Document:

Exhibit 10.2

 

Execution
Version

 

ASSIGNMENT AGREEMENT

 

This
Assignment Agreement (this “Assignment Agreement”) between BARCLAYS BANK
PLC (the “Assignor”) and CREDIT SUISSE, Cayman Islands branch (the “Assignee”)
is dated as of April 7, 2006.  The
parties hereto agree as follows:

 

1.                                       PRELIMINARY
STATEMENT.  The Assignor is a party
to a Credit Agreement (which, as it may be amended, modified, renewed or
extended from time to time is herein called the “Credit Agreement”)
described in Item 1 of Schedule 1 attached hereto (“Schedule 1”).  Capitalized terms used herein and not
otherwise defined herein shall have the meanings attributed to them in the
Credit Agreement.

 

2.                                       ASSIGNMENT
AND ASSUMPTION.  The Assignor hereby
sells and assigns to the Assignee, and the Assignee hereby purchases and
assumes from the Assignor, an interest in and to the Assignor’s rights and
obligations under the Credit Agreement such that after giving effect to such
assignment the Assignee shall have purchased pursuant to this Assignment Agreement
the percentage interest specified in Item 3 of Schedule 1 of all
outstanding rights and obligations under the Credit Agreement relating to the
loans listed in Item 3 of Schedule 1 and the other Facility
Documents.  The total of the Revolving
Credit Commitment and the Letter of Credit Participation Amount purchased by
the Assignee hereunder is set forth in Item 4 of Schedule 1.

 

3.                                       EFFECTIVE
DATE.  The effective date of this
Assignment Agreement (the “Effective Date”) shall be the later of the
date specified in Item 5 of Schedule 1 or two Business Days (or
such shorter period agreed to by the Agent) after a Notice of Assignment
substantially in the form of Exhibit I attached hereto has been
delivered to the Agent.  Such Notice of
Assignment must include any consents required to be delivered to the Agent by Section 13.3.1
of the Credit Agreement.  In no event
will the Effective Date occur if the payments required to be made by the
Assignee to the Assignor on the Effective Date under Sections 4 and 5 hereof
are not made on the proposed Effective Date or if any other condition precedent
agreed to by the Assignor and the Assignee has not been satisfied.  The Assignor will notify the Assignee of the
proposed Effective Date not later than the Business Day prior to the proposed
Effective Date.  As of the Effective
Date, (i) the Assignee shall have the rights and obligations of a Lender
under the Facility Documents with respect to the rights and obligations
assigned to the Assignee hereunder and (ii) the Assignor shall relinquish
its rights and be released from its corresponding obligations under the
Facility Documents with respect to the rights and obligations assigned to the
Assignee hereunder.

 

4.                                       PAYMENT
OBLIGATIONS.  On and after the
Effective Date, the Assignee shall be entitled to receive from the Agent all
payments of principal, interest and fees with respect to the interest assigned
hereby.  The Assignee shall advance funds
directly to the Agent with respect to all Revolving Credit Loans and
reimbursement payments made on or after the Effective Date with respect to the
interest assigned hereby.  In the event
that either party hereto receives any payment to which the other party hereto
is entitled under this Assignment Agreement, then the party receiving such
amount shall promptly remit it to the other party hereto.

 

 

5.                                       FEES
PAYABLE BY THE ASSIGNEE.  The $3,500
processing fee required to be paid to the Agent in connection with this
Assignment Agreement has been waived by the Agent.

 

6.                                       REPRESENTATIONS
OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR’S LIABILITY.  The Assignor represents and warrants that it
is the legal and beneficial owner of the interest being assigned by it
hereunder and that such interest is free and clear of any adverse claim created
by the Assignor.  It is understood and
agreed that the assignment and assumption hereunder are made without recourse
to the Assignor and that the Assignor makes no other representation or warranty
of any kind to the Assignee.  Neither the
Assignor nor any of its officers, directors, employees, agents or attorneys
shall be responsible for (i) the due execution, legality, validity,
enforceability, genuineness, sufficiency or collectability of any Facility
Document, including without limitation, documents granting the Assignor and the
other Lenders a security interest in assets of the Borrower or any guarantor, (ii) any
representation, warranty or statement made in any Facility Document or in
connection with any of the Facility Documents, (iii) the financial condition
or creditworthiness of the Borrower or any guarantor, (iv) the performance
of or compliance with any of the terms or provisions of any of the Facility
Documents, (v) inspecting any of the Property, books or records of the
Borrower, (vi) the validity, enforceability, perfection, priority,
condition, value or sufficiency of any collateral securing or purporting to
secure the Revolving Credit Loans or the Reimbursement Obligations or (vii) any
mistake, error of judgment, or action taken or omitted to be taken in
connection with the Revolving Credit Loans, the Letters of Credit or the
Facility Documents.

 

7.                                       REPRESENTATIONS
OF THE ASSIGNEE.  The Assignee (i) confirms
that it has received a copy of the Credit Agreement, together with copies of
the financial statements requested by the Assignee and such other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment Agreement, (ii) agrees that it
will, independently and with reliance upon the Agent, the Assignor or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under the Facility Documents, (iii) appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers
under the Facility Documents as are delegated to the Agent by the terms
thereof, together with such powers as are reasonably incidental thereto, (iv) agrees
that it will perform in accordance with their terms all of the obligations
which by the terms of the Facility Documents are required to be performed by it
as a Lender, and (v) confirms that none of the funds, monies, assets or
other consideration being used to make the purchase and assumption hereunder
are “plan assets” as defined under ERISA and that its rights, benefits and
interests in and under the Facility Documents will not be “plan assets” under
ERISA.

 

8.                                       INDEMNITY.  The Assignee agrees to indemnify and hold the
Assignor harmless against any and all losses, costs and expenses (including,
without limitation, reasonable attorneys’ fees) and liabilities incurred by the
Assignor in connection with or arising in any manner from the Assignee’s
non-performance of the obligations assumed under this Assignment Agreement.

 

9.                                       SUBSEQUENT
ASSIGNMENTS.  After the Effective
Date, the Assignee shall have the right pursuant to Section 13.3.1 of the
Credit Agreement to assign the rights which are 

 

2

 

assigned to the Assignee hereunder to any entity or person, provided
that (i) any such subsequent assignment does not violate any of the terms
and conditions of the Facility Documents or any law, rule, regulation, order,
writ, judgment, injunction or decree and that any consent required under the
terms of the Facility Documents has been obtained and (ii) unless the
prior written consent of the Assignor is obtained, the Assignee is not hereby
released from its obligations to the Assignor hereunder, if any remain
unsatisfied, including, without limitation, its obligations under Sections 4,
5 and 8 hereof.

 

10.                                 REDUCTIONS
OF AGGREGATE COMMITMENT.  If any
reduction in the Aggregate Revolving Credit Commitment or the Letter of Credit
Commitment occurs between the date of this Assignment Agreement and the
Effective Date, the percentage interest specified in Item 3 of Schedule 1
shall remain the same, but the dollar amount purchased shall be recalculated
based on the reduced Aggregate Revolving Credit Commitment or Letter of Credit
Commitment, as the case may be.

 

11.                                 ENTIRE
AGREEMENT.  This Assignment Agreement
and the attached Notice of Assignment embody the entire agreement and
understanding between the parties hereto and supersede all prior agreements and
understandings between the parties hereto relating to the subject matter
hereof.

 

12.                                 GOVERNING
LAW.  This Assignment Agreement shall
be governed by the internal law, and not the law of conflicts, of the State of
Illinois.

 

13.                                 NOTICES.  Notices shall be given under this Assignment
Agreement in the manner set forth in the Credit Agreement.

 

[signature page follows]

 

3

 

IN WITNESS WHEREOF, the parties hereto have
executed this Assignment Agreement by their duly authorized officers as of the
date first above written.

 

	
   

  	
  BARCLAYS BANK PLC 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anth

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE, Cayman Islands branch

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jay Chall 

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  

 

4

 

SCHEDULE 1

 

TO ASSIGNMENT AGREEMENT

 

	
  1.

  	
   

  	
  Description and Date of Credit Agreement:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  That certain Second Amended and Restated
  Credit Agreement, dated as of January 31, 2005, among the Navigators
  Group, Inc., the financial institutions named therein, and JPMorgan
  Chase Bank, N.A., as Administrative Agent.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Date of Assignment
  Agreement:        April 7, 2006

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Amounts (As of Date of Item 2 above):

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Revolving Credit

  Facility

  	
   

  	
  Letter of Credit

  Facility

  	
   

  
	
   

  	
   

  	
  (a)

  	
   

  	
  Aggregate Revolving Credit Commitment and
  Letter of Credit Commitment under Credit Agreement

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  $

  	
  115,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
   

  	
  Assignee’s Percentage of each Facility
  purchased under the Assignment Agreement (taken to five decimal places);

  	
   

  	
  6.40000

  	
  %

  	
  6.40000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
   

  	
  Amount of Assigned Share in each Facility
  purchased under the Assignment Agreement:

  	
   

  	
  $

  	
  640,000

  	
   

  	
  $

  	
  7,360,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Total of Assignee’s Revolving Credit
  Commitment and Letter of Credit Participation Amount purchased hereunder:

  	
   

  	
  $

  	
  8,000,000

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Proposed Effective Date:

  	
   

  	
   

  	
   

  	
  April 7,
  2006

  	
   

  
														

 

5

 

	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
  BARCLAYS BANK PLC

  	
  CREDIT SUISSE FIRST BOSTON, acting

  
	
   

  	
  through its Cayman Islands branch

  
	
  By:

  	
  /s/ Anthony Kemp

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Director

  	
   

  	
  By:

  	
  Jay Chall

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
								

 

6

 

EXHIBIT I

 

TO ASSIGNMENT AGREEMENT

 

NOTICE

OF ASSIGNMENT

 

April 7, 2006

 

To:                                                                              The
Navigators Group, Inc.

 

JPMorgan Chase Bank, N.A., as Administrative Agent

 

From:                                                                  Barclays
Bank  plc (the “Assignor”)

 

Credit Suisse First Boston, acting through
its 

Cayman Islands branch (the “Assignee”)

 

1.                                       We
refer to that certain Credit Agreement (the “Credit Agreement”)
described in Item 1 of Schedule 1 attached hereto (“Schedule 1”).  Capitalized terms used herein and not
otherwise defined herein shall have the meanings attributed to them in the
Credit Agreement.

 

2.                                       This
Notice of Assignment (the “Notice of Assignment”) is given and delivered
to the Borrower and the Agent pursuant to Section 13.3.2 of the Credit
Agreement.

 

3.                                       The
Assignor and the Assignee have entered into an Assignment Agreement, dated as
of April 7, 2006 (the “Assignment Agreement”), pursuant to which,
among other things, the Assignor has sold, assigned, delegated and transferred
to the Assignee, and the Assignee has purchased, accepted and assumed from the
Assignor the percentage interest specified in Item 3 of Schedule 1
of all outstandings, rights and obligations under the Credit Agreement relating
to the facilities listed in Item 3 of Schedule 1.  The Effective Date of the Assignment
Agreement shall be the later of the date specified in Item 5 of Schedule 1
or two Business Days (or such shorter period as agreed to by the Agent) after
this Notice of Assignment and any consents and fees required by Sections 13.3.1
and 13.3.2 of the Credit Agreement have been delivered to the Agent; provided
that the Effective Date shall not occur if any condition precedent agreed to by
the Assignor and the Assignee has not been satisfied.

 

4.                                       The
Assignor and the Assignee hereby give to the Borrower and the Agent notice of
the assignment and delegation referred to herein.  The Assignor will confer with the Agent
before the date specified in Item 5 of Schedule 1 to determine if
the Assignment Agreement will become effective on such date pursuant to Section 3
hereof, and will confer with the Agent to determine the Effective Date pursuant
to Section 3 hereof if it occurs thereafter.  The Assignor shall notify the Agent if the
Assignment Agreement does not become effective on any proposed Effective Date
as a result of the failure to satisfy the conditions precedent agreed to by the

 

7

 

Assignor and the Assignee.  At
the request of the Agent, the Assignor will give the Agent written confirmation
of the satisfaction of the conditions precedent.

 

5.                                       If
Revolving Credit Notes are outstanding on the Effective Date, the Assignor and
the Assignee request and direct that the Agent prepare and cause the Borrower
to execute and deliver new Revolving Credit Notes or, as appropriate,
replacement notes, to the Assignor and the Assignee.  The Assignor and, if applicable, the Assignee
each agree to deliver to the Agent for forwarding to the Borrower the original
Revolving Credit Note received by it from the Borrower upon its receipt of a
new Revolving Credit Note in the appropriate amount.

 

6.                                       The
Assignee advises the Agent that notice and payment instructions are set forth
in the attachment to Schedule 1.

 

7.                                       The
Assignee hereby represents and warrants that none of the funds, monies, assets
or other consideration being used to make the purchase pursuant to the
Assignment Agreement are “plan assets” as defined under ERISA and that its
rights, benefits, and interests in and under the Facility Documents will not be
“plan assets” under ERISA.

 

8.                                       The
Assignee authorizes the Agent to act as its agent under the Facility Documents
in accordance with the terms thereof. 
The Assignee acknowledges that the Agent has no duty to supply
information with respect to the Borrower or the Facility Documents to the
Assignee until the Assignee becomes a party to the Credit Agreement.

 

	
  BARCLAYS
  BANK PLC

  	
  CREDIT
  SUISSE FIRST BOSTON,

  
	
   

  	
  acting
  through its Cayman Islands branch

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
								

 

8

 

	
  ACKNOWLEDGED
  AND CONSENTED TO 

  BY JPMORGAN CHASE BANK, N.A., as 

  Administrative Agent

  	
  ACKNOWLEDGED
  AND CONSENTED TO

  BY THE NAVIGATORS GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
								

 

 

9Exhibit 10.3

 

Execution
Version

 

ASSIGNMENT AGREEMENT

 

This
Assignment Agreement (this “Assignment Agreement”) between BARCLAYS BANK
PLC (the “Assignor”) and JPMORGAN CHASE BANK, N.A. (the “Assignee”)
is dated as of April 7, 2006. The parties hereto agree as follows:

 

1.             PRELIMINARY
STATEMENT. The Assignor is a party to a Credit Agreement (which, as it may be
amended, modified, renewed or extended from time to time is herein called the “Credit
Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule 1”).
Capitalized terms used herein and not otherwise defined herein shall have the
meanings attributed to them in the Credit Agreement.

 

2.             ASSIGNMENT AND
ASSUMPTION. The Assignor hereby sells and assigns to the Assignee, and the
Assignee hereby purchases and assumes from the Assignor, an interest in and to
the Assignor’s rights and obligations under the Credit Agreement such that
after giving effect to such assignment the Assignee shall have purchased
pursuant to this Assignment Agreement the percentage interest specified in Item
3 of Schedule 1 of all outstanding rights and obligations under the
Credit Agreement relating to the loans listed in Item 3 of Schedule 1
and the other Facility Documents. The total of the Revolving Credit Commitment
and the Letter of Credit Participation Amount purchased by the Assignee
hereunder is set forth in Item 4 of Schedule 1.

 

3.             EFFECTIVE DATE.
The effective date of this Assignment Agreement (the “Effective Date”)
shall be the later of the date specified in Item 5 of Schedule 1 or
two Business Days (or such shorter period agreed to by the Agent) after a
Notice of Assignment substantially in the form of Exhibit I
attached hereto has been delivered to the Agent. Such Notice of Assignment must
include any consents required to be delivered to the Agent by Section 13.3.1
of the Credit Agreement. In no event will the Effective Date occur if the
payments required to be made by the Assignee to the Assignor on the Effective
Date under Sections 4 and 5 hereof are not made on the proposed Effective Date
or if any other condition precedent agreed to by the Assignor and the Assignee
has not been satisfied. The Assignor will notify the Assignee of the proposed
Effective Date not later than the Business Day prior to the proposed Effective
Date. As of the Effective Date, (i) the Assignee shall have the rights and
obligations of a Lender under the Facility Documents with respect to the rights
and obligations assigned to the Assignee hereunder and (ii) the Assignor
shall relinquish its rights and be released from its corresponding obligations
under the Facility Documents with respect to the rights and obligations
assigned to the Assignee hereunder.

 

4.             PAYMENT
OBLIGATIONS. On and after the Effective Date, the Assignee shall be
entitled to receive from the Agent all payments of principal, interest and fees
with respect to the interest assigned hereby. The Assignee shall advance funds
directly to the Agent with respect to all Revolving Credit Loans and
reimbursement payments made on or after the Effective Date with respect to the
interest assigned hereby. In the event that either party hereto receives any
payment to which the other party hereto is entitled under this Assignment
Agreement, then the party receiving such amount shall promptly remit it to the
other party hereto.

 

 

5.             FEES PAYABLE BY
THE ASSIGNEE. The $3,500 processing fee required to be paid to the Agent in
connection with this Assignment Agreement has been waived by the Agent.

 

6.             REPRESENTATIONS OF
THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR’S LIABILITY. The Assignor
represents and warrants that it is the legal and beneficial owner of the
interest being assigned by it hereunder and that such interest is free and
clear of any adverse claim created by the Assignor. It is understood and agreed
that the assignment and assumption hereunder are made without recourse to the
Assignor and that the Assignor makes no other representation or warranty of any
kind to the Assignee. Neither the Assignor nor any of its officers, directors,
employees, agents or attorneys shall be responsible for (i) the due
execution, legality, validity, enforceability, genuineness, sufficiency or
collectability of any Facility Document, including without limitation,
documents granting the Assignor and the other Lenders a security interest in
assets of the Borrower or any guarantor, (ii) any representation, warranty
or statement made in any Facility Document or in connection with any of the
Facility Documents, (iii) the financial condition or creditworthiness of
the Borrower or any guarantor, (iv) the performance of or compliance with
any of the terms or provisions of any of the Facility Documents, (v) inspecting
any of the Property, books or records of the Borrower, (vi) the validity,
enforceability, perfection, priority, condition, value or sufficiency of any
collateral securing or purporting to secure the Revolving Credit Loans or the
Reimbursement Obligations or (vii) any mistake, error of judgment, or
action taken or omitted to be taken in connection with the Revolving Credit
Loans, the Letters of Credit or the Facility Documents.

 

7.             REPRESENTATIONS OF
THE ASSIGNEE. The Assignee (i) confirms that it has received a copy of
the Credit Agreement, together with copies of the financial statements
requested by the Assignee and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment Agreement, (ii) agrees that it will, independently and
with reliance upon the Agent, the Assignor or any other Lender and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Facility Documents, (iii) appoints and authorizes the Agent to take
such action as agent on its behalf and to exercise such powers under the
Facility Documents as are delegated to the Agent by the terms thereof, together
with such powers as are reasonably incidental thereto, (iv) agrees that it
will perform in accordance with their terms all of the obligations which
by the terms of the Facility Documents are required to be performed by it as a
Lender, and (v) confirms that none of the funds, monies, assets or other
consideration being used to make the purchase and assumption hereunder are “plan
assets” as defined under ERISA and that its rights, benefits and interests in
and under the Facility Documents will not be “plan assets” under ERISA.

 

8.             INDEMNITY. The
Assignee agrees to indemnify and hold the Assignor harmless against any and all
losses, costs and expenses (including, without limitation, reasonable attorneys’
fees) and liabilities incurred by the Assignor in connection with or arising in
any manner from the Assignee’s non-performance of the obligations assumed under
this Assignment Agreement.

 

9.             SUBSEQUENT
ASSIGNMENTS. After the Effective Date, the Assignee shall have the right
pursuant to Section 13.3.1 of the Credit Agreement to assign the rights
which are

 

2

 

assigned
to the Assignee hereunder to any entity or person, provided that (i) any
such subsequent assignment does not violate any of the terms and conditions of
the Facility Documents or any law, rule, regulation, order, writ, judgment,
injunction or decree and that any consent required under the terms of the
Facility Documents has been obtained and (ii) unless the prior written
consent of the Assignor is obtained, the Assignee is not hereby released from
its obligations to the Assignor hereunder, if any remain unsatisfied,
including, without limitation, its obligations under Sections 4, 5
and 8 hereof.

 

10.           REDUCTIONS OF
AGGREGATE COMMITMENT. If any reduction in the Aggregate Revolving Credit
Commitment or the Letter of Credit Commitment occurs between the date of this
Assignment Agreement and the Effective Date, the percentage interest specified
in Item 3 of Schedule 1 shall remain the same, but the dollar
amount purchased shall be recalculated based on the reduced Aggregate Revolving
Credit Commitment or Letter of Credit Commitment, as the case may be.

 

11.           ENTIRE AGREEMENT.
This Assignment Agreement and the attached Notice of Assignment embody the
entire agreement and understanding between the parties hereto and supersede all
prior agreements and understandings between the parties hereto relating to the
subject matter hereof.

 

12.           GOVERNING LAW. This
Assignment Agreement shall be governed by the internal law, and not the law of
conflicts, of the State of Illinois.

 

13.           NOTICES. Notices
shall be given under this Assignment Agreement in the manner set forth in the
Credit Agreement.

 

[signature page follows]

 

3

 

IN WITNESS
WHEREOF, the parties hereto have executed this Assignment Agreement by their
duly authorized officers as of the date first above written.

 

	
   

  	
  BARCLAYS BANK PLC 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  /s/ Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: /s/ Thomas A.       II

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  /s/ Vice President

  	
   

  
						

 

4

 

SCHEDULE 1

 

TO ASSIGNMENT AGREEMENT

 

	
  1.

  	
   

  	
  Description and Date of Credit Agreement:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  That certain Second Amended and Restated
  Credit Agreement, dated as of January 31, 2005, among the Navigators
  Group, Inc., the financial institutions named therein, and JPMorgan
  Chase Bank, N.A., as Administrative Agent.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Date of Assignment Agreement:       April 7,
  2006

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Amounts (As of Date of Item 2 above):

  

 

	
   

  	
   

  	
   

  	
   

  	
  Revolving Credit

  Facility

  	
   

  	
  Letter of Credit

  Facility

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Aggregate Revolving Credit Commitment and
  Letter of Credit Commitment under Credit Agreement

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  $

  	
  115,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Assignee’s Percentage of each Facility
  purchased under the Assignment Agreement (taken to five decimal places);

  	
   

  	
  6.40000

  	
  %

  	
  6.40000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Amount of Assigned Share in each Facility
  purchased under the Assignment Agreement:

  	
   

  	
  $

  	
  640,000

  	
   

  	
  $

  	
  7,360,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Total of Assignee’s Revolving Credit
  Commitment and Letter of Credit Participation Amount purchased hereunder:

  	
   

  	
  $

  	
  8,000,000

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Proposed Effective Date:

  	
   

  	
   

  	
   

  	
  April 7,
  2006

  	
   

  

 

5

 

	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
  BARCLAYS BANK PLC

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

6

 

EXHIBIT I

 

TO ASSIGNMENT AGREEMENT

 

NOTICE

OF ASSIGNMENT

 

April 7, 2006

 

To:                          The
Navigators Group, Inc.

JPMorgan Chase Bank, N.A., as Administrative Agent

 

From:                      Barclays
Bank plc (the “Assignor”)

 

JPMorgan Chase Bank, N.A. (the “Assignee”)

 

1.             We
refer to that certain Credit Agreement (the “Credit Agreement”)
described in Item 1 of Schedule 1 attached hereto (“Schedule 1”).
Capitalized terms used herein and not otherwise defined herein shall have the
meanings attributed to them in the Credit Agreement.

 

2.             This
Notice of Assignment (the “Notice of Assignment”) is given and delivered
to the Borrower and the Agent pursuant to Section 13.3.2 of the Credit
Agreement.

 

3.             The
Assignor and the Assignee have entered into an Assignment Agreement, dated as
of April 7, 2006 (the “Assignment Agreement”), pursuant to which,
among other things, the Assignor has sold, assigned, delegated and transferred
to the Assignee, and the Assignee has purchased, accepted and assumed from the
Assignor the percentage interest specified in Item 3 of Schedule 1
of all outstandings, rights and obligations under the Credit Agreement relating
to the facilities listed in Item 3 of Schedule 1. The Effective
Date of the Assignment Agreement shall be the later of the date specified in
Item 5 of Schedule 1 or two Business Days (or such shorter period
as agreed to by the Agent) after this Notice of Assignment and any consents and
fees required by Sections 13.3.1 and 13.3.2 of the Credit Agreement have been
delivered to the Agent; provided that the Effective Date shall not occur
if any condition precedent agreed to by the Assignor and the Assignee has not
been satisfied.

 

4.             The
Assignor and the Assignee hereby give to the Borrower and the Agent notice of
the assignment and delegation referred to herein. The Assignor will confer with
the Agent before the date specified in Item 5 of Schedule 1 to
determine if the Assignment Agreement will become effective on such date
pursuant to Section 3 hereof, and will confer with the Agent to
determine the Effective Date pursuant to Section 3 hereof if it
occurs thereafter. The Assignor shall notify the Agent if the Assignment
Agreement does not become effective on any proposed Effective Date as a result
of the failure to satisfy the conditions precedent agreed to by the Assignor
and the Assignee. At the request of the Agent, the Assignor will give the Agent
written confirmation of the satisfaction of the conditions precedent.

 

7

 

5.             If
Revolving Credit Notes are outstanding on the Effective Date, the Assignor and
the Assignee request and direct that the Agent prepare and cause the Borrower
to execute and deliver new Revolving Credit Notes or, as appropriate,
replacement notes, to the Assignor and the Assignee. The Assignor and, if
applicable, the Assignee each agree to deliver to the Agent for forwarding to
the Borrower the original Revolving Credit Note received by it from the
Borrower upon its receipt of a new Revolving Credit Note in the appropriate amount.

 

6.             The
Assignee advises the Agent that notice and payment instructions are set forth
in the attachment to Schedule 1.

 

7.             The
Assignee hereby represents and warrants that none of the funds, monies, assets
or other consideration being used to make the purchase pursuant to the
Assignment Agreement are “plan assets” as defined under ERISA and that its
rights, benefits, and interests in and under the Facility Documents will not be
“plan assets” under ERISA.

 

8.             The
Assignee authorizes the Agent to act as its agent under the Facility Documents
in accordance with the terms thereof. The Assignee acknowledges that the Agent
has no duty to supply information with respect to the Borrower or the Facility
Documents to the Assignee until the Assignee becomes a party to the Credit
Agreement.

 

	
  BARCLAYS
  BANK PLC

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

8

 

	
  ACKNOWLEDGED
  AND CONSENTED TO

  BY JPMORGAN CHASE BANK, N.A., as

  Administrative Agent

  	
  ACKNOWLEDGED
  AND CONSENTED TO

  BY THE NAVIGATORS GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

9

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