, or entered into by any 

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Account Party with, the Administrative Agent (acting on behalf of the relevant Issuing Lenders) relating to any Non-Syndicated Letter of Credit, the terms and conditions of this Agreement shall control. 

     (c) Issuance and Administration. Each Non-Syndicated Letter of Credit shall be executed and delivered by the Administrative Agent (which
term, for purposes of this Section 2.04 and any other provisions of this Agreement, including Article IX and Section 10.03, relating to Non-Syndicated Letters of Credit, shall be deemed to refer to, unless the context otherwise requires, JPMCB
acting in its capacity as the Administrative Agent or in its individual capacity, in either case as attorney-in-fact for the respective Issuing Lender), acting through any duly authorized officer of JPMCB, in the name and on behalf of, and as
attorney-in-fact for, the Issuing Lender party to such Non-Syndicated Letter of Credit. With respect to each Non-Syndicated Letter of Credit, the Administrative Agent shall act in the name and on behalf of, and as attorney-in-fact for, the Lender
issuing such Non-Syndicated Letter of Credit and in that capacity shall, and each Lender hereby irrevocably appoints and designates the Administrative Agent, acting through any duly authorized officer of JPMCB, to so act in the name and on behalf
of, and as attorney-in-fact for, each Lender with respect to each Non-Syndicated Letter of Credit to be issued by such Lender hereunder and, without limiting any other provision of this Agreement, to, (i) execute and deliver in the name and on
behalf of such Lender each Non-Syndicated Letter of Credit to be issued by such Lender hereunder, (ii) receive drafts, other demands for payment and/or other documents presented by the beneficiary thereunder, (iii) determine whether such drafts,
demands and/or documents are in compliance with the terms and conditions thereof, (iv) notify the beneficiary of any such Non-Syndicated Letter of Credit of the expiration or non-renewal thereof in accordance with the terms thereof, (v) advise such
beneficiary of any change in the office for presentation of drafts under any such Non-Syndicated Letter of Credit, (vi) enter into with the Account Parties any such letter of credit application or similar agreement with respect to any such
Non-Syndicated Letter of Credit as the Administrative Agent shall require, (vii) remit to the beneficiary of any such Non-Syndicated Letter of Credit any payment made by such Lender and received by the Administrative Agent in connection with a
drawing thereunder, (viii) perform any and all other acts which in the sole opinion of the Administrative Agent may be necessary or incidental to the performance of the powers herein granted with respect to such Non-Syndicated Letter of Credit, (ix)
notify such Lender and the Account Parties that a valid drawing has been made and the date that the related LC Disbursement is to be made; provided that the Administrative Agent shall have
no obligation or liability for any LC Disbursement under such Non-Syndicated Letter of Credit and (x) delegate to any agent of JPMCB and such agent's Related Parties, or any of them, the performance of any of such powers. Each Lender hereby ratifies
and confirms (and undertakes to ratify and confirm from time to time upon the request of the Administrative Agent) whatsoever the Administrative Agent (or any Related Party thereof) shall do or purport to do by virtue of the power herein granted.
Promptly upon the request of the Administrative Agent, each Lender will furnish to the Administrative Agent such powers of attorney or other evidence as any beneficiary of any Non-Syndicated Letter of Credit may reasonably request in order to
demonstrate that the Administrative Agent has the power to act as attorney-in-fact for such Lender with respect to such Non-Syndicated Letter of Credit (together with such evidence of the due authorization, execution, delivery and validity of such
power of attorney as the Administrative Agent may reasonably request). Without limiting any provision of Article IX, the Administrative Agent may perform any and all of its duties and exercise any and all of its 

364-Day Credit Agreement 

 

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rights and powers under this Section 2.04 through its Related Parties. 

     (d) Limitations on Amounts. Non-Syndicated Letters of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or
extension of each Non-Syndicated Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the aggregate Credit Exposure of the Lenders under the
Letter of Credit Tranche shall not exceed the aggregate amount of the Letter of Credit Commitments and (ii) the Credit Exposure (excluding any Alternative Currency LC Exposure) of each Lender under the Letter of Credit Tranche shall not exceed the
Letter of Credit Commitment of such Lender. 

     (e) Expiry Date. Each Non-Syndicated Letter of Credit shall expire at or prior to the close of business on the date one year after the date of the issuance of such
Non-Syndicated Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension). 

     (f) Participations. By the issuance of a Non-Syndicated Letter of Credit (or an amendment to a Non-Syndicated Letter of Credit increasing the amount thereof) by the
respective Issuing Lender, and without any further action on the part of such Issuing Lender or the Lenders, such Issuing Lender hereby grants to each Lender (other than the Issuing Lender itself), and each such Lender hereby acquires from such
Issuing Lender, a participation in such Non-Syndicated Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Non-Syndicated Letter of Credit. Each Lender acknowledges and agrees that
its obligation to acquire participations pursuant to this paragraph in respect of Non-Syndicated Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension
of any Non-Syndicated Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to
pay to the Administrative Agent, for account of the respective Issuing Lender, such Lender's Applicable Percentage of each LC Disbursement made by an Issuing Lender in respect of any Non-Syndicated Letter of Credit promptly upon the request of the
Administrative Agent at any time from the time such LC Disbursement is made until such LC Disbursement is reimbursed by the Account Parties or at any time after any reimbursement payment is required to be refunded to the Account Parties for any
reason. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Promptly following receipt by the Administrative Agent of any payment from the Account Parties pursuant to the next following paragraph, the
Administrative Agent shall distribute such payment to the respective Issuing Lender or, to the extent that the Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender as
their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Lender for any LC Disbursement shall not relieve the Account Parties of their obligation to reimburse such LC Disbursement. 

     (g) Reimbursement. If any Issuing Lender shall make any LC Disbursement in respect of any Non-Syndicated Letter of Credit, regardless of the
identity of the Account Party of such Non-Syndicated Letter of Credit, the Account Parties jointly and severally agree that they shall reimburse such Issuing Lender in respect of such LC Disbursement by paying to the 

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Administrative Agent an amount equal to such LC Disbursement not later than noon, New York City time, on (i) the Business Day that the Account Parties receive notice of such LC 
Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Account Parties receive such notice, if such notice is not received prior to such
time.

     If the Account Parties fail to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Account Parties in respect
thereof and such Lender's Applicable Percentage thereof. 

     (h) Obligations Absolute. The Account Parties' joint and several obligations to reimburse LC Disbursements in respect of any Non-Syndicated
Letter of Credit as provided in paragraph (g) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Non-Syndicated Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Non-Syndicated Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Lender under a Non-Syndicated Letter of Credit against presentation of a draft or other document that does not comply strictly
with the terms of such Non-Syndicated Letter of Credit (provided that the Account Parties shall not be obligated to reimburse such LC Disbursements unless payment is made against
presentation of a draft or other document that at least substantially complies with the terms of such Non-Syndicated Letter of Credit), (iv) at any time or from time to time, without notice to any Account Party, the time for any performance of or
compliance with any of such reimbursement obligations of any other Account Party being waived, extended or renewed, (v) any of such reimbursement obligations of any other Account Party being amended or otherwise modified in any respect, or any
guarantee of any of such reimbursement obligations being released, substituted or exchanged in whole or in part or otherwise dealt with, (vi) the occurrence of any Default, (vii) the existence of any proceedings of the type described in clause (g)
or (h) of Article VIII with respect to any other Account Party or any guarantor of any of such reimbursement obligations, (viii) any lack of validity or enforceability of any of such reimbursement obligations against any other Account Party or any
guarantor of any of such reimbursement obligations, or (ix) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of
the obligations of any Account Party hereunder. 

     Neither the Administrative Agent, the Lenders nor any Issuing Lender, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the
payment or failure to make any payment under a Non-Syndicated Letter of Credit (irrespective of any of the circumstances referred to in the preceding sentence) as a result of determining whether drafts or other documents presented under a
Non-Syndicated Letter of Credit comply with the terms thereof, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Non-Syndicated Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of an Issuing Lender; provided that the foregoing shall not be construed to 

364-Day Credit Agreement 

 

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excuse the Administrative Agent or a Lender from liability to the Account Parties to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Account Parties to the
extent permitted by applicable law) suffered by the Account Parties that are caused by the gross negligence or willful misconduct of the Administrative Agent or a Lender when determining whether drafts and other documents presented under a
Non-Syndicated Letter of Credit comply with the terms thereof. The parties hereto expressly agree that: 

        (i) the Administrative Agent may accept documents that appear on their face to be in substantial compliance with the terms of a Non-Syndicated Letter of Credit without responsibility for further
    investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Non-Syndicated Letter of Credit; 
  

        (ii) the Administrative Agent shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms
  of such Non-Syndicated Letter of Credit; and 
  

        (iii) this sentence shall establish the standard of care to be exercised by the Administrative Agent when determining whether drafts and other documents presented under a Non-Syndicated Letter of
  Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 
  

     (i) Disbursement Procedures. The Administrative Agent shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a
demand for payment under any Non-Syndicated Letter of Credit. The Administrative Agent shall promptly after such examination (i) notify each of the Lenders and the Account Parties by telephone (confirmed by telecopy) of such demand for payment and
(ii) deliver to each Lender (including the Issuing Lender) a copy of each document purporting to represent a demand for payment under such Non-Syndicated Letter of Credit. With respect to any drawing properly made under a Non-Syndicated Letter of
Credit, the Issuing Lender thereof will make an LC Disbursement in respect of such Non-Syndicated Letter of Credit in accordance with its liability under such Non-Syndicated Letter of Credit and this Agreement, such LC Disbursement to be made to the
account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make any such LC Disbursement available to the beneficiary of such Non-Syndicated Letter of Credit by
promptly crediting the amounts so received, in like funds, to the account identified by such beneficiary in connection with such demand for payment. Promptly following any LC Disbursement by any Issuing Lender in respect of any Non-Syndicated Letter
of Credit, the Administrative Agent will notify the Account Parties of such LC Disbursement; provided that any failure to give or delay in giving such notice shall not relieve the Account
Parties of their obligation to reimburse such Issuing Lender with respect to any such LC Disbursement. 

     (j) Interim Interest. If any LC Disbursement with respect to a Non-Syndicated Letter of Credit is made, then, unless the Account Parties shall reimburse such LC
Disbursement 

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in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Account Parties reimburse
such LC Disbursement, at the rate per annum equal to (i) 1% plus the Alternate Base Rate to but excluding the date three Business Days after such LC Disbursement is made and (ii) from and
including the date three Business Days after such LC Disbursement is made, 3% plus the Alternate Base Rate. 

     (k) Right of Contribution. The Account Parties hereby agree, as between themselves, that if any Account Party shall pay any reimbursement
obligation in respect of any LC Disbursement with respect to a Non-Syndicated Letter of Credit issued to support the obligations of another Account Party (the "Specified Account Party"), the
Specified Account Party shall, on demand (but subject to the next sentence), pay to such first Account Party an amount equal to the amount of such reimbursement. The payment obligation of a Specified Account Party to another Account Party under this
paragraph (k) shall be subordinate and subject in right of payment to the prior payment in full of the obligations of the Specified Account Party under this Agreement and each other Credit Document, and such other Account Party shall not exercise
any right or remedy with respect to such reimbursement until payment and satisfaction in full of all of such obligations of the Specified Account Party. 

     (l) Continuation of Existing Non-Syndicated Letters of Credit. Subject to the terms and conditions hereof, each Non-Syndicated Letter of
Credit under (and as defined in) the Existing Credit Agreement which is outstanding on the Effective Date shall, effective as of the Effective Date, be amended to reflect the Lenders under the Letter of Credit Tranche as of the Effective Date and,
with respect to each such respective Letter of Credit, a face amount based each such Lender's Applicable Percentage of the Letter of Credit Commitments as in effect on the Effective Date, and such Letters of Credit, as so amended, shall be continued
hereunder as a Non-Syndicated Letter of Credit issued by such Lender. 

     SECTION 2.05. Participated Letters of Credit. 

     (a) General. Subject to the terms and conditions set forth herein, any Account Party may request the Issuing Lender to issue, at any time and
from time to time during the Availability Period, Participated Letters of Credit for its own account. Each Participated Letter of Credit shall be in such form as is consistent with the requirements of the applicable regulatory authorities in
Illinois, California, Wisconsin or New York as reasonably determined by the Administrative Agent or as otherwise agreed to by the Administrative Agent and XL Capital. Participated Letters of Credit issued hereunder shall constitute utilization of
the Commitments. 

     (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a Participated Letter of Credit (or the amendment,
renewal or extension of an outstanding Participated Letter of Credit), an Account Party shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing
Lender and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Participated Letter of Credit, or identifying the Participated Letter of Credit to
be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Participated Letter of Credit 

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is to expire (which shall comply with paragraph (d) of this Section), the amount of such Participated Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare,
amend, renew or extend such Participated Letter of Credit. If requested by the Issuing Lender, such Account Party also shall submit a letter of credit application on the Issuing Lender's standard form in connection with any request for a
Participated Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by such Account Party to, or
entered into by any Account Party with, the Issuing Lender relating to any Participated Letter of Credit, the terms and conditions of this Agreement shall control. 

     (c) Limitations on Amounts. A Participated Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Participated Letter of Credit each Account Party shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure of the Issuing Lender
with respect to Participated Letters of Credit (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed $50,000,000 and (ii) the aggregate Credit
Exposure of the Lenders under the Letter of Credit Tranche shall not exceed the aggregate amount of the Letter of Credit Commitments. 

     (d) Expiry Date. Each Participated Letter of Credit shall expire at or prior to the close of business on the date one year after the date of
the issuance of such Participated Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension). 

     (e) Participations. By the issuance of a Participated Letter of Credit (or an amendment to a Participated Letter of Credit increasing the
amount thereof) by the Issuing Lender, and without any further action on the part of the Issuing Lender or the Lenders, the Issuing Lender hereby grants to each Lender, and each Lender hereby acquires from the Issuing Lender, a participation in such
Participated Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Participated Letter of Credit. Each Lender acknowledges and agrees that its obligation to acquire participations
pursuant to this paragraph in respect of Participated Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Participated Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the Commitments. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for account of
the Issuing Lender, such Lender's Applicable Percentage of each LC Disbursement made by the Issuing Lender in respect of any Participated Letter of Credit promptly upon the request of the Issuing Lender at any time from the time such LC Disbursement
is made until such LC Disbursement is reimbursed by the Account Parties or at any time after any reimbursement payment is required to be refunded to the Account Parties for any reason. Such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. Promptly following receipt by the Administrative Agent of any payment from the Account Parties pursuant to the next following paragraph, the Administrative Agent shall distribute such payment to the Issuing
Lender or, to the extent that the Lenders have made 

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payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing
Lender for any LC Disbursement shall not relieve the Account Parties of their obligation to reimburse such LC Disbursement. 

     (f) Reimbursement. If any Lender shall make any LC Disbursement in respect of any Participated Letter of Credit, regardless of the identity
of the Account Party of such Participated Letter of Credit, the Account Parties jointly and severally agree that they shall reimburse such Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC
Disbursement not later than noon, New York City time, on (i) the Business Day that the Account Parties receive notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately
following the day that the Account Parties receive such notice, if such notice is not received prior to such time. 

     If the Account Parties fail to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Account Parties in respect
thereof and such Lender's Applicable Percentage thereof. 

     (g) Obligations Absolute. The Account Parties' joint and several obligations to reimburse LC Disbursements in respect of any Participated
Letter of Credit as provided in paragraph (f) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Participated Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Participated Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Lender under a Participated Letter of Credit against presentation of a draft or other document that does not comply strictly with
the terms of such Participated Letter of Credit (provided that the Account Parties shall not be obligated to reimburse such LC Disbursements unless payment is made against presentation of a
draft or other document that at least substantially complies with the terms of such Participated Letter of Credit), (iv) at any time or from time to time, without notice to any Account Party, the time for any performance of or compliance with any of
such reimbursement obligations of any other Account Party shall be waived, extended or renewed, (v) any of such reimbursement obligations of any other Account Party shall be amended or otherwise modified in any respect, or any guarantee of any of
such reimbursement obligations shall be released, substituted or exchanged in whole or in part or otherwise dealt with, (vi) the occurrence of any Default, (vii) the existence of any proceedings of the type described in clause (g) or (h) of Article
VIII with respect to any other Account Party or any guarantor of any of such reimbursement obligations, (viii) any lack of validity or enforceability of any of such reimbursement obligations against any other Account Party or any guarantor of any of
such reimbursement obligations, or (ix) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the obligations of
any Account Party hereunder. 

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     Neither the Administrative Agent, the Lenders nor the Issuing Lender, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the
payment or failure to make any payment under a Participated Letter of Credit (irrespective of any of the circumstances referred to in the preceding sentence) as a result of determining whether drafts or other documents presented under a Participated
Letter of Credit comply with the terms thereof, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Participated Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that
the foregoing shall not be construed to excuse the Issuing Lender from liability to the Account Parties to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Account Parties to
the extent permitted by applicable law) suffered by the Account Parties that are caused by the Issuing Lender's gross negligence or willful misconduct when determining whether drafts and other documents presented under a Participated Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that: 

        (i) the Issuing Lender may accept documents that appear on their face to be in substantial compliance with the terms of a Participated Letter of Credit without responsibility for further
    investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Participated Letter of Credit; 
  

        (ii) the Issuing Lender shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such
  Participated Letter of Credit; and 
  

        (iii) this sentence shall establish the standard of care to be exercised by the Issuing Lender when determining whether drafts and other documents presented under a Participated Letter of Credit
  comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 
  

     (h) Disbursement Procedures. The Issuing Lender shall, within a reasonable time following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Participated Letter of Credit. The Issuing Lender shall promptly after such examination notify the Administrative Agent and XL Capital by telephone (confirmed by telecopy) of such demand for
payment and whether the Issuing Lender has made or will make a LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Account
Parties of their obligation to reimburse the Issuing Lender and the Lenders with respect to any such LC Disbursement. 

     (i) Interim Interest. If any LC Disbursement is made with respect to a Participated Letter of Credit, then, unless the Account Parties shall
reimburse such LC 
Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Account Parties
reimburse such LC Disbursement, at the rate per 

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annum equal to (i) 1% plus the Alternate Base Rate to but excluding the date three Business Days after such LC Disbursement is made and (ii) from and including the date
three Business Days after such LC Disbursement is made, 3% plus the Alternate Base Rate. Interest accrued pursuant to this paragraph shall be for account of the Issuing Lender, except that
interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse the Issuing Lender shall be for account of such Lender to the extent of such payment. 

     (j) Replacement of the Issuing Lender. The Issuing Lender may be replaced at any time by written agreement between XL Capital, the
Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Account
Parties shall pay all unpaid fees accrued for account of the replaced Issuing Lender pursuant to Section 2.15(d). From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations
of the replaced Issuing Lender under this Agreement with respect to Participated Letters of Credit to be issued thereafter and (ii) references herein to the term "Issuing Lender" shall be deemed to refer to such successor or to any previous Issuing
Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Lender under this Agreement with respect to Participated Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Participated Letters of Credit. 

     (k) Right of Contribution. The Account Parties hereby agree, as between themselves, that if any Account Party shall pay any reimbursement
obligation in respect of any LC Disbursement with respect to a Participated Letter of Credit issued to support the obligations of another Account Party (the "Specified Account Party"), the
Specified Account Party shall, on demand (but subject to the next sentence), pay to such first Account Party an amount equal to the amount of such reimbursement. The payment obligation of a Specified Account Party to another Account Party under this
paragraph (k) shall be subordinate and subject in right of payment to the prior payment in full of the obligations of the Specified Account Party under this Agreement and each other Credit Document, and such other Account Party shall not exercise
any right or remedy with respect to such reimbursement until payment and satisfaction in full of all of such obligations of the Specified Account Party. 

     (l) Continuation of Existing Participated Letters of Credit. Subject to the terms and conditions hereof, each Participated Letter of Credit
under (and as defined in) the Existing Credit Agreement which is outstanding on the Effective Date shall automatically be continued hereunder on the Effective Date by the Issuing Lender, and as of the Effective Date the Lenders shall acquire a
participation therein as if such Letter of Credit were issued hereunder, and each such Letter of Credit shall be deemed a Participated Letter of Credit under this Agreement as of such date. 

     SECTION 2.06. Alternative Currency Letters of Credit. 

     (a) 	Requests for Offers. From time to time during the Availability Period, an Account Party may request any or all of the Lenders to make
offers to issue an Alternative 

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Currency Letter of Credit for account of such Account Party. Each Lender may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to such Lender, and such Account Party may, but shall
have no obligation to, accept any such offers. An Alternative Currency Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or extension of each Alternative Currency Letter of Credit the
Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the aggregate Credit Exposure of the Lenders shall not exceed the aggregate amount of the Commitments. Each such
Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as XL Capital, the applicable Account Party and such Lender shall agree, including expiry, drawing conditions,
reimbursement, interest, fees and provision of cover; provided that the expiry of any Alternative Currency Letter of Credit shall not be later than the one-year anniversary from the date of
issuance thereof (or, in the case of any renewal or extension thereof, one-year after such renewal or extension). 

     (b) 	Reports to Administrative Agent. The Account Parties shall deliver to the Administrative Agent and each of the Lenders a report in
respect of each Alternative Currency Letter of Credit (an "Alternative Currency Letter of Credit Report") on and as of the date (i) on which such Alternative Currency Letter of Credit is
issued, (ii) of the issuance, renewal, extension or amendment of a Syndicated Letter of Credit or a Non-Syndicated Letter of Credit, if any Alternative Currency Letter of Credit is then outstanding and (iii) on which the Commitments are to be
reduced pursuant to Section 2.12, specifying for each such Alternative Currency Letter of Credit (after giving effect to issuance thereof, as applicable):

     (A) the date on which such Alternative Currency Letter of Credit was or is being issued; 

     (B) the Alternative Currency
of such Alternative Currency Letter of Credit;

     (C) the aggregate undrawn amount of such Alternative
Currency Letter of Credit (in such Alternative Currency); 

     (D) the aggregate unpaid amount of LC Disbursements under such Alternative Currency Letter of Credit (in such Alternative Currency); 

     (E) the Alternative Currency LC Exposure (in Dollars) in respect of such Alternative Currency Letter of Credit; and 

     (F) 	the aggregate amount of Alternative Currency LC Exposures (in Dollars). 

     Each Alternative Currency Letter of Credit Report shall be delivered to the Administrative Agent and each of the Lenders by 10:00 a.m. (New York City time) on the date on which it is required to be
delivered. 

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     SECTION 2.07. RC Sublimit; Revolving Credit Commitments. 

     (a) RC Sublimit. Subject to the terms and conditions set forth herein, each Lender under the Letter of Credit Tranche agrees to make Loans to
an Account Party from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender's outstanding Loans exceeding such Lender's Applicable Percentage of an amount (the "RC
Sublimit") equal to
the lesser of (x) initially, $500,000,000 and (y) such lower amount to which the initial RC Sublimit shall have been reduced pursuant to Section 2.12, (ii) such Lender's Credit Exposures (excluding any Alternative Currency LC Exposure) under the
Letter of Credit Tranche exceeding such Lender's Letter of Credit Commitment, (iii) the total outstanding Loans under the Letter of Credit Tranche exceeding the RC Sublimit or (iv) the aggregate Credit Exposures of all Lenders under the Letter of
Credit Tranche exceeding the aggregate Letter of Credit Commitments of all Lenders (it being understood that Loans may be made, or be outstanding, under the Letter of Credit Tranche to more than one of the Account Parties at any time). Within the
foregoing limits and subject to the terms and conditions set forth herein, the Account Parties may borrow, prepay and reborrow Loans under the Letter of Credit Tranche. 

     (b) Revolving Credit Commitments. Subject to the terms and conditions set forth herein, each Lender under the Revolving Credit Tranche agrees
to make Loans to an Account Party from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender's outstanding Loans under such Tranche exceeding such Lender's Revolving Credit Commitment or
(ii) the total outstanding Loans under the Revolving Credit Tranche exceeding the total Revolving Credit Commitments (it being understood that Loans may be made, or be outstanding, under the Revolving Credit Tranche to more than one of the Account
Parties at any time). Within the foregoing limits and subject to the terms and conditions set forth herein, the Account Parties may borrow, prepay and reborrow Loans under the Revolving Credit Tranche. 

     SECTION 2.08. Loans and Borrowings. 

     (a) Obligations of Lenders. Each Loan under a Tranche shall be made as part of a Borrowing consisting of Loans of the same Type made by the
Lenders of such Tranche ratably in accordance with their respective Commitments under such Tranche. The failure of any Lender under any Tranche to make any Loan required to be made by it shall not relieve any other Lender under such Tranche of its
obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required. Loans made under
the Letter of Credit Tranche shall constitute utilization of both the RC Sublimit and the Letter of Credit Commitments. 

     (b) Type of Loans. Subject to Section 2.16, each Borrowing shall be constituted entirely of ABR Loans or of Eurodollar Loans as any Account
Party may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Account Parties to repay such Loan in accordance with the terms of this Agreement. 

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     (c) Minimum Amounts; Limitation on Number of Borrowings. Each Eurodollar Borrowing shall be in an aggregate amount of $10,000,000 or a larger
multiple of $1,000,000. Each ABR Borrowing shall be in an aggregate amount equal to $10,000,000 or a larger multiple of $1,000,000; provided that an ABR Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the total Revolving Credit Commitments or that is requested to finance the reimbursement of an LC Disbursement as contemplated by Section 2.03(a).
Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten Eurodollar Borrowings
outstanding. 

     (d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, no Account Party shall be entitled to request (or
to elect to convert to or continue as a Eurodollar Borrowing) any Borrowing if the Interest Period requested therefor would end after the Maturity Date. 

     SECTION 2.09. Requests for Borrowings. 

     (a) Notice by the Account Parties. To request a Borrowing, XL Capital shall notify the Administrative Agent of such request by telephone (i)
in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date
of the proposed Borrowing; provided that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.03(a) may be given not later than 11:00 a.m., New York City time, on the date of the
proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent
and signed by XL Capital. 

     (b) Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.08: 

       (i) the relevant Account
    Party;

       (ii) the aggregate amount
  of the requested Borrowing;

       (iii) the date of such Borrowing,
    which shall be a Business Day;

    

     (iv) whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

        (v) in the case of a Eurodollar Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term "Interest Period" and permitted under Section 2.08(d);
    
  

        (vi) the location and number of such Account Party's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.10; and 
  

        (vii) whether such Borrowing is to be made under the Letter of Credit Tranche or the Revolving Credit Tranche. 
  

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     (c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender under the relevant Tranche of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing. 

     (d) Failure to Elect. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If
no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the requested Borrowing shall be made instead as an ABR Borrowing. 

     SECTION 2.10. Funding of Borrowings. 

     (a) Funding by Lenders. Each Lender under any Tranche shall make each Loan to be made by it hereunder on the proposed date thereof by wire
transfer of immediately available funds by 12:00 noon, New York City time (or 1:00 p.m., New York City time with respect to ABR Loans requested by XL Capital no later than 11:00 a.m. on the same day), to the account of the Administrative Agent most
recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the relevant Account Party by promptly crediting the amounts so received, in like funds, to an account of such Account
Party maintained with the Administrative Agent in New York City and designated by such Account Party in the applicable Borrowing Request. 

     (b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal
Funds Effective Rate or (ii) in the case of such Account Party, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

     SECTION 2.11. Interest Elections. 

     (a) Elections by the Account Parties. The Loans constituting each Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the relevant Account Party may elect to convert such Borrowing to a Borrowing of a different Type or to
continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurodollar Borrowing, may elect the Interest Period therefor, all as provided in this Section. The relevant Account Party may elect different options with respect to
different portions of the 

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affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing.

     (b) Notice of Elections. To make an election pursuant to this Section, XL Capital shall notify the Administrative Agent of such election by
telephone by the time that a Borrowing Request would be required under Section 2.09 if XL Capital were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by XL Capital. 

     (c) Content of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.08: 

        (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each
    resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing); 
  

        (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  

        (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  

        (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term
"Interest Period" and permitted under Section 2.08(d). 
  

     (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing. 

     (e) Failure to Elect; Events of Default. If XL Capital fails to deliver a timely and complete Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies XL Capital, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may
be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor. 

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     SECTION 2.12. Termination and Reduction of the Commitments. 

     (a) Scheduled Termination. Unless previously terminated, the Commitments shall terminate at the close of business on the Commitment
Termination Date. 

     (b) Voluntary Termination or Reduction. The Account Parties may at any time terminate, or from time to time reduce, the Commitments under any
Tranche (including the RC Sublimit); provided that (i) each reduction of the Commitments under any Tranche or of the RC Sublimit under the Letter of Credit Tranche shall be in an amount that
is $25,000,000 or a larger multiple of $5,000,000 and (ii) the Account Parties shall not terminate or reduce the Commitments under any Tranche or the RC Sublimit under the Letter of Credit Tranche if the Credit Exposure under such Tranche would
exceed such Commitments or (in the case of the Letter of Credit Tranche) the outstanding Loans thereunder would exceed the RC Sublimit. 

     (c) Notice of Voluntary Termination or Reduction. XL Capital shall notify the Administrative Agent of any election to terminate or reduce the
Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by XL Capital pursuant to this Section shall be irrevocable; provided that a notice of
termination of the Commitments delivered by XL Capital may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by XL Capital (by notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied. 

     (d) Effect of Termination or Reduction. Any termination or reduction of the Commitments or the RC Sublimit shall be permanent. Each reduction
of the Commitments under any Tranche or the RC Sublimit under the Letter of Credit Tranche shall be made ratably among the Lenders under such Tranche in accordance with their respective Commitments thereunder. 

     SECTION 2.13. Repayment of Loans; Term-Out Option; Evidence of Debt. 

     (a) Repayment. Each Account Party hereby unconditionally promises to pay to the Administrative Agent for account of the relevant Lenders, (i)
in the event that the Term-Out Option has not been exercised, the outstanding principal amount of the Loans made to such Account Party on the Commitment Termination Date and (ii) in the event that the Term-Out Option has been exercised and is in
effect, on the Maturity Date, the then unpaid principal amount of the Loans made to such Account Party outstanding at the close of business on the Commitment Termination Date. 

     (b) Term-Out Option. The Account Parties may, by notice given by XL Capital to the Administrative Agent (which shall promptly notify the
Lenders) not less than 15 days prior to the Commitment Termination Date, extend the Maturity Date for all Loans outstanding at the close of business New York City time on the Commitment Termination Date to the first anniversary of the Commitment
Termination Date (the "Term-Out Option"); provided that such extension shall not be effective with respect to any Lender unless: 

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        (i) no Default shall have occurred and be continuing on each of the date of the notice requesting such extension and on the Commitment Termination Date; and 
  

        (ii) each of the representations and warranties made by the Account Parties in Article IV shall be true and complete on and as of each of the date of the notice requesting such extension and the
  Commitment Termination Date with the same force and effect as if made on and as of such 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). 
  

     Notwithstanding the foregoing, the Commitments of the Lenders to make Loans shall terminate on the Commitment Termination Date. 

     (c) Manner of Payment. Prior to any repayment or prepayment of any 
Borrowings hereunder, XL Capital shall select the Borrowing or Borrowings to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m., New York City time,
three Business Days before the scheduled date of such repayment; provided that each repayment of Borrowings shall be applied to repay any outstanding ABR Borrowings before any other
Borrowings. If XL Capital fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings and, second, to other Borrowings in the order of the
remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans included in such Borrowing. 

     (d) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness
of each Account Party to such Lender resulting from each Loan made by such Lender to such Account Party, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

     (e) Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the
amount of each Loan made to each Account Party hereunder, the Type thereof and each Interest Period therefor, (ii) the amount of any principal or interest due and payable or to become due and payable from such Account Party to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender's share thereof. 

     (f) Effect of Entries. The entries made in the records maintained pursuant to paragraph (d) or (e) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Account Parties to repay the Loans in accordance with the terms of this
Agreement. 

     (g) Promissory Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, each Account Party shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by
such promissory note and interest thereon shall at all 

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times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 

     SECTION 2.14. Prepayment of Loans. 

     (a) Right to Prepay Borrowings. The Account Parties shall have the right at any time and from time to time to prepay any Borrowing in whole
or in part, subject to the requirements of this Section. 

     (b) Notices, Etc. XL Capital shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in
the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time,
one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.12, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.12. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders under the relevant Tranche of the contents thereof. Each
partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.08. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.16 and shall be made in the manner specified in Section 2.13(c). 

     SECTION 2.15. Fees. 

     (a) Facility Fee. XL Capital agrees to pay to the Administrative Agent for account of each Lender a facility fee, which shall accrue at a
rate per annum equal to 0.06%, (i) prior to the termination of such Lender's Commitment, on the daily amount of such Commitment (whether used or unused) during the period from and including the Effective Date to, but excluding, the earlier of the
date such Commitment terminates and the Commitment Termination Date and (ii) if such Lender continues to have any Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender's
Credit Exposure from and including the date on which such Lender's Commitment terminates to but excluding the date on which such Lender ceases to have any Credit Exposure. Accrued facility fees shall be payable on each Quarterly Date and on (i) in
the event the Term-Out Option has not been exercised, the earlier of the date the Commitments terminate and the Commitment Termination Date or (ii) in the event the Term-Out Option has been exercised and is in effect, on the Maturity Date;
provided that any facility fees accruing after such earlier date or the Maturity Date, as the case may be, shall be payable on demand. All facility fees shall be computed on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

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     (b) Syndicated Letter of Credit Fees. XL Capital agrees to pay to the 
Administrative Agent for account of each Lender under the Letter of Credit Tranche a letter of credit fee which shall accrue at a rate per annum equal to 0.365% on the average daily aggregate undrawn amount of all outstanding
Syndicated Letters of Credit during the period from and including the Effective Date to but excluding the later of the date on which such Lender's Letter of Credit Commitment terminates and the date on which such Lender ceases to have any LC
Exposure. Syndicated Letter of Credit fees accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly Date, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Letter of Credit Commitments terminate and any such fees accruing after the date on which the Letter of Credit
Commitments terminate shall be payable on demand. Letter of credit fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

     (c) Non-Syndicated Letter of Credit Fees. XL Capital agrees to pay to the Administrative Agent for account of each Lender under the Letter of
Credit Tranche a letter of credit fee which shall accrue at a rate per annum equal to 0.365% on the average daily aggregate undrawn amount of all outstanding Non-Syndicated Letters of Credit during the period from and including the Effective Date to
but excluding the later of the date on which such Lender's Letter of Credit Commitment terminates and the date on which such Lender ceases to have any LC Exposure, as well as the Administrative Agent's standard administrative fees with respect to
the issuance, amendment, renewal or extension of any Non-Syndicated Letter of Credit or processing of drawings thereunder. Non-Syndicated Letter of Credit fees accrued through and including each Quarterly Date shall be payable on the third Business
Day following such Quarterly Date, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Letter of Credit
Commitments terminate and any such fees accruing after the date on which the Letter of Credit Commitments terminate shall be payable on demand. Letter of credit fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). 

     (d) Participated Letter of Credit Fees. XL Capital agrees to pay (i) to the Administrative Agent for account of each Lender under the Letter
of Credit Tranche a participation fee with respect to its participations in Participated Letters of Credit, which shall accrue at a rate of 0.365% per annum on the average daily amount of such Lender's LC Exposure in respect of Participated Letters
of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender's Letter of Credit Commitment terminates and
the date on which such Lender ceases to have any such LC Exposure, and (ii) to the Issuing Lender a fronting fee, which shall accrue at a rate of 0.125% per annum on the average daily amount of the LC Exposure in respect of Participated Letters of
Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Letter of Credit Commitments and the date on
which there ceases to be any such LC Exposure, as well as the Issuing Lender's standard administrative fees with respect to the issuance, amendment, renewal or extension of any Participated Letter of Credit or processing of drawings
thereunder.
Participation fees and fronting fees accrued through and including each Quarterly Date shall be 

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payable on the third Business Day following such Quarterly Date, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be
payable on the date on which the Letter of Credit Commitments terminate and any such fees accruing after the date on which the Letter of Credit Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Lender pursuant
to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). 

     (e) Administrative Agent Fees. XL Capital agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between XL Capital and the Administrative Agent. 

     (f) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent
for distribution, in the case of the facility fees and the letter of credit fees referred to in paragraphs (a) through (d) of this Section, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 

     SECTION 2.16. Interest. 

     (a) ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate
plus the Additional Margin, if any. 

     (b) Eurodollar Loans. The Loans constituting each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO
Rate for the Interest Period for such Borrowing plus the Applicable Margin plus the Additional Margin, if any. 

     (c) Default Interest. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable (other
that in respect of any LC Disbursement under Sections 2.03(d), 2.04(j), and 2.05(i)) by the Account Parties hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as
well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the
case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 

     (d) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon (i)
in the event the Term-Out Option has not been exercised, the date the Commitments terminate or (ii) in the event the Term-Out Option has been exercised, the Maturity Date; provided that (x)
interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (y) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the later of the Commitment Termination Date and the
Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (z) in the event of any conversion of any Eurodollar Borrowing prior to the end of the Interest Period
therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. 

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     (e) Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to
the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

     SECTION 2.17. Alternate Rate of Interest. If prior to the commencement of the Interest Period for any Eurodollar Borrowing: 

        (a) the Administrative Agent determines in good faith (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
    Rate for such Interest Period; or 
  

        (b) the Administrative Agent is advised by the Required Lenders (acting in good faith) that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such
  Lenders of making or maintaining their respective Loans included in such Borrowing for such Interest Period; 
  

then the Administrative Agent shall give notice thereof to XL Capital and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies XL Capital and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and such Borrowing
(unless prepaid) shall be continued as, or converted to, an ABR Borrowing and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

     SECTION 2.18. Increased Costs. 

     (a) Increased Costs Generally.
If any Change in Law shall:

       (i) impose, modify or deem applicable
    any reserve, special deposit or similar requirement
    against assets of, deposits with or for account of, or credit extended by, any
    Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);
    or 

        (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement, any Letter of Credit (or any participation therein) or any Eurodollar Loan made by such Lender;
    
  

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Letter of Credit (or of maintaining any participation therein) or Eurodollar Loan (or of maintaining its obligation
to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Account Parties jointly and severally agree that they will pay to such Lender such
additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

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     (b) Capital Requirements. If any Lender determines that any Change in Law regarding capital requirements has or would have the effect of
reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Letters of Credit issued or participated in, or the Loans made, by such Lender to a level
below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy), then
from time to time the Account Parties will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered. 

     (c) Certificates from Lenders. A certificate of a Lender setting forth such Lender's good faith determination of the amount or amounts
necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to XL Capital and shall be conclusive absent manifest error. The Account Parties shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof by XL Capital. 

     (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender's right to demand such compensation; provided that the Account Parties shall not be required to compensate a Lender pursuant to this Section for any increased costs or
reductions incurred more than 90 days prior to the date that such Lender notifies XL Capital of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90 day period referred to
above shall be extended to include the period of retroactive effect thereof. 

     SECTION 2.19. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of
an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.14(b) and is revoked in accordance herewith), or (d) the assignment as a result of a request by XL Capital
pursuant to Section 2.22(b) of any Eurodollar Loan other than on the last day of an Interest Period therefor, then, in any such event, the Account Parties shall compensate each Lender for the loss attributable to such event. The loss to any Lender
attributable to any such event shall be deemed to be an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the
period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would
have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Interest Period, over (ii) the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for
Dollar deposits from other banks in the eurodollar market at the commencement

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of such period. A certificate of any Lender setting forth such Lender's good faith determination of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to XL Capital and shall
be conclusive absent manifest error. The Account Parties shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof by XL Capital. 

     SECTION 2.20. Taxes. 

     (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Account Parties hereunder shall be made free and
clear of and without deduction for any Indemnified Taxes; provided that if any Account Party shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum
it would have received had no such deductions been made, (ii) such Account Party shall make such deductions and (iii) such Account Party shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

     (b) Payment of Other Taxes by the Account Parties. In addition, each Account Party shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law. 

     (c) Indemnification by the Account Parties. The Account Parties shall indemnify the Administrative Agent and each Lender, within 10 days
after written demand to XL Capital therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender, as
the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to XL Capital by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive as between such Lender or the Administrative Agent, as the case may be,
and the Account Parties absent manifest error. 

     (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Account Party to a Governmental
Authority, XL Capital on behalf of such Account Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

     (e) Exemptions. Each Lender and the Administrative Agent shall, at the written request of XL Capital, provide to any Account Party such form,
certification or similar documentation, if any (each duly completed, accurate and signed) as is currently required by any Account Party Jurisdiction or any other jurisdiction, or comply with such other requirements, if any, as is currently
applicable in such Account Party Jurisdiction or any other jurisdiction, in 

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order to obtain an exemption from, or reduced rate of, deduction, payment or withholding of Indemnified Taxes or Other Taxes to which such Lender or the Administrative Agent is entitled pursuant to an applicable tax treaty or the
law of such Account Party Jurisdiction or any other jurisdiction; provided that XL Capital shall have furnished to such Lender or the Administrative Agent in a reasonably timely manner
copies of such documentation and notice of such requirements together with applicable instructions. The Account Parties shall not be required to indemnify any Lender or the Administrative Agent under Section 2.20(a) or (c) for any Indemnified Taxes
or Other Taxes to the extent such Indemnified Taxes or Other Taxes would not be imposed but for the failure by such Lender or the Administrative Agent, as the case may be, to comply with the provisions of the preceding sentence. Upon the reasonable
request of XL Capital in writing, each Lender and the Administrative Agent will provide to XL Capital such form, certification or similar documentation (each duly completed, accurate and signed) as may in the future be required by any Account Party
Jurisdiction or any other jurisdiction, or comply with such other requirements, if any, as may be applicable in such Account Party Jurisdiction or any other jurisdiction in order to obtain an exemption from, or reduced rate of, deduction, payment or
withholding of Indemnified Taxes or Other Taxes to which such Lender or the Administrative Agent is entitled pursuant to an applicable tax treaty or the law of the relevant jurisdiction. 

     (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by an Account Party or
with respect to which an Account Party has paid additional amounts pursuant to this Section 2.20, it shall pay over such refund to such Account Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Account
Party under this Section 2.20 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that such Account Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to
such Account Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to any Account Party or
any other Person. 

     (g) Any Lender that is not a Lender as of the Effective Date shall not be entitled to any greater payment under this Section 2.20 than such Lender’s assignor would have been entitled to absent
such assignment (determined taking into account the provisions of this Section) except to the extent that the entitlement to a greater payment resulted solely from a Change in Law formally announced after the date on which such Lender became a
Lender hereunder. 

     SECTION 2.21. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

     (a) Payments by the Account Parties. The Account Parties shall make each payment required to be made by them hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, interest or fees, or under Section 2.18, 2.19 or 2.20, or otherwise) or under any other Credit Document (except to the extent otherwise provided therein) 

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prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim; provided that any payments in respect of
Alternative Currency Letters of Credit shall be made in the manner (including the time and place of payment) as shall have been separately agreed between the relevant Account Party and Lender pursuant to Section 2.06. Any amounts received after such
time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue,
New York, New York, except payments pursuant to Sections 2.18, 2.19, 2.20 and 10.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 

     (b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of interest and fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and
unreimbursed LC Disbursements then due to such parties. 

     (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) with respect to any Tranche, each reimbursement of LC
Disbursements (other than in respect of Alternative Currency Letters of Credit) shall be made to the Lenders, each Borrowing shall be made from the Lenders, each payment of fees under Section 2.15 shall be made for account of the relevant Lenders,
and each termination or reduction of the amount of the Commitments under Section 2.12 shall be applied to the respective Commitments of the Lenders, in each case pro rata according to the amounts of their respective Commitments under such Tranche;
(ii) each Borrowing under any Tranche shall be allocated pro rata among the Lenders under such Tranche according to the amounts of their respective Commitments (in the case of the making of Loans) or their respective Loans that are to be included in
such Borrowing (in the case of conversions and continuations of Loans) under such Tranche; (iii) each payment or prepayment of principal of Loans under any Tranche by the Account Parties shall be made for account of the Lenders under such Tranche
pro rata in accordance with the respective unpaid principal amounts of the Loans held by them thereunder; and (iv) each payment of interest on Loans under any Tranche by an Account Party shall be made for account of the Lenders under such Tranche
pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders thereunder. 

     (d) Sharing of Payments by Lenders. With respect to any Tranche, if any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or LC Disbursements (other than with respect to Alternative Currency Letters of Credit) resulting in such Lender receiving payment of a 

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greater proportion of the aggregate amount of its Loans and/or LC Disbursements (other than with respect to Alternative Currency Letters of Credit) under such Tranche and accrued interest thereon then due than the proportion
received by any other Lender under such Tranche, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and/or LC Disbursements (other than with respect to Alternative Currency Letters
of Credit) of other Lenders under such Tranche to the extent necessary so that the benefit of all such payments shall be shared by the Lenders under such Tranche ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Loans and/or LC Disbursements (other than with respect to Alternative Currency Letters of Credit) under such Tranche; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed to apply to any payment made by any Account Party pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans or LC Disbursements to any assignee or participant, other than to any Account Party or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Account Party consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Account Party rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Account Party in the amount of such participation. 

     (e) Presumptions of Payment. Unless the Administrative Agent shall have received notice from an Account Party prior to the date on which any
payment is due to the Administrative Agent for account of the relevant Lenders hereunder that such Account Party will not make such payment, the Administrative Agent may assume that such Account Party has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the relevant Lenders the amount due. In such event, if the relevant Account Party has not in fact made such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at
the Federal Funds Effective Rate. 

     (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.21(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender's obligations
under such Sections until all such unsatisfied obligations are fully paid. 

     SECTION 2.22. Mitigation Obligations; Replacement of Lenders. 

     (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.18, or if any Account Party is required to
pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.20, then such Lender shall use reasonable efforts to designate a different lending office 

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for funding or booking its Loans and/or Letters of Credit hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.18 or 2.20, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. Each Account Party hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

     (b) Replacement of Lenders. If any Lender requests compensation under Section 2.18, or if any Account Party is required to pay any additional
amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.20, or if any Lender defaults in its obligation to fund Loans or to make LC Disbursements hereunder, or if (in the case of the Letter of Credit
Tranche only) any Lender ceases to be an NAIC Approved Lender, then XL Capital may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee selected by XL Capital that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) XL Capital shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld,
(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and/or LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent
of such outstanding principal and accrued interest and fees) or the relevant Account Party (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.18 or payments
required to be made pursuant to Section 2.20, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the relevant Account Party to require such assignment and delegation cease to apply. 

ARTICLE III 

GUARANTEE 

     SECTION 3.01. The Guarantee. Each Guarantor hereby jointly and severally guarantees to each Lender and the Administrative Agent and their
respective successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Loans and LC Disbursements (and interest thereon) made by the Lenders to each of
the Account Parties (other than such Guarantor in its capacity as an Account Party hereunder) and all other amounts from time to time owing to the Lenders or the Administrative Agent by such Account Parties under this Agreement, in each case
strictly in accordance with the terms thereof (such obligations being herein collectively called the "Guaranteed Obligations"). Each Guarantor hereby further jointly and severally agrees
that if any Account Party (other than such Guarantor in its capacity as an Account Party hereunder) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of

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the Guaranteed Obligations, such Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same
will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

     SECTION 3.02. Obligations Unconditional. The obligations of the Guarantors under Section 3.01 are absolute and unconditional, joint and
several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Account Parties under this Agreement or any other agreement or instrument referred to herein or therein, or any substitution, release
or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, it being the intent of this Article that the obligations of the Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all circumstances. Without limiting the
generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder, which shall remain absolute and unconditional as described above: 

        (i) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or
    compliance shall be waived; 
  

        (ii) any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted; or 
  

        (iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this
  Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with.
    
  

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed
against any Account Party under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 

     SECTION 3.03. Reinstatement. The obligations of the Guarantors under this Article shall be automatically reinstated if and to the extent that
for any reason any payment by or on behalf of any Account Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in
bankruptcy or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including reasonable fees of counsel)
incurred by the 

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Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent
transfer or similar payment under any bankruptcy, insolvency or similar law. 

     SECTION 3.04. Subrogation. The Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all
Guaranteed Obligations and the expiration and termination of the Commitments they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 3.01, whether by subrogation or otherwise, against
any Account Party or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

     SECTION 3.05. Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the
Account Parties under this Agreement may be declared to be forthwith due and payable as provided in Article VIII (and shall be deemed to have become automatically due and payable in the circumstances provided in Article VIII) for purposes of Section
3.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against any Account Party and that, in the event of such declaration (or such obligations
being deemed to have become automatically due and payable), such obligations (whether or not due and payable by any Account Party) shall forthwith become due and payable by the Guarantors for purposes of Section 3.01. 

     SECTION 3.06. Continuing Guarantee. The guarantee in this Article is a continuing guarantee, and shall apply to all Guaranteed Obligations
whenever arising. 

     SECTION 3.07. Rights of Contribution. The Guarantors (other than XL Capital) hereby agree, as between themselves, that if any such Guarantor
shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Guarantor of any Guaranteed Obligations, each other Guarantor (other than XL Capital) shall, on demand of such Excess Funding Guarantor (but subject to the
next sentence), pay to such Excess Funding Guarantor an amount equal to such Guarantor's Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor)
of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Guarantor to any Excess Funding Guarantor under this Section shall be subordinate and subject in right of payment to the prior payment in
full of the obligations of such Guarantor under the other provisions of this Article III and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such
obligations. 

 	 	     For purposes of this Section, (i) "Excess Funding Guarantor" means, in respect of any Guaranteed Obligations, a Guarantor that has paid an amount in excess of its Pro
Rata Share of such Guaranteed Obligations, (ii) "Excess Payment" means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata
Share of such Guaranteed Obligations and (iii) "Pro Rata Share" means, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value 

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of all properties of such Guarantor (excluding any shares of stock of any other Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor (including contingent, subordinated, unmatured and unliquidated
liabilities, but excluding the obligations of such Guarantor hereunder and any obligations of any other Guarantor that have been Guaranteed by such Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of
the Guarantors (other than XL Capital) exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Guarantors under this Article III) of all of
the Guarantors (other than XL Capital), determined (A) with respect to any Guarantor that is a party hereto on the date hereof, as of the date hereof, and (B) with respect to any other Guarantor, as of the date such Guarantor becomes a Guarantor
hereunder. 

     SECTION 3.08. General Limitation on Guarantee Obligations. In any action or proceeding involving any corporate law, or any bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 3.01 would otherwise, taking into account the provisions of Section 3.07, be held or determined to be void,
invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 3.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall,
without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

     Each Account Party represents and warrants to the Lenders that: 

     SECTION 4.01. Organization; Powers. Such Account Party and each of its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

     SECTION 4.02. Authorization; Enforceability. The Transactions are within such Account Parties' corporate powers and have been duly authorized
by all necessary corporate and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by such 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 (a) bankruptcy, insolvency, reorganization, moratorium, examination or similar laws of general applicability affecting the enforcement of
creditors' rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

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     SECTION 4.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of (including any exchange
control approval), registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect and (ii) in the case of XL Europe, a notification required pursuant to
S.I. 399 of 1999 European Communities (Supervision of Insurance Undertakings in an Insurance Group) Regulations 1999, to be filed with the Minister for Trade, Enterprise and Employment within one year of the date hereof, (b) will not violate any
applicable law or regulation or the charter, by-laws or other organizational documents of such Account Party or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material
indenture, agreement or other instrument binding upon such Account Party or any of its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (d) will not result in the creation or
imposition of any Lien on any asset of such Account Party or any of its Subsidiaries. 

     SECTION 4.04. Financial Condition; No Material Adverse Change. 

     (a) Financial Condition. Such Account Party has heretofore furnished to the Lenders the consolidated balance sheet and statements of income,
stockholders' equity and cash flows of such Account Party and its consolidated Subsidiaries (A) as of and for the fiscal year ended December 31, 2002, reported on by PricewaterhouseCoopers LLP, independent public accountants (as provided in XL
Capital's Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2002), and (B) as of and for the fiscal quarter ended March 31, 2003, as provided in XL Capital's Report on Form 10-Q filed with the SEC for the fiscal quarter
ended March 31, 2003. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of such Account Party and its respective consolidated Subsidiaries as of such dates and for
such periods in accordance with GAAP or (in the case of XL Europe, XL Insurance or XL Re) SAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (B) of the first sentence of this
paragraph. 

     (b) No Material Adverse Change. Since December 31, 2002, there has been no material adverse change in the assets, business, financial
condition or operations of such Account Party and its Subsidiaries, taken as a whole. 

     SECTION 4.05. Properties. 

     (a) Property Generally. Such Account Party and each of its Subsidiaries has good title to, or valid leasehold interests in, all its real and
personal property material to its business, subject only to Liens permitted by Section 7.03 and except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for
their intended purposes. 

     (b) Intellectual Property. Such Account Party and each of its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof by such Account Party and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, 

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individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

     SECTION 4.06. Litigation and Environmental Matters. 

     (a) Actions, Suits and Proceedings. Except as disclosed in Schedule III or as routinely encountered in claims activity, there are no actions,
suits or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of such Account Party, threatened against or affecting such Account Party or any of its Subsidiaries (i) as to which there is a
reasonable possibility of an adverse determination and that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 

     (b) Environmental Matters. Except as disclosed in Schedule IV and except with respect to any other matters that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither such Account Party nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license
or other approval required for its business under any Environmental Law, (ii) has incurred any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any
Environmental Liability. 

     SECTION 4.07. Compliance with Laws and Agreements. Such Account Party and each of its Subsidiaries is in compliance with all laws,
regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

     SECTION 4.08. Investment and Holding Company Status. Such Account Party is not (a) an "investment company" as defined in, or subject to
regulation under, the Investment Company Act of 1940 or (b) a "holding company" as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935. 

     SECTION 4.09. Taxes. Such Account Party and each of its Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Person has set aside on its books
adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

     SECTION 4.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of
Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair 

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market value of the assets of such Plan by an amount that could reasonably be expected to result in a Material Adverse Effect. 

 	 	     Except as could not reasonably be expected to result in a Material Adverse Effect, (i) all contributions required to be made by any Account Party or any of their Subsidiaries with respect to a Non-U.S. Benefit Plan have been
timely made, (ii) each Non-U.S. Benefit Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws and has been maintained, where required, in good standing with the applicable Governmental
Authority and (iii) neither any Account Party nor any of their Subsidiaries has incurred any obligation in connection with the termination or withdrawal from any Non-U.S. Benefit Plan. 

     SECTION 4.11. Disclosure. The reports, financial statements, certificates or other information furnished by such Account Party to the Lenders
in connection with the negotiation of this Agreement or delivered hereunder (taken as a whole) do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, such Account Party represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time. 

     SECTION 4.12. Use of Credit. Neither such Account Party nor any of its Subsidiaries is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no Letter of Credit will be used in connection with buying or carrying any Margin Stock. No part of
the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock (except for repurchases of the capital stock of XL Capital and purchases of Margin Stock in accordance with XL Capital's Statement of Investment Policy Objectives and
Guidelines as in effect on the date hereof or as it may be changed from time to time by a resolution duly adopted by the board of directors of XL Capital (or any committee thereof)). The purchase of any Margin Stock with the proceeds of any Loan
will not be in violation of Regulation U or X of the Board and, after applying the proceeds of such Loan, not more than 25% of the value of the assets of XL Capital and its Subsidiaries taken as a whole consists or will consist of Margin Stock.

     SECTION 4.13. Subsidiaries. Set forth in Schedule V is a complete and correct list of all of the Subsidiaries of XL Capital as of March 31,
2003, together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary and (iii) the percentage of ownership of such Subsidiary represented by such
ownership interests. Except as disclosed in Schedule V, (x) each of XL Capital and its Subsidiaries owns, free and clear of Liens, and has the unencumbered right to vote, all outstanding ownership interests in each Person shown to be held by it in
Schedule V, (y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) except as disclosed in filings of XL Capital with the SEC prior to the date
hereof, there are no outstanding Equity Rights with respect to any Account Party. 

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     SECTION 4.14. Withholding Taxes. Based upon information with respect to each Lender provided by each Lender to the Administrative Agent, as
of the date hereof, the payment of the LC Disbursements and interest thereon, principal of and interest on the Loans, the fees under Section 2.15 and all other amounts payable hereunder will not be subject, by withholding or deduction, to any
Indemnified Taxes imposed by any Account Party Jurisdiction. 

     SECTION 4.15. Stamp Taxes. To ensure the legality, validity, enforceability or admissibility in evidence of this Agreement or any promissory
notes evidencing Loans made (or to be made), it is not necessary, as of the date hereof, that this Agreement or such promissory notes or any other document be filed or recorded with any Governmental Authority in any Account Party Jurisdiction, or
that any stamp or similar tax be paid on or in respect of this Agreement in any Account Party Jurisdiction, or such promissory notes or any other document other than such filings and recordations that have already been made and such stamp or similar
taxes that have been paid. 

     SECTION 4.16. Legal Form. Each of this Agreement and any promissory notes evidencing Loans made (or to be made) is in proper legal form under
the laws of any Account Party Jurisdiction for the admissibility thereof in the courts of such Account Party Jurisdiction. 

ARTICLE V 

CONDITIONS 

     SECTION 5.01. Effective Date. The obligations of the Lenders (or the Issuing Lender), as the case may be, to issue or continue Letters of
Credit and to make Loans hereunder are subject to the receipt by the Administrative Agent of each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form
and substance (or such condition shall have been waived in accordance with Section 10.02): 

        (a) Executed Counterparts. From each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written
    evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. 
  

        (b) Opinions of Counsel to the Obligors. Opinions, each dated the Effective Date, of (i) Paul S. Giordano, Esq., counsel to XL Capital,
  substantially in the form of Exhibit B-1, (ii) Charles R. Barr, Esq., counsel to XL America, substantially in the form of Exhibit B-2, (iii) Cahill Gordon & Reindel, special U.S. counsel for the Obligors, substantially in the form of Exhibit
  B-3, (iv) Conyers, Dill & Pearman, special Bermuda counsel to XL Insurance and XL Re, substantially in the form of Exhibit B-4, (v) Hunter & Hunter, special Cayman Islands counsel to XL Capital, substantially in the form of Exhibit B-5 and
  (vi) A&L Goodbody, special Irish counsel to XL Europe, substantially in the form of Exhibit B-6. 
  

        (c) Opinion of Special New York Counsel to JPMCB. An opinion, dated the Effective Date, of Milbank, Tweed, Hadley & McCloy LLP, special
  New York counsel 
  

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    to JPMCB, substantially in the form of Exhibit C (and JPMCB hereby instructs such counsel to deliver such opinion to the Lenders). 
  

        (d) Corporate Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the
  organization, existence and good standing, if applicable, of the Obligors, the authorization of the Transactions and any other legal matters relating to the Obligors, this Agreement or the Transactions, all in form and substance reasonably
  satisfactory to the Administrative Agent and its counsel. 
  

        (e) Officer's Certificate. A certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of XL
  Capital, confirming compliance with the conditions set forth in the lettered clauses of the first sentence of Section 5.02. 
  

        (f) Existing Credit Agreement. Evidence that (i) the Account Parties shall have paid in full all principal of and interest accrued on the
  loans and reimbursement obligations under the Existing Credit Agreement and all fees and expenses owing by the Account Parties thereunder, (ii) all other amounts (if any) payable by the Account Parties under or in respect of the Existing Credit
  Agreement have been paid in full, (iii) the Commitments (as defined in the Existing Credit Agreement) have terminated and (iv) all Non-Syndicated Letters of Credit (as defined in the Existing Credit Agreement) in favor of any beneficiary issued and
  outstanding thereunder shall have been either amended in the manner contemplated by Section 2.04(l) or replaced with one or more Non-Syndicated Letters of Credit in favor of such beneficiary hereunder on the Effective Date (or arrangements
  satisfactory to the Administrative Agent for such amendment or replacement, as applicable, promptly following the Effective Date shall have been made). 
  

        (g) Other Documents. Such other documents as the Administrative Agent or any Lender or special New York counsel to JPMCB may reasonably
  request. 
  

     The obligation of any Lender to make its initial extension of credit hereunder is also subject to the payment by XL Capital of such fees as XL Capital shall have agreed to pay to any Lender or the
Administrative Agent in connection herewith, including the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to JPMCB, in connection with the negotiation, preparation, execution and delivery of this
Agreement and the other Credit Documents and the extensions of credit hereunder (to the extent that reasonably detailed statements for such fees and expenses have been delivered to XL Capital). 

     The Administrative Agent shall notify the Account Parties and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders (or the Issuing Lender), as the case may be, to issue or continue, Letters of Credit or to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.02) on or prior
to 3:00 p.m., New York City time, on June 25, 2003 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 

     SECTION 5.02. Each Credit Event. The obligation of each Lender to issue, amend, renew or extend any Letter of Credit or to make any Loan is
additionally subject to the 

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satisfaction of the following conditions: 

        (a) the representations and warranties of the Obligors set forth in this Agreement shall be true and correct on and as of the date of issuance, amendment, renewal or extension of such Letter of Credit
    or the date of such Loan, as applicable (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) at the time of and immediately after giving effect to the issuance, amendment, renewal or extension of such Letter of Credit or such Loan, as applicable, no Default shall have occurred and be
  continuing; and 
  

        (c) in the case of any Alternative Currency Letter of Credit, receipt by the Administrative Agent of a request for offers as required by Section 2.06(a). 
  

Each issuance, amendment, renewal or extension of a Letter of Credit and each Borrowing shall be deemed to constitute a representation and warranty by the Obligors on the date thereof as to the matters specified in clauses (a) and
(b) of the preceding sentence. 

ARTICLE VI 

AFFIRMATIVE COVENANTS 

     Until the Commitments have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, all Letters of Credit shall have expired
or terminated and all LC Disbursements shall have been reimbursed, the Account Parties covenant and agree with the Lenders that: 

     SECTION 6.01. Financial Statements and Other Information. Each Account Party will furnish to the Administrative Agent and each Lender: 

        (a) within 135 days after the end of each fiscal year of each Account Party except for XL America (but in the case of XL Capital, within 100 days after the end of each fiscal year of XL Capital), the
    audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows of such Account Party and its consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form
    the figures for the previous fiscal year (if such figures were already produced for such corresponding period or periods) (it being understood that delivery to the Lenders of XL Capital's Report on Form 10-K filed with the SEC shall satisfy the
    financial statement delivery requirements of this paragraph (a) to deliver the annual financial statements of XL Capital so long as the financial information required to be contained in such Report is substantially the same as the financial
    information required under this paragraph (a)), all 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 consolidated financial statements present fairly in all material respects the financial condition and results of operations of such Account Party and its consolidated 
  

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    Subsidiaries on a consolidated basis in accordance with GAAP or (in the case of XL Europe, XL Insurance and XL Re) SAP, as the case may be, consistently applied; 
  

        (b) by June 15 of each year, (i) an 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 the previous fiscal year (if such figures were already produced for such corresponding period or periods), all 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 (ii) audited statutory financial statements for each Insurance Subsidiary of XL America 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 consolidated financial statements present fairly in all material respects the
  financial condition and results of operations of such Insurance Subsidiaries in accordance with SAP, consistently applied; 
  

        (c) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of such Account Party, the consolidated balance sheet and related statements of operations,
  stockholders' equity and cash flows of such Account Party 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 such
  Account Party as presenting fairly in all material respects the financial condition and results of operations of such Account Party and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP or (in the case of XL Europe, XL
  Insurance and XL Re) SAP, as the case may be, consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (it being understood that delivery to the Lenders of XL Capital's Report on Form 10-Q filed with the SEC
  shall satisfy the financial statement delivery requirements of this paragraph (c) to deliver the quarterly financial statements of XL Capital so long as the financial information required to be contained in such Report is substantially the same as
  the financial information required under this paragraph (c)); 
  

        (d) concurrently with any delivery of financial statements under clause (a), (b) or (c) of this Section, a certificate signed on behalf of each Account Party by a Financial Officer (i) certifying as
  to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with
  Sections 7.03, 7.05, 7.06 and 7.07 and (iii) stating whether any change in GAAP or (in the case of XL Europe, XL Insurance, XL Re and any Insurance Subsidiary of XL America) SAP or in the application thereof has occurred since the date of the
  audited financial statements referred to in Section 4.04 and, if any such change has occurred, 
  

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    specifying the effect of such change on the financial statements accompanying such certificate; 
  

        (e) concurrently with any delivery of financial statements under clauses (a) and (b)(ii) of this Section, a certificate of the accounting firm that reported on such financial statements stating
  whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines); 
  

        (f) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by such Account Party or any of its respective Subsidiaries
  with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any U.S. or other securities exchange, or distributed by such Account Party to its shareholders generally, as the case may be; 
  

        (g) concurrently with any delivery of financial statements under clause (a), (b) or (c) of this Section, a certificate of a Financial Officer of XL Capital, setting forth on a consolidated basis for
  XL Capital and its consolidated Subsidiaries as of the end of the fiscal year or quarter to which such certificate relates (i) the aggregate book value of assets which are subject to Liens permitted under Section 7.03(g) and the aggregate book value
  of liabilities which are subject to Liens permitted under Section 7.03(g)(it being understood that the reports required by paragraphs (a), (b) and (c) of this Section shall satisfy the requirement of this clause (i) of this paragraph (g) if such
  reports set forth separately, in accordance with GAAP, line items corresponding to such aggregate book values) and (ii) a calculation showing the portion of each of such aggregate amounts which portion is attributable to transactions among
  wholly-owned Subsidiaries of XL Capital; and 
  

        (h) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of XL Capital or any of its Subsidiaries, or compliance with the
  terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
  

     SECTION 6.02. Notices of Material Events. Each Account Party will furnish to the Administrative Agent and each Lender prompt written notice
of the following: 

  (a) the occurrence of any Default; and

  (b) any event or condition constituting, or which could
  reasonably be expected to have a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the relevant Account Party setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken by such Account Party with respect thereto. 

     SECTION 6.03. Preservation of Existence and Franchises. Each Account Party 

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will, and will cause each of its Subsidiaries to, maintain its corporate existence and its material rights and franchises in full force and effect in its jurisdiction of incorporation; provided that the foregoing shall not prohibit any merger or consolidation permitted under Section 7.01. Each Account Party will, and will cause each of its Subsidiaries to, qualify and remain qualified as
a foreign corporation in each jurisdiction in which failure to receive or retain such qualification would have a Material Adverse Effect. 

     SECTION 6.04. Insurance. Each Account Party will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable
insurers, insurance with respect to its properties in such amounts as is customary in the case of corporations engaged in the same or similar businesses having similar properties similarly situated. 

     SECTION 6.05. Maintenance of Properties. Each Account Party will, and will cause each of its Subsidiaries to, maintain or cause to be
maintained in good repair, working order and condition the properties now or hereafter owned, leased or otherwise possessed by and used or useful in its business and will make or cause to be made all needful and proper repairs, renewals,
replacements and improvements thereto so that the business carried on in connection therewith may be properly conducted at all times except if the failure to do so would not have a Material Adverse Effect, provided, however, that the foregoing shall not impose on such Account Party or any Subsidiary of such Account Party any obligation in respect of
any property leased by such Account Party or such Subsidiary in addition to such Account Party's obligations under the applicable document creating such Account Party's or such Subsidiary's lease or tenancy. 

     SECTION 6.06. Payment of Taxes and Other Potential Charges and Priority Claims; Payment of Other Current
Liabilities. Each Account Party will, and will cause each of its Subsidiaries to, pay or discharge: 

        (a) on or prior to the date on which penalties attach thereto, all taxes, assessments and other governmental charges or levies imposed upon it or any of its properties or income;
  

        (b) on or prior to the date when due, all lawful claims of materialmen, mechanics, carriers, warehousemen, landlords and other like Persons which, if unpaid, might result in the creation of a Lien
  upon any such property; and 
  

        (c) on or prior to the date when due, all other lawful claims which, if unpaid, might result in the creation of a Lien upon any such property (other than Liens not forbidden by Section 7.03) or which,
  if unpaid, might give rise to a claim entitled to priority over general creditors of such Account Party in any proceeding under the Bermuda Companies Law or Bermuda Insurance Law, or any insolvency proceeding, liquidation, receivership,
  rehabilitation, dissolution or winding-up involving such Account Party or such Subsidiary; 
  

provided that, unless and until foreclosure, distraint, levy, sale or similar proceedings shall have been commenced, such Account Party need not pay or discharge any such tax, assessment, charge,
levy or claim so long as the validity thereof is contested in good faith and by appropriate 

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proceedings diligently conducted and so long as such reserves or other appropriate provisions as may be required by GAAP or SAP, as the case may be, shall have been made therefor and so long as such failure to pay or discharge
does not have a Material Adverse Effect. 

     SECTION 6.07. Financial Accounting Practices. Such Account Party will, and will cause each of its consolidated Subsidiaries to, make and keep
books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that
transactions are recorded as necessary to permit preparation of financial statements required under Section 6.01 in conformity with GAAP and SAP, as applicable, and to maintain accountability for assets. 

     SECTION 6.08. Compliance with Applicable Laws. Each Account Party will, and will cause each of its Subsidiaries to, comply with all
applicable Laws (including but not limited to the Bermuda Companies Law and Bermuda Insurance Laws) in all respects; provided that such Account Party or any Subsidiary of such Account Party
will not be deemed to be in violation of this Section as a result of any failure to comply with any such Law which would not (i) result in fines, penalties, injunctive relief or other civil or criminal liabilities which, in the aggregate, would have
a Material Adverse Effect or (ii) otherwise impair the ability of such Account Party to perform its obligations under this Agreement. 

     SECTION 6.09. Use of Letters of Credit and Proceeds. No part of the proceeds of any Loan and no Letter of Credit will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. Each Account Party will use the Letters of Credit issued for its account hereunder in the ordinary course of
business of, and will use the proceeds of all Loans made to it for the general corporate purposes of, such Account Party and its Affiliates. For the avoidance of doubt, the parties agree that any Account Party may apply for a Letter of Credit
hereunder to support the obligations of any Affiliate of XL Capital, it being understood that such Account Party shall nonetheless remain the account party and as such be liable with respect to such Letter of Credit.

     SECTION 6.10. Continuation of and Change in Businesses. Each Account Party and its Subsidiaries will continue to engage in substantially the
same business or businesses it engaged in (or proposes to engage in) on the date of this Agreement and businesses related or incidental thereto. 

     SECTION 6.11. Visitation. Each Account Party will permit such Persons as any Lender may reasonably designate to visit and inspect any of the
properties of such Account Party, to discuss its affairs with its financial management, and provide such other information relating to the business and financial condition of such Account Party at such times as such Lender may reasonably request.
Each Account Party hereby authorizes its financial management to discuss with any Lender the affairs of such Account Party. 

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ARTICLE VII 

NEGATIVE COVENANTS 

     Until the Commitments have expired or terminated, the principal of and interest on each Loan and all fees payable hereunder have been paid in full, all Letters of Credit have expired or terminated and
all LC Disbursements have been reimbursed, each of the Account Parties covenants and agrees with the Lenders that: 

     SECTION 7.01. Mergers. No Account Party will merge with or into or consolidate with any other Person, except that if no Default shall occur
and be continuing or shall exist at the time of such merger or consolidation or immediately thereafter and after giving effect thereto any Account Party may merge or consolidate with any other corporation, including a Subsidiary, if such Account
Party shall be the surviving corporation. 

     SECTION 7.02. Dispositions. No Account Party will, nor will it permit any of its Subsidiaries to, sell, convey, assign, lease, abandon or
otherwise transfer or dispose of, voluntarily or involuntarily (any of the foregoing being referred to in this Section as a "Disposition" and any series of related Dispositions constituting
but a single Disposition), any of its properties or assets, tangible or intangible (including but not limited to sale, assignment, discount or other disposition of accounts, contract rights, chattel paper or general intangibles with or without
recourse), except: 

        (a) Dispositions in the ordinary course of business involving current assets or other invested assets classified on such Account Party's or its respective Subsidiaries' balance sheet as available for
    sale or as a trading account; 
  

        (b) sales, conveyances, assignments or other transfers or dispositions in immediate exchange for cash or tangible assets, provided that any
  such sales, conveyances or transfers shall not individually, or in the aggregate for the Account Parties and their respective Subsidiaries, exceed $500,000,000 in any calendar year; or
  

        (c) Dispositions of equipment or other property which is obsolete or no longer used or useful in the conduct of the business of such Account Party or its Subsidiaries. 
  

     SECTION 7.03. Liens. No Account Party will, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien
on any property or assets, tangible or intangible, now owned or hereafter acquired by it, except: 

        (a) Liens existing on the date hereof (and extension, renewal and replacement Liens upon the same property, provided that the amount secured
    by each Lien constituting such an extension, renewal or replacement Lien shall not exceed the amount secured by the Lien theretofore existing) and listed on Part B of Schedule II; 
  

        (b) Liens arising from taxes, assessments, charges, levies or claims described in Section 6.06 that are not yet due or that remain payable without penalty or to the extent permitted to remain unpaid
  under the provision of Section 6.06; 
  

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        (c) Liens on property securing all or part of the purchase price thereof to such Account Party and Liens (whether or not assumed) existing on property at the time of purchase thereof by such Account
    Party (and extension, renewal and replacement Liens upon the same property); provided (i) each such Lien is confined solely to the property so purchased, improvements thereto and proceeds
    thereof, and (ii) the aggregate amount of the obligations secured by all such Liens on any particular property at any time purchased by such Account Party, as applicable, shall not exceed 100% of the lesser of the fair market value of such property
    at such time or the actual purchase price of such property; 
  

        (d) zoning restrictions, easements, minor restrictions on the use of real property, minor irregularities in title thereto and other minor Liens that do not in the aggregate materially detract from the
  value of a property or asset to, or materially impair its use in the business of, such Account Party or any such Subsidiary; 
  

        (e) Liens securing Indebtedness permitted by Section 7.07(b) covering assets whose market value is not materially greater than the amount of the Indebtedness secured thereby plus a commercially
  reasonable margin; 
  

        (f) Liens on cash and securities of an Account Party or its Subsidiaries incurred as part of the management of (i) its investment portfolio in accordance with XL Capital's Statement of Investment
  Policy Objectives and Guidelines as in effect on the date hereof or as it may be changed from time to time by a resolution duly adopted by the board of directors of XL Capital (or any committee thereof) and (ii) its activities (a) in the weather and
  energy business conducted on an organized exchange or (b) in connection with its posting of collateral under a credit support annex under an International Swaps and derivatives, Inc. (ISDA) Master Agreement; in each case under clause (a) and (b)
  hereof not to exceed an aggregate amount of $100,000,000 at any time outstanding; 
  

        (g) Liens on (i) assets received, and on actual or imputed investment income on such assets received, relating and identified to specific insurance payment liabilities or to liabilities arising in the
  ordinary course of any Account Parties' or any of their Subsidiary's business as an insurance or reinsurance company (including GICs and Stable Value Instruments) or corporate member of The Council of Lloyd's or as a provider of financial or
  investment services or contracts, or the proceeds thereof, in each case held in a segregated trust or other account and securing such liabilities or (ii) any other assets subject to any trust or other account arising out of or as a result of
  contractual, regulatory or any other requirements; provided that in no case shall any such Lien secure Indebtedness and any Lien which secures Indebtedness shall not be permitted under this
  clause (g); 
  

        (h) statutory and common law Liens of materialmen, mechanics, carriers, warehousemen and landlords and other similar Liens arising in the ordinary course of business; and 
  

        (i) Liens existing on property of a Person immediately prior to its being consolidated with or merged into any Account Party or any of their Subsidiaries or its becoming a Subsidiary, and Liens
  existing on any property acquired by any Account 
  

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    Party or any of their Subsidiaries at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed) (and extension, renewal and replacement Liens upon the same property,
    provided that the amount secured by each Lien constituting such an extension, renewal or replacement Lien shall not exceed the amount secured by the Lien theretofore existing),
    provided that (i) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person's becoming a Subsidiary or such acquisition of property and
    (ii) each such Lien shall extend solely to the item or items of property so acquired and, if required by terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific use in connection
    with such acquired property. 
  

     SECTION 7.04. Transactions with Affiliates. No Account Party will, nor will it permit any of its Subsidiaries to, enter into or carry out any
transaction with (including purchase or lease property or services to, loan or advance to or enter into, suffer to remain in existence or amend any contract, agreement or arrangement with) any Affiliate of such Account Party, or directly or
indirectly agree to do any of the foregoing, except (i) transactions involving guarantees or co-obligors with respect to any Indebtedness described in Part A of Schedule II, (ii) transactions among the Account Parties and their wholly-owned
Subsidiaries and (iii) transactions with Affiliates in good faith in the ordinary course of such Account Party's business consistent with past practice and on terms no less favorable to such Account Party or any Subsidiary than those that could have
been obtained in a comparable transaction on an arm's length basis from an unrelated Person. 

     SECTION 7.05. Ratio of Total Funded Debt to Total Capitalization. XL Capital will not permit its ratio of (a) Total Funded Debt to (b) the
sum of Total Funded Debt plus Consolidated Net Worth to be greater than 0.35:1.00 at any time. 

     SECTION 7.06. Consolidated Net Worth. XL Capital will not permit its Consolidated Net Worth to be less than $5,000,000,000 at any time.

     SECTION 7.07. Indebtedness. No Account Party will, nor will it permit any of its Subsidiaries to, at any time create, incur, assume or permit
to exist any Indebtedness, or agree, become or remain liable (contingent or otherwise) to do any of the foregoing, except: 

       (a) Indebtedness created hereunder;

    

     (b) secured Indebtedness (including secured reimbursement
  obligations with respect to letters of credit) of any
  Account Party or any Subsidiary in an aggregate principal amount (for all Account
  Parties and their respective Subsidiaries) not exceeding $750,000,000 at any
  time outstanding; 

        (c) other unsecured Indebtedness, so long as upon the incurrence thereof no Default would occur or exist; 
  

        (d) Indebtedness consisting of accounts or claims payable and accrued and deferred compensation (including options) incurred in the ordinary course of business by any Account Party or any Subsidiary;
    
  

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       (e) Indebtedness incurred in transactions
        described in Section 7.03(f); and

  
     (f) Indebtedness existing on the
    date hereof 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. 

     SECTION 7.08. Claims Paying Ratings. XL Capital will maintain at all times a claims-paying rating of at least "A" from A.M. Best & Co.
(or its successor) and XL Insurance and XL Re will maintain at all times a rating of at least "A" from Standard & Poor's Rating Services (or its successor). 

     SECTION 7.09. Private Act. No Account Party will become subject to a Private Act other than the X.L. Insurance Company, Ltd. Act, 1989.

ARTICLE VIII 

EVENTS OF DEFAULT 

If any of the following events ("Events of Default") shall occur: 

        (a) any Account Party shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the
    due date thereof or at a date fixed for prepayment thereof or otherwise; 
  

  
       (b) any Account Party shall fail to pay any interest on any Loan or LC Disbursement or any fee payable under this Agreement or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such
  failure shall continue unremedied for a period of 3 or more days; 

        (c) any representation or warranty made or deemed made by any Account Party in or in connection with this Agreement or any amendment or modification hereof, or in any certificate or financial
  statement furnished pursuant to the provisions hereof, shall prove to have been false or misleading in any material respect as of the time made (or deemed made) or furnished; 
  

        (d) any Account Party shall fail to observe or perform any covenant, condition or agreement contained in Article VII; 
  

        (e) any Obligor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) and such
    failure shall continue unremedied for a period of 20 or more days after notice thereof from the Administrative Agent (given at the request of any Lender) to such Obligor; 
  

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        (f) any Account Party or any of its Subsidiaries shall default (i) in any payment of principal of or interest on any other obligation for borrowed money in principal amount of $50,000,000 or more, or
    any payment of any principal amount of $50,000,000 or more under Hedging Agreements, in each case beyond any period of grace provided with respect thereto, or (ii) in the performance of any other agreement, term or condition contained in any such
    agreement (other than Hedging Agreements) under which any such obligation in principal amount of $50,000,000 or more is created, if the effect of such default is to cause or permit the holder or
    holders of such obligation (or trustee on behalf of such holder or holders) to cause such obligation to become due prior to its stated maturity or to terminate its commitment under such agreement, provided that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
  

        (g) a decree or order by a court having jurisdiction in the premises shall have been entered adjudging any Account Party a bankrupt or insolvent, or approving as properly filed a petition seeking
  reorganization of such Account Party under the Bermuda Companies Law or the Cayman Islands Companies Law (2003 Revision) or any other similar applicable Law, and such decree or order shall have continued undischarged or unstayed for a period of 60
  days; or a decree or order of a court having jurisdiction in the premises for the appointment of an examiner, receiver or liquidator or trustee or assignee in bankruptcy or insolvency of such Account Party or a substantial part of its property, or
  for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have continued undischarged and unstayed for a period of 60 days; 
  

        (h) any Account Party shall institute proceedings to be adjudicated a voluntary bankrupt, or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or
  consent seeking reorganization under the Bermuda Companies Law or the Cayman Islands Companies Law (2003 Revision) or any other similar applicable Law, or shall consent to the filing of any such petition, or shall consent to the appointment of an
  examiner, receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or a substantial part of its property, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts
  generally as they become due, or corporate or other action shall be taken by such Account Party in furtherance of any of the aforesaid purposes; 
  

        (i) one or more judgments for the payment of money in an aggregate amount in excess of $100,000,000 shall be rendered against any Account Party or any of its Subsidiaries or any combination thereof
  and the same shall not have been vacated, discharged, stayed (whether by appeal or otherwise) or bonded pending appeal within 45 days from the entry thereof; 
  

        (j) an ERISA Event (or similar event with respect to any Non-U.S. Benefit Plan) shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events and
  such similar events that have occurred, could reasonably be expected to result in liability of the Account Parties and their Subsidiaries in an aggregate amount exceeding $100,000,000; 
  

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       (k) a Change in Control shall occur;

       (l) XL Capital shall cease to own, beneficially
  and of record, directly or indirectly all of the outstanding voting shares of capital stock of XL Insurance, XL Re, XL America or XL Europe; or 

        (m) the guarantee contained in Article III shall terminate or cease, in whole or material part, to be a legally valid and binding obligation of each Guarantor or any Guarantor or any Person acting for
  or on behalf of any of such parties shall contest such validity or binding nature of such guarantee itself or the Transactions, or any other Person shall assert any of the foregoing; 
  

then, and in every such event (other than an event with respect to any Account Party described in clause (g) or (h) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may,
and at the request of the Required Lenders shall, by notice to the Account Parties, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate
immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of
the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Account Parties accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Account Parties; and in case of any event with respect to any Account Party described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of
the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Account Parties accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Account Parties. 

 	 	If an Event of Default shall occur and be continuing and XL Capital receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral for the aggregate LC Exposure of all the
Lenders pursuant to this paragraph, the Account Parties shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent, which account may be a "securities account" (within the meaning of
Section 8-501 of the Uniform Commercial Code as in effect in the State of New York (the "Uniform Commercial Code")), in the name of the Administrative Agent and for the benefit of the
Lenders, an amount in cash equal to the total LC Exposure as of such date plus any accrued and unpaid interest thereon; provided
that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect
to any Account Party described in clause (g) or (h) of this Article. Such deposit shall be held by the Administrative Agent as collateral for the LC Exposure under this Agreement, and for this purpose each of the Account Parties hereby grant a
security interest to the Administrative Agent for the benefit of the Lenders in such collateral account and in any financial assets (as defined in the Uniform Commercial Code) or other property held therein. 

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 	 	     In addition to the provisions of this Article, each Account Party agrees that upon the occurrence and during the continuance of any Event of Default any Lender which has issued any Alternative Currency Letter of Credit may, by
notice to XL Capital and the Administrative Agent: (a) declare that all fees and other obligations of the Account Parties accrued in respect of Alternative Currency Letters of Credit issued by such Lender shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Account Party and (b) demand the deposit (without duplication of any amounts deposited with the Administrative Agent under the preceding
paragraph) of cash collateral from the Account Parties in immediately available funds in the currency of such Alternative Currency Letter of Credit or, at the option of such Lender, in Dollars in an amount equal to the then aggregate undrawn face
amount of all such Alternative Currency Letters of Credit and in such manner as previously agreed to by the Account Parties and such Lender; provided that, in the case of any of the Events
of Default specified in clause (g) or (h) of this Article, without any notice to any Account Party or any other act by the Administrative Agent or the Lenders, all fees and other obligations of the Account Parties accrued in respect of all
Alternative Currency Letters of Credit shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Account Party. If the Administrative Agent receives any notice
from a Lender pursuant to the previous sentence, then it will promptly give notice thereof to the other Lenders. 

ARTICLE IX 

THE ADMINISTRATIVE AGENT 

     Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

     The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Account Party or any Subsidiary or other Affiliate thereof as if it were not the Administrative
Agent hereunder. 

     The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the 
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Account Party or any of their Subsidiaries 

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that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at
the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the
Administrative Agent by an Account Party or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement,
(ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 

     The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur
any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for any Account Party), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts. 

     The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent
and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

     The Administrative Agent may resign at any time by notifying the Lenders and the Account Parties. Upon any such resignation, the Required Lenders shall have the right, in consultation with XL Capital,
to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent's resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative
Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in
this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative

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Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by XL Capital to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between XL Capital and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and Section 10.03 shall
continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 

     Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as
it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 

     Notwithstanding anything herein to the contrary, the Sole Advisor, Sole Lead Arranger and Sole Bookrunner, the Co-Syndication Agents and the Documentation Agent named on the cover page of this
Agreement shall not have any duties or liabilities under this Agreement, except in their capacity, if any, as Lenders. 

ARTICLE X 

MISCELLANEOUS 

     SECTION 10.01. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

        (a) if to any Account Party, to XL Capital at XL House, One Bermudiana Road, Hamilton HM 11 Bermuda, Attention of Roddy Gray (Telecopy No. (441) 296-6399); with a
    copy to Paul Giordano, Esq. at the same address and telecopy number (441) 295-4867); 
  

        (b) if to the Administrative Agent, to JPMorgan Chase Bank, 1111 Fannin Street, 10th Floor, Houston, Texas 77002-8069, Attention of Loan
  and Agency Services Group (Telecopy No. (713) 750-2782; Telephone No. (713) 750-2102), with a copy to JPMorgan Chase Bank, 270 Park Avenue, 4th Floor, New York, New York 10017, Attention of Helen Newcomb (Telecopy No. (212) 270-1511; Telephone No. (212) 270-6260); and 
  

        (c) if to a Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
  

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Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (or, in the case of any such change by a Lender, by notice to the Account Parties and
the Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

 	 	     Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or any Account Party
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. Without limiting the foregoing, the Account Parties may furnish to the Administrative Agent and the Lenders the financial statements required to be furnished by it pursuant to
Section 6.01(a), 6.01(b) or 6.01(c) by electronic communications pursuant to procedures approved by the Administrative Agent. 

     SECTION 10.02. Waivers; Amendments. 

     (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by the Account Parties therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

     (b) Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Obligors and the Required Lenders or by the Obligors and the Administrative Agent with the consent of the Required Lenders; provided that no such
agreement shall: 

        (i) increase the Commitment of any Lender without the written consent of such Lender, 
  

        (ii) reduce the principal amount of any Loan or the amount of any reimbursement obligation of an Account Party in respect of any LC Disbursement or reduce the rate of interest thereon, or reduce any
  fees or other amounts payable hereunder, without the written consent of each Lender directly affected thereby, 
  

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        (iii) postpone the scheduled date of payment of the principal amount of any Loan or for reimbursement of any LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the
    amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment or any Letter of Credit (other than an extension thereof pursuant to an "evergreen" provision"), without the written consent of each Lender
    directly affected thereby, 
  

        (iv) change Section 2.21(c) or 2.21(d) without the consent of each Lender directly affected thereby, 
  

        (v) release any of the Guarantors from any of their guarantee obligations under Article III without the written consent of each Lender, and 
  

        (vi) change any of the provisions of this Section or the percentage in the definition of the term "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders
  required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
  

and provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

     Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect (either immediately or at some later time) of enabling any
Account Party to satisfy a condition precedent to the making of a Loan under the Revolving Credit Tranche shall be effective against the Lenders under such Tranche for purposes of the Commitments of such Tranche unless the Required Lenders of such
Tranche shall have concurred with such waiver or modification, and no waiver or modification of any provision of this Agreement that could reasonably be expected to adversely affect the Lenders of any Tranche in a manner that does not affect both
Tranches equally shall be effective against the Lenders of such Tranche unless the Required Lenders of such Tranche shall have concurred with such waiver or modification. 

SECTION 10.03. Expenses; Indemnity; Damage Waiver. 

     (a) Costs and Expenses. The Account Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or
any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender,
including the fees, charges and disbursements of one legal counsel for the Administrative Agent and one legal counsel for the Lenders, in connection with the enforcement or protection of its rights in connection with this Agreement, including its
rights under this Section, or in connection 

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with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 

     (b) Indemnification by the Account Parties. The Account Parties shall indemnify the Administrative Agent and each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an "Indemnitee") against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee (but not including Excluded Taxes), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or the use of the proceeds thereof or any Letter of Credit or the use thereof (including any refusal by any Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Account Party or any of its Subsidiaries, or
any Environmental Liability related in any way to any Account Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses result from or arise out of the gross negligence or willful misconduct of such Indemnitee. 

     (c) Reimbursement by Lenders. To the extent that the Account Parties fail to pay any amount required to be paid by them to the Administrative
Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent in its capacity as such. 

     (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no Account Party shall assert, and each Account Party
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or
any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

     (e) Payments. All amounts due under this Section shall be payable promptly after written demand therefor. 

     SECTION 10.04. Successors and Assigns. 

 	 	     (a) Assignments Generally. 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 (i) no Account Party may assign or otherwise transfer any of its 

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rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by an Account Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 

 	 	     (b) Assignments by Lenders. (i) Subject to the conditions set forth in paragraph (b)(ii) of this Section, any Lender may assign all or a portion of its rights and
obligations with respect to any Tranche under this Agreement (including all or a portion of its Commitment and the Loans and (in the case of the Letter of Credit Tranche) LC Disbursements at the time owing to it under such Tranche) to (I) in the
case of the Letter of Credit Tranche, one or more NAIC Approved Lenders and (II) in the case of the Revolving Credit Tranche, any Person, in each case with the prior written consent (such consent not to be unreasonably withheld) of: 

  
     	 	     (A) the Account Parties, provided that no consent of any Account Party shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
    if an Event of Default under clause (a), (b), (g) or (h) of Article VIII has occurred and is continuing, any other assignee; and
  

  
   	 	     (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to an assignee that is a Lender immediately prior to giving effect to such assignment. 

       (ii) Assignments shall be subject
      to the following additional conditions:

    

        (A) except
  in the case of an assignment to a Lender, an Approved Fund or an
  Affiliate of a Lender or an assignment of the entire remaining amount of the
  assigning Lender's Commitment under any Tranche, the amount of the Commitment
  of the assigning Lender under such Tranche subject to each such  assignment
  (determined as of the date the Assignment and Assumption with respect to such
  assignment is delivered to the Administrative Agent) shall not be less than
  $5,000,000 unless each of the Account Parties and the Administrative Agent
  otherwise
consent, provided that
no such consent of the Account Parties shall be required if an Event of Default
under clause (a), (b), (g) or (h) of Article VIII has occurred and is continuing;

       (B) each partial assignment
      with respect to any Tranche shall be made as    an assignment of a proportionate part of all the assigning
  Lender's rights and obligations with respect to such Tranche under this Agreement;  

   	 	     (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 

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     	 	(D) the assignee, if it shall not be a Lender, shall deliver an Administrative Questionnaire to the Administrative Agent (with a copy to XL Capital). 
  

 	 	     (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but
shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.20 and 10.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.04 shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

 	 	     (iv) Notwithstanding anything to the contrary contained herein, any Lender (a "Granting Lender") may grant to a special purpose vehicle (an "SPV") of such Granting
Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Account Parties, the option to provide to the Account Parties all or any part of any Loan or LC Disbursement that such Granting Lender
would otherwise be obligated to make to the Account Parties pursuant to Section 2.01, provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan or LC
Disbursement, (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan or LC Disbursement, the Granting Lender shall be obligated to make such Loan or LC Disbursement pursuant to the terms hereof and (iii) the Account Parties may bring any proceeding against either or both the Granting Lender or the SPV in
order to enforce any rights of the Account Parties hereunder. The making of a Loan or LC Disbursement by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan or LC Disbursement were made by the Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any payment under this Agreement for which a Lender would otherwise be liable, for so long as, and to the extent, the
related Granting Lender makes such payment. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in
full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or similar proceedings under the laws of the United States or any State thereof arising out of any claim against such SPV under this Agreement. In addition, notwithstanding anything to the contrary contained in this Section, any SPV may
with notice to, but without the prior written consent of, the Account Parties or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan or Letter of Credit to its Granting Lender
or to any financial institutions (consented to by the Account Parties and the Administrative Agent) providing liquidity and/or credit support (if any) with respect to commercial paper issued by such SPV to fund such Loans and to issue such Letters
of Credit and such SPV may disclose, on a 

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confidential basis, confidential information with respect
to any Account Party and its Subsidiaries to any rating agency, commercial paper dealer
or provider of a surety, guarantee or credit liquidity enhancement to such SPV.
Notwithstanding anything to the contrary in this Agreement, no SPV shall be entitled
to any  greater rights under Section 2.18 or Section 2.20 than its Granting Lender
would have been entitled to absent the use of such SPV. This paragraph may not
be amended without the consent of any SPV at the time holding Loans or LC Disbursements
under
this Agreement. 

 	 	     (v) The Administrative Agent, acting for this purpose as an agent of the Account Parties, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, the Commitment and Revolving Credit Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
"Register"). The entries in the Register shall be conclusive, and the Account Parties, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by any Account Party and any Lender, at any reasonable time and from time
to time upon reasonable prior notice. 

 	 	    (vi) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b)(ii)(C) of this Section and any written consent to such assignment required by paragraph (b)(i) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

 	 	     (c) Participations. (i) Any Lender may, without the consent of the Account Parties or the Administrative Agent, sell participations to one or more banks or other
entities (a "Participant") in all or a portion of such Lender's rights and obligations under this Agreement and the other Credit Documents (including all or a portion of its Commitment,
Revolving Credit Commitment, the Loans and LC Disbursements owing to it); provided that (A) any such participation sold to a Participant which is not a Lender, an Approved Fund or a Federal
Reserve Bank shall be made only with the consent (which in each case shall not be unreasonably withheld) of XL Capital and the Administrative Agent, unless a Default has occurred and is continuing, in which case the consent of XL Capital shall not
be required, (B) such Lender's obligations under this Agreement and the other Credit Documents shall remain unchanged, (C) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (D) the
Account Parties, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Credit Documents. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Credit Documents and to approve any amendment, modification or waiver of any
provision of this Agreement or the other 

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Credit Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Account Parties agree that each Participant shall be entitled to the benefits of Sections
2.18, 2.19 and 2.20 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.21(d) as though it were a Lender. 

 	 	     (ii) A Participant shall not be entitled to receive any greater payment under Section 2.18, 2.19 or 2.20 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant
or the Lender interest assigned, unless (A) the sale of the participation to such Participant is made with the Account Parties' prior written consent and (B) in the case of Section 2.18 or 2.20, the entitlement to greater payment results solely from
a Change in Law formally announced after such Participant became a Participant. 

 	 	     (d) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of
such Lender, including any such pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

     (e) No Assignments to any Account Party or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender may assign or
participate any interest in any Loan or LC Exposure held by it hereunder to any Account Party or any of its Affiliates or Subsidiaries without the prior consent of each Lender. 

     SECTION 10.05. Survival. All covenants, agreements, representations and warranties made by the Account Parties herein and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and
the issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of, or any accrued interest on, any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.18, 2.19, 2.20 and 10.03 and Article IX shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the expiration or termination of the Commitments or the termination of this Agreement or
any provision hereof.

     SECTION 10.06. Counterparts; Integration; Effectiveness. This Agreement may 

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be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any
separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page to this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

     SECTION 10.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

     SECTION 10.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for
the credit or the account of any Account Party against any of and all the obligations of such Account Party now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

     SECTION 10.09. Governing Law; Jurisdiction; Etc. 

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

     (b) Submission to Jurisdiction. Each Obligor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County 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 

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Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Obligor or its properties in the courts of any jurisdiction. 

     (c) Waiver of Venue. Each Obligor 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 (b) 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. 

     (d) Service of Process. By the execution and delivery of this Agreement, XL Capital Ltd, XL Insurance (Bermuda) Ltd, XL Europe Ltd and XL Re
Ltd acknowledge that they have by a separate written instrument, designated and appointed CT Corporation System, 1633 Broadway, New York, New York 10019 (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. 

     (e) Waiver of Immunities. To the extent that any Account Party 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. 

     SECTION 10.10. WAIVER OF JURY TRIAL. 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
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. 

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     SECTION 10.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

     SECTION 10.12. Treatment of Certain Information; Confidentiality. 

     (a) Treatment of Certain Information. Each of the Account Parties acknowledge that from time to time financial advisory, investment banking
and other services may be offered or provided to any Account Party or one or more of their Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and each of the
Account Parties hereby authorizes each Lender to share any information delivered to such Lender by such Account Party and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to
any such subsidiary or affiliate, it being understood that (i) any such information shall be used only for the purpose of advising the Account Parties or preparing presentation materials for the benefit of the Account Parties and (ii) any such
subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the
Letters of Credit, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

     (b) Confidentiality. Each of the Administrative Agent, the Lenders and each SPV agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (i) to its and its Affiliates' directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority having jurisdiction over the Administrative Agent or any Lender,
(iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement in writing containing provisions substantially the same as those of this paragraph and for the benefit of the Account Parties, to (a) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (b) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Account
Party and its obligations, (vii) with the consent of the Account Parties or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this paragraph or (B) becomes available to the Administrative
Agent or any Lender on a nonconfidential basis from a source other than an Account Party. For the purposes of this paragraph, "Information" means all information received from an Account
Party relating to an Account Party or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by such Account Party; provided that, in the case of information received from an Account Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of 

364-Day Credit Agreement 

 

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such Information as such Person would accord to its own confidential information.
Notwithstanding the foregoing, each of the Administrative Agent and the Lenders agree that they will not trade the securities of any of the Account Parties based upon non-public Information that is received by them.
Notwithstanding anything herein to the contrary, the Administrative Agent, the Lenders, each SPV and the Account Parties (and each of their respective employees, representatives or other agents) may disclose to any and all persons, without
limitation, of any kind, the U.S. tax treatment and U.S. tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to such person relating to such tax
treatment or tax structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws, and except that, with respect to any document or similar item that in either case contains
information concerning the U.S. tax treatment or U.S. tax structure of such transactions as well as other information, this paragraph shall only apply to such portions of the document or similar item that relate to such tax treatment or tax
structure. 

     SECTION 10.13. Judgment Currency. This is an international loan transaction in which the specification of Dollars and payment in New York
City is of the essence, and the obligations of each Account Party under this Agreement to make payment to (or for account of) a Lender in Dollars shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any other currency or in another place except to the extent that such tender or recovery results in the effective receipt by such Lender in New York City of the full amount of Dollars payable to such Lender under this Agreement. If
for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency (in this Section called the "judgment currency"), the rate
of exchange that shall be applied shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase such Dollars at the principal office of the Administrative Agent in New York City with the judgment
currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of each Account Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder (in this Section called an
"Entitled Person") shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by
such Entitled Person of any sum adjudged to be due hereunder in the judgment currency such Entitled Person may in accordance with normal banking procedures purchase and transfer Dollars to New York City with the amount of the judgment currency so
adjudged to be due; and each Account Party hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in Dollars, the amount (if any) by which
the sum originally due to such Entitled Person in Dollars hereunder exceeds the amount of the Dollars so purchased and transferred. 

364-Day Credit Agreement

 

- 80 - 

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

	 	X.L. AMERICA, INC., 

  as an Account Party and a Guarantor  

        By_/s/ Martha G. Bannerman       

  Name: Martha G. Bannerman

  Title: Executive Vice President

        XL INSURANCE (BERMUDA) LTD, 

  as an Account Party and a Guarantor  

        By_/s/ Christopher V. Greetham   

  Name: Christopher V. Greetham 

  Title: Executive Vice President & Chief Investment Officer

        XL EUROPE LTD, 

  as an Account Party and a Guarantor  

        By_/s/ Fiona Muldoon                  

  Name: Fiona Muldoon 

  Title: Chief Financial Officer & Company Secretary

        XL RE LTD, 

  as an Account Party and a Guarantor  

        By_/s/ John W. Hume                   

  Name: John W. Hume 

  Title: Executive Vice President & Chief Financial Officer

 

                
                  
                    
                      
					                        
											                      
                      

                        
                         	

                        

                    

                  

                

              

            

          

364-Day Credit Agreement

 

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     IN WITNESS WHEREOF, XL Capital has caused this Agreement to be duly executed as a Deed by an authorized officer as of the day and year first above written. 

	 	EXECUTED AS A DEED by XL CAPITAL LTD, 

as an Account Party and a Guarantor  

        

        __/s/ Georgette Barit                      

  witness  

        By_/s/ Jerry de St. Paer                 

  Name: Jerry de St. Paer

  Title: Executive Vice President & Chief Financial Officer

 

                
                  
                    
                      
					                        
                      
                      

                        
                         	

                        

            

          

        

      

    

  

364-Day Credit Agreement

 

- 82 - 

	 	

                    LENDERS  

                     JPMORGAN CHASE BANK, 

     individually and as Administrative Agent 

                     By: _/s/ Helen L.
                          Newcome             

                  Name: Helen L. Newcome

                  Title: Vice President 

                     CITIBANK, N.A. 

                     By: _/s/ Michael A.
                          Taylor               

                  Name: Michael A. Taylor

                  Title: Vice President 

                     BANK ONE, NA

                    By: _/s/ Chris Bono ____________

                  Name: Chris Bono

                  Title: Associate Director 

                    By: _________________________

                  Name: 

      Title:  

      DEUTSCHE BANK AG NEW YORK BRANCH 

                      By: _/s/ Clinton
                            M. Johnson ______

                  Name: Clinton M. Johnson

                  Title: Managing Director 

                      By: _/s/ John S.
                            McGill __________

                  Name: John S. McGill

                  Title: Director 

       

    

 

 

364-Day Credit Agreement

 

- 83 - 

	 	
      WACHOVIA BANK, N.A. 

      

       By: _/s/ Greg Wilcox   __________

  Name: Greg Wilcox

  Title: Vice President 

       MELLON BANK, N.A. 

       By: _/s/ Carrie Burnham_________

  Name: Carrie Burnham

  Title: Assistant Vice President 

       BARCLAYS BANK PLC 

       By: _/s/ Paul Johnson___________

  Name: Paul Johnson

  Title: Relationship Director 

       CREDIT LYONNAIS NEW YORK BRANCH 

       By: _/s/ Sebastian Rocco________

  Name: Sebastian Rocco

  Title: Senior Vice President 

       HSBC BANK USA 

       By: _/s/ Anthony C. Valencourt___

  Name: Anthony C. Valencourt

  Title: Senior Vice President 

       

    

 

 

364-Day Credit Agreement

 

- 84 - 

	 	
      LLOYDS TSB BANK PLC 

      

       By: _/s/ Michael J. Gilligan________

  Name: Michael J. Gilligan

  Title: Director, Financial Institutions, USA 

       By: _/s/ Matthew S.R. Truck______

  Name: Matthew S.R. Truck

  Title: Vice President,  Financial Institutions, USA 

       MERRILL LYNCH BANK USA 

       By: _/s/ Louis Alder_____________

  Name: Louis Alder

  Title: Vice President 

       MORGAN STANLEY BANK 

       By: _/s/ Jaap L. Tonckens________

  Name: Jaap L. Tonckens

  Title: Vice President 

       FLEET NATIONAL BANK 

       By: _/s/ Carla Balesaw__________

  Name: Carla Balesaw

  Title: Director
      
 

    

 

364-Day Credit Agreement

 

- 85 - 

	 	
      ABN AMRO BANK N.V. 

      

       By: _/s/ Neil R. Stein____________

  Name: Neil R. Stein

  Title: Group Vice President 

       By: _/s/ Michael DeMarco________

  Name: Michael DeMarco

  Title: Assistant Vice President 

       THE BANK OF NEW YORK 

       By: _/s/ Gary Overton___________

  Name: Gary Overton

  Title: Vice President 

       THE BANK OF NOVA SCOTIA 

       By: _/s/ J.W. Campbell__________

  Name: J.W. Campbell

  Title: Managing Director 

       NATIONAL WESTMINSTER BANK PLC 

       By: _/s/ John Mallett____________

  Name: John Mallett

  Title: Senior Corporate Manager
      
 

    

 

          
            
              
                
                  
                    
                                    

            

          

        

      

    

  

364-Day Credit Agreement

 

- 86 - 

	 	
      THE BANK OF BERMUDA LIMITED 

      

       By: _/s/ Renee Brunson__________

  Name: Renee Brunson

  Title: Senior Relationship Manager 

       THE BANK OF TOKYO-MITSUBISHI, LTD. 

       By: _/s/ Jesse A. Reid, Jr.________

  Name: Jesse A. Reid, Jr.

  Title: Authorized Signatory 

       COMERICA BANK 

       By: _/s/ Martin G. Ellis__________

  Name: Martin G. Ellis

  Title: Vice President 

       GOLDMAN SACHS CREDIT PARTNERS LP 

       By: _/s/ Robert Wagner_________

  Name: Robert Wagner

  Title: Authorized Signatory 

       ING BANK N.V., LONDON BRANCH 

       By: _/s/ M. Sharman___________              

  Name: M. Sharman                                      

  Title: Managing Director                               

      By: _/s/ P. Ganpin_____________

  Name: P. Ganpin

  Title: Director

       KEY BANK NATIONAL ASSOCIATION 

       By: _/s/ Mary K. Young________

  Name: Mary K. Young

  Title: Vice President
      
 

    

 

          
            
              
                
                  
                    
                       

            

          

        

      

    

  

364-Day Credit Agreement

 

- 87 - 

	 	
      
      UBS AG, CAYMAN ISLANDS BRANCH
                        

                         By: _/s/ Wilfred
                              V. Saint________

                  Name: Wilfred V. Saint

                  Title: Associate Director 

                         By: _/s/ Thomas
                              R. Salzano______

                  Name: Thomas R. Salzano

                  Title: Director

      
 

       

    

 

 

            

          

        

      

    

  

364-Day Credit Agreement

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