Document:

Exhibit

Exhibit 10.13
GUARANTEE AGREEMENT SUPPLEMENT
This GUARANTEE AGREEMENT SUPPLEMENT dated as of July 31, 2015 is entered into by and between Endurance Specialty Holdings Ltd., a Bermuda exempted limited liability company (the “New Guarantor”) and Royal Bank of Canada, as administrative agent for the Lenders (the “Administrative Agent”).
WHEREAS, the Guarantors party thereto and the Administrative Agent are parties to a Guarantee Agreement dated as of May 2, 2014 (as amended, restated, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time, the “Guarantee Agreement”) under which the Guarantors guarantee certain of the Obligations of the Borrower;
WHEREAS, the New Guarantor desires to become a party to the Guarantee Agreement as a Guarantor thereunder; and
WHEREAS, terms defined in the Guarantee Agreement (or whose definitions are incorporated by reference in Section 1 of the Guarantee Agreement) and not otherwise defined herein have, as used herein, the respective meanings provided for therein;
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Guarantee. The New Guarantor unconditionally guarantees the full and punctual payment of each Obligation when due (whether at stated maturity, upon acceleration or otherwise).  The New Guarantor acknowledges that, by signing this Guarantee Agreement Supplement and delivering it to the Administrative Agent, the New Guarantor becomes a “Guarantor” for all purposes of the Guarantee Agreement and that its obligations thereunder are subject to all the provisions of the Guarantee Agreement (including those set forth in Section 2 thereof) applicable to the obligations of a Guarantor thereunder.
2.    Party to Guarantee Agreement.  Upon delivering this Guarantee Agreement Supplement to the Administrative Agent, the New Guarantor will become a party to the Guarantee Agreement and will thereafter have all the rights and obligations of a Guarantor thereunder and be bound by all the provisions thereof as fully as if the New Guarantor were one of the original parties thereto.
3.    Address of New Guarantor.  The address, facsimile number, electronic mail address and telephone number of the New Guarantor for purposes of Section 9 of the Guarantee Agreement are:
100 Pitts Bay Road
Pembroke, Bermuda HM 08
Fax:    (441) 278-0401 
Tel:    (441) 278-0440
Email: dlurie@enduranceservices.com

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4.    Representations and Warranties.  (a)  The New Guarantor is an exempted limited liability company duly organized, validly existing and in good standing (to the extent such concept is applicable) under the laws of Bermuda.
(b)    The execution and delivery of this Guarantee Agreement Supplement by the New Guarantor and the performance by it of its obligations under the Guarantee Agreement as supplemented hereby are within its corporate or other powers, have been duly authorized by all necessary corporate or other action, require no action by or in respect of, or filing with, any governmental body, agency or official (except such as have been obtained on or prior to the date hereof) and do not contravene, or constitute a default under, any provision of applicable law or regulation (except to the extent that such contraventions or defaults, in the aggregate, could not reasonably be expected to have a Material Adverse Effect) or of its Organization Documents, or of any material agreement, judgment, injunction, order, decree or other instrument binding upon it or result in the creation or imposition of any Lien on any of its assets.
(c)    The Guarantee Agreement as supplemented hereby constitutes a valid and binding agreement of the New Guarantor, enforceable in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting creditors’ rights generally and (ii) general principles of equity.
(d)    Each of the representations and warranties set forth in the Guarantee Agreement is true as applied to the New Guarantor.  For purposes of the foregoing sentence, references in said Sections to a “Guarantor” are deemed to refer to the New Guarantor and references to the “Closing Date” are deemed to refer to the date on which the New Guarantor signs and delivers this Guarantee Agreement Supplement.
5.    Governing Law.  This Guarantee Agreement Supplement is to be construed in accordance with and governed by the law of the State of New York.
[SIGNATURE PAGES FOLLOW]
 

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

	By:
	 

	Name:
	Michael J. McGuire

	Title:
	Chief Financial Officer

[Signature Page to Guarantee Agreement Supplement]

	
		
	

ROYAL BANK OF CANADA
as Administrative Agent

	By:
	 

	Name:
	Susan Khokher

	Title:
	Manager, Agency

 

[Signature Page to Guarantee Agreement Supplement]Exhibit

Exhibit 10.14
ACCESSION AGREEMENT
This ACCESSION AGREEMENT (this “Agreement”) is entered into as of July 31, 2015, by ENDURANCE SPECIALTY HOLDINGS LTD., a Bermuda exempted limited liability company (“Parent”), and BLUE CAPITAL REINSURANCE HOLDINGS LTD., a Bermuda exempted limited liability company (the “Borrower”), in favor of ROYAL BANK OF CANADA, as administrative agent for the Lenders (as defined below) (the “Administrative Agent”) and the lenders from time to time party to the Credit Agreement (as defined below) (collectively, the “Lenders”; individually, each, a “Lender”).  Each capitalized term used but not defined herein has the meaning assigned to such term in the Credit Agreement dated as of May 2, 2014 (as amended by the First Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Guarantors from time to time party to the Guarantee Agreement, the Lenders, the Administrative Agent and the other agents and arrangers party thereto.
1.Upon delivering this Agreement to the Administrative Agent, Parent will become a party to the Credit Agreement and will thereafter have all the rights and obligations of Parent and a Credit Party thereunder and be bound by all the provisions thereof as fully as if Parent were one of the original parties thereto.  Parent acknowledges that, by signing this Agreement and delivering it to the Administrative Agent, Parent becomes “Parent” and a “Guarantor” for all purposes of the Credit Agreement and that its obligations thereunder are subject to all the provisions of the Credit Agreement applicable to the obligations of Parent and a Guarantor thereunder.
2.    Parent hereby represents and warrants to the Administrative Agent and the Lenders that all of the representations and warranties contained in the Credit Agreement or in any Loan Document and applicable to Parent are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.
3.    This Agreement shall be deemed to be a Loan Document for all purposes.
4.    This Agreement shall be binding upon Parent and the Borrower and their respective successors and assigns permitted by the Credit Agreement.  This Agreement may only be amended or modified in accordance with Section 10.01 of the Credit Agreement.  Any notice or other communication herein required or permitted to be given shall be given pursuant to Section 10.02 of the Credit Agreement, and all for purposes thereof, the notice address of Parent shall be:
100 Pitts Bay Road
Pembroke, Bermuda HM 08
Fax:     (441) 278-0401 
Tel:     (441) 278-0440
Email: dlurie@enduranceservices.com

5.    THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK AND THE PROVISIONS OF SECTIONS 10.15 AND 10.16 OF THE CREDIT AGREEMENT SHALL APPLY TO THIS AGREEMENT.
6.    This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto.  This Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.  Delivery of an executed counterpart of this Agreement by facsimile transmission or other electronic transmission (e.g., “.pdf’ or “.tif”) shall be effective as delivery of an original executed counterpart hereof.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall not affect 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.
7.    Parent and the Borrower acknowledge and agree that each of the Loan Documents shall continue in full force and effect and are hereby ratified and confirmed.
[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed as of the day and year first written above.

	
		
	ENDURANCE SPECIALTY HOLDINGS LTD.

	By:
	 

	 
	Name:   Michael J. McGuire
Title:   Chief Financial Officer

	
		
	BLUE CAPITAL REINSURANCE HOLDINGS LTD.

	By:
	 

	 
	Name:   Michael S. Paquette
Title:   Chief Financial Officer

[Signature Page to Accession Agreement]

	
		
	

Acknowledged:

ROYAL BANK OF CANADA,
as Administrative Agent

	By:
	 

	 
	Name:   Susan Khokher
Title:   Manager, Agency

[Signature Page to Accession Agreement]

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