Document:

Exhibit

EXHIBIT 10.1
AMENDMENT NO. 8
Dated as of March 1, 2017
to
CREDIT AGREEMENT
Dated as of September 12, 2014
THIS AMENDMENT NO. 8 (“Amendment”) is made as of March 1, 2017 and shall, upon satisfaction of the conditions precedent set forth in Section 2 below be effective as of the date hereof (the “Amendment No. 8 Effective Date”) by and among AmTrust Financial Services, Inc., a Delaware corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of September 12, 2014, by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to make certain modifications to the Credit Agreement;
WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.
1.Amendments to Credit Agreement.  Effective as of the Amendment No. 8 Effective Date but subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows:
(a)    The definition of “Consolidated Total Debt” appearing in Section 1.01 of the Credit Agreement is amended to (1) insert the parenthetical “(other than Specified Excess Unsecured Debt)” immediately after the phrase “aggregate amount of Guarantees” appearing therein, (2) insert the parenthetical “(other than Specified Excess Unsecured Debt)” immediately after the phrase “Indebtedness in respect of letters of credit” appearing therein and (3) insert the following sentence immediately at the end thereof:
“As used herein, “Specified Excess Unsecured Debt” means at any time, in the event the then aggregate amount of Indebtedness incurred pursuant to Section 6.01(r) exceeds $250,000,000 (such amount in excess of $250,000,000, the “Excess Amount”), the then aggregate amount (not to exceed the Excess Amount) of Indebtedness constituting Guarantees by the Borrower, provided in reliance on Section 6.01(r), in respect of obligations of any Subsidiary as an account party in respect of letters of credit.”

(b)    Section 6.01(r) of the Credit Agreement is amended to replace the reference of “$200,000,000” appearing therein with “$350,000,000”.
2.    Conditions of Effectiveness.  The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (a) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent, (b) for the account of each Lender party hereto that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to $5,000 and (c) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, the reasonable fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.
3.    Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants as follows:
(a)    This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)    As of the date hereof and giving effect to the terms of this Amendment, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct as of the date hereof.
4.    Reference to and Effect on the Credit Agreement.
(a)    Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.
(b)    Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c)    Except with respect to the subject matter hereof and as set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.
(d)    This Amendment shall be a Loan Document.
5.    Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.
6.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

2

7.    Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
[Signature Pages Follow]

3

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

AMTRUST FINANCIAL SERVICES, INC.,
as the Borrower

By: /s/ Harry Schlachter                  
Name: Harry Schlachter
Title: Assistant Treasurer  

JPMORGAN CHASE BANK, N.A.,
individually as a Lender, as Issuing Bank and as Administrative Agent

By: /s/ Hector J. Varona                
Name: Hector J. Varona
Title: Executive Director

KEYBANK NATIONAL ASSOCIATION,
as a Lender

By: /s/ James Cribbet                  
Name: James Cribbet
Title: Senior Vice President

SUNTRUST BANK,
as a Lender

By: /s/ Paula Mueller                  
Name: Paula Mueller
Title: Director

Signature Page to Amendment No. 8 to
Credit Agreement dated as of September 12, 2014
AmTrust Financial Services, Inc.

LLOYDS BANK PLC,
as a Lender

By: /s/ Daven Popat                
Name: Senior Vice President
Title: Transaction Execution – Category A P003

By: /s/ Stephen Parker                
Name: Stephen Parker
Title: VP, Banking Operations – Category A P012

ASSOCIATED BANK, NATIONAL ASSOCIATION
as a Lender

By: /s/ Edward J. Chidiac            
Name: Edward J. Chidiac
Title: Senior Vice President

THE PRIVATEBANK AND TRUST COMPANY, as a Lender

By: /s/ Austin G. Love                  
Name: Austin G. Love 
Title: Associate Managing Director

MORGAN STANLEY BANK, N.A., as a Lender

By: /s/ Cindy Tse                  
Name: Cindy Tse 
Title: Authorized Signatory

Signature Page to Amendment No. 8 to
Credit Agreement dated as of September 12, 2014
AmTrust Financial Services, Inc.Exhibit

EXHIBIT 10.2

	
	
	Dated                                                                                                    March 1 2017

	
	
	AmTrust Corporate Capital Limited
AmTrust Corporate Member Limited
AmTrust Corporate Member Two Limited
ANV Corporate Name Limited
as Corporate Members

	- and -

	AmTrust International Insurance, Ltd.
as Account Party

	- and -

	AmTrust Financial Services, Inc.
as Guarantor

	- and -

	The Banks and Financial Institutions
Listed in Schedule 1 of the Amended Facility Agreement
as Original Banks

	- and -

	ING Bank N.V., London Branch, The Bank of Nova Scotia, London Branch and Bank of Montreal, London Branch
as Mandated Lead Arrangers

	- and -

	ING Bank N.V., London Branch
as Bookrunner, Agent, Issuing Bank and Security

	Trustee

	
	
	Second Amendment Agreement Relating to a Credit Facility Agreement

	 

	
			
	 
	 
	 

	Matter ref   1M1209/001503

	Hogan Lovells International LLP

	Atlantic House, Holborn Viaduct, London EC1A 2FG

THIS AGREEMENT dated March 1, 2017 is made 
BETWEEN:
		
	(1)
	AMTRUST CORPORATE CAPITAL LIMITED,  a company incorporated in England under registered number 08128684 whose registered office is at 2 Minster Court, Mincing Lane, London EC3R 7BB ("ACCL"); 

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

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

		
	(4)
	ANV CORPORATE NAME LIMITED,  a company incorporated in England under registered number 06705037 whose registered office is at 4th floor, 1 Minster Court, Mincing Lane, London EC3R 7AA ("ANV"); 

		
	(5)
	AMTRUST INTERNATIONAL INSURANCE, LTD., a company incorporated in Bermuda under registered number 9551 whose registered office is at 7 Reid Street, Suite 400, Hamilton HM11, Bermuda (the "Account Party"); 

		
	(6)
	AMTRUST FINANCIAL SERVICES, INC., a corporation organised under the laws of Delaware whose registered office is at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 (the "Guarantor"); 

		
	(7)
	THE BANKS AND FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1 OF THE AMENDED FACILITY AGREEMENT (the "Original Banks"); 

		
	(8)
	ING BANK N.V., LONDON BRANCH, as Bookrunner;

		
	(9)
	ING BANK N.V., LONDON BRANCH, THE BANK OF NOVA SCOTIA, LONDON BRANCH AND BANK OF MONTREAL, LONDON BRANCH as Mandated Lead Arrangers (the "Lead Arrangers"); 

		
	(10)
	ING BANK N.V., LONDON BRANCH, as Agent;

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

		
	(12)
	 ING BANK N.V., LONDON BRANCH, as Security Trustee. 

WHEREAS
		
	(A)
	By a letter of credit facility agreement dated 26 November 2013, as amended and restated from time to time and most recently on 3 November 2016 and further amended on 22 December 2016 (the "Facility Agreement") and made between the Parties, the Banks agreed to provide a letter of credit facility of up to £515,000,000 to provide Funds at Lloyd's on behalf of the Corporate Members to support their underwriting at Lloyd's of London.

		
	(B)
	The Parties now wish to amend the Facility Agreement in accordance with the terms of this Agreement in order to (i) increase the amount of additional unsecured Indebtedness permitted under Clause 14.2(s)(xxxii) of the Facility Agreement from $200,000,000 to $350,000,000; and (ii) reflect the fact that any such Indebtedness in excess of $250,000,000 incurred by any Subsidiary as an account party in respect of letters of credit will count towards the Consolidated Leverage Ratio. 

- 2 -

IT IS AGREED
		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Words and expressions defined in the Facility Agreement have the same meaning in this Agreement unless otherwise defined herein.

		
	1.2
	In this Agreement:

"Amendment Effective Date" means 1 March 2017; 
"Amended Facility Agreement" means the Facility Agreement as amended by this Agreement;
"Facility Agreement" has the meaning given in Recital (A) above; and 
"Party" means each party to this Agreement.
		
	1.3
	The provisions of Clauses 1.2 to 1.9 of the Amended Facility Agreement shall apply to this Agreement as if references therein to "this Agreement" were references to this Agreement.

		
	1.4
	From the Amendment Effective Date, any reference in any Finance Document to the Facility Agreement shall be read and construed for all purposes as a reference to the Amended Facility Agreement.

		
	2.
	AMENDMENT

		
	2.1
	With effect from the Amendment Effective Date, the definition of "Consolidated Total Debt" set out in Clause 1.1 (Definitions) of the Facility Agreement shall be deleted and replaced with the following wording: 

"Consolidated Total Debt" means, at any date of determination, all Indebtedness of the Guarantor and its Subsidiaries on a consolidated basis, plus, without duplication, all Indebtedness of the Guarantor in respect of the Junior Subordinated Debentures, less the sum of the following: 
		
	(a)
	the Maiden Debt;

		
	(b)
	the aggregate principal amount outstanding in respect of the Guarantor's obligations to repurchase securities pursuant to Repurchase Agreements; 

		
	(c)
	the aggregate amount of the Repurchase Liability; and 

		
	(d)
	the aggregate amount of Guarantees (other than the Excess Amount) otherwise included in such Indebtedness. 

Notwithstanding the foregoing, Indebtedness in respect of letters of credit (other than the Excess Amount) shall not be included in the determination of Consolidated Total Debt to the extent that any such letter of credit is undrawn as of the date of determination.  As used herein, "Excess Amount" means, at any time, the amount by which the Indebtedness incurred pursuant to Clause 14.2(s)(xxxii) exceeds $250,000,000, to the extent that such Indebtedness is incurred by any Subsidiary as an account party in respect of letters of credit (and Guarantees thereof by the Guarantor). 
In addition, but without duplication of the foregoing, Consolidated Total Debt shall include Permitted Non-Recourse Secured Debt to the extent the obligations in respect thereof are, or should be, reflected as a liability on the consolidated balance sheet of the Guarantor and its Subsidiaries in accordance with GAAP. 

- 3 -

		
	2.2
	With effect from the Amendment Effective Date, Clause 14.2(s)(xxxii) of the Facility Agreement in respect of additional unsecured Indebtedness is amended to replace the reference of "$200,000,000" appearing therein with "$350,000,000".

		
	3.
	REPRESENTATIONS AND WARRANTIES 

		
	3.1
	Subject to Clause 3.2 of this Agreement, each Obligor represents and warrants that each of the representations and warranties set out in Clauses 13.2 to 13.33 of the Amended Facility Agreement, construed as if references therein to "this Agreement" were references to this Agreement, is true and correct in all material respects (or, to the extent any such representation or warranty is qualified as to "material", "Material Adverse Change" or similar wording, in all respects) as at the Amendment Effective Date.

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

		
	4.
	CONTINUITY AND FURTHER ASSURANCE

		
	4.1
	Continuing obligations 

The rights and obligations of the Parties under the Facility Agreement and the other Finance Documents shall continue in full force and effect, uninterrupted by the amendment hereunder, save insofar as they are amended hereby. In addition:
		
	(a)
	each Obligor that has granted Security pursuant to the Security Documents confirms that the Security created by the relevant Security Documents shall continue to fully secure the obligations of the relevant Obligors under the Finance Documents (including but not limited to the Amended Facility Agreement); and

		
	(b)
	the Guarantor confirms that from the Amendment Effective Date the guarantee and indemnity given by it in Clause 12 (Guarantee and Indemnity) of the Facility Agreement will continue in full force and effect and will extend to all Obligations of each other Obligor under the Finance Documents (including but not limited to the Amended Facility Agreement),

in each case, notwithstanding the amendment to the Facility Agreement made pursuant to this Agreement.
		
	4.2
	Prospective effect only 

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

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

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

- 4 -

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

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

The provisions of Clauses 1.9 (Rights of third parties), 18.5 (Indemnity against costs), 32 (Miscellaneous), 35 (Notices) and 36.2 to 36.7 (Applicable Law and Jurisdiction) of the Amended Facility Agreement shall be incorporated into this Agreement as if set out herein and as if references therein to "this Agreement" were references to this Agreement. 
		
	8.
	GOVERNING LAW 

This Agreement and any contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

AS WITNESS the hands of the duly authorised representatives of the parties hereto the day and year first before written.

- 5 -

SIGNATURES TO AMENDMENT AGREEMENT
	
				
	ACCL
	 
	 
	 

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

	AMTRUST CORPORATE                        
	)
	Peter Dewey           
	PRINT NAME

	CAPITAL LIMITED                                  
	)
	Director                   
	Job title

	 
	 
	 
	 

	ACML
	 
	 
	 

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

	AMTRUST CORPORATE                        
	)
	Peter Dewey           
	PRINT NAME

	MEMBER LIMITED                                  
	)
	Director                   
	Job title

	 
	 
	 
	 

	ACM2L
	 
	 
	 

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

	AMTRUST CORPORATE                        
	)
	Peter Dewey           
	PRINT NAME

	MEMBER TWO LIMITED                        
	)
	Director                   
	Job title

	 
	 
	 
	 

	ANV
	 
	 
	 

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

	ANV CORPORATE                                  
	)
	Peter Dewey           
	PRINT NAME

	NAME LIMITED                                       
	)
	Director                   
	Job title

	 
	 
	 
	 

	ACCOUNT PARTY
	 
	 
	 

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

	AMTRUST INTERNATIONAL                 
	)
	Chris Souter            
	PRINT NAME

	INSURANCE, LTD.                                  
	)
	Director, CFO, Secretary
	Job title

	 
	 
	 
	 

	GUARANTOR
	 
	 
	 

	SIGNED for and on behalf of                     
	)
	/s/ Evan Greenstein     
	Signature

	AMTRUST FINANCIAL SERVICES, INC. 
	)
	Evan Greenstein      
	PRINT NAME

	 
	 
	VP, Treasurer          
	Job title

- 6 -

ORIGINAL BANKS
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

	 
	 
	 
	 

	 
	 
	 
	 

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

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

	 
	 
	Managing Director        
	Job title

	 
	 
	/s/ Samina Sajanlal      
	Signature

	 
	 
	Samina Sajanlal          
	PRINT NAME

	 
	 
	Director                       
	Job title

	 
	 
	 
	 

	 
	 
	 
	 

	SIGNED for and on behalf of         
	)
	/s/ Scott Matthews      
	Signature

	BANK OF MONTREAL, LONDON BRANCH  
	)
	Scott Matthews           
	PRINT NAME

	 
	 
	Managing Director      
	Job title

	 
	 
	/s/ Tony Ebdon            
	Signature

	 
	 
	Tony Ebdon                 
	PRINT NAME

	 
	 
	Managing Director      
	Job title

- 7 -

MANDATED LEAD ARRANGERS
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

	 
	 
	 
	 

	 
	 
	 
	 

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

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

	 
	 
	Managing Director        
	Job title

	 
	 
	/s/ Samina Sajanlal      
	Signature

	 
	 
	Samina Sajanlal          
	PRINT NAME

	 
	 
	Director                       
	Job title

	 
	 
	 
	 

	 
	 
	 
	 

	SIGNED for and on behalf of         
	)
	/s/ Scott Matthews      
	Signature

	BANK OF MONTREAL, LONDON BRANCH  
	)
	Scott Matthews           
	PRINT NAME

	 
	 
	Managing Director      
	Job title

	 
	 
	/s/ Tony Ebdon            
	Signature

	 
	 
	Tony Ebdon                 
	PRINT NAME

	 
	 
	Managing Director      
	Job title

- 8 -

BOOKRUNNER
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

AGENT
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

ISSUING BANK 
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

- 9 -

SECURITY TRUSTEE
	
				
	SIGNED for and on behalf of         
	)
	/s/ Carolyn Rajaratnam     
	Signature

	ING BANK N.V., LONDON BRANCH      
	)
	Carolyn Rajaratnam      
	PRINT NAME

	 
	 
	Director                          
	Job title

	 
	 
	/s/ Nick Marchant           
	Signature

	 
	 
	Nick Marchant             
	PRINT NAME

	 
	 
	Director                       
	Job title

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