Document:

EX-10.1

Exhibit 10.1

RESELLER AGREEMENT

THIS RESELLER AGREEMENT is made as of 27 May 2005 (the “Effective Date”).

BY AND BETWEEN:

WATERLOO MAPLE INC. (“MAPLESOFT”)

- and -

SPLINEX TECHNOLOGY INC., a Delaware corporation (the “Toolbox Developer”)

WHEREAS:

	 	A.	 	The Toolbox Developer owns, or has licensed from others, all proprietary right, title and
interest in certain computer software products listed on Schedule A hereto (the “Toolbox
Developer Software”).

	 	B.	 	A portion of MAPLESOFT’s business is to resell MAPLESOFT product-related, third-party
computer software products through its web store or other appropriate means as mutually agreed
between the parties.

	 	C.	 	MAPLESOFT wishes to obtain, and the Toolbox Developer is willing to grant to MAPLESOFT the
non-exclusive right to market and resell the Toolbox Developer Software and related material
and documentation to End Users (as hereinafter defined) throughout the world in accordance
with this Agreement.

D. The parties have agreed to enter into this Agreement on the terms and conditions herein
contained.

AGREEMENT

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, and other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:

ARTICLE 1 — DEFINITIONS AND INTERPRETATION

1.1 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings:

	 	(a)	 	“Agreement” means this Reseller Agreement, as amended from time to
time by the mutual consent of the parties, and includes all Schedules hereto;

	 	(b)	 	“Confidential Information” means the proprietary technical
information, know-how, technology, system designs, prototypes, ideas, inventions,
improvements, layouts, software, concepts, techniques, discoveries, data and
files, either party identities and lists, including accounting records,
forecasts, project management plans, marketing

	 	 	 	plans and business plans provided by or on behalf of one party
in connection with this Agreement, and all copies and tangible embodiments
thereof (in whatever form or medium); provided, however, that any of the
foregoing shall not be considered Confidential Information if the party
receiving it can show that such information: (i) has become publicly known
through no wrongful act or breach of any obligation of confidentiality on
the receiving party’s or any third party’s part; (ii) was rightfully
received by the receiving party from a third party not in violation of any
contractual, legal or fiduciary obligation by such third party; (iii) was
approved for release by written authorization of the party having rights
therein; (iv) was developed by the receiving party independently of the
party having rights therein without breach of any confidentiality or other
obligations; or (v) was disclosed by court order or other legal authority,
provided that the party having rights therein is given an opportunity to
oppose such disclosure and if disclosed, such information is only used for
the specified legal purposes ;

	 	(c)	 	“End User” means any person, corporation or other entity, who
licenses a copy of the Product to fulfill its own internal needs and not for
resale, distribution, duplication or sublicensing;

	 	(d)	 	“Intellectual Property Rights” means any and all rights in and to
intellectual property (whether or not issued or published or protected by patent
or registerable under copyright, trademark, trade secret or subject to analogous
protection) including, without limitation, all technical information, technical
data, inventions, products, data, algorithms, design, methods, know-how,
processes, copyrights, patents, trade secrets, software (including object code
and source code), models, patterns, drawings, specifications, prototypes,
firmware and discoveries and all Modifications thereto;

	 	(e)	 	“Modifications” means all commercially available updates, upgrades,
versions, modifications, enhancements, improvements and/or corrections made or to
be made to the Product by the Toolbox Developer;

	 	(f)	 	“Product” means the Toolbox Developer Software, related material
and documentation and any commercially released Modifications;

	 	(g)	 	“Suggested Retail Price” means the retail prices suggested for the
Product by the Toolbox Developer as outlined in Schedule B hereto as may be
amended from time to time at the sole discretion of the Toolbox Developer;

	 	(h)	 	“Reseller Price” means the price paid by MAPLESOFT to the Toolbox
Developer for the Product as outlined in Schedule B hereto, as may be amended
from time to time at the sole discretion of the Toolbox Developer;

(i) “Territory” means the world;

	 	(j)	 	“Web Site” means MAPLESOFT’s web site URL location or locations
where MAPLESOFT will market the Product and market promote, and make it available
for licensing and download to End Users.

	 	1.2	 	Interpretation. In this Agreement, words importing the singular number include the plural
and vice versa and words importing gender include all genders. The division of this Agreement
into articles, sections and subsections and the insertion of headings are for the convenience
of reference only and shall not affect its construction or interpretation.

	 	1.3	 	Schedules. The following are the Schedules attached to and incorporated in this Agreement by
reference:

• Schedule A: Toolbox Developer Software — Product Definition

• Schedule B: Reseller Price, Suggested Retail Pricing, and other Terms and
Conditions

• Schedule C: MAPLESOFT Marketing & Promotional Activities

• Schedule D: Form of Toolbox Developer End User License Agreement for the Product

• Schedule E: Trademarks

ARTICLE 2 — GRANT OF RIGHTS

	 	2.1	 	Right to Resell. Subject to all terms within this Agreement including the payment of the
Reseller Price defined in Schedule B, the Toolbox Developer hereby grants to MAPLESOFT a
personal, limited, non-exclusive, nontransferable (except as permitted in accordance with
Section 10.3 hereto) right to license the Product to End Users within the Territory through
the Web Site or through its identified resellers and affiliates so long as MAPLESOFT is
responsible for the actions of such resellers and affiliates and warrants that the actions of
such resellers and affiliates comply with the provisions of this Agreement or by any other
distribution methods as the parties may mutually agree in writing, during the Term or any
subsequent Renewal Term, as the case may be. MAPLESOFT shall conduct a minimum level of
Product marketing promotion as outlined in Schedule C.

	 	2.2	 	Use and Display of Toolbox Developer Trademarks. The Toolbox Developer grants to MAPLESOFT,
the non-exclusive, non-transferable right to use and display the Toolbox Developer Trademarks
associated with the Product solely for marketing, distribution and promotion of the Product in
accordance with this Agreement provided that MAPLESOFT:

	 	a)	 	Accepts that its usage of the Toolbox Developer Trademarks is at all times
under the control of the Toolbox Developer;

	 	b)	 	Uses the Toolbox Developer Trademarks only in the form and manner as may be
prescribed from time to time by the Toolbox Developer;

	 	c)	 	Uses the Toolbox Developer Trademarks only in association with the Product; and
markets and resells the Products only under the Toolbox Developer Trademarks, and not
any other trademark or logo; and

	 	d)	 	Upon written request, provides the Toolbox Developer with copies of all
materials using the Toolbox Developer Trademarks, for review.

	 	2.3	 	Use and Display of MAPLESOFT Trademarks. MAPLESOFT grants to the Toolbox Developer the
non-exclusive, non-transferable right to use and display the MAPLESOFT Trademarks used solely
for marketing, distribution and promotion of the Product in accordance with this Agreement,
provided that the Toolbox Developer:

a) Accepts that its usage of the MAPLESOFT Trademarks is at all times under the control of
MAPLESOFT;

	 	b)	 	Uses the MAPLESOFT Trademarks only in the form and manner as may be prescribed
from time to time by MAPLESOFT;

c) Uses the MAPLESOFT Trademarks only in association with the Product; and

	 	d)	 	Upon written request, provides MAPLESOFT with copies all materials using
MAPLESOFT Trademarks, for review.

2.4 Editing of Promotional Materials. With the prior consent of the Toolbox Developer, MAPLESOFT
has the right to edit any materials submitted by the Toolbox Developer for purposes of Product
promotion, use on the Web Site and other marketing activities, provided that no material changes
are made to the materials.

ARTICLE 3 — OWNERSHIP AND CONFIDENTIALITY

	 	3.1	 	Ownership of Intellectual Property. MAPLESOFT acknowledges and agrees that the Product,
including any Modifications thereto, and all Intellectual Property Rights therein shall at all
times remain the sole property of the Toolbox Developer, and MAPLESOFT shall have only such
limited rights with respect thereto as shall be explicitly given under this Agreement.
MAPLESOFT shall promptly notify the Toolbox Developer in writing of: 1) any claims,
allegations, or notifications that MAPLESOFT’s marketing, promotion or licensing of the
Product may or will infringe the Intellectual Property Rights of any other person or entity
and 2) any determination, discovery, or notification that any person, corporation or other
entity is or may be infringing the Intellectual Property Rights of the Toolbox Developer. The
Toolbox Developer shall promptly notify MAPLESOFT in writing of any claims, allegations, or
notifications that the Toolbox Developer’s marketing, promotion or licensing of the Product
may or will infringe the Intellectual Property Rights of any other person or entity.

	 	3.2	 	Ownership of Confidential Information. All right, title and interest in and to the
Confidential Information of either MAPLESOFT or the Toolbox Developer is and shall remain with
MAPLESOFT or the Toolbox Developer, as the case may be. Neither party shall acquire any right,
title or interest in or to any Confidential Information of the other pursuant to this
Agreement.

	 	3.3	 	Irreparable Harm. The recipient of the Confidential Information acknowledges that any
unauthorized disclosure and use of Confidential Information of the disclosing party will cause
irreparable harm to the disclosing party for which damages may not be an adequate remedy. In
the event of unauthorized disclosure and use of its Confidential Information, the disclosing
party shall, in addition to any other rights or remedies it may have in law or equity under
this Agreement or otherwise, be entitled to injunctive relief.

	 	3.4	 	Return of Confidential Information. The recipient of the Confidential Information agrees
that, immediately upon request by the disclosing party, and in any event, immediately upon
termination of this Agreement, the recipient shall destroy or deliver all copies of all
Confidential Information of the disclosing party in its possession, care or control to the
disclosing party, except such information that each party must maintain to document accounting
and legal requirements; and the recipient party shall deliver to the disclosing party a
notarized certificate of one of its senior officers attesting to the completion of such return
or destruction.

ARTICLE 4 — INDEPENDENT CONTRACTOR STATUS

	 	4.1	 	Independent Contractor Status. It is the intention of the parties, and the parties
understand and agree, that the parties are and shall be independent contractors to one
another, and neither MAPLESOFT, the Toolbox Developer nor any of their respective
representatives is an employee, agent, representative, joint venturer or partner of the other
party. Nothing in this Agreement shall be interpreted or construed as creating or establishing
the relationship of employer and employee between MAPLESOFT and the Toolbox Developer or any
if their respective representatives, and neither party shall hold itself out as the employee,
agent, representative, joint venturer or partner of the other nor contract or incur
obligations in the name of the other.

article 5  — DELIVERY, SUPPORT AND PAYMENT

	 	5.1	 	License of Product to End Users. MAPLESOFT shall market, promote and license the Product
through its Web Site via download, and other means deemed appropriate by MAPLESOFT acting
reasonably, for perpetual-use purposes during the Term and any Renewal Term (as defined
below). MAPLESOFT shall (where applicable and made available to MAPLESOFT by the Toolbox
Developer) make available to the End User a copy of the Toolbox Developer’s End User License
Agreement prior to sale of the Product to End Users. It is the sole responsibility of the
Toolbox Developer to supply MAPLESOFT with the final version of the applicable End User
License Agreement and to timely activate the license for the Product sold by MAPLESOFT, upon
receipt of a sale confirmation containing the following information for each End User: the
date of sale, date of download or date of shipment, contact person name, company name (if
applicable), address, e-mail address, telephone number, sales person, sales person contact
information, reseller and/or distributor name and purchase order number (if applicable), and
the version of the Product to be licensed.

	 	5.2	 	Delivery of Product to MAPLESOFT. The Toolbox Developer shall provide MAPLESOFT with the
necessary executable files and content documentation (as reasonably requested by MAPLESOFT to
make the Product, and all Product Modifications that are commercially released by Toolbox
Developer, available to End Users through the Web Site). The Toolbox Developer will provide
MAPLESOFT with any existing marketing materials and content documentation of the Product to
MAPLESOFT to maximize licensing potential for the Product. MAPLESOFT agrees to use this
material to publicize, catalogue, promote and describe the functionality of the Product
through its Web Site.

	 	5.3	 	Reporting. MAPLESOFT shall provide to the Toolbox Developer a monthly Sales & Returns Report
(the “Report”) in electronic and physical form approved by the Toolbox Developer, on or before
the 30th day following the end of each prior month after the Effective Date, with the first
such report due July 1, 2005. MAPLESOFT shall provide to the Toolbox Developer within the
aforementioned Report information with respect to each End User transaction, stating: the date
of licensing, date of shipment, contact person name, company name (if applicable), address,
e-mail address, telephone number, sales person, sales person contact information, reseller
and/or distributor name and purchase order number (if applicable), version of the Product
sold, price paid to MAPLESOFT and amount due to the Toolbox Developer based upon Schedule B.
The Toolbox Developer shall accept discounts to the MAPLESOFT Reseller Price as set out in
Schedule B and assumption of collection risk, if and only if, such discount or collection risk
is confirmed in advance and in writing by the Toolbox Developer to MAPLESOFT. The Toolbox
Developer shall accept return of product, if and only if, such returns are confirmed in
advance and in writing by the Toolbox Developer to MAPLESOFT.

	 	 	 	5.3A Privacy Compliance. The parties acknowledge that the reporting requirements set forth in
Sections 5.1 and 5.3 may require that MAPLESOFT collect Personal Information (as hereafter
defined). The parties acknowledge and agree that such Personal Information shall be used
solely to assist in the activation and authentication of the Product once purchased by an End
User, to assist in the provision of support and maintenance of the Product and for no other
purpose. Neither party, unless required by law or judicial authorization, shall disclose the
Personal Information without the consent of the End User or the person whose Personal
Information is to be disclosed. The Toolbox Developer, if requested by End User, shall either
return to the End User or destroy such Personal Information provided by MAPLESOFT to the
Toolbox Developer. Both parties have implemented Appropriate Security Means (as hereafter
defined) to protect the Personal Information of End User provided by MAPLESOFT to the Toolbox
Developer. The Toolbox Developer shall promptly provide notice through the Toolbox Developer
End User License Agreement to End User about (a) any request for disclosure of Personal
Information including requests by law enforcement authorities, without responding to the
request, unless required by law or judicial authorization; and (b) any incidental or
unauthorized access of Personal Information. “Personal Information” means any information,
recorded in any form, about an identified individual, including an End User, or an individual
whose identity may be inferred or determined from the information but does not include any
information about more than one individual where the identity of the individuals is not known
and cannot be inferred from the information, that is provided by MAPLESOFT to the Toolbox
Developer. “Appropriate Security Measures” means commercially reasonable technical physical
and procedural controls to protect Personal Information against destruction, loss, alteration,
unauthorized disclosure to third parties or unauthorized access by employees or contractors
employed by the Toolbox Developer, whether by accident or otherwise.

	 	5.4	 	Quality of Product. The Toolbox Developer will perform quality assurance for the Product
before delivering it to MAPLESOFT for licensing by MAPLESOFT, and shall do such further
quality assurance work, including bug fixes and patches based on feedback received from End
User of the Product as may be necessary at the Toolbox Developers’ sole cost. For greater
certainty, MAPLESOFT will not be responsible for supporting, updating, or performing any
quality assurance, support, documentation or any development for the Product at any time nor
shall MAPLESOFT be entitled to any fees or portion of fees charged directly to End Users by
Toolbox Developer for support, updates or professional services.

	 	5.5	 	Support of Product. The Toolbox Developer or its agents will provide any necessary and
appropriate technical support for the Product directly to the End Users at the Toolbox
Developer’s sole cost and expense. The Toolbox Developer shall incorporate into the Product an
e-mail and web site address, which may be used by End Users for technical support issues that
may arise. If the Toolbox Developer receives technical support queries that relate to the
MAPLESOFT Product rather than the Toolbox Developer’s Product, the Toolbox Developer shall
forward such queries directly to MAPLESOFT technical support and MAPLESOFT shall deal with all
such MAPLESOFT related support issues.

	 	5.6	 	Product Payment. MAPLESOFT shall pay to the Toolbox Developer a monthly payment for all
Product sold that month, less pre-approved returns, Product Payment shall be due thirty (30)
days from last day of the month sold and provided in U.S. Dollars (except in the case of sales
of Product to End Users located in Canada that paid MAPLESOFT or its resellers for the Product
in Canadian Dollars, in which case Product Payment for such sales may be provided in Canadian
Dollars), and wired to the bank account designated by the Toolbox Developer or otherwise paid
to the Toolbox Developer as agreed to by the parties acting reasonably. All payment terms
described in this section will remain applicable regardless of the credit terms extended by
Maplesoft to any End User or through a reseller and regardless of whether MAPLESOFT identifies
an End User or reseller as a risk of doubtful collection for payment of accounts, unless
exceptions to the thirty (30) day payment terms are accepted in advance and in writing by the
Toolbox Developer. MAPLESOFT will promptly notify Toolbox Developer in writing (and in any
event as part of its reporting set forth in Section 5.3) when an End User or reseller of
MAPLESOFT is outside of MAPLESOFT’s standard credit, collection and payment terms. Provided
MAPLESOFT properly reports the collection risk of an End User or reseller to Toolbox Developer
as set forth above, the Product Payment amount of an account of that End User or reseller (the
“Uncollected Amount”) that is not collected within 120 days of the date of sale, shall be
subtracted from the next scheduled Product Payment. If payment is thereafter made by such an
End User or reseller, the Uncollected Amount shall be reported to Toolbox Developer in
accordance with Section 5.3 and included in the next scheduled Product Payment

	 	5.7	 	End User Refund Policy. The End User may return the product for a full refund for a period of
15 days after the purchase provided the product is defective or has not been activated. If a
refund is requested during this period, MAPLESOFT will pay the refund to the End User. If the
purchase and refund occur within the same month, the Toolbox Developer will not receive any
Product Payment from the sale where a refund was issued, however, all details of such
transaction will be included in the monthly Report. If the End User refund occurs in a
different month from the purchase month, the Product Payment adjustment from the End User
refund will be subtracted from the next scheduled Product Payment.

ARTICLE 6 — REPRESENTATIONS, WARRANTIES AND COVENANTS

	 	6.1	 	Representations, Warranties and Covenants of the Toolbox Developer. The Toolbox Developer
represents, warrants and covenants as follows:

	 	(a)	 	The Toolbox Developer is the lawful owner of, or has all right, title and
interest in the Product and all Intellectual Property related thereto, and has all
rights necessary to grant the licenses to MAPLESOFT in accordance with the terms and
conditions of this Agreement. The Toolbox Developer, and not MAPLESOFT, is solely
responsible for paying compensation, if due, to whomever else may be entitled under
other agreements, if any, between the Toolbox Developer and third parties.

	 	(b)	 	The Product has been, and future Modifications will be, independently created
as a result of original work of the Toolbox Developer or pursuant to third party
licensing agreements and the Product does not currently and will not knowingly,
following commercially reasonable investigations, use or incorporate or infringe any
registered, or issued intellectual property of any person, corporation or other
business entity, and no other person, inventor or creator, past or present, has or is
known to have (based upon commercially reasonable investigations) at the time of
executing this Agreement any right, title or interest in or to the Product;

	 	(c)	 	The Toolbox Developer is the lawful owner of all intellectual property rights,
including without limitation, patents, Toolbox Developer Trademarks, copyrights, and
trade names, and any applications therefore, included in the Product;

	 	(d)	 	The Toolbox Developer has the required skills, qualifications and experience to
fulfill all duties and responsibilities required pursuant to this Agreement;

	 	(e)	 	The Toolbox Developer has the right to enter into this Agreement and the
performance of the obligations hereunder will not conflict with or violate the
performance of any other agreement to which they are presently a party (including any
non-competition or non-disclosure agreement), any applicable law, rule or regulation,
or any third-party rights in any issued patent, registered trademark, issued copyright
or trade secret, or other proprietary right. The Tool Box Developer covenants not to
enter into any agreement that will conflict with or otherwise obstruct its ability to
perform its obligations pursuant to this Agreement (including any non-competition or
non-disclosure agreement);

	 	(f)	 	The Toolbox Developer shall make reasonable commercial efforts consistent with
software industry standards to ensure the Product is free of defects in programming and
operation;

	 	(g)	 	The Product shall be free of software viruses or any other programs that may
materially and adversely affect the normal use of the software, on delivery to
MAPLESOFT; and

	 	(h)	 	The Toolbox Developer shall undertake reasonable commercial efforts to ensure
that the current version of the Product commercially released by the Toolbox Developer
shall be compatible with and otherwise be fully functional and operate with the then
current version of the MAPLESOFT product known as “Maple”, within 3 months of the
commercial release of each version of Maple. MAPLESOFT shall provide prerelease
technical information regarding any new version or update of Maple at least 3 months
prior to the expected commercial release unless otherwise agreed in writing between the
parties.

EXCEPT AS EXPRESSLY SET FORTH ABOVE, SPLINEX DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED
WITH REGARD TO ALL TECHNOLOGY, MODIFICATIONS, SOFTWARE OR DERIVATIVE WORKS PROVIDED OR
OTHERWISE LICENSED TO MAPLESOFT IN CONNECTION WITH THIS AGREEMENT, INCLUDING BUT NOT LIMITED
TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY FITNESS FOR A PARTICULAR USE AND ALL SUCH
WARRANTIES NOTED IN THIS PARAGRAPH ARE SPECIFICALLY EXCLUDED.

6.2 Covenants of MAPLESOFT. MAPLESOFT covenants as follows:

(a) MAPLESOFT shall maintain complete and accurate accounting records, in accordance
with generally accepted accounting practices, to support and document the Products sold. The
Toolbox Developer shall have the right through a mutually agreeable qualified independent
accounting firm to make an examination and audit of prior period closed months, at
reasonable times and on reasonable notice of not less than 15 business days and not more
than twice a year (provided that any audit that reveals a variance greater than 5% shall not
count towards this restriction nor shall any audit required of the Toolbox Developer by a
regulatory agency or by order of a court count toward this restriction), of the records kept
or required to be kept by MAPLESOFT relating to and only to the promotion, distribution and
licensing of the Product by MAPLESOFT and the calculation of the payments required by this
Agreement. If any such audit reveals no material changes, “material” being defined as 5% or
greater based on prior amounts paid, in the payments due to the Toolbox Developer, then the
Toolbox Developer shall pay for all out-of-pocket costs and expenses relating to any such
examination and audit. If following such audit, there are material changes in the payments
due to the Toolbox Developer, MAPLESOFT shall reimburse the Toolbox Developer for the actual
costs of the examination and audit and shall remit the additional amounts due to the Toolbox
Developer within 15 business days.

ARTICLE 7 — TERM AND TERMINATION

	 	7.1	 	Term. This Agreement shall commence as of the Effective Date, and shall continue for a period
of one year (the “Term”), unless terminated earlier in accordance with the provisions of this
Agreement. Absent written notice from one party to the other at least 90 days prior to the
Term or any Renewal Term (as defined below), this Agreement will be automatically renewed for
successive one-year periods (each, a “Renewal Term”) until terminated in accordance with the
provisions hereof.

7.2 Termination. This Agreement may be terminated by either party:

	 	(a)	 	Immediately upon the occurrence of any of the following events, which
shall be deemed to be a material breach of the terms of this Agreement:

	 	i.	 	The other party fails to perform any of its material
obligations under this Agreement, or materially breaches any of the provisions
set out in this Agreement and does not cure such breach within thirty (30) days
after receiving written notice, or

	 	ii.	 	Either party ceases to exist, or threatens in writing to cease
to carry on its business, commits an act of bankruptcy, is declared insolvent,
make an assignment of its assets other than for purposes of financing, or

	 	iii.	 	Either party is declared bankrupt or wound up, or a receiver is
appointed with respect to any part of the assets of the other party, or if any
encumbrancer takes possession of any part thereof.

(b) upon [90-days] written notice to the other party.

	 	(c)	 	MAPLESOFT reserves the right to temporarily suspend this Agreement (a
“Temporary Suspension,”), at any time, if there is a written claim of infringement from
a credible source regarding the Product as determined by MAPLESOFT, including but not
limited to copyright laws or other intellectual property infringement and the Toolbox
Developer does not promptly respond to, defend or settle the claim or otherwise have
such claim dismissed, or remove the cause of the infringement, or if the Product is
determined by MAPLESOFT to contain offensive or dangerous content and the Toolbox
Developer does not timely agree to remove or modify such content. The Temporary
Suspension will continue until the issue is resolved. The resolution will either result
in the termination of this Agreement, or the reactivation of this Agreement, as
determined by MAPLESOFT at its sole discretion. In the case of a reactivation, the end
of the Term or any Renewal Term as specified in this section shall remain in effect,
unless both parties agree in writing to change the end of the Term or any Renewal Term.

7.3 Obligations Upon Termination. Upon the effective date of termination of this Agreement:

	 	(a)	 	MAPLESOFT shall immediately cease to promote and market the Product and any
representation of itself as an authorized reseller of the Product, and shall cease its
use of any Toolbox Developer Trademarks;

	 	(b)	 	MAPLESOFT shall pay to the Toolbox Developer all amounts outstanding and owing
as of the effective date of termination;

	 	(c)	 	Each party shall promptly destroy or return to the other all copies of any
data, records, documents, drawings, specifications, computer programs or materials of
any nature or kind, including all materials incorporating Confidential Information,
except such information that each party must maintain to document accounting and legal
requirements; and

	 	(d)	 	The provisions in this Agreement regarding ownership of Intellectual Property
and Confidential Information and Section 8.2A and 8.2B shall continue in force
following termination of this Agreement

	 	(e)	 	So long as an End User is a legal End User properly registered with the Toolbox
Developer, no termination or expiry of this Agreement shall affect the rights of End
Users to continue to use any Products.

7.4 Obligations Upon Temporary Suspension. If this agreement is suspended under the terms of
7.2(c):

(a) MAPLESOFT will remove the Product for sale from the Web Site immediately.

(b) MAPLESOFT will notify the Toolbox Developer of the suspension, in writing.

	 	(c)	 	At the discretion of MAPLESOFT, the Product may also be removed from
promotional materials.

	 	(d)	 	All other aspects of this Agreement will remain unchanged pending the final
resolution of the issue.

ARTICLE 8 — LIMITATION ON LIABILITY AND INDEMNITY

	 	8.1	 	Limited Warranty. Subject to the terms and conditions of this Agreement, the Toolbox
Developer warrants that for a period of thirty (30) days from the date of original shipment
that the Product, as delivered, will materially comply with the published specifications, if
any, of the Toolbox Developer for such Product. The Toolbox Developer’s obligations under
this warranty shall be limited to providing MAPLESOFT with a copy of corrected Product.
Toolbox Developer does not warrant that the operation of the Product will be uninterrupted or
error-free or that the Product will improve the performance of the MAPLESOFT products or any
third-party product. MAPLESOFT has no authority to make and shall not make any warranty
express or implied on behalf of the Toolbox Developer.

	 	 	 	8.2.A Indemnification. Each party (“the Indemnifier”) shall indemnify and hold harmless the other
party (“Indemnified Party”), its resellers and affiliates and End Users from all losses,
damages, legal fees, settlement amounts, expenses and other liabilities arising from any
claims, legal proceedings or demands brought by a third party against either party based on
the Indemnifier’s product, its manufacture, distribution, use, infringement of intellectual
property rights, copyrights, patent, trade secret, trademark, or any other contractual or
proprietary right (the “Claim”); provided that the Indemnifier is notified as soon as
possible in writing of the Claim, the Indemnifier is given immediate and complete control of
such Claim, the Indemnified Party does not prejudice the Indemnifier’s defense of such Claim
and the Indemnified Party gives the Indemnifier all reasonable assistance with such Claim.

	 	 	 	8.2B Injunctions. In the event either party, its resellers, affiliates or End Users are enjoined
from their use of the other’s product, the Indemnifier willl promptly, either: (a) procure
for the Indeminifed Party and its distributors and End Users the right to continue
distributing and using its product; (b) render the Indeminifer’s product non-infringing
without materially diminishing the product’s performance, functionality or features; (c)
replace the Indemnifier product with equivalent non-infringing goods; or (d) if the
provisions of Sections 8.2B(a) through 8.2B(c) are not reasonably possible, the Indemnifier
will remove its product and refund the Indemnified Party of all amounts paid in respect
thereof.

	 	 	 	8.2C Not Applicable. The cap on damages stated in Section 8.3 (“Limitation of Liability”)
shall not apply in any respect to Section 8.2A, Section 8.2B, or Section 3.3 (“Confidential
Information”).

	 	8.3	 	Limitation of Liability. In no event shall either party have any liability to the other for
any loss of use, data, profit or revenue, or for any indirect, consequential, special or
punitive damages arising out of or related to this Agreement, even if advised of the
possibility of such damages or if they are foreseeable. Notwithstanding the above, the
entire liability of either party in respect to any breach of its contractual obligations
arising under this Agreement and any representation, statement or act or omission of either
party shall not exceed the combined amount of the Reseller Price actually paid to Toolbox
Developer by MAPLESOFT during the prior twelve (12) month period from the date such liability
arose. The limitation on liability for damages set forth in this section will not be
affected by any failure of remedies under this Agreement. This limitation of liability of
damages shall apply notwithstanding the failure of the essential purpose of any limited
remedies herein.

ARTICLE 9 — DISPUTE RESOLUTION

	 	9.1	 	Resolution Process. Notwithstanding anything herein to the contrary, any dispute or
controversy between the parties arising out of or relating to the validity, construction,
meaning, performance or effect of or the rights and liabilities of the parties hereto with
respect to this Agreement, whether arising during the period of this Agreement or at any time
thereafter, shall be determined by arbitration by a single arbitrator pursuant to the
Arbitrations Act, 1991. The parties shall agree on the arbitrator within 20 days of one party
notifying the other party that arbitration is desired. If the parties fail to agree upon a
single arbitrator within such 20-day period, then the arbitrator shall be selected by a judge
of the Ontario Court (General Division) upon application of any party. The award rendered by
the arbitrator shall be final and binding and not subject to appeal. The arbitrator shall be
empowered to determine all questions of law and fact and may grant injunctive relief. The
prevailing party shall be entitled as part of the arbitration award to the reasonable costs
and expenses (including legal fees and disbursements) of investigating, preparing and pursuing
such claim or defense, and the party enforcing an award shall be entitled to reasonable costs
and expenses (including legal fees and disbursements) incurred in connection therewith. The
costs of the arbitrator shall be shared equally between MAPLESOFT and the Toolbox Developer.
In any action to interpret or enforce this Agreement, the prevailing party shall be awarded
all court costs and reasonable attorneys’ fees and costs incurred.

ARTICLE 10 — GENERAL PROVISIONS

	 	10.1	 	Notices. Any notices, demands and other communications hereunder shall be in writing and
shall be delivered, sent by electronic transmission, or by registered or certified postal
mail with return receipt requested or overnight delivery service such as Federal Express,
postage or delivery service fees prepaid, and addressed as follows:

To MAPLESOFT, at:

CEO

MAPLESOFT

	 	615	 	Kumpf Drive
Waterloo, ON N2V 1K8
Fax: 519-747-1338	 

To the Toolbox Developer, at:

CEO

Splinex Technology Inc.

550 W. Cypress Creek Road

Suite 410

Fort Lauderdale, Florida, USA 33309

Fax: +1 954 660-6561

With a copy to:

Attn: Curtis Wolfe, General Counsel

Splinex Technology Inc.

550 W. Cypress Creek Road, Suite 410

Fort Lauderdale, FL USA 33309

Fax: +1 954 229-7595

All notices shall be effective and deemed to be delivered (i) if mailed or sent by private
delivery service, on the second business day following such mailing, unless there is an
interruption in the mail, in which case it shall be deemed to have been given when
received; or (ii) if delivered or sent by facsimile, on the business day following the date
of dispatch or the date of transmission, as the case may be. Either party may change the
address for notice by giving written notice of such change to the other party in the manner
provided in this Section.

	 	10.2	 	Entire Agreement. This Agreement constitutes the entire agreement between the parties
pertaining to the subject matter hereof, and supersedes all prior or contemporaneous
agreements, understands, negotiations and discussions, whether oral or written, of the
parties. There are no warranties, covenants, representations or other agreements between the
parties in connection with the subject matter hereof except as specifically set forth in this
Agreement. No amendment or modification to this Agreement will be effective unless it is in
writing and signed by each of the parties hereto.

	 	10.3	 	Non-Interference and Assignment. The parties shall not at any time interfere or attempt to
interfere with the business of the other party, or persuade or attempt to persuade any
customer, prospective customer, or employee of the other party to discontinue or alter its
relationship with the party. Without limiting the generality of the foregoing, Toolbox
Developer shall not directly or indirectly (except through MAPLESOFT) supply, license,
distribute or otherwise make available the Product to MAPLESOFT’s previously identified
affiliates, resellers, distributors or agents, without the prior written consent of MAPLESOFT.
Likewise, neither party shall directly or indirectly sell, transfer, assign, convey, pledge,
encumber or otherwise dispose of this Agreement without the prior written consent of the other
party. Notwithstanding the foregoing, (i) either party may assign this Agreement to a
successor of all or substantially all of its business or assets to which this Agreement
relates, and (ii) either party shall have the right to transfer its rights hereunder to any
company which is wholly owned by such party provided such successor or subsidiary agrees in
writing to be bound by all the terms and conditions of this Agreement. Any purported action
in violation of this section shall be void ab initio.

	 	10.4	 	Severability. If any provision of this Agreement is held to be unenforceable or illegal by a
court of competent jurisdiction, such provision shall be modified to the extent necessary to
render it unenforceable, or shall be modified to the extent necessary to render it
enforceable, or shall be severed from this Agreement, and all other provisions of this
Agreement shall remain in full force and effect.

	 	10.5	 	Governing Law. This Agreement is governed by and construed in accordance with the laws of the
Province of Ontario, Canada and each of the parties hereto irrevocably attorns to the
exclusive jurisdiction of the courts of the province of Ontario without regard to conflicts of
laws principles. The parties agree that the United Nations Convention on Contracts for the
International Sale of Goods does not apply to this Agreement.

	 	10.6	 	Successors. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

	 	10.7	 	Facsimile Transmission. This Agreement may be executed and delivered by facsimile or other
electronic means of transmission, and upon receipt such transmission shall be deemed delivery
of an original. Within a reasonable time after such electronic delivery, the party executing
the document shall mail or deliver an originally signed copy of such document to the other
party. This Agreement may be executed by the parties in separate counterparts, each of which
when so executed and delivered by one or more parties will be deemed an original, and all of
which counterparts will together constitute one and the same instrument.

	 	10.8	 	Force Majeure. Neither party to this Agreement shall be liable to the other for any failure
or delay in performance by circumstances beyond its control, including but not limited to,
acts of God, fire, hurricane, labour difficulties or governmental action, provided that the
party seeking to rely on such circumstances gives written notice of such circumstances to the
other party hereto and uses reasonable efforts to overcome such circumstances.

	 	10.9	 	Waiver. A waiver of any provision in this Agreement by either party of its rights hereunder
shall not be binding unless contained in a written notice signed by an authorized
representative of the party waiving its rights. The non-enforcement or waiver of any provision
on one occasion shall not constitute a waiver of such provision on any other occasions unless
expressly so agreed in writing. It is agreed that no use of trade or other regular practice or
method of dealing between the parties hereto shall be used to modify, interpret, supplement or
alter in any manner the terms of this Agreement.

	 	10.10	 	Export Control. MAPLESOFT shall not export, directly or indirectly, the Product licensed
under this Agreement to any country for which the U.S. Government or any agency thereof at the
time of export requires an export license or other government approval without first obtaining
such license or approval. If necessary, Toolbox Developer shall assist MAPLESOFT in preparing
the paperwork required for such license or approval.

WATERLOO MAPLE INC. (MAPLESOFT)

By:      

Name: Dr. Tom Lee

Title: Vice President

TOOLBOX DEVELOPER:

SPLINEX TECHNOLOGY INC.

By:      

Name: Michael Stojda

Title: President & CEOEX-10.1

	 
	EXECUTION COPY

	 

	CUSIP NO. [     ]

	 

	CREDIT AGREEMENT

	 

	dated as of June 1, 2005

	 

	Among

	 

	MAX RE LTD.

	 

	And

	 

	MAX RE CAPITAL LTD.

	 

	as Borrowers,

	 

	VARIOUS FINANCIAL INSTITUTIONS,

	 

	as the Lenders,

	 

	ING BANK N.V., LONDON BRANCH

	 

	And

	 

	CITIBANK, NA

	 

	As Co-Syndication Agents,

	 

	And

	 

	BANK OF AMERICA, NATIONAL ASSOCIATION,

	 

	as Fronting Bank, as Administrative Agent,

	 

	and LC Administrator for the Lenders

	 

	and

	 

	BANC OF AMERICA SECURITIES LLC,

as Sole Lead Arranger and Book Manager

	 	 	 	 	 	 	 	 	 
	ARTICLE I.DEFINITIONS
	 	 	1	 	 	 	 	 
	SECTION 1.1
	 	Definitions                                                                
	 	 	1	 
	SECTION 1.2
	 	Other Interpretive Provisions                                              
	 	 	18	 
	SECTION 1.3
	 	Accounting Principles                                                      
	 	 	19	 
	ARTICLE II.AMOUNT AND TERMS OF COMMITMENTS
	 	 	19	 
	SECTION 2.1
	 	Commitments                                                                
	 	 	19	 
	SECTION 2.2
	 	Loans                                                                      
	 	 	20	 
	SECTION 2.3
	 	Issuance, Amendment and Renewal of Letters of Credit                       
	 	 	22	 
	SECTION 2.4
	 	Drawings and Reimbursements                                                
	 	 	25	 
	SECTION 2.5
	 	Repayment of LC Advances                                                   
	 	 	27	 
	SECTION 2.6
	 	Role of the Lenders                                                        
	 	 	28	 
	SECTION 2.7
	 	Obligations Absolute                                                       
	 	 	29	 
	SECTION 2.8
	 	Continuing Letters of Credit                                               
	 	 	30	 
	SECTION 2.9
	 	Applicability of ISP98                                                     
	 	 	30	 
	SECTION 2.10
	 	Interest                                                                   
	 	 	30	 
	SECTION 2.11
	 	Repayments; Prepayments                                                    
	 	 	31	 
	SECTION 2.12
	 	Payments                                                                   
	 	 	32	 
	SECTION 2.13
	 	Termination or Reduction of Commitments                                    
	 	 	34	 
	SECTION 2.14
	 	Mandatory Reduction/Cash Collateralization of Letters of Credit            
	 	 	34	 
	SECTION 2.15
	 	Fees                                                                       
	 	 	35	 
	SECTION 2.16
	 	Computation of Fees and Interest                                           
	 	 	36	 
	SECTION 2.17
	 	Sharing of Payments by Lenders                                             
	 	 	37	 
	SECTION 2.18
	 	Several Obligations of Borrowers; Max Re as Agent of Parent                
	 	 	37	 
	SECTION 2.19
	 	Optional Increase in LC Commitments                                        
	 	 	38	 
	ARTICLE III.TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	38	 
	SECTION 3.1
	 	Taxes                                                                      
	 	 	38	 
	SECTION 3.2
	 	Illegality                                                                 
	 	 	40	 
	SECTION 3.3
	 	Inability to Determine Rates                                               
	 	 	40	 
	SECTION 3.4
	 	Increased Costs and Reduction of Return                                    
	 	 	41	 
	SECTION 3.5
	 	Compensation for Losses                                                    
	 	 	42	 
	SECTION 3.6
	 	Certificates of Lenders                                                    
	 	 	42	 
	SECTION 3.7
	 	Substitution of Lenders                                                    
	 	 	42	 
	SECTION 3.8
	 	Survival                                                                   
	 	 	43	 
	ARTICLE IV.REPRESENTATIONS AND WARRANTIES
	 	 	43	 
	SECTION 4.1
	 	Due Organization, Authorization, etc                                       
	 	 	43	 
	SECTION 4.2
	 	Litigation and Contingent Liabilities                                      
	 	 	43	 
	SECTION 4.3
	 	Employee Benefit Plans                                                     
	 	 	44	 
	SECTION 4.4
	 	Regulated Entities                                                         
	 	 	44	 
	SECTION 4.5
	 	Regulations U and X                                                        
	 	 	44	 
	SECTION 4.6
	 	Proceeds                                                                   
	 	 	44	 
	SECTION 4.7
	 	Business Locations                                                         
	 	 	44	 
	SECTION 4.8
	 	Accuracy of Information                                                    
	 	 	44	 
	SECTION 4.9
	 	Subsidiaries                                                               
	 	 	45	 
	SECTION 4.10
	 	Insurance Licenses                                                         
	 	 	45	 
	SECTION 4.11
	 	Taxes                                                                      
	 	 	45	 
	SECTION 4.12
	 	Securities Laws                                                            
	 	 	45	 
	SECTION 4.13
	 	Compliance with Laws                                                       
	 	 	46	 
	SECTION 4.14
	 	Financial Condition                                                        
	 	 	46	 
	SECTION 4.15
	 	Insurance Act                                                              
	 	 	46	 
	SECTION 4.16
	 	First Priority Security Interest                                           
	 	 	46	 
	ARTICLE V.AFFIRMATIVE COVENANTS
	 	 	 	 	 	 	46	 
	SECTION 5.1
	 	Reports, Certificates and Other Information                                
	 	 	46	 
	SECTION 5.2
	 	Corporate Existence; Foreign Qualification                                 
	 	 	50	 
	SECTION 5.3
	 	Books, Records and Inspections                                             
	 	 	51	 
	SECTION 5.4
	 	Insurance                                                                  
	 	 	51	 
	SECTION 5.5
	 	Taxes and Liabilities                                                      
	 	 	51	 
	SECTION 5.6
	 	Compliance with Laws                                                       
	 	 	51	 
	SECTION 5.7
	 	Maintenance of Permits                                                     
	 	 	51	 
	SECTION 5.8
	 	Conduct of Business                                                        
	 	 	51	 
	SECTION 5.9
	 	Use of Credit Extensions                                                   
	 	 	51	 
	SECTION 5.10
	 	Financial Strength Rating                                                  
	 	 	51	 
	SECTION 5.11
	 	Further Assurances                                                         
	 	 	51	 
	ARTICLE VI.NEGATIVE COVENANTS
	 	 	 	 	 	 	52	 
	SECTION 6.1
	 	Max Re Net Worth                                                           
	 	 	52	 
	SECTION 6.2
	 	Parent Debt to Total Capitalization Ratio                                  
	 	 	52	 
	SECTION 6.3
	 	Debt                                                                       
	 	 	52	 
	SECTION 6.4
	 	Mergers, Consolidations and Sales                                          
	 	 	53	 
	SECTION 6.5
	 	Other Agreements                                                           
	 	 	53	 
	SECTION 6.6
	 	Transactions with Affiliates                                               
	 	 	53	 
	SECTION 6.7
	 	Liens                                                                      
	 	 	53	 
	SECTION 6.8
	 	Restrictions On Negative Pledge Agreements                                 
	 	 	54	 
	SECTION 6.9
	 	Dividends, Etc                                                             
	 	 	54	 
	SECTION 6.10
	 	Eligible Investments                                                       
	 	 	54	 
	ARTICLE VII.EVENTS OF DEFAULT AND THEIR EFFECT
	 	 	54	 
	SECTION 7.1
	 	Events of Default                                                          
	 	 	54	 
	SECTION 7.2
	 	Effect of Event of Default                                                 
	 	 	56	 
	SECTION 7.3
	 	LC Collateral Account                                                      
	 	 	57	 
	ARTICLE VIII.CONDITIONS
	 	 	 	 	 	 	57	 
	SECTION 8.1
	 	Conditions to Occurrence of the Effective Date                             
	 	 	57	 
	SECTION 8.2
	 	Conditions to All Credit Extensions                                        
	 	 	59	 
	ARTICLE IX.THE ADMINISTRATIVE AGENT
	 	 	 	 	 	 	60	 
	SECTION 9.1
	 	Appointment and Authorization                                              
	 	 	60	 
	SECTION 9.2
	 	Exculpatory Provisions                                                     
	 	 	60	 
	SECTION 9.3
	 	Delegation of Duties                                                       
	 	 	61	 
	SECTION 9.4
	 	Reliance by Administrative Agent                                           
	 	 	61	 
	SECTION 9.5
	 	Notice of Default                                                          
	 	 	61	 
	SECTION 9.6
	 	Credit Decision                                                            
	 	 	62	 
	SECTION 9.7
	 	Indemnification                                                            
	 	 	62	 
	SECTION 9.8
	 	Administrative Agent in Individual Capacity                                
	 	 	63	 
	SECTION 9.9
	 	Successor Administrative Agent                                             
	 	 	63	 
	SECTION 9.10
	 	Withholding Tax                                                            
	 	 	64	 
	SECTION 9.11
	 	No Other Duties, Etc                                                       
	 	 	64	 
	SECTION 9.12
	 	Administrative Agent May File Proofs of Claim                              
	 	 	65	 
	ARTICLE X.MISCELLANEOUS
	 	 	 	 	 	 	65	 
	SECTION 10.1
	 	Amendments and Waivers                                                     
	 	 	65	 
	SECTION 10.2
	 	Notices; Effectiveness; Electronic Communication                           
	 	 	66	 
	SECTION 10.3
	 	No Waiver; Cumulative Remedies                                             
	 	 	68	 
	SECTION 10.4
	 	Costs and Expenses                                                         
	 	 	68	 
	SECTION 10.5
	 	Indemnity                                                                  
	 	 	68	 
	SECTION 10.6
	 	Payments Set Aside                                                         
	 	 	69	 
	SECTION 10.7
	 	Successors and Assigns                                                     
	 	 	69	 
	SECTION 10.8
	 	Assignments, Participations, etc.                                          
	 	 	69	 
	SECTION 10.9
	 	Confidentiality                                                            
	 	 	71	 
	SECTION 10.10
	 	Set-off                                                                    
	 	 	72	 
	SECTION 10.11
	 	Notification of Addresses, Lending Offices, Etc                            
	 	 	72	 
	SECTION 10.12
	 	Counterparts; Facsimile                                                    
	 	 	72	 
	SECTION 10.13
	 	Severability                                                               
	 	 	72	 
	SECTION 10.14
	 	No Third Parties Benefitted                                                
	 	 	72	 
	SECTION 10.15
	 	Governing Law and Jurisdiction                                             
	 	 	73	 
	SECTION 10.16
	 	Waiver of Jury Trial                                                       
	 	 	73	 
	SECTION 10.17
	 	Currency Indemnity                                                         
	 	 	74	 
	SECTION 10.18
	 	Service of Process                                                         
	 	 	74	 
	SECTION 10.19
	 	USA PATRIOT Act Notice                                                     
	 	 	75	 
	SECTION 10.20
	 	Entire Agreement                                                           
	 	 	75	 

1

	 	 	 
	SCHEDULE 1.1

	 	Concentration Limits
	 
	 	 
	SCHEDULE 2.1

	 	Commitments
	 
	 	 
	SCHEDULE 2.8

	 	Continuing Letters of Credit
	 
	 	 
	SCHEDULE 4.1

	 	Jurisdictions
	 
	 	 
	SCHEDULE 4.2

	 	Litigation
	 
	 	 
	SCHEDULE 4.7

	 	Locations
	 
	 	 
	SCHEDULE 4.9

	 	Subsidiaries
	 
	 	 
	SCHEDULE 4.10

	 	Insurance Licenses
	 
	 	 
	SCHEDULE 6.7

	 	Liens
	 
	 	 
	SCHEDULE 10.2

	 	Addresses
	 
	 	 
	EXHIBIT A

	 	Form of Compliance Certificate
	 
	 	 
	EXHIBIT B

	 	Form of Borrowing Base Certificate
	 
	 	 
	EXHIBIT C

	 	Form of Assignment and Acceptance
	 
	 	 
	EXHIBIT D

	 	Form of Security Agreement
	 
	 	 
	EXHIBIT E

	 	Form of Letter of Credit
	 
	 	 
	EXHIBIT F

	 	Form of Loan Notice
	 
	 	 
	EXHIBIT G

	 	Form of Commitment Increase Request

2

CREDIT AGREEMENT

THIS CREDIT AGREEMENT, dated as of June 1, 2005, is entered into by and among Max Re Ltd., a
Bermuda company (“Max Re”) and Max Re Capital Ltd., a Bermuda company (“Parent” and, together with
Max Re, each a “Borrower” and collectively the “Borrowers”), various financial institutions which
are parties hereto (the “Lenders”), Bank of America, National Association, as fronting bank (in
such capacity, the “Fronting Bank”), Bank of America, National Association, as letter of credit
administrator (in such capacity, the “LC Administrator”) and Bank of America, National Association,
as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrowers have requested that the Lenders provide a revolving credit facility and
the Lenders are willing to do so on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
herein, the parties agree as follows:

ARTICLE I.

DEFINITIONS

SECTION 1.1 Definitions. When used herein the following terms shall have the
following meanings:

ABS means any fixed-income instrument which is rated AAA/Aaa by S&P or Moody’s or the
equivalent rating from another nationally recognized rating agency that entitles the holder of, or
beneficial owner under, the instrument to the whole or any part of the rights or entitlements of a
holder of a receivable or other asset and any other rights or entitlements in respect of a pool of
receivables or other assets or any money payable by obligors under those receivables or other
assets (whether or not the money is payable to the holder of, or beneficial owner under, the
instrument on the same terms and conditions as under the receivables or other assets) in relation
to receivables or other assets; provided however, such receivables or assets shall
be limited to automobile loans, credit card receivables and home equity loans and such other ABS
assets as may be acceptable to the Administrative Agent.

Administrative Agent means (a) BofA, in its capacity as administrative agent for the
Lenders, and (b) each other Person as shall have subsequently been appointed as the successor
Administrative Agent pursuant to Section 9.9.

Adjusted Fair Market Value means, with respect to any Eligible Investments, an amount
equal to the product of the Fair Market Value of such Eligible Investments and the applicable
percentage with respect to such Eligible Investment as set forth on Schedule 1.2.

Affiliate of any Person means any other Person which, directly or indirectly, controls
or is controlled by or is under common control with such Person (excluding any trustee under, or
any committee with responsibility for administering, any Plan). A Person shall be deemed to be:

(a) “controlled by” any other Person if such other Person possesses, directly or indirectly,
power:

(i) to vote 20% or more of the securities having at the time of any determination
hereunder voting power for the election of directors of such Person; or

(ii) to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise; or

(b) “controlled by” or “under common control with” such other Person if such other Person is
the executor, administrator, or other personal representative of such Person.

Agent-Related Persons means the Fronting Bank, the Administrative Agent, the LC
Administrator (and any successor administrative agent or letter of credit administrator arising
under Section 9.9) and the Arranger, together with their respective Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Person and Affiliates.

Agent’s Payment Office means the address for payments set forth on Schedule
10.2 in relation to the Administrative Agent, or such other address as the Administrative Agent
may from time to time specify.

Aggregate Commitments means the Tranche A Commitments and the Tranche B Commitments of
all Lenders.

Agreement means this Credit Agreement.

Annual Statement means, as to any Person, the annual financial statement of such
Person as required to be filed with the Minister (or similar Governmental Authority) of such
Person’s domicile, together with all exhibits or schedules filed therewith, prepared in conformity
with SAP.

Applicable Rate means, from time to time, the following percentages per annum, based
upon the Parent Debt to Total Capitalization Ratio as set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Non-Use Fee	 	Applicable Margin	 	Base Rate Loans	 	Letter of Credit Fee
	 
	 	 	 	 	 	 	—	 	 	 	—	 	 	for LIBOR Loans                 	 	 	—	 	 	 	—	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Parent Debt to	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Capitalization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pricing Level
	 	Ratio                           	 	Tranche A            	 	Tranche B            	 	Tranche B	 	Tranche B	 	Tranche A             	 	Tranche B
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	I
	 		=0.20x		 	 	0.100	%	 	 	0.100	%	 	 	0.625	%	 	 	0.000	%	 	 	0.275	%	 	 	0.625	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	II
	 		=0.25x		 	 	0.100	%	 	 	0.125	%	 	 	0.750	%	 	 	0.000	%	 	 	0.325	%	 	 	0.750	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	III
	 		>0.25x		 	 	0.100	%	 	 	0.150	%	 	 	0.825	%	 	 	0.000	%	 	 	0.375	%	 	 	0.825	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Initially, the Applicable Rate shall be determined based upon the Parent Debt to Total
Capitalization Ratio specified in the certificate delivered pursuant to Section 8.1(g).
Thereafter, each change in the Applicable Rate resulting from a change in the Parent Debt to Total
Capitalization Ratio shall become effective as of the first Business Day immediately following the
date a Compliance Certificate is delivered pursuant to Section 5.1(j); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with such Section, then
Pricing Level III shall apply as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered through the date of delivery of such Compliance
Certificate.

Arranger means Banc of America Securities LLC, in its capacity as sole lead arranger
and sole book manager.

Assignee is defined in Section 10.8(a).

Assignment and Acceptance is defined in Section 10.8(a).

Attorney Costs means and includes all fees and disbursements of any law firm or other
external counsel, the allocated cost of internal legal services and all disbursements of internal
counsel.

Authorized Officers means those officers of the Borrowers whose signatures and
incumbency shall have been certified to the Administrative Agent pursuant to Section
8.1(c).

Base Rate means, for any day, a fluctuating rate per annum equal to the higher of (a)
Federal Funds Rate plus 1/2 of 1%; and (b) the rate of interest in effect for such day as publicly
announced from time to time by BofA as its “prime rate”. The “prime rate” is a rate set by BofA
based upon various factors including BofA’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the “prime rate” announced by BofA shall take
effect at the opening of business on the day specified in the public announcement of such change.

Base Rate Loan means a Loan that bears interest based on the Base Rate.

Beneficiary means each Person for whose benefit a Letter of Credit has been issued
hereunder.

BofA means Bank of America, National Association, a national banking association.

Borrower is defined in the Preamble.

Borrower Materials is defined in the last paragraph of Section 5.1.

Borrowing means a borrowing consisting of simultaneous Loans of the same Type and, in
the case of Eurodollar Rate Loans, having the same Interest Period made by the Lenders pursuant to
Section 2.1(b).

Borrowing Base Certificate means a certificate substantially in the form of
Exhibit B with such changes therein as the Administrative Agent may request from time to
time.

Business Day means any day other than a Saturday, Sunday or other day on which
commercial banks in New York City, Chicago, or Hamilton, Bermuda are authorized or required by law
to close and if such date relates to any Eurodollar Rate Loan means any such day on which dealings
in dollar deposits are conducted by and between banks in the London interbank eurodollar market.

Canadian Dollar and the sign C$ means lawful money of Canada.

Canadian LC Sublimit means $5,000,000.

Canadian Letter of Credit means any Tranche A Letter of Credit issued in Canadian
Dollars.

Capital Adequacy Regulation means any guideline, request or directive of any central
bank or other Governmental Authority, or any other law, rule or regulation, whether or not having
the force of law, in each case, regarding capital adequacy of any bank or of any Person controlling
a bank.

Capital Stock means, as to any Person, any and all shares, interests, partnership
interest, participations, rights in or other equivalents (however designated) of such Person’s
equity interest (however designated).

Capitalized Lease means, as to any Person, any lease which is or should be capitalized
on the balance sheet in accordance with GAAP, together with any other lease which is in substance a
financing lease, including, without limitation, any lease under which (a) such Person has or will
have an option to purchase the property subject thereto at a nominal amount or an amount less than
a reasonable estimate of the fair market value of such property as of the date the lease is entered
into or (b) the term of the lease approximates or exceeds the expected useful life of the property
leased thereunder.

Cash means Dollars held by Max Re in the Custody Account.

Cash Equivalents means, at any time:

(a) Government Debt, maturing not more than one year after such time;

(b) commercial paper, maturing not more than one year from the date of issue, which is issued
by

(i) a corporation (except an Affiliate of the Borrowers) rated at least A-1 by S&P or
P-1 by Moody’s or the equivalent rating from another nationally recognized agency, or

(ii) any Lender (or its holding company);

(c) any certificate of deposit or bankers’ acceptance or eurodollar time deposit, maturing not
more than one year after the date of issue, which is issued by either

(i) a financial institution which is rated at least BBB- by S&P or Baa3 by Moody’s or 2
or above by the National Association of Insurance Commissioners, or

(ii) any Lender; or

(d) any repurchase agreement with a term of one year or less which

(i) is entered into with

(A) any Lender, or

(B) any other commercial banking institution of the stature referred to in
clause (c)(i), and

(ii) is secured by a fully perfected Lien in any obligation of the type described in
any of clauses (a) through (c) that has a market value at the time such
repurchase agreement is entered into of not less than 100% of the repurchase obligation of
such Lender (or other commercial banking institution) thereunder;

(e) investments in money market funds that invest solely in Cash Equivalents described in
clauses (a) through (d); and

(f) investments in short-term asset management accounts offered by any Lender for the purpose
of investing in loans to any corporation (other than an Affiliate of the Borrowers) organized under
the laws of any state of the United States or of the District of Columbia and rated at least A-1 by
S&P or P-1 by Moody’s.

Change in Control shall be deemed to have occurred if (a) any sale, lease, exchange or
other transfer (in one transaction or a series of related transactions) of all, or substantially
all, of the assets of Parent or Max Re occurs; (b) any “person” as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is or
becomes, directly or indirectly, the “beneficial owner,” as defined in Rule 13d-3 under the
Exchange Act, of securities of the Parent that represent 51% or more of the combined voting power
of the Parent’s then outstanding securities other than Moore Holdings and Capital Z Partners, or
(c) the Parent ceases to own, directly or indirectly, 100% of the Capital Stock of and beneficial
interest in Max Re entitled to vote (in accordance with the provisions of the bye-laws of Max Re)
upon general matters submitted to shareholders including election of the board of directors.

Code means the Internal Revenue Code of 1986, as amended and any successor statute of
similar import, together with the regulations thereunder, as amended, reformed or otherwise
modified and in effect from time to time. References to sections of the Code shall be construed to
also refer to successor sections.

Collateral means all property and assets that are from time to time subject to the
Security Agreement or on deposit in the LC Collateral Account.

Commitment means, as to each Lender, its Tranche A Commitment and its Tranche B
Commitment.

Commitment Termination Date means the Tranche A Commitment Termination Date and/or the
Tranche B Commitment Termination Date, as the case may be.

Commitment Termination Event means the occurrence and continuance of any Event of
Default and either (a) the Obligations are declared to be due and payable pursuant to Section
7.2, or (b) in the absence of such declaration, the Administrative Agent, acting at the
direction of the Required Lenders, gives notice to the Borrowers that the Aggregate Commitments
have been terminated.

Compliance Certificate means a certificate substantially in the form of Exhibit
A but with such changes as the Administrative Agent may from time to time request for purposes
of monitoring the Borrowers’ compliance herewith.

Concentration Limits means the limitations on issuers and other investment parameters
set forth on Schedule 1.1.

Consolidated Net Income means, any period, for Max Re and its Subsidiaries on a
consolidated basis, the net income of Max Re and its Subsidiaries (excluding extraordinary gains
but including extraordinary losses) for that period calculated in accordance with GAAP.

Contingent Liability means any agreement, undertaking or arrangement by which any
Person (outside the ordinary course of business) guarantees, endorses, acts as surety for or
otherwise becomes or is contingently liable for (by direct or indirect agreement, contingent or
otherwise, to provide funds for payment by, to supply funds to, or otherwise to invest in, a
debtor, or otherwise to assure a creditor against loss) the Debt, obligation or other liability of
any other Person (other than by endorsements of instruments in the course of collection), or for
the payment of dividends or other distributions upon the shares of any other Person or undertakes
or agrees (contingently or otherwise) to purchase, repurchase, or otherwise acquire or become
responsible for any Debt, obligation or liability or any security therefor, or to provide funds for
the payment or discharge thereof (whether in the form of loans, advances, stock purchases, capital
contributions or otherwise), or to maintain solvency, assets, level of income, or other financial
condition of any other Person, or to make payment or transfer property to any other Person other
than for fair value received; provided, however, that obligations of Max Re and its
Subsidiaries under Reinsurance Agreements and Primary Policies (including, without limitation, any
guaranties by Max Re of its Subsidiaries’ obligations thereunder) which are entered into in the
ordinary course of business shall not be deemed to be Contingent Liabilities for the purposes of
this Agreement. The amount of any Person’s obligation under any Contingent Liability shall
(subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or
maximum permitted principal amount, if larger) of the Debt, obligation or other liability
guaranteed or supported thereby.

Continuing Letters of Credit is defined in Section 2.8.

Contractual Obligation means, relative to any Person, any obligation, commitment or
undertaking under any agreement or other instrument to which such Person is a party or by which it
or any of its property is bound or subject.

Corporate/Municipal Securities means publicly traded securities (other than preferred
stock) issued by a corporation organized in the United States or by any state or municipality
located in the United States.

Credit Documents means this Agreement, each LC Application, each LC Amendment
Application, the Security Agreement and all other agreements, instruments, certificates, documents,
schedules or other written indicia delivered by a Borrower in connection with any of the foregoing.

Credit Extension means each of the following: (a) a Borrowing and (b) the issuance of
any Letter of Credit, the increase in the stated amount of any Letter of Credit or the amendment or
extension of the stated expiry date of any existing Letter of Credit.

Custody Account means (i) account no. MRLF0010302 at Mellon Bank N.A. as to which Max
Re, Mellon Bank N.A. and the Administrative Agent have entered into that certain Control Agreement
dated as of the Effective Date, and (ii) any other account at Mellon Bank N.A. or another
Securities Intermediary as to which such Securities Intermediary, Max Re and the Administrative
Agent may enter into a Control Agreement substantially in the form of Schedule I to the Security
Agreement following the Effective Date.

Debt means, with respect to any Person, at any date, without duplication, (a) all
obligations of such Person for borrowed money or in respect of loans or advances; (b) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c)
all obligations in respect of letters of credit which have been drawn but not reimbursed by the
Person for whose account such letter of credit was issued, and bankers’ acceptances issued for the
account of such Person; (d) all obligations in respect of Capitalized Leases of such Person; (e)
all net Hedging Obligations and Total Return Equity Swaps of such Person; (f) whether or not so
included as liabilities in accordance with GAAP, all obligations of such Person to pay the deferred
purchase price of property or services; (g) Debt of such Person secured by a Lien on property owned
or being purchased by such Person (including Debt arising under conditional sales or other title
retention agreements) whether or not such Debt is limited in recourse; (h) any Debt of another
Person secured by a Lien on any assets of such first Person, whether or not such Debt is assumed by
such first Person (it being understood that if such Person has not assumed or otherwise become
personally liable for any such Debt, the amount of the Debt of such person in connection therewith
shall be limited to the lesser of the face amount of such Debt and the fair market value of all
property of such Person securing such Debt); (i) any Debt of a partnership in which such Person is
a general partner unless such Debt is nonrecourse to such Person; and (j) all Contingent
Liabilities of such Person whether or not in connection with the foregoing; provided that,
notwithstanding anything to the contrary contained herein, Debt shall not include (x) contingent
liabilities arising out of endorsements of checks and other negotiable instruments for deposit or
collection in the ordinary course of business or, (y) unsecured current liabilities incurred in the
ordinary course of business and paid within 90 days after the due date (unless contested diligently
in good faith by appropriate proceedings and, if requested by the Administrative Agent, reserved
against in conformity with GAAP) other than liabilities that are for money borrowed or are
evidenced by bonds, debentures, notes or other similar instruments (except as described in clause
(x) above) or (z) any obligations of such Person under any Reinsurance Agreement or Primary Policy.

Default means any condition or event, which, after notice or lapse of time or both,
would constitute an Event of Default.

Defaulting Lender means any Lender that (a) has failed to fund any portion of the
Loans or participations in LC Obligations required to be funded by it hereunder within one Business
Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the
Administrative Agent or any other Lender any other amount required to be paid by it hereunder
within one Business Day of the date when due, unless the subject of a good faith dispute, or (c)
has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

Default Rate means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if
any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan
plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the
Applicable Rate plus 2% per annum.

Dollar(s) and the sign “$” means lawful money of the United States of America.

Drawing Request is defined in Section 2.4(a).

Drawing Request Date is defined in Section 2.4(a).

Effective Date means the date on which the conditions precedent for the effectiveness
of this Agreement specified in Section 8.1 shall be met or waived.

Eligible Assignee means a Person who is (a) a commercial bank organized under the laws
of the United States, or any state thereof, and having a combined capital and surplus of at least
$250,000,000; (b) a commercial bank organized under the laws of any other country which is a member
of the Organization for Economic Cooperation and Development (the “OECD”), or a political
subdivision of any such country, and having a combined capital and surplus of at least
$250,000,000, provided that such bank is acting through a branch or agency located in the United
States; (c) a Person that is primarily engaged in the business of commercial banking and that is
(i) a Subsidiary of a Lender, (ii) a Subsidiary of a Person of which a Lender is a Subsidiary, or
(iii) a Person of which a Lender is a Subsidiary; or (d) mutual funds, pension funds and other
institutional investors (except an Affiliate of Max Re) regularly engaged in the making of
commercial loans.

Eligible Investments means Cash, Cash Equivalents, MBS Investments, ABSs,
Corporate/Municipal Securities, Government Debt and G7 Securities which (a) have the required
rating as set forth on Schedule 1.2, (b) are capable of being marked to market on a daily
basis and (c) are held in the Custody Account.

ERISA means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute of similar import, together with the regulations promulgated thereunder and under
the Code, in each case as in effect from time to time. References to sections of ERISA also refer
to successor sections.

Eurodollar Rate means for any Interest Period with respect to a Eurodollar Rate Loan,
the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or other commercially available source providing quotations of BBA LIBOR as
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “Eurodollar Rate” for such
Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made,
continued or converted by BofA and with a term equivalent to such Interest Period would be offered
by BofA’s London branch to major banks in the London interbank eurodollar market at their request
at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period.

Eurodollar Rate Loan means a Loan that bears interest at a rate based on the
Eurodollar Rate.

Existing Issuers is defined in Section 2.8(b).

Event of Default means any of the events described in Section 7.1.

Executive Officer means, as to any Person, the president, the chief financial officer,
the chief executive officer or a senior vice president who performs similar functions.

Existing Agreement is defined in Section 8.1(j).

Fair Market Value means (a) with respect to any publicly-traded security (other than
those set forth in clause (b)) the closing price for such security on the largest exchange on which
such security is traded (or if not traded on an exchange, then the average of the closing bid and
ask prices quoted over-the-counter) on the date of the determination (as such prices are reported
in The Wall Street Journal (Midwest Edition) or if not so reported, in any nationally recognized
financial journal or newspaper), (b) with respect to Cash and Cash Equivalents, the amounts
thereof, and (c) with respect to any Investment (other than those set forth in clauses (a),
and (b)), the price for such Investment on the date of calculation obtained from a
generally recognized source approved by the Administrative Agent or the most recent bid quotation
from such approved source (or, if no generally recognized source exists as to a particular
Investment, any other source specified by Max Re to which the Administrative Agent does not
reasonably object). With respect to Investments denominated in a currency other than Dollars, the
Dollar equivalent thereof (using a method agreed upon by Max Re and the Administrative Agent) shall
be used for purposes of determining the Fair Market Value of such Investment.

Federal Funds Rate means, for any day, the rate set forth in the weekly statistical
release designated as H.15(519), or any successor publication, published by the Federal Reserve
Bank of New York (including any such successor, “H.15(519)”) on the preceding Business Day opposite
the caption “Federal Funds (Effective)”; or, if for any relevant day such rate is not so published
on any such preceding Business Day, the rate for such day will be the arithmetic mean as determined
by the Administrative Agent of the rates for the last transaction in overnight Federal funds
arranged prior to 9:00 a.m. (New York City time) on that day by each of three leading brokers of
Federal funds transactions in New York City selected by the Administrative Agent.

Fee Letter is defined in Section 2.15(a).

Final Expiry Date means (a) in the case of Tranche A Letters of Credit, the first
anniversary of the Tranche A Commitment Termination Date and (b) in the case of Tranche B Letters
of Credit, the first anniversary of the Tranche B Commitment Termination Date.

Fiscal Quarter means any quarter of a Fiscal Year.

Fiscal Year means any period of twelve consecutive calendar months ending on the last
day of December.

FRB means the Board of Governors of the Federal Reserve System, and any Governmental
Authority succeeding to any of its principal functions.

Fronted Letters of Credit is defined in Section 2.8(b).

Fronting Bank means BofA in its capacity as an issuer of Letters of Credit in which
the Lenders have a Risk Participation; provided, however, that to the extent the Continuing Letters
of Credit have been issued on a several basis, BofA, Citibank, N.A. and ING Bank N.V., London
Branch shall each be a Fronting Bank to the extent set forth in Section 2.8 until such time
as such Continuing Letters of Credit have been amended to reflect the Percentages of the Lenders
hereunder.

G7 Securities means any U.S. Dollar and non-U.S. Dollar denominated evidence of Debt,
maturing not more than five years after such time, issued or guaranteed by any country or an agency
thereof which is a member of the G7 other than the United States.

GAAP means generally accepted accounting principles set forth from time to time in the
opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the
U.S. accounting profession), which are applicable to the circumstances as of the date of
determination.

Governmental Authority means any nation or government, any state or other political
subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

Government Debt means evidence of Debt issued or guaranteed by the United States
Government or any agency thereof.

Hedging Obligations means, with respect to any Person, the net liability of such
Person under any futures contract or options contract (including property catastrophe futures and
options), interest rate swap agreements and interest rate collar agreements and all other
agreements or arrangements designed to protect such Person against catastrophic events,
fluctuations in interest rates or currency exchange rates.

Indemnified Liabilities is defined in Section 10.5.

Indemnified Person is defined in Section 10.5.

Insolvency Proceeding means any proceeding under the Bankruptcy Code of the United
States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief laws of the United States, Bermuda or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally.

Insurance Code means, with respect to Max Re and its Subsidiaries, the insurance
regulation of such Person’s domicile and any successor statute of similar import, together with the
regulations thereunder, as amended or otherwise modified and in effect from time to time.
References to sections of the Insurance Code shall be construed to also refer to successor
sections.

Insurance Policies means policies purchased from insurance companies by Max Re or any
of its Subsidiaries for its own account to insure against its own liability and property loss
(including, without limitation, casualty, liability and workers’ compensation insurance).

Interest Payment Date means, (a) as to any Loan other than a Base Rate Loan, the last
day of each Interest Period applicable to such Loan, and the Tranche B Commitment Termination Date;
provided, however, that if any Interest Period for any Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the beginning of such
Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan the last
Business Day of each March, June, September and December commencing on the last Business Day in
June, 2005, and the Tranche B Commitment Termination Date.

Interest Period means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the applicable
Borrower in its Loan Notice; provided that:

(a) any Interest Period that would otherwise end on a day that is
not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in
which case such Interest Period shall end on the next preceding
Business Day;

(b) any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of the calendar month at
the end of such Interest Period; and

(c) no Interest Period shall extend beyond the Tranche B Commitment
Termination Date.

Investment means, as to any Person, any investment of any Person, whether by means of
security purchase, capital contribution, loan, time deposit or otherwise, and shall include without
limitation Cash and Cash Equivalents.

Investment Grade Assets means Cash Equivalents, Government Debt, MBS Investments,
ABSs, Corporate/Municipal Securities and G7 Securities which are rated at least BBB- by S&P or Baa3
by Moody’s.

Investment Portfolio means, as of any date, the Fixed Maturities and Alternative
Investments of the Parent and its Subsidiaries as shown on the Parent’s balance sheet.

IRS means the U.S. Internal Revenue Service, and any Governmental Authority succeeding
to any of its principal functions under the Code.

Issue means, with respect to any Letter of Credit, to issue, to amend or to extend the
expiry date of, or to increase the stated amount of, such Letter of Credit; and the terms “Issued”,
“Issuing” and “Issuance” have corresponding meanings.

Issuer means, with respect to any Letter of Credit, the Person or Persons who have
issued such Letter of Credit.

LC Administrator means BofA’s Letter of Credit Operations located at One Fleet Way,
Scranton, PA 18507, as letter of credit administrator for the Lenders, together with any
replacement LC Administrator arising under Section 9.9.

LC Advance means each Lender’s participation in any LC Borrowing in accordance with
its Percentage.

LC Advance Date is defined in Section 2.4(c).

LC Amendment Application means an application form for amendment of an outstanding
letter of credit as shall at any time be in use by the LC Administrator.

LC Application means an application form for issuances of a letter of credit as shall
at any time be in use by the LC Administrator.

LC Borrowing means an extension of credit resulting from a drawing under any Letter of
Credit which shall not have been reimbursed by Max Re on the date when made.

LC Collateral Account is defined in Section 2.14.

LC Obligations means, at any time, the sum, without duplication, of the Tranche A
Obligations and the Tranche B LC Obligations.

LC Related Documents means the Letters of Credit, the LC Applications and any other
document relating to any Letter of Credit, including any of the LC Administrator’s standard form
documents for Letter of Credit issuances or amendments.

Lenders is defined in the Preamble.

Lending Office means, as to any Lender, the office or offices of such Lender specified
as its “Lending Office” on Schedule 10.2, or such other office or offices as such Lender
may from time to time notify Max Re and the Administrative Agent.

Letters of Credit means a standby letter of credit having terms and provisions which
are permitted by this Agreement and which otherwise are reasonably satisfactory to the LC
Administrator issued pursuant to Section 2.3 and includes all of the Tranche A Letters of
Credit and the Tranche B Letters of Credit.

License(s) is defined in Section 4.10.

Lien means, when used with respect to any Person, any interest in any real or personal
property, asset or other right held, owned or being purchased or acquired by such Person for its
own use, consumption or enjoyment which secures payment or performance of any obligation and shall
include any mortgage, lien, pledge, encumbrance, charge, retained title of a conditional vendor or
lessor, or other security agreement, mortgage, deed of trust, chattel mortgage, assignment, pledge,
retention of title, financing or similar statement or notice, or other encumbrance arising as a
matter of law, judicial process or otherwise.

Loan is defined in Section 2.1(b).

Loan Notice means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type
to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.2(a),
which, if in writing, shall be substantially in the form of Exhibit F.

Margin Stock means “margin stock” as such term is defined in Regulation U or X of the
FRB.

Material Adverse Effect means, the occurrence of an event (including any adverse
determination in any litigation, arbitration, or governmental investigation or proceeding), which
has or could reasonably be expected to have a materially adverse effect on:

(a) the assets, business, financial condition, operation or prospects of a Borrower; or

(b) the ability of a Borrower to perform any of its payment or other material obligations
under any of the Credit Documents; or

(c) the legality, validity, binding effect or enforceability against a Borrower of any Credit
Document that by its terms purports to bind such Borrower.

MBS (Agency Pass-Throughs) means any instrument, issued by the Federal National
Mortgage Association, the Government National Mortgage Association or the Federal Home Loan
Mortgage Corporation, that entitles the holder of, or beneficial owner under, the instrument to the
whole or any part of the rights or entitlements of a mortgagee and any other rights or entitlements
in respect of a pool of mortgages or any money payable by mortgagors under those mortgages in
relation to real estate mortgages, and the money payable to the holder of, or beneficiary owner
under, the instrument is based on actual or scheduled payments on the underlying mortgages.

MBS (Agency CMOs) means collateralized mortgage obligations or real estate mortgage
investment conduit pass through securities, in any case issued by the Federal National Mortgage
Association, the Government National Mortgage Association or the Federal Home Loan Mortgage
Corporation.

MBS Investments means MBS (Agency CMOs) and MBS (Non-Agency CMOs) which constitute
TACs, PACs and Sequentials (as such terms are defined by Bloomberg Inc.) and shall not include
Support Tranches (as such term is defined by Bloomberg Inc.) and MBS (Agency Pass-Throughs). The
weighted average duration of such MBS Investments shall be less than or equal to seven years. The
maximum weighted average life of any single MBS Investment shall not exceed 12 years. To the
extent MBS Investments included within Eligible Investments violate the restrictions set forth
herein, the Fair Market Value of such MBS Investments shall be excluded from the Tranche A
Borrowing Base; provided, however, that only those MBS Investments having the lowest aggregate Fair
Market Value whose exclusions will result in compliance shall be excluded from the Tranche A
Borrowing Base.

MBS (Non-Agency CMOs) means collateralized commercial mortgage obligations or
commercial real estate mortgage investment conduit pass through securities, not issued by the
Federal National Mortgage Association, the Government National Mortgage Association or the Federal
Home Loan Mortgage Corporation.

MDS means Max Re Diversified Strategies Ltd.

Minister means the Minister of Finance of Bermuda or similar Governmental Authority in
the applicable jurisdiction.

Moody’s means Moody’s Investors Service, Inc.

Net Worth means, for any Person, shareholders equity calculated in accordance with
GAAP.

Obligations means all obligations and liabilities of the Borrowers to the
Administrative Agent, the LC Administrator, the Fronting Bank or any of the Lenders, howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, primary or
secondary, joint or several, recourse or nonrecourse or now or hereafter existing or due or to
become due, whether for LC Advances, Loans, reimbursement obligations, interest, fees, expenses,
claims, indemnities or otherwise, under or in connection with this Agreement, or any other Credit
Document.

Ordinary Course Litigation is defined in Section 4.2.

Organization Documents means, for any corporation, the certificate or articles of
incorporation, the memorandum of association, the bylaws, any certificate of determination or
instrument relating to the rights of preferred shareholders of such corporation, any shareholder
rights agreement, and all applicable resolutions of the board of directors (or any committee
thereof) of such corporation.

Other Taxes means any present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies which arise from any payment made hereunder or from
the execution, delivery or registration of, or otherwise with respect to, this Agreement or any
other Credit Documents.

Parent means Max Re Capital Ltd., a Bermuda company (f/k/a Maximus Capital Holdings,
Ltd.).

Parent Debt to Total Capitalization Ratio means the ratio of (a) Parent Debt to (b)
the sum of Parent Debt plus Net Worth of the Parent.

Parent Debt means, at any date, the consolidated Debt of the Parent and its
Subsidiaries.

Parent Loan Sublimit means $50,000,000.

Participating Bank means, from time to time, with respect to Letters of Credit Issued
by the Issuers severally based on their respective Percentages, each Lender for whose Percentage
the Fronting Bank has agreed to be liable.

Participants is defined in Section 10.8(d).

Percentage means as to any Lender at any time, the percentage equivalent (expressed as
a decimal, rounded to the ninth decimal place) at such time of such Lender’s Commitments divided by
the Aggregate Commitments provided, however, if the Commitment of each Lender has
been terminated pursuant to Section 7.2 or if the Tranche A Commitments or the Tranche B
Commitments have expired, then the Percentage of each Lender shall be determined based on the
Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.
The initial Percentage of each Lender is set forth opposite the name of such Lender on Schedule
2.1 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.

Permitted Guarantees means (a) guarantees by Max Re or any of its Subsidiaries of the
obligations of another Subsidiary under Reinsurance Agreements and Primary Policies issued by such
Subsidiary, (b) the guarantees listed on Schedule 4.2 and (c) agreements by Max Re in favor
of a Subsidiary to maintain the capital of such Subsidiary at 150% of the required regulatory
level.

Person means any natural person, corporation, partnership, firm, trust, association,
government, governmental agency or other entity, whether acting in an individual, fiduciary or
other capacity.

Plan means any “employee pension benefit plan” or “employee welfare benefit plan” as
such terms are defined in ERISA, and as to which Max Re has or may have any liability, including
any liability by reason of having been a substantial employer within the meaning of section 4063 of
ERISA for any time within the preceding five years or by reason of being deemed to be a
contributing sponsor under section 4069 of ERISA; provided however that Plan shall not include (a)
defined contribution plans established for the employees of the Parent and its Subsidiaries in
Bermuda and Ireland, (b) 401(k) plans, or (c) deferred compensation plans with a defined
contribution feature.

Platform is defined in Section 5.2.

Primary Policies means any insurance policies issued by Max Re or any of its
Subsidiaries.

Purchase Money Debt means and includes (a) Debt (other than the Obligations) for the
payment of all or any part of the purchase price of any fixed assets, (b) any Debt (other than the
Obligations) incurred at the time of or within ten (10) days prior to or after the acquisition of
any fixed assets for the purpose of financing all or any part of the purchase price thereof, and
(c) any renewals, extensions, or refinancings thereof, but not any increases in the principal
amounts thereof outstanding at such time, but excluding, for purposes of this definition, any such
Debt constituting a Capitalized Lease.

Purchase Money Lien means a Lien upon fixed assets which secures Purchase Money Debt,
but only if such Lien shall at all times be confined solely to the fixed assets the purchase price
of which was financed through the incurrence of the Purchase Money Debt secured by such Lien.

Reinsurance Agreements means any agreement, contract, treaty, certificate or other
arrangement whereby Max Re or any of its Subsidiaries agrees to assume from or reinsure another
insurer or reinsurer all or part of the liability of such insurer or reinsurer under a policy or
policies of insurance issued by such insurer or reinsurer.

Required Lenders means, at any time, Lenders then having at least 50% of the Aggregate
Commitments or, if the Aggregate Commitments have been terminated, Lenders then holding at least
50% of the Total Outstanding Amount (with the aggregate amount of each Lender’s Risk Participation
and funding participation in LC Obligations being deemed “held” by such Lender for purposes of this
definition); provided that the Commitments of, and the portion of the Total Outstanding Amount held
or deemed held by any Defaulting Lender, shall be excluded for purposes of making a determination
of Required Lenders.

Requirement of Law for any Person means the Organization Documents of such Person, and
any law, treaty, rule, ordinance or regulation or determination of an arbitrator or a court or
other Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.

Risk Participation is defined in Section 2.6(c).

SAP means the statutory accounting practices prescribed or permitted by the Minister
(or other similar Governmental Authority) in Max Re’s or such Subsidiary’s domicile for the
preparation of Annual Statements and other financial reports by insurance corporations of the same
type as Max Re or such Subsidiary as the case may be.

Securities Intermediary means Mellon Bank, N.A. and any other banking institution of
similar credit and financial standing which is reasonably acceptable to the Administrative Agent.

Security Agreement means a security agreement substantially in the form of Exhibit
D entered into on the Effective Date.

Several Letters of Credit is defined in Section 2.8(b).

Spot Rate means the rate determined by the Administrative Agent or the Fronting Bank,
as the case may be, to be the rate quoted by such Person as the spot rate for the purchase by such
Person of Canadian Dollars with Dollars through its principal foreign exchange trading office at
approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign
exchange computation is made; provided, that the Administrative Agent or the Fronting Bank
may obtain such Spot Rate from another financial institution designated by the Administrative Agent
or the Fronting Bank if such Person does not have as of the date of determination a spot buying
rate for any such currency; and provided, further, that the Fronting Bank may use
such Spot Rate quoted on the date as of which the foreign exchange computation is made with respect
to a drawing under any Canadian Letter of Credit.

S&P means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.

Subsidiary means a corporation of which the indicated Person and/or its other
Subsidiaries, individually or in the aggregate, own, directly or indirectly, such number of
outstanding shares as have at the time of any determination hereunder more than 50% of the ordinary
voting power. Unless otherwise specified, “Subsidiary” shall mean a Subsidiary of a Borrower.

Substitute Lender is defined in Section 3.7.

Taxes means any and all present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender
and the Administrative Agent, such taxes (including income taxes or franchise taxes) as are imposed
on or measured by each Lender’s net income by the jurisdiction (or any political subdivision
thereof) under the laws of which such Lender or the Administrative Agent, as the case may be, is
organized or maintains a lending office.

Total Outstanding Amount means, on any date, the sum of (a) the Tranche A Obligations
plus (b) the Tranche B Obligations as of such date.

Total Return Equity Swap shall mean (a) the $150,000,000 total return equity swap
entered into by Max Re in connection with the common shares of MDS, (b) Debt of Max Re secured by
the common shares of MDS which is incurred for the purpose of acquiring assets which qualify to be
held in trusts which secure Max Re’s obligations under Reinsurance Agreements and Primary Policies,
and (c) any substantially similar financial arrangement or transaction entered into by Max Re.

Tranche A Borrowing Base means, on any date, an amount equal to the sum of the
Adjusted Fair Market Value of all Eligible Investments.

Tranche A Commitment means, as to any Lender, the commitment of such Lender to issue
and/or purchase Risk Participations in Tranche A Letters of Credit for the account of Max Re
pursuant to Section 2.1(a). The initial amount of the Tranche A Commitment of each Lender
is set forth on Schedule 2.1.

Tranche A Commitment Termination Date means the earliest of (a) June 1, 2010 and (b)
the occurrence of a Commitment Termination Event.

Tranche A Obligations means, at any time, the sum, without duplication, of (a) the
aggregate undrawn stated amount of all outstanding Tranche A Letters of Credit plus (b) the
aggregate unpaid amount of all LC Advances with respect to Tranche A Letters of Credit. For
purposes of determining the Tranche A Obligations, the parties shall use the Dollar equivalent of
the stated amount of the Canadian Letters of Credit calculated using the Spot Rate.

Tranche A Letter of Credit means a Letter of Credit issued pursuant to the Tranche A
Commitment, including the Continuing Letters of Credit.

Tranche B Commitment means, as to any Lender, the commitment of such Lender to issue
or purchase Risk Participations in Tranche B Letters of Credit for the account of Max Re and to
make Loans to the Borrowers pursuant to Section 2.1(b). The initial amount of the Tranche
B Commitment of each Lender is set forth on Schedule 2.1.

Tranche B Commitment Termination Date means the earliest of (a) June 1, 2008 and (b)
the occurrence of a Commitment Termination Event.

Tranche B Obligations means, at any time, the sum, without duplication, of (a) the
Tranche B LC Obligations plus (b) the aggregate outstanding principal amount of Loans.

Tranche B LC Obligations means, at any time, the sum, without duplication of (a) the
aggregate undrawn stated amount of all outstanding Tranche B Letters of Credit plus (b) the
aggregate unpaid amount of all LC Advances with respect to Tranche B Letters of Credit

Tranche B Letter of Credit means any Letter of Credit issued under the Tranche B
Commitment.

Type means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar
Rate Loan.

SECTION 1.2 Other Interpretive Provisions.

(a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.

(b) The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a
whole and not to any particular provision of this Agreement; and subsection, Section, Schedule and
Exhibit references are to this Agreement unless otherwise specified.

(c) (i) The term “documents” includes any and all instruments, documents, agreements,
certificates, indentures, notices and other writings, however evidenced.

(ii) The term “including” is not limiting and means “including without limitation.”

(iii) In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including”; the words “to” and “until” each mean “to
but excluding”, and the word “through” means “to and including.”

(d) Unless otherwise expressly provided herein, (i) references to agreements (including this
Agreement) and other contractual instruments shall be deemed to include all subsequent amendments
and other modifications thereto, but only to the extent such amendments and other modifications are
not prohibited by the terms of any Credit Document, and (ii) references to any statute or
regulation are to be construed as including all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting the statute or regulation.

(e) The captions and headings of this Agreement are for convenience of reference only and
shall not affect the interpretation of this Agreement.

(f) This Agreement and other Credit Documents may use several different limitations, tests or
measurements to regulate the same or similar matters. All such limitations, tests and measurements
are cumulative and shall each be performed in accordance with their terms.

(g) This Agreement and the other Credit Documents are the result of negotiations among and
have been reviewed by counsel to the Administrative Agent, the Borrowers and the other parties, and
are the products of all parties. Accordingly, they shall not be construed against the Lenders or
the Administrative Agent merely because of the Administrative Agent’s or Lenders’ involvement in
their preparation.

SECTION 1.3 Accounting Principles. Unless otherwise defined or the context otherwise
requires, all financial and accounting terms used herein or in any of the Credit Documents or any
certificate or other document made or delivered pursuant hereto shall be defined in accordance with
GAAP or SAP, as the context may require. When used in this Agreement, the term “financial
statements” shall include the notes and schedules thereto. In addition, when used herein, the
terms “best knowledge of” or “to the best knowledge of” any Person shall mean matters within the
actual knowledge of such Person (or an Executive Officer of such Person) or which should have been
known by such Person after reasonable inquiry.

ARTICLE II.

AMOUNT AND TERMS OF COMMITMENTS

SECTION 2.1 Commitments.

(a) Tranche A Commitment. Upon and subject to the terms and conditions hereof, (i)
the Fronting Bank hereby agrees to issue Tranche A Letters of Credit at the request of and for the
account of Max Re from time to time before the Tranche A Commitment Termination Date, (ii) each
Issuer hereby agrees to issue Letters of Credit at the request of and for the account of Max Re
from time to time before the Tranche A Commitment Termination Date in such Issuer’s Percentage of
such aggregate stated amounts of Tranche A Letters of Credit as Max Re may from time to time
request, (iii) each Lender hereby agrees to purchase Risk Participations in the obligations of the
Fronting Bank under Tranche A Letters of Credit Issued by the Fronting Bank, and (iv) with respect
to Letters of Credit Issued by the Issuers severally based on their respective Percentages, the
Fronting Bank shall be severally (and not jointly) liable for an amount equal to its Percentage
plus each Participating Bank’s Percentage and each Participating Bank hereby agrees to purchase
Risk Participations in the obligations of the Fronting Bank under any such Tranche A Letter of
Credit in an amount equal to such Participating Bank’s Percentage; provided that no Issuer shall be
obligated to issue (and no Participating Bank shall be obligated to participate in) any Tranche A
Letter of Credit if as of the date of issuance of such Tranche A Letter of Credit (A) the Tranche A
Obligations outstanding shall exceed the lesser of (x) the combined Tranche A Commitments and (y)
the Tranche A Borrowing Base, (B) the Tranche A Obligations of any Lender would exceed such
Lender’s Tranche A Commitment, or (C) the conditions in Section 2.3(b) are not met.

(b) Tranche B Commitment. Upon and subject to the terms and conditions hereof, (i)
(w) the Fronting Bank hereby agrees to issue Tranche B Letters of Credit at the request of and for
the account of Max Re from time to time before the Tranche B Commitment Termination Date, (x) each
Issuer hereby agrees to issue Letters of Credit at the request of and for the account of Max Re
from time to time before the Tranche B Commitment Termination Date in such Issuer’s Percentage of
such aggregate stated amounts of Tranche B Letters of Credit as Max Re may from time to time
request, (y) each Lender hereby agrees to purchase Risk Participations in the obligations of the
Fronting Bank under Tranche B Letters of Credit Issued by the Fronting Bank, and (z) with respect
to Letters of Credit Issued by the Issuers severally based on their respective Percentages, the
Fronting Bank shall be severally (and not jointly) liable for an amount equal to its Percentage
plus each Participating Bank’s Percentage and each Participating Bank hereby agrees to purchase
Risk Participations in the obligations of the Fronting Bank under any such Tranche B Letter of
Credit in an amount equal to such Participating Bank’s Percentage, and (ii) each Lender severally
agrees to make loans (each such loan a “Loan”) to the Borrowers from time to time, on any Business
Day from the Effective Date through the Tranche B Commitment Termination Date in an amount equal to
such Lender’s Percentage of the requested Loan; provided that no Lender shall be obligated to issue
any Tranche B Credit Extension if, after giving effect to such Tranche B Credit Extension, (A) the
Tranche B Obligations would exceed the combined Tranche B Commitments, (B) the aggregate principal
amount of the Loans to the Parent would exceed the Parent Loan Sublimit, (C) the Tranche B
Obligations of any Lender would exceed such Lender’s Tranche B Commitment, or (D) the conditions in
Section 2.3(b) are not met. Within the foregoing limits, and subject to the terms and
conditions hereof, the Borrowers may borrow under Section 2.2(a), prepay under Section
2.11(b) and reborrow under Section 2.2(a).

(c) Evidence of Credit Extensions. The Loans made by, the Letters of Credit Issued by
and the Risk Participations of each Lender and the reimbursement obligations with respect thereto
shall be evidenced by one or more accounts or records maintained by such Lender in the ordinary
course of business. The accounts or records maintained by the Administrative Agent shall be
conclusive (absent manifest error) as to the amount of the LC Advances made to Max Re and the
Letters of Credit Issued for the account of Max Re, the amount of Loans made to Max Re and the
Parent, and the amounts of principal, interest and fees owing hereunder. Any failure so to record
or any error in doing so shall not, however, limit or otherwise affect the obligation by a Borrower
hereunder to pay any amount owing with respect to any Credit Extension.

SECTION 2.2 Loans.

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation
of Eurodollar Rate Loans shall be made upon a Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone by an Authorized Officer. Each such notice must be received
by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of
any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any
Borrowing of Base Rate Loans. Each telephonic notice by a Borrower pursuant to this Section
2.2(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan
Notice, appropriately completed and signed by a Authorized Officer of such Borrower. Each
Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount
of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in
Section 2.2(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether
telephonic or written) shall specify (i) whether such Borrower is requesting a Borrowing, a
conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii)
the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be
a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv)
the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if
applicable, the duration of the Interest Period with respect thereto. If a Borrower fails to
specify a Type of Loan in a Loan Notice or if a Borrower fails to give a timely notice requesting a
conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate
Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If a
Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any
such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Percentage of the applicable Loans, and if no timely notice of a
conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall
notify each Lender of the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan
available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 8.2, the Administrative
Agent shall make all funds so received available to such Borrower in like funds as received by the
Administrative Agent either by (i) crediting the account of such Borrower on the books of BofA with
the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by such Borrower;
provided, however, that if, on the date the Loan Notice with respect to such
Borrowing is given by Max Re, there are LC Advances outstanding, then the proceeds of such
Borrowing, first, shall be applied to the payment in full of any LC Advances with respect
to Tranche B Letters of Credit, second, shall be applied to the payment in full of any LC
Advances with respect to Tranche A Letters of Credit, and third, shall be made available to
Max Re as provided above.

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of
a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without
the consent of the Required Lenders.

(d) The Administrative Agent shall promptly notify the applicable Borrower and the Lenders of
the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrowers and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change.

(e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than ten Interest
Periods in effect with respect to Loans.

SECTION 2.3 Issuance, Amendment and Renewal of Letters of Credit.

(a) Each Letter of Credit shall be Issued upon the irrevocable written request of Max Re
received by the LC Administrator at least 5 Business Days (or such shorter time as the
Administrative Agent, the LC Administrator and the Issuer may agree in a particular instance in
their sole discretion) prior to the proposed date of issuance. The LC Administrator shall promptly
advise the Administrative Agent of any such request. Each such request for issuance of a Letter of
Credit shall be by facsimile, confirmed immediately in an original writing, in the form of an LC
Application, and shall specify in form and detail satisfactory to the LC Administrator: (i) the
proposed date of issuance of the Letter of Credit (which shall be a Business Day); (ii) the face
amount of the Letter of Credit and whether such Letter of Credit will be a Canadian Letter of
Credit; (iii) the expiry date of the Letter of Credit; (iv) the name and address of the Beneficiary
thereof; (v) the documents to be presented by the Beneficiary of the Letter of Credit in case of
any drawing thereunder; (vi) the full text of any certificate to be presented by the Beneficiary in
case of any drawing thereunder; (vii) whether such Letter of Credit is to be issued by the Fronting
Bank or by the Issuers (it being agreed that (x) all Canadian Letters of Credit will be issued by
the Fronting Bank and (y) in the event an Issuer advises the LC Administrator that such Issuer is
unable (due to regulatory restrictions or other legal impediments) to Issue a Letter of Credit
because of its relationship to the Beneficiary, such Letter of Credit will be issued by the
Fronting Bank); (viii) whether such Letter of Credit is to be a Tranche A Letter of Credit or a
Tranche B Letter of Credit; and (ix) such other matters as the LC Administrator may require. The
LC Administrator is hereby authorized to execute and deliver each Letter of Credit to be Issued by
the Issuers on behalf of the Issuers provided, that at the request of Max Re, such Letter of Credit
will be executed by each of the Issuers. In the event of a conflict between the provisions of this
Agreement and the provisions of an LC Application, this Agreement shall govern. The LC
Administrator shall use each Issuer’s Percentage as its “Commitment Share” under each Letter of
Credit Issued by the Issuers provided that the Fronting Bank shall be severally (and not jointly)
liable for an amount equal to its Percentage plus the Percentage of each Participating Bank. The
LC Administrator shall not amend any Letter of Credit Issued by the Issuers to change the
“Commitment Shares” or add or delete an Issuer liable thereunder unless such amendment is done in
connection with an assignment pursuant to Section 10.8, in connection with the addition of
an Issuer or a Participating Bank pursuant to Section 2.19 or in connection with an
amendment to the Continuing Letters of Credit pursuant to Section 2.8.

(b) No Issuer shall be under any obligation to Issue any Letter of Credit and no Participating
Bank shall have any obligation to participate in any Letter of Credit if:

(i) Such issuance would be prohibited under Section 3.2;

(ii) the Administrative Agent or LC Administrator has received written notice from the
Fronting Bank or the Required Lenders, as the case may be, or Max Re, on or prior to the
Business Day prior to the requested date of such Credit Extension, that one or more of the
applicable conditions contained in Section 8.2 is not then satisfied;

(iii) the expiry date of such Letters of Credit would occur more than twelve months
(thirteen months in the case of Canadian Letters of Credit) after the date of issuance or
last extension unless the Required Lenders have approved such expiry date;

(iv) the expiry date of such Letter of Credit is less than five Business Days prior to
the applicable Final Expiry Date, unless all of the Lenders have approved such expiry date
in writing;

(v) in the case of Letters of Credit issued by the Lenders (other than a Participating
Bank), such Letter of Credit is not substantially in the form of Exhibit E hereto,
or is not otherwise in form and substance reasonably acceptable to the Administrative Agent,
the LC Administrator and the Fronting Bank; provided that the Administrative Agent and the
LC Administrator can and will, agree to reasonable changes to such form, not adverse to the
interests of the Lenders, requested by applicable insurance regulators;

(vi) such Letter of Credit is denominated in a currency other than Dollars; provided,
however, that Canadian Letters of Credit may be denominated in Canadian Dollars;

(vii) in the case of a Canadian Letter of credit, the aggregate LC Obligations with
respect to all Canadian Letters of Credit would exceed the Canadian LC Sublimit; or

(viii) a Default or Event of Default has occurred and is continuing.

(c) From time to time while a Letter of Credit is outstanding and prior to the applicable
Commitment Termination Date, the Issuer will, upon the written request of Max Re received by the LC
Administrator at least 5 Business Days (or such shorter time as the Administrative Agent, the LC
Administrator and the Issuer may agree in a particular instance in their sole discretion) prior to
the proposed date of amendment, amend any Letter of Credit Issued by them. The LC Administrator
shall promptly advise the Administrative Agent of any such request. Each such request for
amendment of a Letter of Credit shall be made by facsimile, confirmed immediately in an original
writing, made in the form of an LC Amendment Application and shall specify in form and detail
satisfactory to the LC Administrator: (i) the Letter of Credit to be amended; (ii) the proposed
date of amendment of such Letter of Credit (which shall be a Business Day); (iii) the nature of the
proposed amendment; and (iv) such other matters as the LC Administrator may require. With respect
to Letters of Credit which contain an automatic extension provision, unless otherwise directed by
the LC Administrator, Max Re shall not be required to make a specific request to the LC
Administrator for any such extension and the Lenders shall be deemed to have authorized (but may
not require) the LC Administrator and/or the Fronting Bank to permit the extension of such Letter
of Credit for an additional 12-month period (13-month period in the case of Canadian Letters of
Credit) provided such extended expiry date is not later than the applicable Final Expiry Date. No
Issuer shall have any obligation to amend any Letter of Credit if: (A) such Issuer would have not
been obligated at such time to Issue or participate in such Letter of Credit in its amended form
under the terms of this Agreement; or (B) the Beneficiary of such Letter of Credit does not accept
the proposed amendment to such Letter of Credit. The Issuers and the Fronting Bank agree, upon the
request of Max Re and as long as no Event of Default or Default shall have occurred and be
continuing, to amend any Letter of Credit to extend the expiry date thereof to a date not later
than five Business Days prior to the applicable Final Expiry Date. The LC Administrator is hereby
authorized to execute and deliver each amendment to a Letter of Credit Issued by the Issuers on
behalf of the Issuers provided that, upon request of Max Re, such amendment will be executed by
each Issuer.

(d) The Administrative Agent shall promptly notify each Lender of the receipt of a written
request from Max Re for the issuance of or an amendment to a Letter of Credit and, with respect to
the issuance of or Risk Participation in a Letter of Credit, the amount of such Lender’s share of
such Letter of Credit which shall equal its Percentage thereof. In addition, at least two Business
Days prior to the issuance or amendment of any Letter of Credit, the Administrative Agent will
confirm to the Lenders (by telephone or in writing) that the Administrative Agent has received a
copy of the LC Application or LC Amendment Application from Max Re.

(e) With respect to a request to Issue a Letter of Credit, unless the Administrative Agent has
received, on or before the Business Day immediately preceding the date on which such Letter of
Credit will be Issued, (i) notice from the Fronting Bank or the Required Lenders, as the case may
be, or Max Re directing the Administrative Agent not to permit the issuance of such Letter of
Credit because such issuance is not then permitted under Section 2.1 as a result of the
limitations set forth therein or in Section 2.3(b) or (ii) a notice described in
Section 2.3(b)(i), then, subject to the terms and conditions hereof, the LC Administrator
shall, on the requested date, cause a Letter of Credit to be Issued by the Fronting Bank or by the
Issuers in accordance with their Percentages (provided that the Fronting Bank shall be severally
(and not jointly) liable for an amount equal to its Percentage plus the Percentage of each
Participating Bank), as the case may be, for the account of Max Re in accordance with the LC
Administrator’s usual and customary business practices.

(f) The LC Administrator may, at its election (or at the direction of the Administrative
Agent, the Fronting Bank or the Required Lenders, as the case may be), deliver any notices of
termination or other communications to any Beneficiary or transferee, and take any other action as
necessary or appropriate, at any time and from time to time, in order to cause the expiry date of
such Letter of Credit to be a date not later than five Business Days prior to the applicable Final
Expiry Date.

(g) This Agreement shall control in the event of any conflict with any LC Related Document
(other than any Letter of Credit).

(h) The LC Administrator, concurrently or promptly following the delivery of a Letter of
Credit, or amendment to or renewal of a Letter of Credit, to a Beneficiary, shall send to the
Administrative Agent and the Lenders a true and complete copy of each such Letter of Credit or
amendment to or renewal of a Letter of Credit.

(i) The status of a Lender as a Participating Bank at any time shall be determined solely by
the Fronting Bank and such Lender. In the event a Lender becomes a Participating Bank or ceases to
be a Participating Bank, the LC Administrator is authorized to amend each Letter of Credit to
reflect such change in status and fees owed by any Participating Bank pursuant to Section
2.15(d)(i) shall accrue only during such period as such Lender is a Participating Bank with
respect to any such Letter of Credit.

(j) The delivery of each Letter of Credit Application pursuant to Section 2.3 and each
request for amendment or extension of an existing Letter of Credit shall automatically constitute a
warranty by Max Re to the Administrative Agent and each Lender to the effect that on the date of
such requested Credit Extension the conditions of Section 8.2 have been satisfied.

SECTION 2.4 Drawings and Reimbursements.

(a) With respect to each Letter of Credit for which the LC Administrator receives a request
for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a
“Drawing Request”), if such Drawing Request is received prior to 10:00 a.m. (Chicago time) on any
Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is
received after 10:00 a.m. (Chicago time) on any Business Day, the following Business Day shall be
the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly
notify Max Re of such Drawing Request (which notice may be oral if immediately confirmed in writing
(including by facsimile)) and upon receipt of such notification, Max Re shall promptly reimburse
the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to
the LC Administrator in immediately available funds the amount of the Drawing Request. In the
event of a Drawing Request under a Canadian Letter of Credit, such reimbursement by Max Re shall be
in Dollars (as calculated by the LC Administrator or the Fronting Bank, as applicable, using the
Spot Rate) or Canadian Dollars as specified by the LC Administrator. Nothing herein stated shall
be deemed a waiver by the Lenders of the obligation of Max Re to make such prompt reimbursement.
To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on
the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on
behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter
of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for
such amount with the funds provided by Max Re.

(b) With respect to any Drawing Request, if immediately available funds are not received by
the LC Administrator from Max Re prior to 3:00 p.m. (Chicago time) on the first Business Day after
the Drawing Request Date in the amount of such Drawing Request, the LC Administrator shall promptly
notify the Administrative Agent and the Administrative Agent shall notify each Lender on the first
Business Day after the Drawing Request Date of such Drawing Request and such Lender’s share of such
Drawing Request (which shall be an amount equal to (i) such Lender’s Percentage multiplied by the
lesser of (ii)(A) the maximum amount available to be drawn under such Letter of Credit and (B) the
amount of such drawing which was not reimbursed by Max Re pursuant to Section 2.4(a)) and
Max Re shall be deemed to have requested an LC Borrowing in an amount equal to the amount of such
drawing which was not reimbursed by Max Re pursuant to Section 3(a). If such LC Borrowing
relates to a Canadian Letter of Credit, the amount of such LC Borrowing shall be the Dollar
equivalent (as calculated by the LC Administrator using the Spot Rate) of the Drawing Request. Any
notice given by the Administrative Agent to the Lenders pursuant to this Section 2.4(b) may
be oral if immediately confirmed in writing (including by facsimile); provided that (i) the failure
of the Administrative Agent to give any such notice in sufficient time to enable any Lender to
effect such payment at the time required under Section 2.4(c) or (ii) the failure
of the Administrative Agent to deliver an immediate confirmation of such notice shall not affect
the conclusiveness or binding effect of such notice or relieve any Lender from its obligations
under this Section 2.4.

(c) Upon receiving a Drawing Request, each Lender shall make available to the Administrative
Agent for the account of LC Administrator at the Administrative Agent’s Payment Office by 3:00 p.m.
(Chicago time) in Dollars in immediately available funds on the second Business Day after the
Drawing Request Date (such date, an “LC Advance Date”) its share of such request; provided that in
the case of a Letter of Credit issued by the Fronting Bank, if a Lender shall fail to make such
funds so available, the Fronting Bank shall make such funds available and provided further that if
a Participating Bank shall fail to make such funds so available, the Fronting Bank shall make such
funds available. Upon delivering such funds to the Administrative Agent pursuant to this
Section 2.4(c), such Lender (or the Fronting Bank, if the Fronting Bank has made such funds
available after the failure of such Lender to do so) shall be deemed to have made an LC Advance to
Max Re in such amount. To the extent that immediately available funds are received by the
Administrative Agent from the Lenders prior to 3:00 p.m. (Chicago time) on any LC Advance Date, the
Administrative Agent shall notify the LC Administrator and the LC Administrator shall promptly make
such funds available to the Beneficiary of the related Letter of Credit on such date. To the
extent that the LC Administrator has not delivered funds to any Beneficiary on behalf of a Lender
pursuant to the first sentence of Section 2.4(d) and that immediately available funds are
received by the Administrative Agent from such Lender: (i) after 3:00 p.m. on any LC Advance Date,
the LC Administrator shall make such funds available to such Beneficiary on the next Business Day
following such LC Advance Date; (ii) prior to 3:00 p.m. on any Business Day after the LC Advance
Date, the LC Administrator shall make those funds available to such Beneficiary on such Business
Day; and (iii) after 3:00 p.m. on any Business Day after the LC Advance Date, the LC Administrator
shall make those funds available to such Beneficiary on the next Business Day following such
Business Day.

(d) Unless the Administrative Agent or LC Administrator receives notice from a Lender prior to
any LC Advance Date that such Lender will not make available as and when required hereunder to the
Administrative Agent for the account of Max Re the amount of such Lender’s LC Advance on such LC
Advance Date, the Administrative Agent and the LC Administrator may assume that such Lender has
made such amount available to the Administrative Agent in immediately available funds on the LC
Advance Date and the LC Administrator may (but shall not be required), in reliance upon such
assumption, make available to the Beneficiary of the related Letter of Credit on such date such
Lender’s LC Advance. If and to the extent (i) any Lender shall not have made its full amount
available to the Administrative Agent in immediately available funds and (ii) the LC Administrator
in such circumstances has made available to the Beneficiary such amount, then such Lender shall, on
the Business Day following such LC Advance Date, make such amount available to the Administrative
Agent, together with interest thereon until the date made available (i) at the Federal Funds Rate
for the period ending two Business Days after such LC Advance Date and (ii) at the Base Rate plus
2.00% thereafter; provided, however, that if a Lender has failed to make such an amount available
with respect to a Letter of Credit issued by the Fronting Bank, the Fronting Bank shall make such
amount available and provided further that if a Participating Bank has failed to make such an
amount available with respect to a Letter of Credit, the Fronting Bank shall make such amount
available. If a Participating Bank fails to make such amount available, it shall pay interest to
the Fronting Bank. If the Fronting Bank shall fail to make such amount available, it shall pay
such interest to the LC Administrator and if a Lender fails to make such amount available, it shall
pay such interest to the Fronting Bank. A notice of the Administrative Agent submitted to a Lender
with respect to amounts owing under Section 2.4(b) shall be conclusive, absent manifest
error. If such amount is so made available, together with interest thereon, such payment to the
Administrative Agent shall constitute such Lender’s LC Advance on the LC Advance Date for all
purposes of this Agreement. If such amount, together with interest thereon, is not made available
to the Administrative Agent on the Business Day following the LC Advance Date, the Administrative
Agent will notify Max Re of such failure to fund and, upon demand by the Administrative Agent, Max
Re shall pay such amount to the Administrative Agent for the LC Administrator’s account, together
with interest thereon for each day elapsed since the date of such LC Borrowing, at a rate per annum
equal the Base Rate plus 2.00%.

(e) The failure of any Lender to make any LC Advance on any LC Advance Date shall not relieve
any other Lender of any obligation hereunder to make an LC Advance on such LC Advance Date, and
neither the Administrative Agent, the LC Administrator nor any Lender shall be responsible for the
failure of any other Lender to make any LC Advance on any LC Advance Date. Each Lender’s
obligation in accordance with this Agreement to make LC Advances, as contemplated by this
Section 2.4, as a result of a drawing under a Letter of Credit, shall be absolute and
unconditional and without recourse to the Administrative Agent, the Fronting Bank or the LC
Administrator and shall not be affected by any circumstance, including (i) any set-off,
counterclaim, recoupment, defense or other right which such Lender may have against the
Administrative Agent, the LC Administrator, the Fronting Bank, Max Re or any other Person for any
reason whatsoever; (ii) the occurrence or continuance of an Event of Default, a Default or a
Material Adverse Effect; or (iii) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing; provided the LC Administrator shall exercise the same care in
examining documents and determining whether or not to honor a Drawing Request as it would exercise
if the LC Administrator had Issued such Letter of Credit for its own account. Nothing contained in
this Agreement, and no actions taken by the Lenders, the LC Administrator, the Fronting Bank or the
Administrative Agent pursuant hereto or in connection with a Letter of Credit shall be deemed to
constitute the Lenders, together or with the Administrative Agent, the Fronting Bank and the LC
Administrator, a partnership, association, joint venture or other entity.

SECTION 2.5 Repayment of LC Advances. Upon (and only upon) receipt by the
Administrative Agent of immediately available funds from Max Re in repayment of any LC Advances,
the Administrative Agent (i) shall deduct and retain from such repayment an amount not to exceed
the aggregate unreimbursed payments, if any, which were made by the LC Administrator pursuant to
the first sentence of Section 2.4(d), and then (ii) shall pay to each Lender, in the same
funds as those received by the Administrative Agent, such Lender’s Percentage of any funds
remaining after giving effect to clause (i) above; provided, that if the Fronting Bank has
advanced funds on behalf of a Lender, the Fronting Bank shall be repaid out of such funds in full
before any payment shall be made to such Lender. Max Re shall repay any LC Advances on the date
such LC Advances were made.

SECTION 2.6 Role of the Lenders. Each Lender and Max Re agree that, in paying any
drawing under a Letter of Credit, neither the LC Administrator nor any Issuer shall have any
responsibility to obtain any document (other than any sight draft and certificate expressly
required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any
such document or the authority of the Person executing or delivering any such document; provided
that the LC Administrator and the Issuers shall exercise that standard of care customarily
exercised by them in the review and processing of drawings under letters of credit issued by them.

(a) No Agent-Related Person nor any of their respective correspondents, participants or
assignees shall be liable to any Lender for: (i) any action taken or omitted in connection herewith
at the request or with the approval of the Lenders (including the Required Lenders, as applicable);
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii)
the due execution, effectiveness, validity or enforceability of any LC Related Document.

(b) Max Re hereby assumes all risks of the acts or omissions of any Beneficiary or transferee
with respect to its use of any Letter of Credit; provided that this assumption is not
intended to, and shall not, preclude Max Re’s pursuing such rights and remedies as it may have
against the Beneficiary or transferee at law or under any other agreement. Neither any
Agent-Related Person, any Issuer nor any of their respective correspondents, participants or
assignees shall be liable or responsible for any of the matters described in clauses (i)
through (vii) of Section 2.7; provided that, anything in such clauses to
the contrary notwithstanding, Max Re may have a claim against the Administrative Agent, the LC
Administrator or any Lender, and the Administrative Agent, the LC Administrator or any Lender may
be liable to Max Re, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by Max Re which Max Re, in a final judgment of a court
of competent jurisdiction, proves were caused primarily by the Administrative Agent’s or LC
Administrator’s or such Lender’s willful misconduct or gross negligence or the LC Administrator’s
or such Lender’s willful failure to pay under any Letter of Credit after the presentation to it by
the Beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing: (i)
the LC Administrator may accept documents that appear on their face to be in order, without
responsibility for further investigation; and (ii) neither the LC Administrator nor any Issuer
shall be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

(c) Concurrently with the issuance by the Fronting Bank of any Letter of Credit and any
amendment thereto, the Fronting Bank shall be deemed to have sold and transferred to each other
Lender, and each other Lender shall be deemed irrevocably and unconditionally to have purchased and
received from the Fronting Bank, without recourse or warranty, an undivided interest and
participation (a “Risk Participation”), to the extent of such Lender’s Percentage, in such Letter
of Credit and Max Re’s reimbursement obligations with respect thereto.

SECTION 2.7 Obligations Absolute. The obligations of Max Re under this Agreement and
any LC Related Document to reimburse the Administrative Agent, the LC Administrator, the Fronting
Bank and the Lenders for a drawing under a Letter of Credit and to repay any LC Borrowing shall be
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement and each such other LC Related Document under all circumstances, including the following:

(i) any lack of validity or enforceability of this Agreement or any LC Related
Document;

(ii) any change in the time, manner or place of payment of, or in any other term of,
all or any of the obligations of Max Re in respect of any Letter of Credit or any other
amendment or waiver of or any consent to departure from all or any of the LC Related
Documents;

(iii) the existence of any claim, set-off, defense or other right that Max Re may have
at any time against any Beneficiary or any transferee of any Letter of Credit (or any Person
for whom any such Beneficiary or any such transferee may be acting), the Administrative
Agent, the LC Administrator, the Fronting Bank, any Lender or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by the LC Related
Documents or any unrelated transaction;

(iv) any draft, demand, certificate or other document presented under any Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any
Letter of Credit;

(v) any payment by an Issuer under any Letter of Credit against presentation of a draft
or certificate that does not strictly comply with the terms of such Letter of Credit; or any
payment made by the Issuers under any Letter of Credit to any Person purporting to be a
trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any Beneficiary or any
transferee of any Letter of Credit, including any arising in connection with any Insolvency
Proceeding;

(vi) any exchange, release or non-perfection of any Collateral, or any release or
amendment or waiver of or consent to departure from any guarantee, for all or any of the
obligations of Max Re in respect of any Letter of Credit; or

(vii) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, Max Re or a guarantor.

SECTION 2.8 Continuing Letters of Credit.

(a) On and after the Effective Date, the Letters of Credit issued under the Existing Agreement
listed on Schedule 2.8 (the “Continuing Letters of Credit”) shall be deemed to be
Tranche A Letters of Credit issued under this Agreement for all purposes, including for purposes of
the fees to be collected pursuant to Section 2.15 and reimbursement of costs and expenses
to the extent provided herein.

(b) On the Effective Date, the Risk Participation of each Lender in the Continuing Letters of
Credit which, as shown on Schedule 2.8, were issued by the Fronting Bank (the “Fronted
Letters of Credit”) on behalf of BofA, Citibank, N.A. and ING Bank N.V., London Branch (the
“Existing Issuers”) shall be equal to each Lender’s Percentage and the Risk Participation of each
Lender in the Continuing Letters of Credit which, as shown on Schedule 2.8, were issued by
the Existing Issuers on a several liability basis (the “Several Letters of Credit”) shall be equal
to each Lender’s Percentage.

(c) On the Effective Date, each Existing Issuer shall be deemed to have sold and transferred
to the Lenders, and each Lender shall be deemed irrevocably and unconditionally to have purchased
and received from each Existing Issuer, without recourse or warranty, an undivided interest and
Risk Participation in each Continuing Letter of Credit and Max Re’s reimbursement obligations with
respect thereto in an amount such that, after giving effect to such purchase, the obligation of
each Lender in the Continuing Letters of Credit shall be equal to each Lender’s Percentage. The LC
Administrator and Max Re shall promptly amend each of the Several Letters of Credit to reflect the
Lenders as Issuers and the correct Percentages of the Lenders under the Several Letters of Credit.

SECTION 2.9 Applicability of ISP98. Unless otherwise agreed by the Issuer and Max Re
when a Letter of Credit is issued and subject to applicable laws, the rules of the “International
Standby Practices 1998” (ISP98) or the “Uniform Customs and Practices for Documentary Credits
(1993) (ICC Publication 500)” or such later revision as may be published by the International
Chamber of Commerce shall apply to each Letter of Credit.

SECTION 2.10 Interest.

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan
shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate;
and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the Base Rate plus the
Applicable Rate.

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

(ii) If any amount (other than principal of any Loan) payable by a Borrower under any
Credit Document is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then upon the request of the
Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate
per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws.

(iii) Upon the request of the Required Lenders, while any Event of Default exists, the
Borrowers shall pay interest on the principal amount of all outstanding Obligations
hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

(iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment and shall accrue
following the commencement of any Insolvency Proceeding, whether or not allowed in such proceeding.

(d) LC Advances shall bear interest (after as well as before entry of judgment thereon to the
extent permitted by law) on the outstanding principal amount thereof from the applicable LC Advance
Date at a rate per annum equal to the Base Rate plus 2.00% and shall be immediately due and
payable. To the extent that any LC Advances are made on an LC Advance Date pursuant to Section
2.4(c) and such LC Advances are repaid with immediately available funds by Max Re on the LC
Advance Date prior to 1:00 p.m. (Chicago time), no interest shall be payable on such LC Advances.

(e) Anything herein to the contrary notwithstanding, the obligations of a Borrower to any
Lender hereunder shall be subject to the limitation that payments of interest shall not be required
for any period for which interest is computed hereunder to the extent (but only to the extent) that
contracting for or receiving such payment by such Lender would be contrary to the provisions of any
law applicable to such Lender limiting the highest rate of interest that may be lawfully contracted
for, charged or received by such Lender, and in such event such Borrower shall pay such Lender
interest at the highest rate permitted by applicable law.

SECTION 2.11 Repayments; Prepayments.

(a) Each Borrower shall repay to the Lenders on the Tranche B Commitment Termination Date the
aggregate outstanding principal amount of Loans made to such Borrower.

(b) Each Borrower may, upon notice from such Borrower to the Administrative Agent, at any time
or from time to time voluntarily prepay its Loans in whole or in part without premium or penalty;
provided that (i) such notice must be received by the Administrative Agent not later than
11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans, and
(B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof;
and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Loans to be prepaid and, if Eurodollar Loans are to be prepaid, the Interest
Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt
of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.
If such notice is given by a Borrower, the applicable Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 3.5. Each such
prepayment shall be applied to the Loans of the Lenders in accordance with their respective
Percentages.

SECTION 2.12 Payments.

(a) General. All payments to be made by a Borrower shall be made without set-off,
recoupment or counterclaim. Except as otherwise expressly provided herein, all payments by a
Borrower shall be made to the Administrative Agent for the account of the Lenders at the
Administrative Agent’s Payment Office, and shall be made in Dollars and in immediately available
funds, no later than 1:00 p.m. (Chicago time) on the date specified herein. Except as otherwise
expressly provided herein, the Administrative Agent will promptly distribute, in like funds as
received, to each Lender its Percentage of any portion of such payment. Any payment received by
the Administrative Agent later than 1:00 p.m. (Chicago time) shall be deemed to have been received
on the following Business Day and any applicable interest or fee shall continue to accrue.
Whenever any payment is due on a day other than a Business Day, such payment shall be made on the
following Business Day (unless such following Business Day is the first Business Day of a calendar
month, in which case such payment shall be made on the preceding Business Day), and such extension
or reduction of time shall in such case be included in the computation of interest or fees, as the
case may be.

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to
12:00 noon on the 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 Section 2.2
and may, in reliance upon such assumption, make available to the applicable Borrower 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 applicable
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in immediately available funds with interest thereon, for each day from and including the
date such amount is made available to the applicable Borrower to but excluding the date of payment
to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater
of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation and (B) in the case of a payment to be made by the
applicable Borrower, the interest rate applicable to Base Rate Loans. If the applicable Borrower
and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the applicable Borrower the amount of such
interest paid by the applicable Borrower for such period. If such Lender pays its share of the
applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the applicable Borrower shall be without
prejudice to any claim the applicable Borrower may have against a Lender that shall have failed to
make such payment to the Administrative Agent.

(ii) Payments by Borrowers; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Borrower prior to the date on which any
payment is due to the Administrative Agent for the account of the Lenders or the Issuer hereunder
that such Borrower will not make such payment, the Administrative Agent may assume that such
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders or the Issuer, as the case may be, the amount due. In such
event, if such Borrower has not in fact made such payment, then each of the Lenders or the Issuer,
as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender or the Issuer, in immediately available funds 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 Rate.

A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender to any Borrower, and such funds
are not made available to such Borrower by the Administrative Agent because the conditions to the
applicable Credit Extension set forth in Article VIII are not satisfied or waived in
accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in
like funds as received from such Lender) to such Lender, without interest.

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans, to fund Risk Participations in Letters of Credit and to make payments pursuant to
Section 9.7 are several and not joint. The failure of any Lender to make any Loan, to fund
any such Risk Participation or to make any payment under Section 9.7 on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date,
and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to
purchase its Risk Participation or to make its payment under Section 9.7.

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Credit Extension in any particular place or manner or to constitute a
representation by any Lender that it has obtained or will obtain the funds for any Credit Extension
in any particular place or manner.

SECTION 2.13 Termination or Reduction of Commitments. Max Re may, upon not less than
five Business Days’ prior notice to the Administrative Agent, terminate the Aggregate Commitments,
or permanently reduce the Aggregate Commitments by an aggregate minimum amount of $5,000,000 or any
multiple of $500,000 in excess thereof; unless, after giving effect thereto and to any
prepayments or cash collateralization of LC Obligations to be made on the effective date thereof,
(i) the Tranche A Obligations would exceed the amount of the combined Tranche A Commitments then in
effect, (ii) the Tranche A Obligations would exceed the Tranche A Borrowing Base, (iii) the Tranche
B Obligations would exceed the combined Tranche B Commitments then in effect or (iv) the combined
Tranche B Commitments would exceed 25% of the Aggregate Commitments. Once reduced in accordance
with this Section, the Aggregate Commitments may not be increased. Any reduction of the Aggregate
Commitments shall be applied to each Lender according to its Percentage. All fees due under
Section 2.15(b) accrued until the effective date of any termination of the Aggregate Commitments
shall be paid on the effective date of such termination.

SECTION 2.14 Mandatory Reduction/Cash Collateralization of Letters of Credit.

(a) If on any day the Tranche A Obligations exceed the combined Tranche A Commitments on such
day or the Tranche A Obligations exceed the Tranche A Borrowing Base on such day, Max Re shall
immediately deposit into the Custody Account Eligible Investments or reduce the Tranche A
Obligations, or a combination of the foregoing, in an amount sufficient to eliminate such excess.

(b) On the Final Expiry Date for the Tranche A Letters of Credit or, if earlier, the date the
Tranche A Obligations are accelerated pursuant to Section 7.2, and until the final
expiration date of all Tranche A Letters of Credit and thereafter so long as any Tranche A
Obligations are payable hereunder, Max Re shall immediately cash collateralize the Tranche A
Letters of Credit with Cash and Cash Equivalents in an amount equal to 102% of the outstanding
Tranche A Obligations. Max Re shall take such actions as may be necessary to ensure that the
Collateral in the Custody Account consists solely of Cash and Cash Equivalents in the required
amount and, if requested by the Administrative Agent, shall deposit such Collateral (whether by
transfer from the Custody Account or otherwise) in a special collateral account pursuant to
arrangements satisfactory to the Administrative Agent (the “LC Collateral Account”) at the
Administrative Agent’s office in the name of Max Re but under the sole dominion and control of the
Administrative Agent, for the benefit of the LC Administrator and the Lenders and Max Re shall have
no interest therein except as set forth in Section 7.3.

(c) If for any reason the Tranche B Obligations at any time exceed the combined Tranche B
Commitments then in effect, the Borrowers shall immediately prepay Loans and/or Max Re shall
collateralize the Tranche B LC Obligations with Cash and Cash Equivalents in an aggregate amount
equal to such excess; provided, however, that Max Re shall not be required to
collateralize the Tranche B LC Obligations pursuant to this Section 2.14(c) unless after
the prepayment in full of the Loans, the Tranche B Obligations exceed the combined Tranche B
Commitments then in effect. Any Collateral provided by Max Re pursuant to this Section 2.14
(c) shall be deposited in the LC Collateral Account and shall be released by the Administrative
Agent at such time as the Tranche B Obligations no longer exceed the combined Tranche B
Commitments.

(d) On the Final Expiry Date for the Tranche B Letters of Credit or, if earlier, the date the
Tranche B Obligations are accelerated pursuant to Section 7.2, and until the final
expiration date of any Tranche B Letter of Credit and thereafter so long as any Tranche B LC
Obligations are payable hereunder, Max Re shall immediately cash collateralize the Tranche B
Letters of Credit with Cash and Cash Equivalents in an amount equal to 102% of the outstanding
Tranche B LC Obligations and such Collateral shall be placed in the LC Collateral Account for the
benefit of the LC Administrator and the Lenders and Max Re shall have no interest therein except as
set forth in Section 7.3.

(e) Max Re hereby pledges, assigns and grants to the Administrative Agent, for the benefit of
the LC Administrator and the Lenders, a security interest in all of Max Re’s right, title and
interest in and to the LC Collateral Account and all funds and Cash Equivalents which may from time
to time be on deposit in the LC Collateral Account to secure the prompt and complete payment and
performance of the respective LC Obligations for which such Collateral was deposited. The
Administrative Agent may invest any funds on deposit from time to time in the LC Collateral Account
in Cash Equivalents having a maturity not exceeding 30 days. Funds earned on such Cash Equivalents
shall be deposited into the LC Collateral Account.

SECTION 2.15 Fees.

(a) Agency Fees. The Borrowers shall pay fees to the Administrative Agent for the
Administrative Agent’s own account, as required by the letter agreement (“Fee Letter”)
among the Borrowers and the Administrative Agent dated April 11, 2005 and as Max Re and the
Administrative Agent may agree from time to time.

(b) Non-Use Fees. Max Re shall pay to the Administrative Agent for the account of
each Lender in accordance with its Percentage a non-use fee on the actual daily unused portion of
such Lender’s Commitment, computed on a quarterly basis in arrears on the last Business Day of each
calendar quarter based upon the daily utilization for that quarter as calculated by the
Administrative Agent, equal to (i) in the case of the Tranche A Commitments, the Applicable Rate
times the actual daily amount by which the combined Tranche A Commitments exceed the Tranche A
Obligations and (ii) in the case of the Tranche B Commitments, the Applicable Rate times the actual
daily amount by which the combined Tranche B Commitments exceed the Tranche B Obligations. Such
non-use fee shall accrue from the Effective Date to the applicable Commitment Termination Date and
shall be due and payable quarterly in arrears on the last Business Day of each March, June,
September and December commencing on June 30, 2005 with the final payment to be made on the
applicable Commitment Termination Date. The non-use fees provided in this Section shall accrue at
all times after the above-mentioned commencement date, including at any time during which one or
more conditions in Article VIII are not met. On the Effective Date, Max Re shall pay to
the Administrative Agent all non-use fees accrued under the Existing Agreement through the
Effective Date.

(c) Utilization Fee. Max Re shall pay to the Administrative Agent for the account of
each Lender in accordance with its Percentage, a utilization fee of 0.125% per annum times the
Tranche B Obligations on each day that the Tranche B Obligations exceed 50% of the combined Tranche
B Commitments in effect (or, if terminated, in effect immediately prior to such termination). The
utilization fee shall be due and payable quarterly in arrears on the last Business Day of each
March, June, September and December commencing on June 30, 2005 through the Final Expiry Date of
the Tranche B Obligations. Utilization fees shall accrue at all times, including at any time
during which one or more of the conditions in Article VIII are not met.

(d) Letter of Credit Fees.

(i) Max Re shall pay to the Administrative Agent for the account of each Lender a
letter of credit fee for each Letter of Credit requested by Max Re in an amount per annum of
the average maximum stated amount of such Letter of Credit during such period (less any LC
Advance with respect thereto) equal to the Applicable Rate with respect thereto; provided
that a portion of the letter of credit fee equal to the applicable fronting fee set forth in
Section 2.15(d)(ii) per annum otherwise payable to each Participating Bank shall be
payable to the Fronting Bank with respect to Letters of Credit for which a fee is not paid
to the Fronting Bank pursuant to Section 2.15(d)(ii). Such letter of credit fees
shall be computed on a quarterly basis in arrears on the last Business Day of each calendar
quarter, and shall be due and payable quarterly in arrears on the last Business Day of each
March, June, September and December commencing on June 30, 2005 through the Final Expiry
Date with the final payment to be made on the Final Expiry Date. Max Re shall pay to the
Administrative Agent any letter of credit fees accrued under the Existing Agreement through
the Effective Date.

(ii) In addition, with respect to each Letter of Credit issued by the Fronting Bank,
Max Re shall pay to the Fronting Bank a fronting fee in an amount per annum on the average
maximum stated amount of such Letter of Credit during such period (less any LC Advance with
respect thereto) equal to (x) 0.075% in the case of Tranche A Letters of Credit and (y)
0.10% in the case of Tranche B Letters of Credit. Such fronting fees shall be computed on a
quarterly basis in arrears on the last Business Day of each calendar quarter and shall be
due and payable quarterly in arrears on the last Business Day of each March, June, September
and December commencing on June 30, 2005 through the Final Expiry Date with the final
payment to be made on the Final Expiry Date. On the Effective Date, Max Re shall pay to the
Fronting Bank all fronting fees accrued under the Existing Agreement through the Effective
Date.

(iii) In addition, with respect to each Letter of Credit requested by Max Re or any
amendment or extension thereof, Max Re agrees to pay to the LC Administrator such fees and
expenses as the LC Administrator customarily requires in connection with the issuance,
amendment, transfer, negotiation, processing and/or administration of letters of credit.

(e) Upfront Fees. On the Effective Date, the Borrowers shall pay to the
Administrative Agent for the account of each Lender, such upfront fees as may have been agreed to
by the Borrowers and such Lender.

SECTION 2.16 Computation of Fees and Interest.

(a) All computations of interest for LC Advances and Base Rate Loans when the Base Rate is
determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366
days, as the case may be, and actual days elapsed. All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or
interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest
shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or
any portion thereof, for the day on which the Loan or such portion is paid, provided that
any Loan that is repaid on the same day on which it is made shall, subject to Section
2.10(d) bear interest for one day.

(b) Each determination of an interest rate by the Administrative Agent shall be conclusive and
binding on the Borrowers and the Lenders in the absence of manifest error.

(c) Anything herein to the contrary notwithstanding, the obligations of the Borrowers to any
Lender hereunder shall be subject to the limitation that payments of interest shall not be required
for any period for which interest is computed hereunder, to the extent (but only to the extent)
that contracting for or receiving such payment by such Lender would be contrary to the provisions
of any law applicable to such Lender limiting the highest rate of interest that may be lawfully
contracted for, charged or received by such Lender, and in such event the Borrowers shall pay such
Lender interest at the highest rate permitted by applicable law.

SECTION 2.17 Sharing of Payments by Lenders. If any Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of the Loans made by it, or the participations in LC Obligations held by it
resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans
or participations and accrued interest thereon greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the
Loans and subparticipations in LC Obligations of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their
respective Loans and other amounts owing them, provided that:

(i) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

(ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by a Borrower pursuant to and in accordance with the express terms of this Agreement or
(y) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or subparticipations in LC Obligations to any assignee or
participant, other than to a Borrower or any Subsidiary thereof (as to which the provisions
of this Section shall apply).

Each Borrower 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 Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Borrower in the amount
of such participation.

SECTION 2.18 Several Obligations of Borrowers; Max Re as Agent of Parent.

(a) The Obligations of each Borrower shall be several in nature.

(b) The Parent hereby irrevocably appoints Max Re as its agent for all purposes relevant to
this Agreement and each of the other Credit Documents, including (i) the giving and receipt of
notices, and (ii) the execution and delivery of all documents, instruments and certificates
contemplated herein and all modifications hereto. Any acknowledgment, consent, direction,
certification or other action which might otherwise be valid or effective only if given or taken by
both Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken
only by Max Re, whether or not the Parent joins therein. Any notice, demand, consent,
acknowledgement, direction, certification or other communication delivered to Max Re in accordance
with the terms of this Agreement shall be deemed to have been delivered to the Parent.

SECTION 2.19 Optional Increase in LC Commitments. Provided no Default exists, Max Re
may at any time, by means of a letter to the Administrative Agent and each Lender substantially in
the form of Exhibit G, request that the Lenders increase the Aggregate Commitments by
$10,000,000 or an even multiple thereof; provided that (i) such letter shall be accompanied
by a certificate of the Secretary or an Assistant Secretary of Max Re (and if the Tranche B
Commitments are increased, the Parent) as to resolutions of the board of directors of Max Re (and
if the Tranche B Commitments are increased, the Parent) approving such increase, (ii) in no event
shall the Aggregate Commitments exceed $600,000,000 (or such lesser amount as determined pursuant
Section 2.12) without the written consent of all Lenders, (iii) such increase shall either
be an increase of the Tranche A Commitments and/or the Tranche B Commitments and (iv) after giving
effect to any such increase, the Tranche B Commitments shall not be more than 25% of the Aggregate
Commitments. Each Lender shall have the option (in its sole and complete discretion) to subscribe
for its proportionate share (or more or less than its proportionate share) of such increase,
according to its then-existing Percentage. Each Lender shall respond to Max Re’s request within 20
Business Days by submitting a response in the form of Attachment 1 to Exhibit G to the
Administrative Agent (and any Lender not responding within such period shall be deemed to have
declined such request). At the option of Max Re, any part of the proposed increase not
proportionately subscribed may be assumed, within 10 Business Days after all Lenders have responded
to (or, by not responding, are deemed to have declined) such request, by one or more existing
Lenders and/or by one or more Persons meeting the qualifications of an Eligible Assignee, in
amounts which are acceptable to Max Re; it being understood that any assumption by a Person which
is not an existing Lender shall be subject to consent of the Administrative Agent (which consent
shall not be unreasonably withheld or delayed) provided that after giving effect to any such
increase, each Lender shall have the same percentage under the Tranche A Commitments and the
Tranche B Commitments. Any increase in the Aggregate Commitments pursuant to this Section
2.19 shall become effective on the earliest to occur of (a) the date on which the proposed
increase has been fully subscribed and (b) the date, which shall not be earlier than the date on
which all Lenders have responded to (or are deemed to have declined) Max Re’s request for an
increase, on which Max Re notifies the Administrative Agent that Max Re accepts an increase in the
aggregate Commitments which is less than the full amount of the requested increase. The
Administrative Agent shall promptly notify Max Re and the Lenders of any increase in the amount of
the Aggregate Commitments pursuant to this Section 2.19 and of the Aggregate Commitments
and Percentage of each Lender after giving effect thereto. The Borrowers shall prepay any Loans
outstanding on the effective date of any increase under this Section 2.19 (and pay any
additional amounts required pursuant to Section 3.5) to the extent necessary to keep the
outstanding Loans ratable with any revised Percentages arising from any non-ratable increase in the
Aggregate Commitments under this Section 2.19.

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

SECTION 3.1 Taxes.

(a) Any and all payments by a Borrower to each Lender, the Fronting Bank or the Administrative
Agent under this Agreement and any other Credit Document shall be made free and clear of, and
without deduction or withholding for any Taxes except as required by law. In addition, each
Borrower shall pay all Other Taxes with respect to its Obligations.

(b) Each Borrower agrees to indemnify and hold harmless the LC Administrator, the Fronting
Bank, each Lender and the Administrative Agent for the full amount of Taxes or Other Taxes
(including any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this
Section) paid by the Lenders, the Fronting Bank or the Administrative Agent with respect to its
Obligations and any liability (including penalties, interest, additions to tax and expenses)
arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly
or legally asserted. Payment under this indemnification shall be made within 30 days after the
date such Lender, the Fronting Bank or the Administrative Agent makes written demand therefor.

(c) If a Borrower shall be required by law to deduct or withhold any Taxes or Other Taxes from
or in respect of any sum payable hereunder to any Lender, the Fronting Bank or the Administrative
Agent with respect to its Obligations, provided that such Person has provided the forms
required in Section 9.10, then:

(i) the sum payable shall be increased as necessary so that after making all required
deductions and withholdings (including deductions and withholdings applicable to additional
sums payable under this Section) such Lender, the Fronting Bank or the Administrative Agent,
as the case may be, receives an amount equal to the sum it would have received had no such
deductions or withholdings been made;

(ii) such Borrower shall make such deductions and withholdings;

(iii) such Borrower shall pay the full amount deducted or withheld to the relevant
taxing authority or other authority in accordance with applicable law; and

(iv) such Borrower shall also pay, without duplication, each Lender, the Fronting Bank
or the Administrative Agent for the account of such Person, at the time interest is paid,
all additional amounts which such Person specifies as reasonably necessary to preserve the
after-tax yield such Person would have received if such Taxes or Other Taxes had not been
imposed.

(d) Within 30 days after the date of any payment by a Borrower of Taxes or Other Taxes, such
Borrower shall furnish the Administrative Agent the original or a certified copy of a receipt
evidencing payment thereof, or other evidence of payment satisfactory to the Administrative Agent.

(e) If a Borrower is required to pay additional amounts to any Lender, the Fronting Bank or
the Administrative Agent pursuant to Section 3.1(c), then such Person shall use reasonable
efforts (consistent with legal and regulatory restrictions) to change the jurisdiction of its
Lending Office so as to eliminate any such additional payment by such Borrower which may thereafter
accrue, if such change in the judgment of such Person is not otherwise disadvantageous to such
Person or inconsistent with such Person’s internal policies.

(f) If the Administrative Agent, the Fronting Bank or any Lender receives a refund in respect
of Taxes or Other Taxes paid by a Borrower pursuant to this Section 3.1, which in the good
faith judgment of such Person is allocable to such payment, it shall promptly pay such refund to
such Borrower, net of all out-of-pocket expenses of such Person incurred in obtaining such refund,
provided, however, that such Borrower agrees to promptly return such refund to the applicable
Person if it receives notice from such Person that such Person is required to repay such refund.
Nothing contained herein shall require the Administrative Agent or any Lender to make its tax
returns (or any other information relating to its taxes which it deems confidential) available to
the Borrowers.

SECTION 3.2 Illegality.

(a) If the Fronting Bank or any Lender determines that the introduction of any Requirement of
Law, or any change in any Requirement of Law, or in the interpretation or administration of any
Requirement of Law, in each case after the date hereof, has made it unlawful, or that any central
bank or other Governmental Authority has asserted that it is unlawful, for the Fronting Bank or any
Lender or its applicable Lending Office to make or participate in any Credit Extensions, then, on
notice thereof by the Fronting Bank or such Lender to the Borrowers through the Administrative
Agent, the obligation of all Lenders to make or participate in Credit Extensions shall be suspended
until the Fronting Bank or such Lender notifies the Administrative Agent and the Borrowers that the
circumstances giving rise to such determination no longer exist.

(b) Before giving any notice to the Administrative Agent under this Section, the Fronting Bank
or the affected Lender shall designate a different Lending Office with respect to its Credit
Extensions if such designation will avoid the need for giving such notice or making such demand and
will not, in the judgment of such Person, be illegal or otherwise disadvantageous to such Person or
inconsistent with such Person’s internal policies.

SECTION 3.3 Inability to Determine Rates. If the Required Lenders determine that for
any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or
continuation thereof that (a) Dollar deposits are not being offered to banks in the London
interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate
Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar
Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not
adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative
Agent will promptly so notify the Borrowers and each Lender. Thereafter, the obligation of the
Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent
(upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the applicable Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such
request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

SECTION 3.4 Increased Costs and Reduction of Return.

(a) If the Fronting Bank or any Lender determines that, due to either (i) the introduction of
or any change in or in the interpretation of any law or regulation, in each case after the date
hereof, or (ii) the compliance by the Fronting Bank or any Lender with any guideline or request
from any central bank or other Governmental Authority (whether or not having the force of law)
after the date hereof, there shall be any increase in the cost to the Fronting Bank or such Lender
of agreeing to make or making, funding or maintaining any Credit Extensions, then each Borrower
shall be liable for, and shall from time to time, upon demand (with a copy of such demand to be
sent to the Administrative Agent), pay to the Administrative Agent for the account of the Fronting
Bank or such Lender, additional amounts as are sufficient to compensate such Lender for such
increased costs in connection with its Obligations; provided that, to the extent such increased
costs are not specifically related to the Obligations, the Fronting Bank or such Lender must be
charging such amounts to all of its customers on a non-discriminatory basis; provided further that
a Borrower shall not be obligated to pay any additional amounts which were incurred by the Fronting
Bank or such Lender more than 90 days prior to the date of such request.

(b) If the Fronting Bank or any Lender shall have determined that (i) the introduction of any
Capital Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation, (iii) any change
in the interpretation or administration of any Capital Adequacy Regulation by any central bank or
other Governmental Authority charged with the interpretation or administration thereof, or (iv)
compliance by the Fronting Bank or such Lender (or its Lending Office) or any corporation
controlling the Fronting Bank or such Lender with any Capital Adequacy Regulation, in each case
after the date hereof, affects or would affect the amount of capital required or expected to be
maintained by the Fronting Bank or such Lender or any corporation controlling the Fronting Bank or
such Lender and (taking into consideration the Fronting Bank’s or such Lender’s or such
corporation’s policies with respect to capital adequacy and the Fronting Bank’s or such Lender’s
desired return on capital) determines that the amount of such capital is increased or its rate of
return is decreased as a consequence of its Commitments, Credit Extensions, or obligations under
this Agreement to a Borrower, then, upon demand of the Fronting Bank or such Lender to the
applicable Borrower through the Administrative Agent, such Borrower shall pay to the Fronting Bank
or such Lender, from time to time as specified by the Fronting Bank or such Lender, additional
amounts sufficient to compensate the Fronting Bank or such Lender for such increase; provided that
to the extent such increased costs are not specifically related to the Obligations, the Fronting
Bank or such Lender must be charging such amounts to all of its customers on a non-discriminatory
basis; provided further that such Borrower shall not be obligated to pay any additional amounts
which were incurred by the Fronting Bank or such Lender more than 90 days prior to the date of such
request.

(c) In the event that after the Effective Date a Lender shall be required to comply with any
reserve ratio requirement or analogous requirement of any other central banking or financial
regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the
Eurodollar Rate Loans, such additional costs (expressed as a percentage per annum and rounded
upwards, if necessary, to the nearest five decimal places) equal to the actual cost allocated to
such Commitment or Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which shall be due and payable on each date on which interest
is payable on such Loan, provided that the applicable Borrower shall have received at least 10
days’ prior notice (with a copy to the Administrative Agent) of such additional costs from such
Lender. If a Lender fails to give notice 10 days’ prior to the relevant Interest Payment Date,
such additional costs shall be due and payable 10 days from receipt of such notice.

SECTION 3.5 Compensation for Losses. Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the applicable Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of:

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in
the amount notified by such Borrower;

(c) any failure by such Borrower to make payment of any Loan or drawing under any Letter of
Credit (or interest due thereon); or

(d) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by Max Re pursuant to Section 3.7;

including any loss or expense arising from the liquidation or reemployment of funds obtained by it
to maintain such Loan, from fees payable to terminate the deposits from which such funds were
obtained or from the performance of any foreign exchange contract. The applicable Borrower shall
also pay any customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the applicable Borrower to the Lenders under
this Section 3.5, each Lender shall be deemed to have funded each Eurodollar Rate Loan made
by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the offshore
interbank market for such currency for a comparable amount and for a comparable period, whether or
not such Eurodollar Rate Loan was in fact so funded.

SECTION 3.6 Certificates of Lenders. Any Person claiming reimbursement or
compensation under this Article III shall deliver to the applicable Borrower (with a copy
to the Administrative Agent) a certificate setting forth in reasonable detail the amount payable to
such Person hereunder and such certificate shall be conclusive and binding on such Borrower in the
absence of manifest error.

SECTION 3.7 Substitution of Lenders. Upon the receipt by a Borrower from the Fronting
Bank or any Lender (an “Affected Lender”) of a claim for compensation under Section
3.1, 3.2, 3.4 or 3.5 or if any Lender is a Defaulting Lender Max Re
may: (a) request the Affected Lender to use its reasonable efforts to obtain a replacement bank or
financial institution satisfactory to Max Re to acquire and assume all or a ratable part of all of
such Affected Lender’s or Defaulting Lender’s Credit Extensions and Commitments (a “Substitute
Lender”); (b) request one more of the other Lenders to acquire and assume all or part of such
Affected Lender’s Credit Extensions and Commitment; or (c) designate a Substitute Lender. Any such
designation of a Substitute Lender under clause (a) or (b) shall be subject to the
prior written consent of the Administrative Agent (which consent shall not be unreasonably
withheld).

SECTION 3.8 Survival. The agreements and obligations of the Borrowers in this
Article III shall survive the payment of all other Obligations.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make Credit Extensions hereunder,
each Borrower represents and warrants to each Lender that:

SECTION 4.1 Due Organization, Authorization, etc. Each Borrower and each of its
Subsidiaries (a) is a company duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, (b) is duly qualified to do business and in good standing in
each jurisdiction where, because of the nature of its activities or properties, such qualification
is required except where the failure to qualify would not have a Material Adverse Effect, which
jurisdictions are set forth with respect to each Borrower and each of its Subsidiaries on
Schedule 4.1 as revised from time to time by Max Re pursuant to Section 5.1(m), (c)
has the requisite company power and authority and the right to own and operate its properties, to
lease the property it operates under lease, and to conduct its business as now and proposed to be
conducted, and (d) has obtained all material licenses, permits, consents or approvals from or by,
and has made all filings with, and given all notices to, all Governmental Authorities having
jurisdiction, to the extent required for such ownership, operation and conduct (including, without
limitation, the consummation of the transactions contemplated by this Agreement) as to each of the
foregoing, except where the failure to do so would not have a Material Adverse Effect. The
execution, delivery and performance by each Borrower of this Agreement and the consummation of the
transactions contemplated hereby and thereby are within its corporate powers and have been duly
authorized by all necessary corporate action (including, without limitation, shareholder approval,
if required). Each Borrower has received all other material consents and approvals (if any shall
be required) necessary for such execution, delivery and performance, and such execution, delivery
and performance do not and will not contravene or conflict with, or create a Lien (other than
pursuant to the Credit Documents) or right of termination or acceleration under, any Requirement of
Law or Contractual Obligation binding upon such Borrower. This Agreement and each of the Credit
Documents is (or when executed and delivered will be) the legal, valid, and binding obligation of
such Borrower enforceable against such Borrower in accordance with its respective terms subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and general equity principles.

SECTION 4.2 Litigation and Contingent Liabilities. Except (a) as set forth (including
estimates of the dollar amounts involved) in Schedule 4.2 hereto, (b) for claims which are
covered by Insurance Policies, coverage for which has not been denied in writing, (c) for claims
which relate to Reinsurance Agreements or Primary Policies issued by Max Re or its Subsidiaries
which involve a potential liability which does not exceed 10% of Max Re’s Net Worth, and (d) for
claims which related to Reinsurance Agreements or Primary Policies to which it is a party entered
into by Max Re or its Subsidiaries in the ordinary course of business (referred to herein as
“Ordinary Course Litigation”), no claim, litigation (including, without limitation,
derivative actions), arbitration, governmental investigation or proceeding or inquiry is pending
or, to the knowledge of the Parent, threatened against the Parent or its Subsidiaries (i) which
would, if adversely determined, have a Material Adverse Effect or (ii) which relates to any of the
transactions contemplated hereby. Other than any liability incident to such claims, litigation or
proceedings, the Parent and its Subsidiaries have no material Contingent Liabilities other than
Permitted Guarantees.

SECTION 4.3 Employee Benefit Plans. Neither the Parent nor any of its Subsidiaries
have any Plans.

SECTION 4.4 Regulated Entities. Neither the Parent nor Max Re is an “investment
company” or a company “controlled by an investment company,” for the purpose of the Investment
Company Act of 1940, as amended. Neither the Parent nor Max Re is engaged in the “investment
business” as defined in The Investment Business Act of 2003 of Bermuda. Neither the Parent nor Max
Re is subject to regulation under the Public Utility Holding Act of 1935, the Federal Power Act,
the Interstate Commerce Act, any public utilities code, or any other Requirement of Law limiting
its ability to incur Debt.

SECTION 4.5 Regulations U and X. Neither the Parent nor Max Re is engaged
principally, or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying Margin Stock. None of the Parent, Max Re, any Affiliate or any
Person acting on behalf of the Parent or Max Re has taken or will take action to cause the
execution, delivery or performance of this Agreement, the making or existence of the Credit
Extensions or the use of proceeds of the Credit Extensions to violate Regulations U or X of the
FRB.

SECTION 4.6 Proceeds. Letters of Credit issued hereunder will be used solely to
secure Max Re’s obligations under Reinsurance Agreements and Primary Policies or for regulatory
purposes. Loan proceeds will be used for general corporate purposes of the Borrowers. None of the
proceeds of the Credit Extensions will be used in violation of applicable law, and none of such
proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or
ultimate, of buying or carrying any Margin Stock as such terms are defined in Regulation U of the
FRB.

SECTION 4.7 Business Locations. Schedule 4.7 as revised from time to time by
Max Re pursuant to Section 5.1(m) lists each of the locations where the Parent and its
Subsidiaries maintain an office, a place of business.

SECTION 4.8 Accuracy of Information. All factual written information furnished
heretofore or contemporaneously herewith by or on behalf of Max Re or the Parent to the
Administrative Agent or the Lenders for purposes of or in connection with this Agreement or any of
the transactions contemplated hereby, as supplemented to the date hereof, is and all other such
factual written information hereafter furnished by or on behalf of Max Re or the Parent to the
Administrative Agent or the Lenders will be, true and correct in all material respects on the date
as of which such information is dated or certified and such factual information heretofore or
contemporaneously herewith does not, and all such other factual information hereafter furnished
will not, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements contained therein, in light of the circumstances under
which they were made, not materially misleading.

SECTION 4.9 Subsidiaries. The Parent has no Subsidiaries other than those specified
on Schedule 4.9 as revised by Max Re from time to time pursuant to Section 5.1(m).

SECTION 4.10 Insurance Licenses. Schedule 4.10 as revised from time to time
by Max Re pursuant to Section 5.1(m) lists all of the jurisdictions in which the Parent and
its Subsidiaries hold licenses (including, without limitation, licenses or certificates of
authority from applicable insurance departments), permits or authorizations to transact insurance
and reinsurance business (collectively, the “Licenses”). Except as set forth on
Schedule 4.10, to the best of the Parent’s knowledge, no such License is the subject of a
proceeding for suspension or revocation or any similar proceedings, there is no sustainable basis
for such a suspension or revocation, and no such suspension or revocation is threatened by a
Governmental Authority. Schedule 4.10 as revised from time to time by Max Re pursuant to
Section 5.1(m) indicates the line or lines of insurance which the applicable Subsidiaries
are permitted to be engaged in with respect to each License therein listed. Neither the Parent nor
any of its Subsidiaries transact any insurance business, directly or indirectly, in any
jurisdiction other than those enumerated on Schedule 4.10 as revised from time to time by
Max Re pursuant to Section 5.1(m) hereto, where such business requires that the Parent or
any of its Subsidiaries obtain any license, permit, governmental approval, consent or other
authorization.

SECTION 4.11 Taxes. The Parent and its Subsidiaries have filed by the required filing
date all tax returns that are required to be filed by it, and has paid or provided adequate
reserves for the payment of all material taxes, including, without limitation, all payroll taxes
and federal and state withholding taxes, and all assessments payable by it that have become due,
other than (a) those that are not yet delinquent and are being contested in good faith by
appropriate proceedings and with respect to which reserves have been established, and are being
maintained, in accordance with GAAP or (b) those which the failure to file or pay would not have a
Material Adverse Effect. On the Effective Date there is no ongoing audit by a taxing authority or,
to the Parent’s knowledge, other governmental investigation of the tax liability of the Parent or
any of its Subsidiaries and there is no unresolved claim by a taxing authority concerning the
Parent or any of its Subsidiaries tax liability, for any period for which returns have been filed
or were due. As used in this Section 4.11, the term “taxes” includes all taxes of any
nature whatsoever and however denominated, including, without limitation, excise, import,
governmental fees, duties and all other charges, as well as additions to tax, penalties and
interest thereon, imposed by any government or instrumentality, whether federal, state, local,
foreign or other.

SECTION 4.12 Securities Laws. Neither Borrower nor any Affiliate, nor, to either
Borrower’s knowledge, anyone acting on behalf of any such Person, has directly or indirectly
offered any interest in the Credit Extensions or any other Obligation for sale to, or solicited any
offer to acquire any such interest from, or has sold any such interest to any Person that would
cause the issuance or sale of the Credit Extensions to be required to be registered under the
Securities Act of 1933, as amended.

SECTION 4.13 Compliance with Laws. Neither the Parent nor any of its Subsidiaries is
in violation of any law, ordinance, rule, regulation, order, policy, guideline or other requirement
of any Governmental Authority, where the effect of such violation could reasonably be expected to
have a Material Adverse Effect and, to the best of the Parent’s knowledge, no such violation has
been alleged and the Parent and each of its Subsidiaries (i) has filed in a timely manner all
reports, documents and other materials required to be filed by it with any Governmental Authority,
if such failure to so file could reasonably be expected to have a Material Adverse Effect; and the
information contained in each of such filings is true, correct and complete in all material
respects and (ii) has retained all records and documents required to be retained by it pursuant to
any law, ordinance, rule, regulation, order, policy, guideline or other requirement of any
Governmental Authority, if the failure to so retain such records and documents could reasonably be
expected to have a Material Adverse Effect.

SECTION 4.14 Financial Condition. The audited consolidated financial statements of
the Parent and Max Re as at December 31, 2004 and the unaudited consolidated financial statements
of the Parent and Max Re as at March 31, 2005, copies of which have been delivered to the Lenders,
are true and correct in all material respects, have been prepared in accordance with GAAP
consistently applied throughout the periods involved (except as disclosed therein) and present
fairly the consolidated financial condition of such Borrower and its Subsidiaries at such date and
the result of its operations for the periods then ended.

SECTION 4.15 Insurance Act. Max Re has not received any direction or other
notification by the Minister pursuant to Section 32 of Insurance Act, 1978 of Bermuda.

SECTION 4.16 First Priority Security Interest. The Administrative Agent, for the
benefit of the Lenders, has a first priority perfected security interest in the Collateral pledged
by Max Re pursuant to the Security Agreement.

ARTICLE V.

AFFIRMATIVE COVENANTS

Until the LC Obligations and all other Obligations are paid in full, and until the Final
Expiry Date, each Borrower agrees that, unless at any time the Required Lenders shall otherwise
expressly consent in writing, it will:

SECTION 5.1 Reports, Certificates and Other Information. Furnish or cause to be
furnished to the Administrative Agent and the Lenders:

(a) GAAP Financial Statements:

(i) Within 45 days after the close of each of the first three Fiscal Quarters of each
Fiscal Year (A) of Max Re, a copy of the unaudited consolidated balance sheets of Max Re and
its Subsidiaries, as of the close of such quarter and the related statements of income and
cash flows for that portion of the Fiscal Year ending as of the close of such Fiscal
Quarter, all prepared in accordance with GAAP (subject to normal year-end adjustments) and
accompanied by the certification of an Executive Officer of Max Re that all such financial
statements are complete and correct and present fairly in accordance with GAAP (subject to
normal year-end adjustments) the consolidated results of operations and cash flows of Max Re
and its Subsidiaries as at the end of such Fiscal Quarter and for the period then ended and
(B) of the Parent, a copy of the unaudited consolidated balance sheets of the Parent, as of
the close of such quarter and the related consolidated statements of income and cash flows
for that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, all
prepared in accordance with GAAP (subject to normal year-end adjustments) and accompanied by
the certification of an Executive Officer of the Parent that all such financial statements
are complete and correct and present fairly in accordance with GAAP (subject to normal
year-end adjustments) the consolidated results of operations and cash flows of the Parent as
at the end of such Fiscal Quarter and for the period then ended.

(ii) Within 90 days after the close of each Fiscal Year (A) of Max Re, a copy of the
annual audited consolidated financial statements of Max Re and its Subsidiaries consisting
of balance sheets and statements of income and retained earnings and cash flows, setting
forth in comparative form in each case the figures for the previous Fiscal Year, which
financial statements shall be prepared in accordance with GAAP, certified without material
qualification by KPMG or any other firm of independent certified public accountants of
recognized national standing selected by Max Re and reasonably acceptable to the Required
Lenders that all such financial statements are complete and correct and present fairly in
accordance with GAAP the financial position and the results of operations and cash flows of
Max Re and its Subsidiaries as at the end of such year and for the period then ended and (B)
of the Parent, a copy of the annual audited financial statements of the Parent consisting of
consolidated and consolidating balance sheets and consolidated and consolidating statements
of income and retained earnings and cash flows, setting forth in comparative form in each
case the figures for the previous Fiscal Year, which financial statements shall be prepared
in accordance with GAAP, certified without material qualification by KPMG or any other firm
of independent certified public accountants of recognized national standing selected by the
Parent and reasonably acceptable to the Required Lenders that all such financial statements
are complete and correct and present fairly in accordance with GAAP the financial position
and the results of operations and cash flows of the Parent as at the end of such year and
for the period then ended.

(b) Tax Returns. If requested by the Administrative Agent, copies of all federal,
state, local and foreign tax returns and reports in respect of income, franchise or other taxes on
or measured by income (excluding sales, use or like taxes) filed by the Parent and its
Subsidiaries.

(c) SAP Financial Statements. Within 5 days after the date filed with the Minister
for each of its Fiscal Years, but in any event within 125 days after the end of each Fiscal Year of
Max Re a copy of the Annual Statement of Max Re and each of its Subsidiaries for such Fiscal Year
prepared in accordance with SAP and accompanied by the certification of an Executive Officer of Max
Re that such financial statement is complete and correct and presents fairly in accordance with SAP
the financial position of Max Re or such Subsidiary for the period then ended.

(d) Monthly Report and Borrowing Base Certificate. As soon as available, but in any
event within 25 days after the end of each calendar month of each Fiscal Year, (i) a report listing
each of Max Re’s Eligible Investments and (ii) a Borrowing Base Certificate executed by an
Executive Officer. For purposes of such report and of completing the Borrowing Base Certificate
required under this Section 5.1(d), each Eligible Investment shall be valued based on its
Fair Market Value as at the last Business Day of the calendar month for which such report or
Borrowing Base Certificate is being delivered.

(e) Projections. As soon as available, but not later than March 31 of each year,
commencing with the year 2006, a two-year projection of Max Re’s results covering the then-current
Fiscal Year and the next Fiscal Year.

(f) Reports to Shareholders. Promptly upon the filing or making thereof copies of (i)
all financial statements and reports that the Parent or Max Re sends to its shareholders or its
other holders of Debt; (ii) copies of all financial statements and regular, periodic or special
reports that the Parent or Max Re may make to, or file with, any Government Authority.

(g) Additional Borrowing Base Certificates. Promptly, at the request of the
Administrative Agent, a Borrowing Base Certificate for any given Business Day executed by an
Executive Officer of Max Re.

(h) Notice of Default, etc. Immediately after an Executive Officer of a Borrower
knows or has reason to know of the existence of any Default, or any development or other
information which would have a Material Adverse Effect, telephonic or telegraphic notice specifying
the nature of such Default or development or information, including the anticipated effect thereof,
which notice shall be promptly confirmed in writing within two (2) Business Days.

(i) Other Information. The following certificates and other information related to
the Borrowers:

(i) Within five (5) Business Days of receipt, a copy of any financial examination
reports by a Governmental Authority with respect to Max Re or any of its Subsidiaries
relating to the insurance business of Max Re or such Subsidiary (when, and if, prepared);
provided, Max Re shall only be required to deliver any interim report hereunder at
such time as Max Re has knowledge that a final report will not be issued and delivered to
the Administrative Agent within 90 days of any such interim report.

(ii) Copies of all filings (other than nonmaterial filings) with Governmental
Authorities by the Parent or any of its Subsidiaries not later than five (5) Business Days
after such filings are made, including, without limitation, filings which seek approval of
Governmental Authorities with respect to transactions between Max Re or any of its
Subsidiaries and its Affiliates.

(iii) Within five (5) Business Days of such notice, notice of proposed or actual
suspension, termination or revocation of any material License of the Parent or any of its
Subsidiaries by any Governmental Authority or of receipt of notice from any Governmental
Authority notifying the Parent or any of its Subsidiaries of a hearing relating to such a
suspension, termination or revocation, including any request by a Governmental Authority
which commits the Parent or any of its Subsidiaries to take, or refrain from taking, any
action or which otherwise materially and adversely affects the authority of the Parent or
any of its Subsidiaries to conduct its business.

(iv) Within five (5) Business Days of such notice, notice of any pending or threatened
investigation or regulatory proceeding (other than routine periodic investigations or
reviews) by any Governmental Authority concerning the business, practices or operations of
the Parent or any of its Subsidiaries.

(v) Promptly, notice of any actual or, to the best of Max Re’s knowledge, proposed
material changes in the Insurance Code governing the investment or dividend practices of Max
Re.

(vi) Promptly, such additional financial and other information as the Administrative
Agent may from time to time reasonably request.

(j) Compliance Certificates. Concurrently with the delivery to the Administrative
Agent of the GAAP financial statements under Sections 5.1(a)(i) and 5.1(a)(ii), for
each Fiscal Quarter and Fiscal Year of the Borrowers, and at any other time no later than ten (10)
Business Days following a written request of the Administrative Agent, a duly completed Compliance
Certificate, signed by the chief financial officer, treasurer or senior vice president of Max Re.

(k) Notice of Litigation, License, etc. Promptly upon learning of the occurrence of
any of the following, written notice thereof, describing the same and the steps being taken by a
Borrower with respect thereto: (i) the institution of, or any adverse determination in, any
litigation, arbitration proceeding or governmental proceeding which could, if adversely determined,
be reasonably expected to have a Material Adverse Effect and which is not Ordinary Course
Litigation, (ii) the institution of , or any adverse determination in, any litigation or
arbitration proceeding with respect to a Reinsurance Agreement or Primary Policy issued by Max Re
or any of its Subsidiaries involving unreserved claims in excess of 10% of Max Re’s Net Worth,
(iii) the commencement of any dispute which might lead to the modification, transfer, revocation,
suspension or termination of this Agreement or any Credit Document or (iv) any event which could be
reasonably expected to have a Material Adverse Effect.

(l) Insurance Reports. Within five (5) Business Days of receipt of such notice by Max
Re, written notice of any cancellation or material adverse change in any material Insurance Policy
carried by Max Re.

(m) Updated Schedules. From time to time, and in any event concurrently with delivery
of the financial statements under Section 5.1(a)(i) and (ii), revised Schedules
4.1, 4.7, 4.9 and 4.10, if applicable, showing changes from the
Schedules previously delivered.

(n) Other Information. From time to time such other information concerning the
Borrowers as the Administrative Agent or any Lender through the Administrative Agent may reasonably
request.

Documents required to be delivered pursuant to Section 5.1(a)(i) or (ii) or
Section 5.1(f) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which Max Re posts such documents, or provides a link thereto on Max
Re’s website on the Internet at the website address listed on Schedule 10.2; or (ii) on
which such documents are posted on the Borrowers’ behalf on an Internet or intranet website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i)
the Borrowers shall deliver paper copies of such documents to the Administrative Agent or any
Lender that requests the Borrowers to deliver such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Lender and (ii) Max Re shall
notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting
of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein,
in every instance Max Re shall be required to provide paper copies of the Compliance Certificates
required by Section 5.1(j) to the Administrative Agent. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Borrowers with any such request for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents.

The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders and the Fronting Bank materials and/or information provided by or on
behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to either Borrower or its securities) (each, a
“Public Lender”). The Borrowers hereby agree that (w) all Borrower Materials that are to
be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x)
by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the
Administrative Agent, the Arranger, the Fronting Bank and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to either Borrower or
its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 10.9); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and
(z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not
designated “Public Investor.”

SECTION 5.2 Corporate Existence; Foreign Qualification. Do and cause to be done at
all times all things necessary to (a) maintain and preserve the corporate existence of the Parent
and each of its Subsidiaries, (b) be, and ensure that the Parent and each of its Subsidiaries is,
duly qualified to do business and be in good standing as a foreign corporation in each jurisdiction
where the nature of its business makes such qualification necessary unless the failure to be so
qualified would not have a Material Adverse Effect, and (c) do or cause to be done all things
necessary to preserve and keep in full force and effect the Parent’s and Max Re’s corporate
existence.

SECTION 5.3 Books, Records and Inspections. (a) Maintain, and cause its Subsidiaries
to maintain materially complete and accurate books and records in accordance with GAAP and SAP, (b)
permit access at reasonable times by the Administrative Agent to its books and records, (c) permit
the Administrative Agent or its designated representative to inspect at reasonable times its
properties and operations, and (d) permit the Administrative Agent to discuss its business,
operations and financial condition with its officers and its independent accountants.

SECTION 5.4 Insurance. Maintain Insurance Policies to such extent and against such
hazards and liabilities as is required by law.

SECTION 5.5 Taxes and Liabilities. Pay, and cause each Subsidiary to pay, when due
all material taxes, assessments and other material liabilities except as contested in good faith
and by appropriate proceedings with respect to which reserves have been established, and are being
maintained, in accordance with GAAP if and so long as such contest could not reasonably be expected
to have a Material Adverse Effect.

SECTION 5.6 Compliance with Laws. Comply, and cause each Subsidiary to comply (a)
with all federal and local laws, rules and regulations related to its businesses (including,
without limitation, the establishment of all insurance reserves required to be established under
SAP and applicable laws restricting the investments of Max Re and its Subsidiaries), and (b) with
all Contractual Obligations binding upon it, except where failure to so comply would not in the
aggregate have a Material Adverse Effect.

SECTION 5.7 Maintenance of Permits. Maintain, and cause each Subsidiary to maintain,
all permits, licenses and consents as may be required for the conduct of its business by any
federal or local government agency or instrumentality except where failure to maintain the same
could not reasonably be expected to have a Material Adverse Effect.

SECTION 5.8 Conduct of Business. Engage, and cause each Subsidiary to engage,
primarily in the same business or businesses described in Max Re’s 2004 Annual Report.

SECTION 5.9 Use of Credit Extensions. Request Letters of Credit only to support Max
Re’s obligations under Reinsurance Agreements and Primary Policies and regulatory purposes and use
Loan proceeds only for general corporate purposes of the Borrowers.

SECTION 5.10 Financial Strength Rating. Maintain the A.M. Best Company financial
strength rating of not less than B++.

SECTION 5.11 Further Assurances. Promptly upon the request of the Administrative
Agent, Max Re shall execute, acknowledge, deliver and record and do any and all such further acts
and deeds as the Administrative Agent may reasonably request from time to time in order to insure
that the obligations of Max Re hereunder are secured by a first priority perfected interest in the
assets of Max Re stated to be pledged pursuant to the Security Agreement and to perfect and
maintain the validity, effectiveness and priority of the Security Agreement and the Liens intended
to be created thereby. Notwithstanding the provisions of Section 3 of the Control Agreement
referred to in the definition of “Custody Account”, without the prior written consent of the
Administrative Agent, Max Re shall not give directions or entitlement orders to Mellon Bank, N.A.
(or another Securities Intermediary party to the Control Agreement with respect to the Custody
Account) to make a delivery to Max Re or any other Person of assets or properties (other than
dividends and interest on the Eligible Investments) from the Custody Account except in connection
with the sale of an Eligible Investment the proceeds of which will be deposited into the Custody
Account. The Administrative Agent, on behalf of the Lenders, agrees that provided (i) no Event of
Default exists and is continuing and (ii) after giving effect to the proposed delivery, the Tranche
A Borrowing Base is equal to or in excess of the Tranche A Obligations, as the case may be, the
Administrative Agent shall consent to any such delivery within one Business Day of the request.

ARTICLE VI.

NEGATIVE COVENANTS

Until the LC Obligations and all other Obligations are paid in full and until the Final Expiry
Date, each Borrower agrees that, unless at any time the Required Lenders shall otherwise expressly
consent in writing, it will:

SECTION 6.1 Max Re Net Worth. Not permit the Net Worth of Max Re to be less than the
sum of (a) the Minimum Net Worth, plus (b) an amount equal to 50% of the Consolidated Net Income of
Max Re in each Fiscal Quarter of the applicable Fiscal Year, plus (c) an amount equal to 50% of the
aggregate increases in shareholders’ equity of Max Re by reason of the issuance and sale of Capital
Stock of Max Re or other capital contributions in each Fiscal Quarter of the applicable Fiscal
Year. The initial Minimum Net Worth shall be $686,000,000. On the date that financial statements
are delivered pursuant to Section 5.1(a)(ii), the Minimum Net Worth will be recalculated to
be the greater of (x) the required Minimum Net Worth as of the first day of the previous Fiscal
Year (without giving effect to the increases referred to in the previous sentence) and (y) 75% of
the Net Worth of Max Re as of such Fiscal Year end.

SECTION 6.2 Parent Debt to Total Capitalization Ratio. Not permit the Parent Debt to
Total Capitalization Ratio to be greater than 35%. For purposes of determining the Parent Debt to
Total Capitalization Ratio, only that portion of the Total Return Equity Swaps, including notional
value additions, which is treated as indebtedness by A.M. Best Company will be included as Debt.
On the Effective Date, A.M. Best Company currently treats 10% of the existing Total Return Equity
Swap as indebtedness.

SECTION 6.3 Debt. Not permit Max Re or any other Subsidiary to, incur any Debt other
than (a) Debt under this Agreement; (b) Purchase Money Debt provided the aggregate principal amount
outstanding at any time does not exceed $1,000,000; (c) Debt pursuant to Capitalized Leases
provided such Leases do not cover any property other than property acquired in connection therewith
and the aggregate principal amount of all such Debt outstanding at any time does not exceed
$2,500,000; (d) Hedging Obligations entered into in the ordinary course of business in order to
hedge currency, commodity or interest rate risks, and not for purposes of speculation; (e) Debt for
standby letters of credit which have been, or may be from time to time in the future, issued to
insurance or reinsurance cedents in the ordinary course of business; (f) Debt in connection with
Total Return Equity Swaps provided the total aggregate amount outstanding at any time does not
exceed an amount equal to 10% of the Investment Portfolio; (g) Debt in connection with Permitted
Guarantees; and (h) Debt not included in paragraphs (a) through (g) which does not exceed at any
time; in the aggregate, $5,000,000.

SECTION 6.4 Mergers, Consolidations and Sales. Not, and not permit any Subsidiary to,
(a) merge or consolidate, (b) purchase or otherwise acquire all or substantially all of the assets
or stock of any class of, or any partnership or joint venture interest in, any other Person
provided that Max Re may make any such purchase or acquisition provided (i) no Default or Event of
Default has occurred and is continuing or would result from such purchase or acquisition, (ii) Max
Re provides the Lenders with a pro forma Compliance Certificate giving effect to such purchase or
acquisition and (iii) (x) the purchase price of any single purchase or acquisition does not exceed
$75,000,000 and (y) the aggregate purchase price of all such purchases and acquisitions after the
date hereof does not exceed $250,000,000, or (c) sell, transfer, convey or lease all or any
substantial part of its assets, other than (i) any sale, transfer, conveyance or lease in the
ordinary course of business, (ii) any sale or assignment of receivables, (iii) any sale, transfer,
conveyance or lease not in the ordinary course of business provided the aggregate fair market value
of all such sales, transfers, conveyances or leases after the date hereof does not exceed
$75,000,000 and (iv) Total Return Equity Swaps permitted under Section 6.3(f).

SECTION 6.5 Other Agreements. Not enter into any agreement containing any provision
which would be violated or breached by the performance of obligations hereunder or under any
instrument or document delivered or to be delivered by it hereunder or in connection herewith.

SECTION 6.6 Transactions with Affiliates. Not, and not permit any Subsidiary to,
enter into, or cause, suffer or permit to exist, directly or indirectly, any arrangement,
transaction or contract with any of its Affiliates other than Permitted Guarantees unless such
arrangement, transaction or contract is on an arm’s length basis.

SECTION 6.7 Liens. Not create or permit to exist, nor allow any of its Subsidiaries
to create or permit to exist, any Lien with respect to any assets now or hereafter existing or
acquired, except the following: (i) Liens for current taxes not delinquent or for taxes being
contested in good faith and by appropriate proceedings and with respect to which adequate reserves
have been established, and are being maintained, in accordance with GAAP, (ii) easements, party
wall agreements, rights of way, restrictions, minor defects or irregularities in title and other
similar Liens not interfering in any material respect with the ordinary course of the business of
such Person; (iii) Liens incurred in the ordinary course of business in connection with workers’
compensation, unemployment insurance or other forms of governmental insurance or benefits and Liens
pursuant to letters of credit or other security arrangements in connection with such insurance or
benefits, (iv) mechanics’, workers’, materialmen’s, landlord liens and other like Liens arising in
the ordinary course of business in respect of obligations which are not delinquent or which are
being contested in good faith and by appropriate proceedings and with respect to which adequate
reserves have been established, and are being maintained, in accordance with GAAP, (v) Liens listed
on Schedule 6.7 in effect on the date hereof; (vi) attachments, judgments and other similar
Liens for sums not exceeding $5,000,000 (excluding any portion thereof which is covered by
insurance so long as the insurer is reasonably likely to be able to pay and has accepted a tender
of defense and indemnification without reservation of rights); (vii) attachments, judgments and
other similar Liens for sums of $5,000,000 or more (excluding any portion thereof which is covered
by insurance so long as the insurer is reasonably likely to be able to pay and has accepted a
tender of defense and indemnification without reservation of rights) provided the execution or
other enforcement of such Liens is effectively stayed and claims secured thereby are being actively
contested in good faith and by appropriate proceedings and have been bonded off; (viii) Liens on
cash and Investments (other than Collateral) pursuant to trusts or other security arrangements in
connection with Reinsurance Agreements or Primary Policies and Liens securing Debt permitted under
Section 6.3(e); (ix) Liens in connection with Debt permitted under Section 6.3(f);
(x) Liens in favor of the Administrative Agent for the benefit of the Lenders; (xi) Purchase Money
Liens securing Purchase Money Debt permitted under Section 6.3(b); (xii) any interest or
title of a lessor in assets subject to any Capitalized Lease or operating lease which is permitted
under this Agreement; and (xiii) Liens not permitted by any other clause of this Section
6.7 securing Debt in an aggregate amount not to exceed $250,000, provided any Liens granted
(other than Liens pursuant to Section 6.7(x)) do not extend to any Collateral and provided
further that at all times that there are Loans outstanding to the Parent, there shall be
unencumbered Investment Grade Assets and/or shares of MDS of the Parent and/or its Subsidiaries in
an amount equal to or in excess of the Loans outstanding to the Parent.

SECTION 6.8 Restrictions On Negative Pledge Agreements. Not create, incur or assume
any agreement to which it is a signatory, other than this Agreement which places any restrictions
upon the right of the Borrowers to sell, pledge or otherwise dispose of any material portion of its
properties now owned or hereafter acquired (other than with respect to property secured by Liens
permitted under Section 6.7) except for such restrictions imposed under this Agreement or
by federal or state laws upon the right of the Borrowers to sell, pledge or otherwise dispose of
securities owned by it.

SECTION 6.9 Dividends, Etc. Not (a) declare or pay any dividends on any of its
Capital Stock, (b) purchase any Capital Stock of the Parent or any warrants, options or other
rights in respect of such stock, (c) redeem any Capital Stock of the Parent or Max Re or any
warrants, options or other rights in respect of any such stock, or (d) set aside funds for any of
the foregoing, except that each of Max Re and the Parent may declare or pay dividends on any of its
Capital Stock and the Parent may purchase or redeem any of its Capital Stock provided no Default or
Event of Default has occurred and is continuing on the date of or would result from such
declaration, payment, purchase or redemption.

SECTION 6.10 Eligible Investments. Max Re shall not permit:

(a) the minimum weighted average credit quality rating of the Eligible Investments to be less
than AA/Aa2 or the equivalent; or

(b) the Eligible Investments to exceed the Concentration Limits;

provided, however, that Max Re shall not be in violation of this Section 6.10 if such
violation occurs as a result of a change in the Fair Market Value or ratings of such Eligible
Investments (as opposed to a change in the makeup of such Eligible Investments) unless such
deficiency exists for thirty days.

ARTICLE VII.

EVENTS OF DEFAULT AND THEIR EFFECT

SECTION 7.1 Events of Default. Each of the following shall constitute an Event of
Default under this Agreement:

(a) Non-Payment of Credit Extension. Default in the payment when due of any LC
Advance or any amount of principal on any Loan.

(b) Non-Payment of Interest, Fees, etc. Default, and continuance thereof for three
(3) Business Days, in the payment when due of interest, fees or of any other amount payable
hereunder or under the Credit Documents.

(c) Non-Payment of Other Debt. (i) Default in the payment when due (subject to any
applicable grace period), whether by acceleration or otherwise, of any other Debt of, or guaranteed
by, the Parent or Max Re if the aggregate amount of Debt of the Parent or Max Re which is
accelerated or due and payable, or which (subject to any applicable grace period) may be
accelerated or otherwise become due and payable, by reason of such default or defaults is
$10,000,000 or more, or (ii) default in the performance or observance of any obligation or
condition with respect to any such other Debt of, or guaranteed by, the Parent or Max Re if the
effect of such default or defaults is to accelerate the maturity (subject to any applicable grace
period) of any such Debt of $10,000,000 or more in the aggregate or to permit the holder or holders
of such Debt of $10,000,000 or more in the aggregate, or any trustee or agent for such holders, to
cause such Debt to become due and payable prior to its expressed maturity.

(d) Other Material Obligations. Except for obligations covered under other provisions
of this Article VII, default in the payment when due, or in the performance or observance
of, any material obligation of, or material condition agreed to by, the Parent or Max Re with
respect to any material purchase or lease obligation of $10,000,000 or more (unless the existence
of any such default is being contested by such Borrower in good faith and by appropriate
proceedings and such Borrower has established, and is maintaining, adequate reserves therefor in
accordance with GAAP) which default continues for a period of 30 days.

(e) Bankruptcy, Insolvency, etc. (i) The Parent or Max Re becomes insolvent or
unable to pay, or admits in writing its inability to pay, debts as they become due; (ii) there
shall be commenced by or against any of such Persons any case, proceeding or other action (A) under
any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, supervision, conservatorship, liquidation, reorganization or relief of debtors, seeking
to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, rehabilitation, conservation, supervision, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or
its debts, obligations or liabilities, or (B) seeking appointment of a receiver, trustee,
custodian, rehabilitator, conservator, supervisor, liquidator or other similar official for it or
for all or any substantial part of its assets, in each case which (1) results in the entry of an
order for relief or any such adjudication or appointment or (2) if filed against such Person,
remains undismissed, undischarged or unstayed for a period of 60 days; or (iii) there shall be
commenced against any of such Persons any case, proceeding or other action seeking issuance of a
warrant of attachment, execution, distraint or similar process against all or any substantial part
of its assets which results in the entry of an order for any such relief which shall not have been
vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) any of such Persons shall take any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the acts set forth in clause(ii) or (iii)
above; or (v) any Governmental Authority shall issue any order of conservation, supervision or any
other order of like effect relating to any of such Persons.

(f) Financial Statements. Failure by the Parent or Max Re to comply with its
covenants set forth in Section 5.1 and continuance of such failure for five Business Days
after notice thereof from the Administrative Agent.

(g) Specific Defaults. Failure by the Parent or Max Re to comply with its covenants
set forth in Sections 5.9, 5.10, 6.1, 6.2, 6.3,
6.4, 6.7(viii), 6.7(ix), 6.7(x), 6.7(xi), 6.7(xii),
6.7 (xiii), 6.8, 6.9 or 6.10.

(h) Non-compliance With Other Provisions. Failure by the Parent or Max Re to comply
with or to perform any provision of this Agreement or any other Credit Document (and not
constituting an Event of Default under any of the other provisions of this Article VII) and
continuance of such failure for 30 days after notice thereof from the Administrative Agent to such
Borrower.

(i) Warranties and Representations. Any warranty or representation made by or on
behalf of the Parent or Max Re herein or in any Credit Document is inaccurate or incorrect or is
breached or false or misleading in any material respect as of the date such warranty or
representation is made; or any schedule, certificate, financial statement, report, notice, or other
instrument furnished by or on behalf of a Borrower to the Administrative Agent or the Lenders is
false or misleading in any material respect on the date as of which the facts therein set forth are
stated or certified.

(j) Employee Benefit Plans. The Parent or Max Re establishes any Plan.

(k) Credit Documents. The Security Agreement or any other Credit Document shall cease
to be in full force and effect with respect to Max Re, Max Re shall fail (subject to any applicable
grace period) to comply with or to perform any applicable provision of the Security Agreement, any
action shall be taken by or on behalf of a Borrower or any Affiliate thereof to discontinue any of
the Credit Documents or to contest the validity, binding nature or enforceability of any thereof or
the Administrative Agent shall fail to have a first priority perfected Lien on any Collateral.

(l) Change in Control. A Change in Control occurs.

(m) Judgments. A final judgment or judgments which exceed an aggregate of $10,000,000
(excluding any portion thereof which is covered by insurance so long as the insurer is reasonably
likely to be able to pay and has accepted a tender of defense and indemnification without
reservation of rights) shall be rendered against the Parent or Max Re and shall not have been
discharged or vacated or had execution thereof stayed pending appeal within 60 days after entry or
filing of such judgment(s).

SECTION 7.2 Effect of Event of Default. If any Event of Default described in
Section 7.1(e) shall occur and is continuing, all Obligations shall become immediately due
and payable, and Max Re shall become immediately obligated to deliver to the Administrative Agent
cash collateral in an amount equal to 102% of the outstanding LC Obligations all without notice of
any kind; and, in the case of any other Event of Default, the Administrative Agent may, and upon
the written request of the Required Lenders shall, terminate the Aggregate Commitments hereunder
and declare all or any portion of the Obligations to be due and payable, and/or demand that Max Re
immediately deliver to the Administrative Agent Cash and Cash Equivalents in an amount equal to
102% of the outstanding LC Obligations whereupon the Aggregate Commitments shall terminate and all
or such portion of the Obligations shall become immediately due and payable, and/or demand that Max
Re immediately deliver to the Administrative Agent Cash and Cash Equivalents in an amount equal to
the outstanding LC Obligations all without further notice of any kind. The Administrative Agent
shall promptly advise the Borrowers of any such declaration but failure to do so shall not impair
the effect of such declaration. Notwithstanding the foregoing, the effect as an Event of Default
of any event described in Section 7.1(a) may not be waived except by consent of all of the
Lenders and acknowledged by the Administrative Agent in writing.

SECTION 7.3 LC Collateral Account.

(a) If at any time after Max Re has been required to deposit amounts in the LC Collateral
Account (or maintain Collateral in the Custody Account) pursuant to Section 2.14, the
Administrative Agent determines that the amount on deposit in the LC Collateral Account or the
Custody Account, as applicable, is less than 102% of the amount of the respective outstanding LC
Obligations for which such Collateral has been deposited, the Administrative Agent may demand Max
Re to deposit, and Max Re shall, upon such demand and without any further notice, pay to the
Administrative Agent for deposit in the LC Collateral Account or deposit in the Custody Account, as
applicable, funds necessary to cure any shortfall.

(b) The Administrative Agent may, at any time or from time to time apply Collateral held in
the LC Account or the Custody Account pursuant to Section 2.14 to the payment of the LC
Obligations for which such Collateral was deposited then due and payable by Max Re to the Fronting
Bank, the Lenders or the Administrative Agent under the Credit Documents

(c) Neither Max Re nor any Person claiming on behalf of or through Max Re shall have any right
to withdraw any of the Collateral held in the LC Collateral Account until all of the LC Obligations
for which such Collateral has been deposited have been indefeasibly paid in full, the applicable
Commitments have been terminated and applicable Letters of Credit have been terminated or expired,
at which time any Collateral remaining in the LC Collateral Account shall be returned by the
Administrative Agent to Max Re. Notwithstanding the foregoing, in the event that the amount of the
Collateral held in the LC Account or the Custody Account pursuant to Section 2.14 exceeds
the amount required to be deposited pursuant thereto, upon request of Max Re, the Administrative
Agent will release the excess Collateral.

ARTICLE VIII.

CONDITIONS

SECTION 8.1 Conditions to Occurrence of the Effective Date. The occurrence of the
Effective Date shall be subject to receipt by the Administrative Agent of all of the following,
each duly executed and dated the Effective Date (or such earlier date as shall be satisfactory to
the Administrative Agent), each in form and substance satisfactory to the Administrative Agent
(with sufficient copies for each Lender):

(a) Credit Documents. This Agreement and the Security Agreement executed by each
party thereto.

(b) Organization Documents, Resolutions. Certified copies of the Organization
Documents of the Parent and Max Re and resolutions of the boards of directors of the Parent and Max
Re authorizing the execution, delivery and performance, respectively, of those documents and
matters required of it with respect to this Agreement or the other Credit Documents.

(c) Incumbency and Signatures. A certificate of an Authorized Officer of the Parent
and Max Re certifying the names of the individual or individuals authorized to sign this Agreement
and the other Credit Documents, together with a sample of the true signature of each such
individual. (The Lenders may conclusively rely on each such certificate until formally advised by
a like certificate of any changes therein.)

(d) Opinions of Counsel. An opinion of counsel of the Borrowers, addressed to the
Administrative Agent, the Fronting Bank, the LC Administrator and the Lenders from each of (i)
Sarene Loar, general counsel to the Borrowers, (ii) Akin Gump Strauss Hauer & Feld LLP, New York
counsel to the Borrowers, and (iii) Conyers, Dill and Pearman, Bermuda counsel to the Borrowers,
each in form and substance satisfactory to the Administrative Agent.

(e) Certificate. Certificate of an Executive Officer of each Borrower dated as of the
Effective Date stating that: (i) that there are no material insurance regulatory proceedings
pending or threatened against the Parent or Max Re in any jurisdiction; (ii) no Default or Event of
Default exists or will result from the initial Credit Extension; and (iii) there has occurred since
December 31, 2004, no event or circumstance that has resulted or in the judgment of such Executive
Officer could reasonably be expected to result in a Material Adverse Effect.

(f) Borrowing Base Certificate. Max Re shall have delivered a Borrowing Base
Certificate calculated as of the most recent Business Day.

(g) Compliance Certificate. Max Re shall have delivered a Compliance Certificate
calculated as of March 31, 2005.

(h) Control Agreement. A Control Agreement substantially in the form of Schedule I to
the Security Agreement executed by Max Re, the Administrative Agent and Mellon Bank, N.A.

(i) Fees and Expenses. (i) The Administrative Agent shall have received on behalf of
the Lenders the upfront fees required pursuant to Section 2.15(d) and the Borrowers shall
have paid to the Administrative Agent any amounts due pursuant to the Fee Letter and (ii) unless
waived by the Administrative Agent, the Borrowers shall have paid all charge and disbursements of
counsel to the Administrative Agent and all out-of-pocket expenses of the Administrative Agent and
the Arranger to the extent invoiced prior to on the Effective Date.

(j) Existing Agreement. The commitments under the Fourth Amended and Restated Letter
of Credit Reimbursement Agreement dated June 4, 2004, as amended, among Max Re, various financial
institutions and BofA, as administrative agent (the “Existing Agreement”), shall have been
terminated.

(k) Process Agent Letter. A letter from the process agent agreeing to the terms of
Section 10.18.

(l) Other. Such other documents as the Administrative Agent may reasonably request.

SECTION 8.2 Conditions to All Credit Extensions. The obligation of the Lenders to
make all Credit Extensions shall be subject to the prior or concurrent satisfaction (in form and
substance satisfactory to the Administrative Agent) of each of the conditions precedent set forth
below:

(a) Loan Notice, LC Application/Borrowing Base Certificate. The applicable Borrower
shall have delivered a Loan Notice or an LC Application. In the event such Credit Extension is
pursuant to the Tranche A Commitments, Max Re shall have delivered a Borrowing Base Certificate
calculated as of the most recent Business Day.

(b) No Default. No Default or Event of Default shall have occurred and be continuing
or will result from the making of the Credit Extensions and no Default or Event of Default shall
have occurred and be continuing under the Credit Documents or will result from the making of the
Credit Extensions.

(c) Warranties and Representations. (i) All warranties and representations
contained in this Agreement (other than Section 4.2 except in the case of the initial
Credit Extension) shall be true and correct in all material respects as of the date of any Credit
Extension, with the same effect as though made on the date of and concurrently with the making of
such Credit Extension (except where such representation speaks as of specified date) and (ii) all
covenants contained herein and in such documents to be performed by each of the parties thereto
(other than the Administrative Agent or the Lenders) prior to the date of any Credit Extension
shall have been performed.

(d) Litigation. (i) No litigation (including, without limitation, derivative
actions), arbitration, governmental investigation or proceeding or inquiry shall be, on the date of
any Credit Extension, pending, or to the knowledge of the Borrowers, threatened which seeks to
enjoin or otherwise prevent the consummation of, or to recover any damages or to obtain material
relief as a result of, the transactions contemplated hereunder or, in the reasonable opinion of the
Required Lenders, could be reasonably expected to be materially adverse to any of the parties to
this Agreement and which is not Ordinary Course Litigation, and (ii) in the reasonable opinion of
the Required Lenders, no material adverse development shall have occurred in any litigation
(including, without limitation, derivative actions), arbitration, government investigation or
proceeding or inquiry with respect to any Reinsurance Agreement or Primary Policy issued by Max Re
or its Subsidiaries in which the unreserved potential liability is in excess of 10% of Max Re’s Net
Worth or disclosed in Schedule 4.2 which is likely to have a Material Adverse Effect.

(e) Fees. The fees referred to in Section 2.15 which are due and payable on
or prior to the Effective Date or the date of any Credit Extension shall have been paid to the
Administrative Agent, where applicable, for the benefit of the Lenders.

(f) Material Adverse Effect. There shall not have occurred any event which, in the
reasonable judgment of the Required Lenders, constitutes a Material Adverse Effect.

ARTICLE IX.

THE ADMINISTRATIVE AGENT

SECTION 9.1 Appointment and Authorization.

(a) Each Lender hereby irrevocably (subject to Section 9.9) appoints, designates and
authorizes the Administrative Agent to take such action on its behalf under the provisions of this
Agreement and each other Credit Document and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Agreement or any other Credit Document, together
with such powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the LC Administrator and no Borrower
shall have rights as a third party beneficiary of such provisions.

(b) The LC Administrator shall act on behalf of the Lenders with respect to any Letters of
Credit issued by the Lenders and the documents associated therewith and shall have all of the
benefit and immunities provided to the Agent in this Article IX with respect to any acts
taken or omissions suffered by such LC Administrator in connection with Letters of Credit issued by
the Lenders or proposed to be issued by the Lenders and the application and agreements for letters
of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent”, as
used in this Article IX, included the LC Administrator with respect to such acts or
omissions.

SECTION 9.2 Exculpatory Provisions. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Credit Documents.
Without limiting the generality of the foregoing, the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

(b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit
Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Credit Documents), provided that the Administrative Agent shall
not be required to take any action that, in its opinion or the opinion of its counsel, may expose
the Administrative Agent to liability or that is contrary to any Credit Document or applicable law;
and

(c) shall not, except as expressly set forth herein and in the other Credit Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to any of the Borrowers or any of their respective Affiliates that is communicated to or obtained
by the Person serving as the 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 (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.1 and 7.2) or (ii) 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 notice describing such Default is
given to the Administrative Agent by a Borrower, a Lender or the L/C Issuer.

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 or
any other Credit Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Credit Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

SECTION 9.3 Delegation of Duties. The Administrative Agent may execute any of its
duties under this Agreement or any other Credit Document by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects with reasonable care.

SECTION 9.4 Reliance by Administrative Agent.

(a) The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex or telephone message, statement or other document or conversation believed by it
to be genuine and correct and to have been signed, sent or made by the proper Person or Persons,
and upon advice and statements of legal counsel (including counsel to the Borrowers), independent
accountants and other experts selected by the Administrative Agent. The Administrative Agent shall
be fully justified in failing or refusing to take any action under this Agreement or any other
Credit Document unless it shall first receive such advice or concurrence of the Required Lenders
(and all the Lenders if required pursuant to Section 10.1) as it deems appropriate and, if
it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and
all liability and expense which may be incurred by it by reason of taking or continuing to take any
such action. The Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Credit Document in accordance with a
request or consent of the Required Lenders and such request and any action taken or failure to act
pursuant thereto shall be binding upon all of the Lenders.

(b) For purposes of determining compliance with the conditions specified in Section
8.1, each Lender that has executed this Agreement shall be deemed to have consented to,
approved or accepted or to be satisfied with, each document or other matter either sent by the
Administrative Agent to such Lender for consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or satisfactory to the Lender.

SECTION 9.5 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default, except with respect to
defaults in the payment of LC Advances, interest and fees required to be paid to the Administrative
Agent for the account of the LC Administrator, the Fronting Bank or the Lenders, unless the
Administrative Agent shall have received written notice from a Lender or a Borrower referring to
this Agreement, describing such Default or Event of Default and stating that such notice is a
“notice of default”. The Administrative Agent will notify the Lenders of its receipt of any such
notice. The Administrative Agent shall take such action with respect to such Default or Event of
Default as may be requested by the Required Lenders in accordance with Article VII;
provided, however, that unless and until the Administrative Agent has received any
such request, the Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable or in the best interest of the Lenders.

SECTION 9.6 Credit Decision. Each Lender acknowledges that none of the Agent-Related
Persons has made any representation or warranty to it, and that no act by the Administrative Agent
hereinafter taken, including any review of the affairs of the Borrowers, shall be deemed to
constitute any representation or warranty by any Agent-Related Person to any Lender. Each Lender
represents to the Administrative Agent that it has, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property,
financial and other condition and creditworthiness of the Borrowers, and all applicable bank
regulatory laws relating to the transactions contemplated hereby, and made its own decision to
enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender also
represents that it will, independently and without reliance upon any Agent-Related Person and based
on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Credit Documents, and to make such investigations as it deems necessary to inform
itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrowers. Except for notices, reports and other documents expressly
herein required to be furnished to the Lenders by the Administrative Agent, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of the Borrowers which may come into the possession of any of the Agent-Related
Persons.

SECTION 9.7 Indemnification. Whether or not the transactions contemplated hereby are
consummated, the Lenders shall indemnify upon demand the Agent-Related Persons (to the extent not
reimbursed by or on behalf of the Borrowers and without limiting the obligation of the Borrowers to
do so), pro rata, from and against any and all Indemnified Liabilities; provided,
however, that no Lender shall be liable for the payment to the Agent-Related Persons of any
portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or
willful misconduct. Without limitation of the foregoing, each Lender shall reimburse the
Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including Attorney Costs) incurred by the Administrative Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, any other Credit Document, or any document contemplated by
or referred to herein, to the extent that the Administrative Agent is not reimbursed for such
expenses by or on behalf of the Borrowers as required under this Agreement or any other Credit
Document. The undertaking in this Section shall survive the payment of all Obligations hereunder
and the resignation or replacement of the Administrative Agent.

SECTION 9.8 Administrative Agent in Individual Capacity. BofA and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire equity
interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with the Parent and its Affiliates as though BofA were not the Administrative
Agent or the LC Administrator hereunder and without notice to or consent of the Lenders. The
Lenders acknowledge that, pursuant to such activities, BofA or its Affiliates may receive
information regarding the Parent or its Affiliates (including information that may be subject to
confidentiality obligations in favor of the Borrowers) and acknowledge that the Administrative
Agent shall be under no obligation to provide such information to them. With respect to its Credit
Extensions, BofA shall have the same rights and powers under this Agreement as any other Lender and
may exercise the same as though it were not the Administrative Agent or the LC Administrator, and
the terms “Lender” and “Lenders” include BofA in its individual capacity.

SECTION 9.9 Successor Administrative Agent. The Administrative Agent may at any time
resign as Administrative Agent upon 30 days’ notice to the Lenders. If the Administrative Agent
resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor
agent for the Lenders which successor agent shall be approved by Max Re. If no successor agent is
appointed prior to the effective date of the resignation of the Administrative Agent, the
Administrative Agent may appoint, after consulting with the Lenders and Max Re, a successor agent
from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such
successor agent shall succeed to all the rights, powers and duties of the retiring Administrative
Agent and the term “Administrative Agent” shall mean such successor agent and the retiring
Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated.
After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the
provisions of this Article IX and Sections 10.4 and 10.5 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent
under this Agreement. If no successor agent has accepted appointment as Administrative Agent by
the date which is 30 days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the
Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if
any, as the Required Lenders appoint a successor agent as provided for above. Any resignation by
BofA as Administrative Agent pursuant to this Section shall also constitute its resignation as LC
Administrator and as Fronting Bank. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring LC Administrator and Fronting Bank, (b)
the retiring LC Administrator and Fronting Bank shall be discharged from all of their respective
duties and obligations hereunder or under the other Credit Documents, and (c) the successor LC
Administrator and Fronting Bank shall issue letters of credit in substitution for the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the retiring LC Administrator and Fronting Bank to effectively assume the obligations of the
retiring LC Administrator and Fronting Bank with respect to such Letters of Credit.

SECTION 9.10 Withholding Tax. Each of the Lenders and the Administrative Agent (i)
represents and warrants that on the date hereof (or, if later, the date it becomes a party to this
Agreement) that under applicable law and treaties no U.S. withholding tax will be required to be
withheld with respect to any payments to be made by the Borrowers hereunder, (ii) agrees to furnish
to the Administrative Agent and the Borrowers on or before the first scheduled payment date after
the Effective Date, a United States Internal Revenue Service Form W-8BEN and W-9 or Form W-8ECI and
W-8, as appropriate (or successor forms) properly completed and executed and (iii) agrees to comply
with all applicable U.S. laws and regulations with regard to such withholding tax exemption.

(a) If any Lender claims exemption from, or reduction of, withholding tax under a United
States tax treaty by providing IRS Form W-8BEN and such Lender sells, assigns, grants a
participation in, or otherwise transfers all or part of the Obligations of the Borrowers to such
Lender, such Lender agrees to notify the Administrative Agent of the percentage amount in which it
is no longer the beneficial owner of Obligations of the Borrowers to such Lender. To the extent of
such percentage amount, the Administrative Agent will treat such Lender’s IRS Form 1001 as no
longer valid.

(b) If any Lender claiming exemption from United States withholding tax by filing IRS Form
W-8EC1 with the Administrative Agent sells, assigns, grants a participation in, or otherwise
transfers all or part of the Obligations of the Borrowers to such Lender, such Lender agrees to
undertake sole responsibility for complying with the withholding tax requirements imposed by
Sections 1441 and 1442 of the Code.

(c) If any Lender is entitled to a reduction in the applicable withholding tax, the
Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to
the applicable withholding tax after taking into account such reduction. If the forms or other
documentation required by Section 9.10 (a) are not delivered to the Administrative Agent,
then the Administrative Agent may withhold from any interest payment to such Lender not providing
such forms or other documentation an amount equivalent to the applicable withholding tax.

(d) If the IRS or any other Governmental Authority of the United States or other jurisdiction
asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or
for the account of any Lender (because the appropriate form was not delivered, was not properly
executed, or because such Lender failed to notify the Administrative Agent of a change in
circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or
for any other reason) such Lender shall indemnify the Administrative Agent fully for all amounts
paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties
and interest, and including any taxes imposed by any jurisdiction on the amounts payable to the
Administrative Agent under this Section, together with all costs and expenses (including Attorney
Costs). The obligation of the Lenders under this Section shall survive the payment of all
Obligations and the resignation or replacement of the Administrative Agent.

SECTION 9.11 No Other Duties, Etc. Anything herein to the contrary notwithstanding,
none of the Bookrunners, Arrangers, Syndication Agents or Co-Agents listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Credit
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender, Fronting
Bank, LC Administrator or Issuer hereunder.

SECTION 9.12 Administrative Agent May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Borrower, the Administrative Agent
(irrespective of whether the principal of any Loan or LC Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

(a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, LC Obligations and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders, the Fronting Bank and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the Fronting Bank and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders,
the Fronting Bank and the Administrative Agent under Sections 2.15 and 10.4)
allowed in such judicial proceeding; and

(b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the Fronting Bank to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the Fronting Bank, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.15 and 10.4.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the Fronting Bank any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

ARTICLE X.

MISCELLANEOUS

SECTION 10.1 Amendments and Waivers. No amendment or waiver of any provision of this
Agreement or any other Credit Document, and no consent with respect to any departure by a Borrower
therefrom, shall be effective unless the same shall be in writing and signed by the Required
Lenders (or by the Administrative Agent at the written request of the Required Lenders) and Max Re
and acknowledged by the Administrative Agent, and then any such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such waiver, amendment, or consent shall:

(a) increase or extend the Credit Extensions or the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 7.2) without the written consent of such Lender;

(b) extend the expiry date of any Letter of Credit to a date after the Final Expiry Date
without the written consent of each Lender;

(c) postpone any date fixed by this Agreement or any other Credit Document for any payment of
LC Advances, principal, interest, fees or other amounts due to the Lenders (or any of them)
hereunder or under any other Credit Document without the written consent of each Lender affected
thereby;

(d) reduce the principal of, or the rate of interest specified herein on, on any Loan or LC
Borrowing, or any fees or other amounts payable hereunder or under any other Credit Document
provided, however, that only the consent of the Required Lenders shall be necessary
(i) to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay
interest or Letter of Credit Fees at the Default Rate, or (ii) to amend any financial covenants
herein (or any defined term used therein) even if the effect of such amendment would be to reduce
the rate of interest on any Loan or any LC Borrowing or to reduce any fee payable hereunder;

(e) change the percentage of the Commitments or of the aggregate unpaid principal amount of
the Obligations which is required for the Lenders or any of them to take any action hereunder
without the written consent of each Lender;

(f) release the Security Agreement or release all or a substantial part of the Collateral
granted thereunder except in accordance with the terms thereof without the written consent of each
Lender; or

(g) amend this Section, or any provision herein providing for consent or other action by all
Lenders without the written consent of each Lender;

and, provided further, that no amendment, waiver or consent shall, unless in
writing and signed by the Administrative Agent in addition to the Required Lenders or all the
Lenders, as the case may be, affect the rights or duties of the Administrative Agent under this
Agreement or any other Credit Document and no amendment of any provision relating to the LC
Administrator or the Fronting Bank shall be effective without the written consent of the LC
Administrator or the Fronting Bank, as the case may be. Notwithstanding the foregoing the Fee
Letter may be amended, or rights of privileges thereunder waived, in writing, executed by the
parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have
any right to approve or disapprove any amendment, waiver or consent hereunder, except that the
Commitments of such Lender may not be increased or extended without the consent of such Lender.

SECTION 10.2 Notices; Effectiveness; Electronic Communication.

(a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), 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 facsimile as
follows, and all notices and other communications expressly permitted hereunder to be given by
telephone shall be made to the applicable telephone number, as follows:

(i) if to the Borrowers, the Administrative Agent or the LC Administrator, to the
address, facsimile number, electronic mail address or telephone number specified for such
Person on Schedule 10.2; and

(ii) if to any other Lender, to the address, facsimile number, electronic mail address
or telephone number specified in the Administrative Questionnaire supplied by the
Administrative Agent.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by facsimile shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Notices delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

(b) Electronic Communications. Notices and other communications to the Lenders and
the LC Administrator hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the LC
Administrator pursuant to Article II if such Lender or the LC Administrator, as applicable,
has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent or a Borrower 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.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT-RELATED PERSONS DO NOT WARRANT THE ACCURACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
ANY AGENT-RELATED PERSON IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event
shall the Administrative Agent or any other Agent-Related Person have any liability to the
Borrowers, any Lender, the LC Administrator or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any
Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a
court of competent jurisdiction by a final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Agent-Related Person; provided,
however, that in no event shall any Agent-Related Person have any liability to the
Borrower, any Lender, the LC Administrator or any other Person for indirect, special, incidental,
consequently or punitive damages (as opposed to direct or actual damages).

(d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent and the
LC Administrator may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, facsimile or telephone number for notices and other communications hereunder by notice to
the Borrowers, the Administrative Agent and the LC Administrator.

(e) Telephonic Notices. All telephonic notices to and other telephonic communications
with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording.

SECTION 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Administrative Agent, the LC Administrator or any Lender, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.

SECTION 10.4 Costs and Expenses. Each Borrower shall:

(a) whether or not the transactions contemplated hereby are consummated, pay or reimburse BofA
(including in its capacity as Administrative Agent and LC Administrator) within ten Business Days
after demand for all costs and expenses incurred by BofA (including in its capacity as
Administrative Agent and LC Administrator), in connection with the negotiation, preparation,
delivery, syndication, administration and execution of, and any amendment, supplement, waiver or
modification to (in each case, whether or not consummated), this Agreement, any Credit Document and
any other documents prepared in connection herewith or therewith, and the consummation of the
transactions contemplated hereby and thereby, including reasonable Attorney Costs incurred by BofA
(including in its capacity as Administrative Agent) with respect thereto; and

(b) pay or reimburse the Administrative Agent, the Lenders and the LC Administrator within ten
Business Days after demand for all costs and expenses (including Attorney Costs) incurred by them
in connection with the enforcement, attempted enforcement, or preservation of any rights or
remedies under this Agreement or any other Credit Document during the existence of an Event of
Default or after acceleration of the Obligations (including in connection with any “workout” or
restructuring regarding the Obligations, and including in any Insolvency Proceeding or appellate
proceeding) provided that the parties shall to the extent of common interests use a single counsel.

SECTION 10.5 Indemnity.

(a) Whether or not the transactions contemplated hereby are consummated, each Borrower shall
indemnify and hold the Agent-Related Persons and each Lender and each of its respective Affiliates,
officers, directors, employees, counsel, agents and attorneys-in-fact (each, an “Indemnified
Person”) harmless from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including
Attorney Costs) of any kind or nature whatsoever which may at any time (including at any time
following repayment of the Obligations and the termination, resignation or replacement of the
Administrative Agent or replacement of any Lender) be imposed on, incurred by or asserted against
any such Person in any way relating to or arising out of this Agreement or any document
contemplated by or referred to herein, or the transactions contemplated hereby, or any action taken
or omitted by any such Person under or in connection with any of the foregoing, including with
respect to any investigation, litigation or proceeding (including any Insolvency Proceeding or
appellate proceeding) related to or arising out of this Agreement or the Credit Extensions or the
use of the proceeds thereof, whether or not any Indemnified Person is a party thereto (all the
foregoing, collectively, the “Indemnified Liabilities”); provided, that the
Borrowers shall have no obligation hereunder to any Indemnified Person with respect to Indemnified
Liabilities resulting solely from the gross negligence or willful misconduct of such Indemnified
Person. The agreements in this Section shall survive payment of all other Obligations.

(b) To the fullest extent permitted by applicable law, no Borrower shall assert, and 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, any other Credit Document or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter
of Credit or the use of the proceeds thereof.

SECTION 10.6 Payments Set Aside. To the extent that Borrower makes a payment to the
Administrative Agent, the Fronting Bank or the Lenders, or the Administrative Agent, the Fronting
Bank or the Lenders exercise their right of set-off, and such payment or the proceeds of such
set-off or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by the
Administrative Agent, the Fronting Bank or such Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise,
then (a) to the extent of such recovery the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been
made or such set-off had not occurred, and (b) each Lender severally agrees to pay to the
Administrative Agent upon demand its Percentage of any amount so recovered from or repaid by the
Administrative Agent.

SECTION 10.7 Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns, except that a Borrower may not assign or transfer any of its rights or
obligations under this Agreement without the prior written consent of the Administrative Agent, the
Fronting Bank and each Lender.

SECTION 10.8 Assignments, Participations, etc.

(a) Any Lender may, with the written consent of Max Re (at all times other than during the
existence of an Event of Default) and the Administrative Agent, which consents shall not be
unreasonably withheld, and the Fronting Bank, at any time assign and delegate to one or more
Eligible Assignees (provided that no written consent of Max Re or the Administrative Agent shall be
required in connection with any assignment and delegation by a Lender to an Eligible Assignee that
is an existing Lender) (each an “Assignee”) all, or any ratable part of all, of the Credit
Extentions, the Commitments and the other rights and obligations of such Lender hereunder,
provided, however, that (w) the aggregate principal amount of the Commitments
assigned by any Lender to someone other than another Lender shall be in a minimum amount of
$5,000,000 (or if less, the entire Commitments then held by such Lender), (x) after giving effect
to any such assignment by a Lender, the aggregate amount of the Commitments and/or Credit
Extensions held by such assigning Lender is at least $5,000,000 (unless such Lender has assigned
the entire Commitments and Credit Extensions then held by it), (y) after giving effect to any such
assignment by a Lender, the Assignee Percentage under the Tranche A Commitment and Tranche B
Commitment is the same and the Percentage of the assignor Lender under the Tranche A Commitments
and the Tranche B Commitments is the same, and (z) the Assignee provides the Administrative Agent
and Max Re with the form specified in Section 9.10. The Borrowers and the Administrative
Agent may continue to deal solely and directly with such Lender in connection with the interest so
assigned to an Assignee until (i) written notice of such assignment, together with payment
instructions, addresses and related information with respect to the Assignee, shall have been given
to Max Re and the Administrative Agent by such Lender and the Assignee; (ii) such Lender and its
Assignee shall have delivered to Max Re and the Administrative Agent an Assignment and Acceptance
in the form of Exhibit C (“Assignment and Acceptance”) and (iii) the assignor
Lender or Assignee has paid to the Administrative Agent a processing fee in the amount of $2,500.

(b) From and after the date that the Administrative Agent notifies the assignor Lender that it
has received (and provided its consent with respect to) an executed Assignment and Acceptance and
payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such
Assignment and Acceptance, shall have the rights and obligations of a Lender under the Credit
Documents, and (ii) the assignor Lender shall, to the extent that rights and obligations hereunder
and under the other Credit Documents have been assigned by it pursuant to such Assignment and
Acceptance, relinquish its rights and be released from its obligations under the Credit Documents.

(c) Immediately upon each Assignee’s making its processing fee payment under the Assignment
and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent,
necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments
arising therefrom. The Commitments allocated to each Assignee shall reduce such Commitments of the
assigning Lender pro tanto.

(d) Any Lender may at any time sell to one or more commercial banks or other Persons not
Affiliates of Max Re (a “Participant”) participating interests in any Credit Extensions,
the Commitments of that Lender and the other interests of that Lender (the “originating
Lender”) hereunder and under the other Credit Documents; provided, however,
that (i) the originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the
originating Lender shall remain solely responsible for the performance of such obligations, (iii)
the Borrowers and the Administrative Agent shall continue to deal solely and directly with the
originating Lender in connection with the originating Lender’s rights and obligations under this
Agreement and the other Credit Documents, and (iv) no Lender shall transfer or grant any
participating interest under which the Participant has rights to approve any amendment to, or any
consent or waiver with respect to, this Agreement or any other Credit Document, except to the
extent such amendment, consent or waiver would require unanimous consent of the Lenders as
described in the first proviso to Section 10.1. In the case of any such
participation, the Participant shall be entitled to the benefit of Sections 3.1,
3.4 and 10.5 to the extent the Lender selling such participation would be so
entitled as though it were also a Lender hereunder, and if amounts outstanding under this Agreement
are due and unpaid, or shall have been declared or shall have become due and payable upon the
occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in
respect of its participating interest in amounts owing under this Agreement to the same extent as
if the amount of its participating interest were owing directly to it as a Lender under this
Agreement. All participations shall be pro rata among such Lender’s Tranche A Commitment and
Tranche B Commitment.

Notwithstanding any other provision in this Agreement, any Lender may at any time create a
security interest in, or pledge, all or any portion of its rights under and interest in this
Agreement and any LC Obligation held by it in favor of any Federal Reserve Lender in accordance
with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR §203.14, and such Federal Reserve
Bank may enforce such pledge or security interest in any manner permitted under applicable law.

The words “execution,” “signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 10.9 Confidentiality. Each Lender agrees to take and to cause its Affiliates
to take normal and reasonable precautions and exercise due care to maintain the confidentiality of
all information identified as “confidential” or “secret” by a Borrower and provided to it by a
Borrower, or by the Administrative Agent on such Borrower’s behalf, under this Agreement or any
other Credit Document (“Information”), and neither it nor any of its Affiliates shall use any
Information other than in connection with or in enforcement of this Agreement and the other Credit
Documents or in connection with other business now or hereafter existing or contemplated with
either Borrower; except to the extent Information (a) was or becomes generally available to the
public other than as a result of disclosure by the Lender, or (b) was or becomes available on a
non-confidential basis from a source other than a Borrower, provided that such source is not bound
by a confidentiality agreement with a Borrower known to the Lender; provided,
however, that any Lender may disclose Information (i) at the request or pursuant to any
requirement of any Governmental Authority to which the Lender is subject or in connection with an
examination of such Lender by any such authority; (ii) pursuant to subpoena or other court process;
(iii) when required to do so in accordance with the provisions of any applicable Requirement of
Law; (iv) to the extent reasonably required in connection with any litigation or proceeding to
which the Administrative Agent, any Lender or their respective Affiliates may be party; (v) to the
extent reasonably required in connection with the exercise of any remedy hereunder or under any
other Credit Document; (vi) to such Lender’s independent auditors and other professional advisors;
(vii) to any Participant or Assignee, actual or potential, provided that such Person agrees in
writing to keep Information confidential to the same extent required of the Lenders hereunder;
(viii) as to any Lender or its Affiliate, as expressly permitted under the terms of any other
document or agreement regarding confidentiality to which such Borrower is party or is deemed party
with such Lender or such Affiliate; and (ix) to its Affiliates which are either such Lender’s
parent or it or its parent’s wholly owned Subsidiary or, with the prior written consent of such
Borrower which shall not be unreasonably withheld, its other Affiliates.

SECTION 10.10 Set-off. In addition to any rights and remedies of the Lenders provided
by law, if an Event of Default exists or the Obligations have been accelerated, the Fronting Bank
and each Lender is authorized at any time and from time to time, without prior notice to the
Borrowers, any such notice being waived by the Borrowers 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 by, and other indebtedness at any time owing by, the Fronting Bank and such Lender
to or for the credit or the account of any Borrower against any and all Obligations of such
Borrower owing to the Fronting Bank and such Lender, now or hereafter existing, irrespective of
whether or not the Administrative Agent the Fronting Bank and such Lender shall have made demand
under this Agreement or any Credit Document and although such Obligations may be contingent or
unmatured. The Fronting Bank and each Lender agree promptly to notify Max Re and the
Administrative Agent after any such set-off and application made by such Person; provided,
however, that the failure to give such notice shall not affect the validity of such set-off
and application.

SECTION 10.11 Notification of Addresses, Lending Offices, Etc. Each Lender shall
notify the Administrative Agent in writing of any changes in the address to which notices to the
Lender should be directed, of addresses of any Lending Office, of payment instructions in respect
of all payments to be made to it hereunder and of such other administrative information as the
Administrative Agent shall reasonably request.

SECTION 10.12 Counterparts; Facsimile. 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.
Credit Documents may be transmitted and/or signed by facsimile. The effectiveness of any such
documents and signatures shall, subject to any Requirement of Law, have the same force and effect
as manually-signed originals and shall be binding on the Borrowers, the Lenders, the Fronting Bank,
the Administrative Agent and the LC Administrator. The Administrative Agent, the Fronting Bank and
the LC Administrator may also require that any such documents and signatures be confirmed by a
manually-signed original thereof; provided, however, that the failure to request or
deliver the same shall not limit the effectiveness of any facsimile document or signature.

SECTION 10.13 Severability. The illegality or unenforceability of any provision of
this Agreement or any instrument or agreement required hereunder shall not in any way affect or
impair the legality or enforceability of the remaining provisions of this Agreement or any
instrument or agreement required hereunder.

SECTION 10.14 No Third Parties Benefitted. This Agreement is made and entered into
for the sole protection and legal benefit of the Borrowers, the LC Administrator, the Fronting
Bank, the Lenders, the Administrative Agent, the Agent-Related Persons, and their permitted
successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or
have any direct or indirect cause of action or claim in connection with, this Agreement or any of
the other Credit Documents.

SECTION 10.15 Governing Law and Jurisdiction.

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK PROVIDED THAT THE ADMINISTRATIVE AGENT, THE LC ADMINISTRATOR AND THE LENDERS
SHALL RETAIN ALL RIGHTS ARISING UNDER U.S. FEDERAL LAW.

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE BORROWERS, THE
ADMINISTRATIVE AGENT, THE FRONTING BANK, THE LC ADMINISTRATOR AND THE LENDERS CONSENTS, FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE
BORROWERS, THE ADMINISTRATIVE AGENT, THE FRONTING BANK, THE LC ADMINISTRATOR AND THE LENDERS
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED
HERETO. THE BORROWERS, THE ADMINISTRATIVE AGENT, THE FRONTING BANK, THE LC ADMINISTRATOR AND THE
LENDERS EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID OR BY ANY OTHER MEANS
PERMITTED BY NEW YORK OR FEDERAL LAW.

SECTION 10.16 Waiver of Jury Trial. THE BORROWERS, THE LC ADMINISTRATOR, THE FRONTING
BANK, THE LENDERS AND THE ADMINISTRATIVE AGENT EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY
JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE
OTHER CREDIT DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR
ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
CLAIMS, OR OTHERWISE. THE BORROWERS, THE LC ADMINISTRATOR, THE FRONTING BANK, THE LENDERS AND THE
ADMINISTRATIVE AGENT EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT
TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER CREDIT DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO
THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS.

SECTION 10.17 Currency Indemnity. If, for the purposes of obtaining judgment in any
court in any jurisdiction with respect to any Credit Document, it becomes necessary to convert into
the currency of such jurisdiction (the “Judgment Currency”) any amount due under any Credit
Document in any currency other than the Judgment Currency (the “Currency Due”), then
conversion shall be made at the rate of exchange prevailing on the Business Day before the day on
which judgment is given. For this purpose, “rate of exchange” means the rate at which the
Administrative Agent is able, on the relevant date, to purchase the Currency Due with the Judgment
Currency in accordance with its normal practice at its main branch in San Francisco, California.
In the event that there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment is given and the date of payment of the amount due, the
applicable Borrower will, on the day of payment, pay such additional amount, if any, or be entitled
to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount paid
on such date is the amount in the Judgment Currency which when converted at the rate of exchange
prevailing on the date of payment is the amount then due under any Credit Document in the Currency
Due. If the amount of the Currency Due which the Administrative Agent is so able to purchase is
less than the amount of the Currency Due originally due to it, the applicable Borrower shall
indemnify and save the Administrative Agent harmless from and against loss or damage arising as a
result of such deficiency. This indemnity shall constitute an obligation separate and independent
from the other obligations contained in any Credit Document, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted by the
Administrative Agent from time to time and shall continue in full force and effect notwithstanding
any judgment or order for a liquidated sum in respect of an amount due under any Credit Document or
under any judgment or order.

SECTION 10.18 Service of Process. On or prior to the Effective Date, the Borrowers
shall appoint CT Corporation System (the “Process Agent”), with an office on the date hereof at 111
8th Avenue, New York, New York 10011, United States, as its agent to receive on its behalf and its
property service of copies of the summons and complaints and any other process which may be served
in any such action or proceeding, provided that a copy of such process is also mailed by registered
or certified mail, postage prepaid, to the Borrowers at the address specified pursuant to
Section 10.2. Such service may be made by mailing or delivering a copy of such process to
the Borrowers in care of the Process Agent at the Process Agent’s above address, and the Borrowers
hereby irrevocably authorize and direct the Process Agent to accept such service on its behalf.
The Borrowers agree to indemnify the Process Agent in connection with all matters relating to its
appointment as agent of the Borrowers for such purposes, to enter into any agreement relating to
such appointment which such Process Agent may customarily require, and to pay such Process Agent’s
customary fees upon demand. As an alternative method of service, the Borrowers also irrevocably
consent to the service of any and all process in any such action or proceeding by the mailing of
copies of such process to the Borrowers at the address specified pursuant to Section 10.2.
Nothing in this Section 10.18 shall affect the right of the Administrative Agent or any
Lender to serve legal process in any other manner permitted by law or affect the right of the
Administrative Agent or any Lender to bring any action or proceeding against the Borrowers, or any
of their properties in the courts of any other jurisdiction.

SECTION 10.19 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrowers, which information includes the
name and address of each Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Borrower in accordance with the Act.

SECTION 10.20 Entire Agreement. This Agreement, together with the other Credit
Documents, embodies the entire agreement and understanding among the Borrowers, the LC
Administrator, the Fronting Bank, the Lenders and the Administrative Agent, and supersedes all
prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating
to the subject matter hereof and thereof.

3

MAX RE LTD.

By:

Title:

MAX RE CAPITAL LTD.

By:

Title:

4

BANK OF AMERICA, NATIONAL

ASSOCIATION, as Administrative Agent, LC

Administrator, Fronting Bank and Lender

By:

Title:

5

CITIBANK, N.A.

By:

Title:

6

ING BANK N.V., LONDON BRANCH

By:

Title:

By:

Title:

7

HSBC BANK USA, NATIONAL ASSOCIATION

By:

Title:

8

BARCLAYS BANK PLC

By:

Title:

9

WACHOVIA BANK, NATIONAL ASSOCIATION

By:

Title:

10

THE BANK OF NEW YORK

By:

Title:

11

WEBSTER BANK, NATIONAL ASSOCIATION

By:

Title:

12

SCHEDULE 1.1

CONCENTRATION LIMITS

	 	 	 	 	 	 	 	 	 
	 
	 	Limitation per	 	Limitation per
	 
	 	Issuer (as Percentage            
	 	Issue (as Percentage

	 
	 	of all such	 	of all such
	Eligible Investments)
	 	Eligible Investments             
	 	Eligible Investments)

	 	 	 	 	 
	ABS
	 	 	7.5	%	 	 	N/A	 
	Corporate/Municipal Securities
	 	 	N/A	 	 	 	7.5	%
	MBS (Non Agency CMOs)
	 	 	5	%	 	 	7.5	%
	G7 Securities
	 	 	N/A	 	 	 	7.5	%

13

SCHEDULE 1.2

BORROWING BASE CALCULATION

	 	 	 	 	 
	Eligible Investments	 	Applicable Percentage of Fair Market Value
	Cash and Cash Equivalents
	 	 	98	%
	A1/P1 Commercial Paper
	 	 	98	%
	Government Debt with maturities
	 	 	98	%
	of more than one year but less
	 	 	 	 
	than five years
	 	 	 	 
	Government Debt with maturities
	 	 	95	%
	of five years or more
	 	 	 	 
	MBS (Agency Pass-Throughs) rated
	 	 	90	%
	AA- by S&P or Aa3 by Moody’s or
	 	 	 	 
	better
	 	 	 	 
	MBS (Agency CMOs) rated AA- by
	 	 	90	%
	S&P or Aa3 by Moody’s or better
	 	 	 	 
	MBS (Non-Agency CMOs) rated AAA
	 	 	90	%
	by S&P or Aaa by Moody’s
	 	 	 	 
	MBS (Non-Agency CMOs) rated AA-
	 	 	87.5	%
	by S&P or Aa3 by Moody’s or better
	 	 	 	 
	ABS
	 	 	95	%
	G7 Securities issued by the Governments
	 	 	95	%
	of Germany or the United Kingdom or
agencies thereof
	 	 	 	 
	G7 Securities issued by the Governments
	 	 	93	%
	of France, Japan or Canada or agencies
thereof
	 	 	 	 
	G7 Securities issued by the Government
	 	 	92	%
	of Italy or agencies thereof
	 	 	 	 
	Corporate/Municipal Securities rated
	 	 	94	%
	AAA by S&P or Aaa by Moody’s
	 	 	 	 
	Corporate/Municipal Securities rated at
	 	 	93	%
	least AA- by S&P or Aa3 by Moody’s
	 	 	 	 
	Corporate/Municipal Securities rated at
	 	 	92	%
	A- by S&P or A3 by Moody’s
	 	 	 	 

14

SCHEDULE 2.1

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Tranche A	 	Tranche B	 	 
	Lender	 	Commitment	 	Commitment	 	Percentage
	Bank of America,
N.A.
	 	$	58,333,333.34	 	 	$	16,666,666.66	 	 	 	16.7	%
	Citibank, N.A.
	 	$	58,333,333.33	 	 	$	16,666,666.66	 	 	 	16.7	%
	ING Bank N.V.,
London Branch
	 	$	58,333,333.33	 	 	$	16,666,666.66	 	 	 	16.7	%
	HSBC Bank USA, N.A.
	 	$	38,888,888.89	 	 	$	11,111,111.11	 	 	 	11.1	%
	Barclays Bank Plc
	 	$	38,888,888.89	 	 	$	11,111,111.11	 	 	 	11.1	%
	Wachovia Bank, N.A.
	 	$	38,888,888.89	 	 	$	11,111,111.11	 	 	 	11.1	%
	The Bank of New York
	 	$	38,888,888.89	 	 	$	11,111,111.11	 	 	 	11.1	%
	Webster Bank, N.A.
	 	$	19,444,444.44	 	 	$	5,555,555.56	 	 	 	5.6	%
	TOTAL
	 	$	350,000,000.00	 	 	$	100,000,000.00	 	 	 	100.0	%

15

SCHEDULE 2.8

16

CONTINUING LETTERS OF CREDIT

SCHEDULE 4.1

JURISDICTIONS

Bermuda

Max Re Ltd.

Max Re Capital Ltd.

Max Re Diversified Strategies Ltd.

Max Re Managers Ltd.

Ireland

Max Europe Holdings Limited

Max Re Europe Limited

Max Insurance Europe Limited

17

SCHEDULE 4.2

LITIGATION AND CONTINGENT LIABILITIES

Litigation

None

Contingent Liabilities

Guaranty by Max Re Ltd. of a lease of an office building in Dublin, Ireland used by European
Subsidiaries.

A Limited Guaranty by MDS of the obligations of Max Re under a Letter of Credit Agreement with
Hypo-Und Vereinsbank, AG, New York Branch

18

SCHEDULE 4.7

LOCATIONS

Max Re Capital Ltd.

Max Re Managers Ltd.

Max Re Ltd.

Max Re Diversified Strategies Ltd.

Max Re House

2 Front Street

P.O. Box HM 2565

Hamilton HM KX, Bermuda

Max Europe Holdings Limited

Max Insurance Europe Limited

Max Re Europe Limited

Harcourt Building

Harcourt Street

Dublin, 2

Ireland

19

SCHEDULE 4.9

DIRECT AND INDIRECT SUBSIDIARIES OF MAX RE CAPITAL LTD.

Max Europe Holdings Limited

Max Re Europe Limited

Max Insurance Europe Limited

Max Re Diversified Strategies Ltd.

Max Re Managers Ltd.

Max Re Ltd.

20

SCHEDULE 4.10

INSURANCE LICENSES

Bermuda licence of Max Re for General Business Insurance

Max Re is licensed as a Class IV, General and long-term Insurer in Bermuda, which allows writing of
all property, casualty, life, and health lines.

Max Re Europe Limited is authorized to write reinsurance in Ireland.

Max Insurance Europe Limited is authorized to conduct non-life insurance business in Ireland in the
following classes: 1, 4, 6, 7, 8, 9, 11, 12, 13 and 16.

21

SCHEDULE 6.7

LIENS

None

22

SCHEDULE 10.2

ADDRESSES

LENDING OFFICES,

ADDRESSES FOR NOTICES

BANK OF AMERICA, NATIONAL ASSOCIATION,

as Administrative Agent, Fronting Bank,

LC Administrator and Lender

Lending Letter of Credit Office:

231 South LaSalle Street

Letter of Credit Operations/#1580

Chicago, Illinois 60697

Attention: Manager — Standby Letter of Credit Unit

Facsimile: (312) 987-6828

Notices (other than notices of

Credit Extensions):

Bank of America, National Association

231 South LaSalle Street

Chicago, Illinois 60697

Attention: Debra Basler

Telephone: (312) 828-3734

Facsimile: (312) 987-0889

CITIBANK, N.A.

Lender Letter of Credit Office and Notices:

Citibank, N.A.

388 Greenwich Street

23rd Floor

New York, New York 10013

Attention: Mike A. Taylor

Telephone: (212) 816-4033

Facsimile: (212) 816-4144

ING BANK N.V.

Lender Letter of Credit Office and Notices:

60 London Wall

London EC2M 5TQ

United Kingdom

Attention: Robert Miners

Telephone: 011 44 207 767 5908

Facsimile: 011 44 207 767 7507

MAX RE LTD.

Notices:

Max Re Ltd.

P.O. Box HM 2565

Max Re House

2 Front Street

Hamilton HM KX, Bermuda

Attention: Keith Hynes, Chief Financial Officer

Telephone: (441) 296-8800

Facsimile: (441) 296-8811

23

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