Document:

anm_ex1003.htm

    Exhibit
      10.3

     

    EXHIBIT
      D

    FORM
      OF COMMON STOCK PURCHASE WARRANT

    

    THIS
      WARRANT AND THE COMMON STOCK SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
      HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THIS WARRANT AND THE COMMON
      STOCK SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE
      SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
      REASONABLY SATISFACTORY TO ACCELERIZE NEW
      MEDIA, INC. THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    
      	 	
              Right
                to Purchase ________ shares of Common Stock of Accelerize New Media,
                Inc.
                (subject to adjustment as provided
                herein)

            

    

    

    FORM
      OF COMMON STOCK PURCHASE WARRANT

     

    
      	No. ____  	
              Issue
                Date: ___________, 2007

            

    

                                                                                                  

    ACCELERIZE
      NEW MEDIA, INC., a corporation organized and existing under the laws of the
      State of Delaware (the “Company”), hereby certifies that, for value received,
      ________________________ or its assigns (the “Holder”) is entitled, subject to
      the terms set forth below, to purchase from the Company at any time after the
      issue date (the “Issue Date”) until 5:00 p.m., E.S.T on the seventh (7th)
      anniversary of the Issue Date (the “Expiration Date”), ________ fully paid and
      nonassessable shares of Common Stock at a per share purchase price of
      $0.35.  The aforedescribed purchase price per share, as adjusted from
      time to time as herein provided, is referred to herein as the “Purchase
      Price.”  The number and character of such shares of Common Stock and
      the Purchase Price are subject to adjustment as provided herein.  The
      Company may reduce the Purchase Price without the consent of the
      Holder.  Capitalized terms used and not otherwise defined herein shall
      have the meanings set forth in that certain Subscription Agreement (the
“Subscription Agreement”) entered into by the Company and Holder of the
      Warrant.

    

    As
      used
      herein the following terms, unless the context otherwise requires, have the
      following respective meanings:

    

    (a)           The
      term “Company” shall include Accelerize New Media, Inc. and any corporation
      which shall succeed or assume the obligations of Accelerize New Media, Inc.
      hereunder.

    

    (b)           The
      term “Common Stock” includes (a) the Company’s Common Stock, $0.001 par value
      per share, as authorized on the date of the Subscription Agreement, and (b)
      any
      other securities into which or for which any of the securities described in
      (a)
      may be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           The
      term “Other Securities” refers to any stock (other than Common Stock) and
      other securities of the Company or any other person (corporate or otherwise)
      which the holder of the Warrant at any time shall be entitled to receive, or
      shall have received, on the exercise of the Warrant, in lieu of or in addition
      to Common Stock, or which at any time shall be issuable or shall have been
      issued in exchange for or in replacement of Common Stock or Other Securities
      pursuant to Section 4 herein or otherwise.

    

    (d)           The
      term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this
      Warrant.

    

    1.           Exercise
      of Warrant.

    

    1.1.           Number
      of Shares Issuable upon Exercise.  From and after the Issue Date
      through and including the Expiration Date, the Holder hereof shall be entitled
      to receive, upon exercise of this Warrant in whole in accordance with the terms
      of subsection 1.2 or upon exercise of this Warrant in part in accordance with
      subsection 1.3, [NUMBER] of shares of Common Stock of the Company, subject
      to
      adjustment pursuant to Section 4.

    

    1.2.           Full
      Exercise.  This Warrant may be exercised in full by the Holder
      hereof by delivery of an original or facsimile copy of the form of subscription
      attached as Exhibit A hereto (the “Subscription Form”) duly executed by such
      Holder and surrender of the original Warrant within four (4) days of exercise,
      to the Company at its principal office or at the office of its Warrant Agent
      (as
      provided hereinafter), accompanied by payment, in cash, wire transfer or by
      certified or official bank check payable to the order of the Company, in the
      amount obtained by multiplying the number of shares of Common Stock for which
      this Warrant is then exercisable by the Purchase Price then in
      effect.

     

    1.3.           Partial
      Exercise.  This Warrant may be exercised in part (but not for a
      fractional share) by surrender of this Warrant in the manner and at the place
      provided in subsection 1.2 except that the amount payable by the Holder on
      such
      partial exercise shall be the amount obtained by multiplying (a) the number
      of
      whole shares of Common Stock designated by the Holder in the Subscription Form
      by (b) the Purchase Price then in effect.  On any such partial
      exercise, the Company, at its expense, will forthwith issue and deliver to
      or
      upon the order of the Holder hereof a new Warrant of like tenor, in the name
      of
      the Holder hereof or as such Holder (upon payment by such Holder of any
      applicable transfer taxes) may request, the whole number of shares of Common
      Stock for which such Warrant may still be exercised.

     

    1.4.           Fair
      Market Value. Fair Market Value of a share of Common Stock as of a
      particular date (the “Determination Date”) shall mean:

     

    (a)           If
      the Company’s Common Stock is traded on an exchange or is quoted on the Nasdaq
      Stock Market, Inc., then the last sale price reported for the last business
      day
      immediately preceding the Determination Date;

     

    (b)           If
      the Company’s Common Stock is not traded on an exchange or quoted on the Nasdaq
      Stock Market, Inc. but is traded in the over-the-counter market, then the
      average of the closing bid and ask prices reported for the last business day
      immediately preceding the Determination Date;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Except
      as provided in clause (d) below, if the Company’s Common Stock is not publicly
      traded, then as the Holder and the Company agree, or in the absence of such
      an
      agreement, by arbitration in accordance with the rules then standing of the
      American Arbitration Association, before a single arbitrator to be chosen from
      a
      panel of persons qualified by education and training to pass on the matter
      to be
      decided; or

     

    (d)           If
      the Determination Date is the date of a liquidation, dissolution or winding
      up,
      or any event deemed to be a liquidation, dissolution or winding up pursuant
      to
      the Company’s charter, then all amounts to be payable per share to holders of
      the Common Stock pursuant to the charter in the event of such liquidation,
      dissolution or winding up, plus all other amounts to be payable per share in
      respect of the Common Stock in liquidation under the charter, assuming for
      the
      purposes of this clause (d) that all of the shares of Common Stock then
      issuable upon exercise of all of the Warrants are outstanding at the
      Determination Date.

     

    1.5.           Company
      Acknowledgment. The Company will, at the time of the exercise of the
      Warrant, upon the request of the Holder hereof acknowledge in writing its
      continuing obligation to afford to such Holder any rights to which such Holder
      shall continue to be entitled after such exercise in accordance with the
      provisions of this Warrant. If the Holder shall fail to make any such request,
      such failure shall not affect the continuing obligation of the Company to afford
      to such Holder any such rights.

     

    1.6.           Delivery
      of Stock Certificates, etc. on Exercise.  The Company agrees that
      the shares of Common Stock purchased upon exercise of this Warrant shall be
      deemed to be issued to the Holder hereof as the record owner of such shares
      as
      of the close of business on the date on which this Warrant shall have been
      surrendered and payment made for such shares as aforesaid. As soon as
      practicable after the exercise of this Warrant in full or in part, and in any
      event within three (3) business days thereafter, the Company at its expense
      (including the payment by it of any applicable issue taxes) will cause to be
      issued in the name of and delivered to the Holder hereof, or as such Holder
      (upon payment by such Holder of any applicable transfer taxes) may direct in
      compliance with applicable securities laws, a certificate or certificates for
      the number of duly and validly issued, fully paid and nonassessable shares
      of
      Common Stock (or Other Securities) to which such Holder shall be entitled on
      such exercise, plus, in lieu of any fractional share to which such Holder would
      otherwise be entitled, cash equal to such fraction multiplied by the then Fair
      Market Value of one full share of Common Stock, together with any other stock
      or
      other securities and property (including cash, where applicable) to which such
      Holder is entitled upon such exercise pursuant to Section 1 or
      otherwise.

     

    1.7           Cashless
      Exercise.

     

    (a)           Except
      as described below, if a Registration Statement (as herein after defined) is
      effective and the Holder may sell its Warrant Shares upon exercise hereof
      pursuant to the Registration Statement, this Warrant may be exercisable in
      whole
      or in part for cash only as set forth in this Section 1.  If no such
      Registration Statement is available during the time that such Registration
      Statement is required to be effective pursuant to the terms of Section 8
      hereof,, then payment upon exercise may be made at the option of the Holder
      either in (i) cash, wire transfer or by certified or official bank check payable
      to the order of the Company equal to the applicable aggregate Purchase Price,
      (ii) by cashless exercise in accordance with Section (b) below or (iii) by
      a
      combination of any of the foregoing methods, for the number of Warrant Shares
      specified in such form (as such exercise number shall be adjusted to reflect
      any
      adjustment in the total number of shares of Common Stock issuable to the holder
      per the terms of this Warrant) and the holder shall thereupon be entitled to
      receive the number of duly authorized, validly issued, fully-paid and
      non-assessable shares of Common Stock (or Other Securities) determined as
      provided herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           If
      the Fair Market Value of one share of Common Stock is greater than the Purchase
      Price (at the date of calculation as set forth below), in lieu of exercising
      this Warrant for cash, the holder may elect to receive shares equal to the
      value
      (as determined below) of this Warrant (or the portion thereof being cancelled)
      by surrender of this Warrant at the principal office of the Company together
      with the properly endorsed Subscription Form in which event the Company shall
      issue to the holder a number of shares of Common Stock computed using the
      following formula:

     

    X=Y
      (A-B)

              A

     

    
      	                            
              Where	X= 	the
              number of shares of Common Stock to be issued to the
              holder

      	
            	 	 

      	
               

            	
              Y=

            	
              the
                number of shares of Common Stock purchasable under the Warrant or,
                if only
                a portion of the Warrant is being exercised, the portion of the Warrant
                being exercised (at the date of such
                calculation)

            

    

     

    
      	
               

            	
              A=

            	
              the
                Fair Market Value of one share of the Company’s Common Stock (at the date
                of such calculation)

            

    

     

    
      	
               

            	
              B=

            	
              Purchase
                Price (as adjusted to the date of such
                calculation)

            

    

     

    
      	
              a.

            	
              For
                purposes of Rule 144 promulgated under the Securities Act, it is
                intended,
                understood and acknowledged that the Warrant Shares issued in a cashless
                exercise transaction shall be deemed to have been acquired by the
                Holder,
                and the holding period for the Warrant Shares shall be deemed to
                have
                commenced, on the date this Warrant was originally issued pursuant
                to the
                Subscription Agreement.

            

    

     

    2.           Adjustments.

     

    2.1.           Reorganization,
      Consolidation, Merger, etc.  In case at any time or from time to
      time, the Company shall (a) effect a reorganization, (b) consolidate with or
      merge into any other person or (c) transfer all or substantially all of its
      properties or assets to any other person under any plan or arrangement
      contemplating the dissolution of the Company, then, in each such case, as a
      condition to the consummation of such a transaction, proper and adequate
      provision shall be made by the Company whereby the Holder of this Warrant,
      on
      the exercise hereof as provided in Section 1, at any time after the consummation
      of such reorganization, consolidation or merger or the effective date of such
      dissolution, as the case may be, shall receive, in lieu of the Common Stock
      (or
      Other Securities) issuable on such exercise prior to such consummation or such
      effective date, the stock and other securities and property (including cash)
      to
      which such Holder would have been entitled upon such consummation or in
      connection with such dissolution, as the case may be, if such Holder had so
      exercised this Warrant, immediately prior thereto, all subject to further
      adjustment thereafter as provided in Section 3.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.2.           Dissolution.  In
      the event of any dissolution of the Company following the transfer of all or
      substantially all of its properties or assets, the Company, prior to such
      dissolution, shall at its expense deliver or cause to be delivered the stock
      and
      other securities and property (including cash, where applicable) receivable
      in
      accordance with Section 2.1 by the Holder of the Warrants upon their exercise
      after the effective date of such dissolution pursuant to this Section
      2.

    

    2.3           Adjustment
      of Warrant Exercise Price and Number of Shares upon Issuance of Common Stock
      or
      Common Stock Derivatives.  So long as this Warrant is outstanding,
      if Company (a) issues or sells, or is deemed to have issued or sold, any shares
      of Common Stock (including the issuance or sale of shares of Common Stock owned
      or held by or for the account of the Company); or (b) issues or sells or
      reprices any options or convertible securities (but excluding shares of Common
      Stock, options or convertible securities issued or deemed to have been issued
      by
      the Company in connection with an Approved Stock Plan) for a consideration
      per
      share less than a price (the “Applicable Price”) equal to
      the  Purchase Price in effect immediately prior to such issuance or
      sale or repricing, then immediately after such issue or sale the Purchase Price
      shall be reduced to the Applicable Price.  “Approved Stock Plan” means
      any employee benefit plan which has been approved by the Board of Directors
      of
      the Company, pursuant to which the Company’s securities may be issued to any
      employee, officer or director for services provided to the Company in that
      capacity.

    

    2.4.           Continuation
      of Terms.  Upon any reorganization, consolidation, merger or
      transfer (and any dissolution following any transfer) referred to in this
      Section 2, this Warrant shall continue in full force and effect and the terms
      hereof shall be applicable to the Other Securities and property receivable
      on
      the exercise of this Warrant after the consummation of such reorganization,
      consolidation or merger or the effective date of dissolution following any
      such
      transfer, as the case may be, and shall be binding upon the issuer of any Other
      Securities, including, in the case of any such transfer, the person acquiring
      all or substantially all of the properties or assets of the Company, whether
      or
      not such person shall have expressly assumed the terms of this Warrant as
      provided in Section 3.  In the event this Warrant does not continue in
      full force and effect after the consummation of the transaction described in
      this Section 2, then only in such event will the Company’s securities and
      property (including cash, where applicable) receivable by the Holder of the
      Warrants be delivered to the Trustee as contemplated by Section
      2.2.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.           Extraordinary
      Events Regarding Common Stock.  In the event that the Company
      shall (a) issue additional shares of Common Stock as a dividend or other
      distribution on outstanding Common Stock, (b) subdivide its outstanding shares
      of Common Stock, or (c) combine its outstanding shares of the Common Stock
      into
      a smaller number of shares of the Common Stock, then, in each such event, the
      Purchase Price shall, simultaneously with the happening of such event, be
      adjusted by multiplying the then Purchase Price by a fraction, the
      numerator of which shall be the number of shares of Common Stock outstanding
      immediately prior to such event and the denominator of which shall be the number
      of shares of Common Stock outstanding immediately after such event, and the
      product so obtained shall thereafter be the Purchase Price then in effect.
      The
      Purchase Price, as so adjusted, shall be readjusted in the same manner upon
      the
      happening of any successive event or events described herein in this
      Section 3. The number of shares of Common Stock that the Holder of this Warrant
      shall thereafter, on the exercise hereof as provided in Section 1, be entitled
      to receive shall be adjusted to a number determined by multiplying the number
      of
      shares of Common Stock that would otherwise (but for the provisions of this
      Section 3) be issuable on such exercise by a fraction of which (a) the numerator
      is the Purchase Price that would otherwise (but for the provisions of this
      Section 3) be in effect, and (b) the denominator is the Purchase Price in effect
      on the date of such exercise.

     

    4.           Certificate
      as to Adjustments.  In each case of any adjustment or readjustment
      in the shares of Common Stock (or Other Securities) issuable on the exercise
      of
      the Warrants, the Company at its expense will promptly cause its Chief Financial
      Officer or other appropriate designee to compute such adjustment or readjustment
      in accordance with the terms of the Warrant and prepare a certificate setting
      forth such adjustment or readjustment and showing in detail the facts upon
      which
      such adjustment or readjustment is based, including a statement of (a) the
      consideration received or receivable by the Company for any additional shares
      of
      Common Stock (or Other Securities) issued or sold or deemed to have been
      issued or sold, (b) the number of shares of Common Stock (or Other Securities)
      outstanding or deemed to be outstanding, and (c) the Purchase Price and the
      number of shares of Common Stock to be received upon exercise of this Warrant,
      in effect immediately prior to such adjustment or readjustment and as adjusted
      or readjusted as provided in this Warrant. The Company will forthwith mail
      a
      copy of each such certificate to the Holder of the Warrant and any Warrant
      Agent
      of the Company (appointed pursuant to Section 9 hereof).

     

    5.           Reservation
      of Stock, etc. Issuable on Exercise of Warrant; Financial
      Statements.   The Company will at all times reserve and keep
      available, solely for issuance and delivery on the exercise of the Warrants,
      all
      shares of Common Stock (or Other Securities) from time to time issuable on
      the
      exercise of the Warrant.  This Warrant entitles the Holder hereof to
      receive copies of all financial and other information distributed or required
      to
      be distributed to the holders of the Company’s Common Stock.

     

    6.           Assignment;
      Exchange of Warrant.  Subject to compliance with applicable
      securities laws, this Warrant, and the rights evidenced hereby, may be
      transferred by any registered holder hereof (a “Transferor”). On the surrender
      for exchange of this Warrant, with the Transferor’s endorsement in the form of
      Exhibit B attached hereto (the “Transferor Endorsement Form”) and together with
      an opinion of counsel reasonably satisfactory to the Company that the transfer
      of this Warrant will be in compliance with applicable securities laws, the
      Company at its expense, twice, only, but with payment by the Transferor of
      any
      applicable transfer taxes, will issue and deliver to or on the order of the
      Transferor thereof a new Warrant or Warrants of like tenor, in the name of
      the Transferor and/or the transferee(s) specified in such Transferor Endorsement
      Form (each a “Transferee”), calling in the aggregate on the face or faces
      thereof for the number of shares of Common Stock called for on the face or
      faces
      of the Warrant so surrendered by the Transferor.  No such transfers
      shall result in a public distribution of the Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.           Replacement
      of Warrant.  On receipt of evidence reasonably satisfactory to the
      Company of the loss, theft, destruction or mutilation of this Warrant and,
      in
      the case of any such loss, theft or destruction of this Warrant, on delivery
      of
      an indemnity agreement or security reasonably satisfactory in form and amount
      to
      the Company or, in the case of any such mutilation, on surrender and
      cancellation of this Warrant, the Company at its expense, twice only, will
      execute and deliver, in lieu thereof, a new Warrant of like tenor.

    

    8.           Piggyback
      Registration Rights.   If at any time, or from time to
      time, during the five year period following the issuance of the Warrant the
      Company shall determine to prepare and file with the Securities and Exchange
      Commission (“SEC”), a registration statement relating to an offering for its own
      account or the account of others under the Act of any of its equity securities
      or debt or their then equivalents (not including a registration statement of
      Form S-4 or Form S-8 or other special purpose forms) (the “Registration
      Statement”), then the Company shall send to the Holder a written notice of such
      determination and, if within ten (10) days after receipt by the Holder, the
      Company shall receive a request in writing from the Holder, the Company shall
      include in such Registration Statement all or any part of such Warrant Shares
      such Holder requests to be registered, provided however, that (a) if, at any
      time after giving written notice of its intention to register any securities
      and
      prior to the effective date of the Registration Statement filed in connection
      with such registration, the Company determines for any reason not to proceed
      with such registration, the Company shall be relived of its obligation to
      register any Warrant Shares in connection with such registration, and (B) in
      case of a determination by the Company to delay registration of its securities,
      the Company will be permitted to delay the registration of the Warrant Shares
      for the same period as the delay in registering such other securities, in any
      such case without any obligation or liability to the
      Holder.

    

    9.           Warrant
      Agent.  The Company may, by written notice to the Holder of the
      Warrant, appoint an agent (a “Warrant Agent”) for the purpose of issuing Common
      Stock (or Other Securities) on the exercise of this Warrant pursuant to Section
      1, exchanging this Warrant pursuant to Section 6, and replacing this
      Warrant pursuant to Section 7, or any of the foregoing, and thereafter any
      such
      issuance, exchange or replacement, as the case may be, shall be made at such
      office by such Warrant Agent.

    

    10.           Transfer
      on the Company’s Books.  Until this Warrant is
      transferred on the books of the Company, the Company may treat the registered
      holder hereof as the absolute owner hereof for all purposes, notwithstanding
      any
      notice to the contrary.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11.           Notices.   All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice.  Any notice or other communication required or
      permitted to be given hereunder shall be deemed effective (a) upon hand delivery
      or delivery by facsimile, with accurate confirmation generated by the
      transmitting facsimile machine, at the address or number designated below (if
      delivered on a business day during normal business hours where such notice
      is to
      be received), or the first business day following such delivery (if delivered
      other than on a business day during normal business hours where such notice
      is
      to be received) or (b) on the second business day following the date of mailing
      by express courier service, fully prepaid, addressed to such address, or upon
      actual receipt of such mailing, whichever shall first occur or (c) three
      business days after deposited in the mail if delivered pursuant to subsection
      (ii) above.  The addresses for such communications shall be: (i) if to
      the Company to:  6477 Highway 93 South, Suite 303, Whitefish,
      MT  59937, telecopier:  (406) 892-2162, and (ii) if to the
      Holder, to the addresses and telecopier number set forth in the first paragraph
      of this Warrant.  The Company may change its address for notices but
      only to an address and fax number located in the United States.

    

    12.           Miscellaneous.  This
      Warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought. This Warrant shall
      be construed and enforced in accordance with and governed by the laws of New
      York.  Any dispute relating to this Warrant shall be adjudicated in
      New York County in the State of New York.  The headings in this
      Warrant are for purposes of reference only, and shall not limit or otherwise
      affect any of the terms hereof.  The invalidity or unenforceability of
      any provision hereof shall in no way affect the validity or enforceability
      of
      any other provision.

    

    IN
      WITNESS WHEREOF, the Company has executed this Warrant as of the date first
      written above.

     

    ACCELERIZE
      NEW MEDIA,
      INC.

    

    

    By:_________________________

     

    Name:_______________________

     

    Title:________________________

     

    Witness:

     

    _____________________________

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    FORM
      OF
      SUBSCRIPTION

    (to
      be
      signed only on exercise of Warrant)

    TO:           ACCELERIZE
      NEW MEDIA, INC.

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      (No.____), hereby irrevocably elects to purchase (check applicable
      box):

    

    
      	___ 	
              ________
                shares of the Common Stock covered by such Warrant;
                or

            

      	 	 

      	
              ___

            	
              the
                maximum number of shares of Common Stock covered by such Warrant
                pursuant
                to the cashless exercise procedure set forth in Section
                1.

            

    

    

    The
      undersigned herewith makes payment of the full purchase price for such shares
      at
      the price per share provided for in such Warrant, which is
      $___________.  Such payment takes the form of (check applicable box or
      boxes):

    

    
      	___	
              $__________
                in lawful money of the United States;
                and/or

            

      	 	 

      	
              ___

            	
              the
                cancellation of the Warrant to the extent necessary, in accordance
                with
                the formula set forth in Section 1, to exercise this Warrant with
                respect
                to the maximum number of shares of Common Stock purchasable pursuant
                to
                the cashless exercise procedure set forth in Section
                1.

            

    

    

    The
      undersigned requests that the certificates for such shares be issued in the
      name
      of, and delivered to _______________________________________ whose address
      is________________________________________________

    

    The
      undersigned represents and warrants that the representations and warranties
      in
      Section 4 of the Subscription Agreement (as defined in this Warrant) are true
      and accurate with respect to the undersigned on the date hereof.

    

    The
      undersigned represents and warrants that all offers and sales by the undersigned
      of the securities issuable upon exercise of the within Warrant shall be made
      pursuant to registration of the Common Stock under the Securities Act, or
      pursuant to an exemption from registration under the Securities
      Act.

    

    Dated:___________________________

    

    _________________________________

    (Signature
      must conform to name of holder as

    specified
      on the fact of the
      Warrant.)

     

    
      _________________________________

       

      
        _________________________________

      

    

    (Address)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

    

    FORM
      OF
      TRANSFEROR ENDORSEMENT

    (To
      be
      signed only on transfer of Warrant)

     

    For
      value
      received, the undersigned hereby sells, assigns, and transfers unto the
      person(s) named below under the heading “Transferees” the right represented by
      the within Warrant to purchase the percentage and number of shares of Common
      Stock of ACCELERIZE NEW MEDIA, INC. to which the within Warrant relates
      specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
      person Attorney to transfer its respective right on the books of ACCELERIZE
      NEW
      MEDIA, INC. with full power of substitution in the premises.

     

    
      	
              Transferees

            	
              Percentage
                Transferred

            	
              Number
                Transferred

            
	 	 	 
	 	 	 
	 	 	 

    

    

    

    
      	
              Dated:  ______________,
                ___________

               

               

               

              Signed
                in the presence of:

               

              ___________________________________

              (Name)

               

               

              ACCEPTED
                AND AGREED:

              [TRANSFEREE]

               

               

              ______________________________

              (Name)

               

            	
              _____________________________________________

              (Signature
                must conform to name of holder as 

              specified
                on the face of the warrant)

               

               

               

              __________________________________________

              __________________________________________

              (address)

               

              __________________________________________

              __________________________________________

              (address)EX-10.1

Exhibit 10.1

	 
	EXECUTION COPY

	CUSIP NO. [ ]

	CREDIT AGREEMENT

	dated as of August 7, 2007

	Among

	MAX BERMUDA LTD.

	And

	MAX CAPITAL GROUP 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	 	 	21	 
	SECTION 1.3
	 	Accounting Principles	 	 	22	 
	SECTION 1.4
	 	Exchange Rates; Currency Equivalents	 	 	22	 
	SECTION 1.5
	 	Additional Alternative Currencies	 	 	22	 
	ARTICLE II.AMOUNT AND TERMS OF COMMITMENTS
	 	 	23	 
	SECTION 2.1
	 	Commitments	 	 	23	 
	SECTION 2.2
	 	Loans	 	 	24	 
	SECTION 2.3
	 	Issuance, Amendment and Renewal of Letters of Credit	 	 	25	 
	SECTION 2.4
	 	Drawings and Reimbursements	 	 	29	 
	SECTION 2.5
	 	Repayment of LC Advances	 	 	31	 
	SECTION 2.6
	 	Role of the Lenders	 	 	32	 
	SECTION 2.7
	 	Obligations Absolute	 	 	33	 
	SECTION 2.8
	 	Continuing Letters of Credit	 	 	34	 
	SECTION 2.9
	 	Applicability of ISPand UCP	 	 	34	 
	SECTION 2.10
	 	Interest	 	 	34	 
	SECTION 2.11
	 	Repayments; Prepayments	 	 	35	 
	SECTION 2.12
	 	Payments	 	 	36	 
	SECTION 2.13
	 	Termination or Reduction of Commitments	 	 	37	 
	SECTION 2.14
	 	Mandatory Reduction/Cash Collateralization of Letters of Credit	 	 	38	 
	SECTION 2.15
	 	Fees	 	 	39	 
	SECTION 2.16
	 	Computation of Fees and Interest	 	 	40	 
	SECTION 2.17
	 	Sharing of Payments by Lenders	 	 	41	 

	 	 	 	SECTION 2.18 Several Obligations of Borrowers; Parent as Agent of Max Bermuda 42	 

	 	 	 	 	 	 	 	 	 
	SECTION 2.19
	 	Optional Increase in LC Commitments	 	 	42	 
	ARTICLE III.TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	43	 
	SECTION 3.1
	 	Taxes	 	 	43	 
	SECTION 3.2
	 	Illegality	 	 	44	 
	SECTION 3.3
	 	Inability to Determine Rates	 	 	45	 
	SECTION 3.4
	 	Increased Costs and Reduction of Return	 	 	45	 
	SECTION 3.5
	 	Compensation for Losses	 	 	46	 
	SECTION 3.6
	 	Certificates of Lenders	 	 	47	 
	SECTION 3.7
	 	Substitution of Lenders	 	 	47	 
	SECTION 3.8
	 	Survival	 	 	47	 
	ARTICLE IV.REPRESENTATIONS AND WARRANTIES
	 	 	47	 
	SECTION 4.1
	 	Due Organization, Authorization, etc	 	 	48	 
	SECTION 4.2
	 	Litigation and Contingent Liabilities	 	 	48	 
	SECTION 4.3
	 	Employee Benefit Plans	 	 	48	 
	SECTION 4.4
	 	Regulated Entities	 	 	49	 
	SECTION 4.5
	 	Regulations U and X	 	 	49	 
	SECTION 4.6
	 	Proceeds	 	 	49	 
	SECTION 4.7
	 	Accuracy of Information	 	 	49	 
	SECTION 4.8
	 	Subsidiaries; Equity Interests	 	 	49	 
	SECTION 4.9
	 	Taxes	 	 	50	 
	SECTION 4.10
	 	Securities Laws	 	 	50	 
	SECTION 4.11
	 	Compliance with Laws	 	 	50	 
	SECTION 4.12
	 	Financial Condition	 	 	50	 
	SECTION 4.13
	 	Insurance Act	 	 	51	 
	SECTION 4.14
	 	First Priority Security Interest	 	 	51	 
	ARTICLE V.AFFIRMATIVE COVENANTS
	 	 	51	 
	SECTION 5.1
	 	Reports, Certificates and Other Information	 	 	51	 
	SECTION 5.2
	 	Corporate Existence; Foreign Qualification	 	 	55	 
	SECTION 5.3
	 	Books, Records and Inspections	 	 	55	 
	SECTION 5.4
	 	Insurance	 	 	55	 
	SECTION 5.5
	 	Taxes and Liabilities	 	 	55	 
	SECTION 5.6
	 	Compliance with Laws	 	 	56	 
	SECTION 5.7
	 	Maintenance of Permits	 	 	56	 
	SECTION 5.8
	 	Conduct of Business	 	 	56	 
	SECTION 5.9
	 	Use of Credit Extensions	 	 	56	 
	SECTION 5.10
	 	Financial Strength Rating	 	 	56	 
	SECTION 5.11
	 	Further Assurances	 	 	56	 
	ARTICLE VI.NEGATIVE COVENANTS
	 	 	57	 
	SECTION 6.1
	 	Max Bermuda Net Worth	 	 	57	 
	SECTION 6.2
	 	Parent Debt to Total Capitalization Ratio	 	 	57	 
	SECTION 6.3
	 	Debt	 	 	57	 
	SECTION 6.4
	 	Mergers, Consolidations and Sales	 	 	57	 
	SECTION 6.5
	 	Other Agreements	 	 	58	 
	SECTION 6.6
	 	Transactions with Affiliates	 	 	58	 
	SECTION 6.7
	 	Liens	 	 	58	 
	SECTION 6.8
	 	Restrictions On Negative Pledge Agreements	 	 	59	 
	SECTION 6.9
	 	Dividends, Etc	 	 	59	 
	SECTION 6.10
	 	Eligible Investments	 	 	59	 
	ARTICLE VII.EVENTS OF DEFAULT AND THEIR EFFECT
	 	 	60	 
	SECTION 7.1
	 	Events of Default	 	 	60	 
	SECTION 7.2
	 	Effect of Event of Default	 	 	62	 
	SECTION 7.3
	 	LC Collateral Account	 	 	62	 
	ARTICLE VIII.CONDITIONS
	 	 	 	 	 	 	63	 
	SECTION 8.1
	 	Conditions to Occurrence of the Effective Date	 	 	63	 
	SECTION 8.2
	 	Conditions to All Credit Extensions	 	 	64	 
	ARTICLE IX.THE ADMINISTRATIVE AGENT
	 	 	65	 
	SECTION 9.1
	 	Appointment and Authorization	 	 	65	 
	SECTION 9.2
	 	Exculpatory Provisions	 	 	66	 
	SECTION 9.3
	 	Delegation of Duties	 	 	66	 
	SECTION 9.4
	 	Reliance by Administrative Agent	 	 	67	 
	SECTION 9.5
	 	Notice of Default	 	 	67	 
	SECTION 9.6
	 	Credit Decision	 	 	67	 
	SECTION 9.7
	 	Indemnification	 	 	68	 
	SECTION 9.8
	 	Administrative Agent in Individual Capacity	 	 	68	 
	SECTION 9.9
	 	Successor Administrative Agent	 	 	68	 
	SECTION 9.10
	 	Withholding Tax	 	 	69	 
	SECTION 9.11
	 	No Other Duties, Etc	 	 	70	 
	SECTION 9.12
	 	Administrative Agent May File Proofs of Claim	 	 	70	 
	ARTICLE X.MISCELLANEOUS
	 	 	 	 	 	 	71	 
	SECTION 10.1
	 	Amendments and Waivers	 	 	71	 
	SECTION 10.2
	 	Notices; Effectiveness; Electronic Communication	 	 	72	 
	SECTION 10.3
	 	No Waiver; Cumulative Remedies	 	 	74	 
	SECTION 10.4
	 	Costs and Expenses	 	 	74	 
	SECTION 10.5
	 	Indemnity	 	 	75	 
	SECTION 10.6
	 	Payments Set Aside	 	 	76	 
	SECTION 10.7
	 	Successors and Assigns	 	 	76	 
	SECTION 10.8
	 	Confidentiality	 	 	79	 
	SECTION 10.9
	 	Set-off	 	 	79	 
	SECTION 10.10
	 	Notification of Addresses, Lending Offices, Etc	 	 	80	 
	SECTION 10.11
	 	Counterparts; Facsimile	 	 	80	 
	SECTION 10.12
	 	Severability	 	 	80	 
	SECTION 10.13
	 	No Third Parties Benefitted	 	 	80	 
	SECTION 10.14
	 	Governing Law and Jurisdiction	 	 	80	 
	SECTION 10.15
	 	Waiver of Jury Trial	 	 	81	 
	SECTION 10.16
	 	No Advisory or Fiduciary Responsibility	 	 	81	 
	SECTION 10.17
	 	Currency Indemnity	 	 	82	 
	SECTION 10.18
	 	Service of Process	 	 	83	 
	SECTION 10.19
	 	USA PATRIOT Act Notice	 	 	83	 
	SECTION 10.20
	 	Entire Agreement	 	 	83	 

1

	 	 	 
	SCHEDULE 1.1

	 	Concentration Limits
	SCHEDULE 2.1

	 	Commitments
	SCHEDULE 2.8

	 	Continuing Letters of Credit
	SCHEDULE 4.2

	 	Litigation
	SCHEDULE 4.8

	 	Subsidiaries, Equity Investments
	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 Assumption
	EXHIBIT D

	 	Form of Security Agreement
	EXHIBIT E

	 	Form of Several 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 August 7, 2007, is entered into by and among Max Bermuda
Ltd. (f/k/a Max Re Ltd.), a Bermuda company (“Max Bermuda”) and Max Capital Group Ltd.
(f/k/a Max Re Capital Ltd.), a Bermuda company (“Parent” and, together with Max Bermuda,
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.

Administrative Agent’s Office means, with respect to any currency, the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 10.2 with respect to
such currency or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Borrowers and the Lenders.

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

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 means, with respect to any Person, another Person which, directly or
indirectly, through one or more intermediaries, Controls or is Controlled by or is under common
Control with 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.

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

Agreement means this Credit Agreement.

Alternative Currency means Canadian Dollars, Euros, Sterling and each other currency
(other than Dollars) that is approved in accordance with Section 1.5.

Alternative Currency Equivalent means, at any time, with respect to any amount
denominated in Dollars the equivalent amount thereof in the applicable Alternative Currency as
determined by the Applicable Issuing Party at such time on the basis of the Spot Rate (determined
in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with
Dollars.

Alternative Currency Letter of Credit means a Letter of Credit issued in an
Alternative Currency.

Alternative Currency LC Sublimit means $25,000,000.

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

Applicable Issuing Party means (a) in the case of Fronted Letters of Credit, the
Fronting Bank and (b) in the case of Several Letters of Credit, the LC Administrator.

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

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Non-Use Fee	 	Applicable Margin	 	Base Rate Loans	 	Letter of Credit Fee
	 
	 	 	 	 	 	 	—	 	 	 	—	 	 	for LIBOR Loans	 	 	—	 	 	 	—	 	 	 	—	 
	Pricing Level
	 	Parent Debt Rating	 	Tranche A	 	Tranche B	 	Tranche B	 	Tranche B	 	Tranche A	 	Tranche B
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1
	 	 	= A-/ A3	 	 	 	0.070	%	 	 	0.060	%	 	 	0.300	%	 	 	0.000	%	 	 	0.250	%	 	 	0.300	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	BBB+/Baa1	 	 	0.070	%	 	 	0.070	%	 	 	0.375	%	 	 	0.000	%	 	 	0.250	%	 	 	0.375	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	BBB/Baa2	 	 	0.070	%	 	 	0.080	%	 	 	0.450	%	 	 	0.000	%	 	 	0.250	%	 	 	0.450	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4
	 	BBB-/Baa3	 	 	0.070	%	 	 	0.100	%	 	 	0.550	%	 	 	0.000	%	 	 	0.250	%	 	 	0.550	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5
	 	<BBB-/Baa3	 	 	0.070	%	 	 	0.125	%	 	 	0.700	%	 	 	0.000	%	 	 	0.250	%	 	 	0.700	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Parent Debt Rating means, as of any date of determination, the rating as
determined by either S&P or Moody’s (collectively, the “Parent Debt Ratings”) of the
Parent’s non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the
respective Parent Debt Ratings issued by the foregoing rating agencies differ by one level, then
the Pricing Level for the higher of such Parent Debt Ratings shall apply (with the Parent Debt
Rating for Pricing Level 1 being the highest and the Parent Debt Rating for Pricing Level 5 being
the lowest); (b) if there is a split in Parent Debt Ratings of more than one level, then the
Pricing Level that is one level lower than the Pricing Level of the higher Parent Debt Rating shall
apply; (c) if the Parent has only one Parent Debt Rating, the Pricing Level that is one level lower
than that of such Parent Debt Rating shall apply; and (d) if the Parent does not have any Parent
Debt Rating, Pricing Level 5 shall apply.

Initially, the Applicable Rate shall be determined based upon the Parent Debt Rating specified
in the certificate delivered pursuant to Section 8.1(e). Thereafter, each change in the
Applicable Rate resulting from a publicly announced change in the Parent Debt Rating shall be
effective during the period commencing on the date of the public announcement of each upgrade or
downgrade and ending on the date immediately preceding the effective date of the next such change.

Approved Fund means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender of (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

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

Assignee Group means two or more Eligible Assignees that are Affiliates of one another
or two or more Approved Funds managed by the same investment advisor.

Assignment and Assumption means an assignment and assumption entered into by a Lender
and an Eligible Assignee (with the consent of any party whose consent is required by Section
10.7(a)), and accepted by the Administrative Agent in substantially the form of Exhibit
C or any other form approved by the Administrative Agent.

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 and its successors.

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.

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 Bermuda in a 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 Bermuda 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 Bermuda entitled to vote (in accordance with the provisions of the bye-laws of Max
Bermuda) upon general matters submitted to shareholders including election of the board of
directors.

Code means the Internal Revenue Code of 1986.

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, for any period, for Max Bermuda and its Subsidiaries on
a consolidated basis, the net income of Max Bermuda 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 Insurance
Subsidiaries under Reinsurance Agreements and Primary Policies (including, without limitation, any
guaranties by a Borrower of its Insurance 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.

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

Control Agreement means an agreement between Max Bermuda, the applicable Securities
Intermediary and the Administrative Agent with respect to any deposit or securities account of Max
Bermuda in which a security interest is purported to be granted to the Administrative Agent
pursuant to the Security Agreement which is either in the form of Schedule I to the Security
Agreement or in such other form as is reasonably acceptable to the Administrative Agent.

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
Bermuda, Mellon Bank N.A. and the Administrative Agent have entered into a 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 Bermuda and the Administrative Agent may
enter into a Control Agreement.

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, unless such failure has been cured, (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 unless such failure has been cured, or (c) has been deemed
insolvent or become the subject of an 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) a Lender; (b) an Affiliate of a Lender that is primarily
engaged in the business of commercial banking; (c) an Approved Fund; and (d) any other Person
(other than a natural person) approved by (i) the Administrative Agent, and (ii) unless an Event of
Default has occurred and is continuing, Max Bermuda (each such approval of the Administrative Agent
and Max Bermuda and not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, (x) the Fronting Bank must approve any proposed assignee who is not
a Lender, (y) “Eligible Assignee” shall not include the Parent or any of the Parent’s Affiliates or
Subsidiaries and (z) Max Bermuda must approve any proposed assignee that is not an NAIC Approved
Bank.

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.

EMU Legislation means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European currency.

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.

Euro and EUR mean the lawful currency of the Participating Member States
introduced in accordance with the EMU Legislation.

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.

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 or the
controller.

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 Bermuda 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 Bermuda 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 of the United States.

Fronting Bank means (a) in the case of Fronted Letters of Credit, BofA or any
successor fronting bank and (b) in the case of Several Letters of Credit, BofA or any successor
fronting bank in its capacity as a fronting bank on behalf of each Participating Bank.

Fronted Letter of Credit means a Letter of Credit issued by the Fronting Bank in which
the Lenders have a Risk Participation.

Fund means any Person (other than a natural person) that is engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business.

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 the government of the United States or any other nation,
or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

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(a).

Indemnified Person is defined in Section 10.5(a).

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 any Insurance Subsidiary, the insurance
regulation of such Person’s domicile.

Insurance Policies means policies purchased from insurance companies by the Parent 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).

Insurance Subsidiary means each of Max Bermuda and any other Subsidiary of the Parent
which is licensed by any Governmental Authority to engage in the insurance and/or reinsurance
business.

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
September 30, 2007, 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 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.

ISP means, with respect to any Letter of Credit, the “International Standby Practices
1998” published by the Institute of International Banking Law & Practice (or such later version
thereof as may be in effect at the time of issuance and which, if applicable meets the applicable
insurance regulatory requirements).

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 (a) with respect to any Fronted Letter of Credit, the Fronting Bank and
(b) with respect to a Several Letter of Credit, each Lender other than a Participating Bank.

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 Applicable Issuing Party.

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

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

LC Collateral Account is defined in Section 2.14(b).

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 Applicable Issuing Party’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 described
as such in such Lender’s Administrative Questionnaire or such other office or offices as such
Lender may from time to time notify Max Bermuda and the Administrative Agent.

Letters of Credit means (a) the Continuing Letters of Credit and (b) a standby letter
of credit having terms and provisions which are permitted by this Agreement and which otherwise are
reasonably satisfactory to the Applicable Issuing Party issued pursuant to Section 2.3 and
includes all of the Tranche A Letters of Credit and the Tranche B Letters of Credit. Letters of
Credit may be issued in Dollars or in an Alternative Currency and each Letter of Credit shall be in
a form which complies with the applicable insurance regulatory requirements.

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.

Material Insurance Subsidiary means Max Bermuda and each other Insurance Subsidiary
whose consolidated gross assets or gross revenues exceed 5% of the consolidated gross assets or
gross revenues of the Parent and its Subsidiaries for the most recent fiscal quarter for which
financial statements have been delivered pursuant to Section 5.1(a) or (b).

Material Party means each Borrower, each Material Insurance Subsidiary and each other
Subsidiary whose consolidated gross assets or gross revenues exceed 5% of the consolidated gross
assets or gross revenues of the Parent and its Subsidiaries for the most recent fiscal quarter for
which financial statements have been delivered pursuant to Section 5.1(a) or (b).

Max Bermuda is defined in the preamble.

Max US Holdings means Max USA Holdings Ltd., a Delaware corporation and a direct,
wholly-owned Subsidiary of the Parent.

Max US Holdings Indenture means the Indenture dated April 15, 2007 among Max US
Holdings, as issuer, the Parent, as guarantor and The Bank of New York, as trustee, relating to the
7.20% Senior Notes due 2017 as in effect on the Effective Date.

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 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. 

NAIC means the National Association of Insurance Commissioners and any successor
thereto.

NAIC Approved Bank means any bank listed on the most current list of banks approved by
the Securities Valuation Office of the NAIC and acting through the branch so listed.

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 and including interest and fees that accrue after the commencement by or against any
Borrower of any Insolvency Proceeding affecting such Borrower, regardless of whether such interest
and fees are allowed claims in such Insolvency Proceeding.

Ordinary Course Litigation is defined in Section 4.2.

Organization Documents means, (a) with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with
respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

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 is defined in the preamble.

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 Debt Rating has the meaning specified in the definition of “Applicable Rate.”

Participating Bank means, from time to time, with respect to any Several Letter of
Credit, a Lender that is unable due to regulatory restrictions or other legal impediments to Issue
such Several Letter of Credit because of its relationship to the Beneficiary and/or a Lender that
is not, or that loses its status as, an NAIC Approved Bank.

Participating Member State means each state so described in any EMU Legislation.

Participants is defined in Section 10.7(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 Bermuda or any of its Subsidiaries of
the obligations of any of its Insurance Subsidiaries under Reinsurance Agreements and Primary
Policies issued by such Insurance Subsidiary, (b) the guarantees listed on Schedule 4.2,
(c) agreements by Max Bermuda in favor of any of its Insurance Subsidiaries to maintain the capital
of such Insurance Subsidiary at 150% of the required regulatory level, and (d) the guarantee of the
Parent of the obligations of Max US Holdings pursuant to the Max US Holdings Indenture.

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 a Borrower 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 5.1.

Primary Policies means any insurance policies issued by any Insurance Subsidiary.

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 any Insurance Subsidiary 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 more than 50% of the
Aggregate Commitments or, if the Aggregate Commitments have been terminated, Lenders then holding
more than 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.

Revaluation Date means with respect to any Letter of Credit, each of the following:
(a) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (b) each
date of an amendment of any such Letter of Credit having the effect of increasing the amount
thereof (with respect to the increased amount only), (c) each date of any payment by the Applicable
Issuing Party under any Letter of Credit denominated in an Alternative Currency, (d) the Letter of
Credit Expiration Date, (e) with respect to the Continuing Letters of Credit, the Effective Date
and (f) such additional dates as the Administrative Agent, the Fronting Bank or Max Bermuda shall
determine or the Required Lenders shall require.

Risk Participation is defined in Section 2.6(d).

SAP means the statutory accounting practices prescribed or permitted by the applicable
Governmental Authority) in an Insurance Subsidiary’s domicile for the preparation of Annual
Statements and other financial reports by insurance corporations of the same type as such Insurance
Subsidiary.

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 Letter of Credit means a Letter of Credit issued severally by or on behalf of
the Lenders pursuant to which the Lenders (or in the case of any Participating Bank, the Fronting
Bank on its behalf) are severally liable to the Beneficiary and which shall be substantially in the
form of Exhibit E or in such other form as may be agreed by Max Bermuda and the LC
Administrator; provided that the LC Administrator will agree to reasonable changes to such form,
necessary to satisfy any then applicable requirement of the applicable insurance regulators.

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 the Alternative Currency 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 Alternative Currency Letter of Credit.

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

Sterling and £ mean the lawful currency of the United Kingdom.

Subsidiary of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Parent.

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 $235,000,000 total return equity swap
entered into by Max Bermuda in connection with the common shares of MDS, (b) Debt of Max Bermuda
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 Bermuda’s obligations under Reinsurance Agreements
and Primary Policies, and (c) any substantially similar financial arrangement or transaction
entered into by Max Bermuda.

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 Bermuda
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) August 7, 2012 and (b)
the occurrence of a Commitment Termination Event.

Tranche A Fronted Letter of Credit means a Tranche A Letter of Credit issued as a
Fronted Letter of Credit.

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

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 Alternative Currency Letters of Credit calculated using the Spot Rate.

Tranche A Several Letter of Credit means a Tranche A Letter of Credit issued as a
Several Letter 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 Bermuda 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) August 7, 2012 and (b)
the occurrence of a Commitment Termination Event.

Tranche B Fronted Letter of Credit means a Tranche B Letter of Credit issued as a
Fronted Letter of Credit.

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.

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 Several Letter of Credit means a Tranche B Letter of Credit issued as a
Several Letter of Credit.

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

UCP means the 1993 Revision of the Uniform Customs and Practice for Documentary
Credits of the International Chamber of Commerce (or such later version as may be in effect at the
time of issuance and which, if applicable, meets the applicable insurance regulatory requirements).

SECTION 1.2 Other Interpretive Provisions. With reference to this Agreement and each
other Credit Document, unless otherwise specified herein or in such other Credit Document:

(a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Credit
Document, shall be construed to refer to such Credit Document in its entirety and not to any
particular provision thereof, (iv) all references in a Credit Document to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, the Credit Document in which such references appear, (v) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending, replacing or
interpreting such law and any reference to any law or regulation shall, unless otherwise specified,
refer to such law or regulation as amended, modified or supplemented from time to time, and (vi)
the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

(b) 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.”

(c) Section headings herein and in the other Credit Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Credit
Document.

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.

SECTION 1.4 Exchange Rates; Currency Equivalents.

(a) The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be
used for calculating Dollar Equivalent amounts of Credit Extensions and the Total Outstanding
Amount denominated in Alternative Currencies. Such Spot Rates shall become effective as of such
Revaluation Date and shall be the Spot Rates employed in converting any amounts between the
applicable currencies until the next Revaluation Date to occur. Except for purposes of financial
statements delivered by the Borrowers hereunder or calculating financial covenants hereunder or
except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for
purposes of the Credit Documents shall be such Dollar Equivalent amount as so determined by the
Administrative Agent or the Fronting Bank, as applicable.

(b) Wherever in this Agreement in connection with the extension of an Alternative Currency
Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in
Dollars, but such Letter of Credit is denominated in an Alternative Currency, such amount shall be
the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of
such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the
Administrative Agent.

SECTION 1.5 Additional Alternative Currencies.

(a) Max Bermuda may from time to time request that Letters of Credit be issued in a currency
other than those specifically listed in the definition of “Alternative Currency;” provided that
such requested currency is a lawful currency (other than Dollars) that is readily available and
freely transferable and convertible into Dollars. In the case of any such request, such request
shall be subject to the approval of the Administrative Agent and the Fronting Bank and if the
Administrative Agent and the Fronting Bank consent to the issuance of Letters of Credit in such
requested currency, the Administrative Agent shall so notify Max Bermuda and the Lenders and such
currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for
purposes of any Letter of Credit issuances.

(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20
Business Days prior to the date of the desired Credit Extension or such shorter time as may be
agreed by the Administrative Agent and the Fronting Bank, in its or their sole discretion. In the
case of any such request, the Administrative Agent shall promptly notify the Fronting Bank thereof.
The Fronting Bank shall notify the Administrative Agent, not later than 11:00 a.m., ten Business
Days after receipt of such request whether it consents, in its sole discretion, to the issuance of
Letters of Credit in such requested currency.

(c) Any failure by the Fronting Bank to respond to such request within the time period
specified in the subsection (b) above shall be deemed to be a refusal by the Fronting Bank to
permit Letters of Credit to be issued in such requested currency. If the Administrative Agent and
the Fronting Bank consent to the issuance of Letters of Credit in such requested currency, the
Administrative Agent shall so notify Max Bermuda and such currency shall thereupon be deemed for
all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit
issuances. If the Administrative Agent shall fail to obtain consent to any request for an
additional currency under this Section 1.5, the Administrative Agent shall promptly so
notify the Max Bermuda.

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 Fronted Letters of Credit at the request of and
for the account of Max Bermuda or any of its Insurance Subsidiaries from time to time before the
Tranche A Commitment Termination Date, (ii) each Lender that is not a Participating Bank hereby
agrees to issue Tranche A Several Letters of Credit at the request of and for the account of Max
Bermuda or any of its Insurance Subsidiaries from time to time before the Tranche A Commitment
Termination Date in such Lender’s Percentage of such aggregate stated amounts as Max Bermuda 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 Fronted Letters of Credit, and (iv) with respect
to Tranche A Several Letters of Credit, 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 Several Letter of Credit in an amount equal to such Participating
Bank’s Percentage; provided, however, that after giving effect to any Credit Extension
pursuant to this Section 2.1(a), (A) the Tranche A Obligations outstanding shall not 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 will not exceed such Lender’s Tranche A Commitment, and (C) the
conditions in Section 2.3(b) shall be 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 Fronted Letters of Credit at the request of
and for the account of Max Bermuda or any of its Insurance Subsidiaries from time to time before
the Tranche B Commitment Termination Date, (x) each Lender that is not a Participating Bank hereby
agrees to issue Tranche B Several Letters of Credit at the request of and for the account of Max
Bermuda or any of its Insurance Subsidiaries from time to time before the Tranche B Commitment
Termination Date in such Lender’s Percentage of such aggregate stated amounts as Max Bermuda 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 Fronted Letters of Credit, and (z) with respect to
Tranche B Several Letters of Credit, 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 Several Letter of Credit in an amount equal to such Participating
Bank’s Percentage, and (ii) each Lender severally agrees to make loans in Dollars (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, however that, after giving effect to any Tranche B Credit
Extension, (A) the Tranche B Obligations will not exceed the combined Tranche B Commitments, (B)
the Tranche B Obligations of any Lender will not exceed such Lender’s Tranche B Commitment, and (C)
the conditions in Section 2.3(b) are 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 Bermuda and the
Letters of Credit Issued for the account of Max Bermuda, the amount of Loans made to Max Bermuda
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 Bermuda, 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 Bermuda 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 Bermuda
received by the Applicable Issuing Party at least 5 Business Days (or such shorter time as the
Administrative Agent, and the Applicable Issuing Party may agree in a particular instance in their
sole discretion) prior to the proposed date of issuance. The Applicable Issuing Party 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 Applicable Issuing
Party: (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 an
Alternative Currency 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 a Fronted Letter of Credit or a Several Letter of Credit (it being agreed that (x) all
Alternative Currency Letters of Credit will be issued by the Fronting Bank and (y) in the case of
Several Letters of Credit in the event a Lender advises the LC Administrator that such Lender is a
Participating Bank, such Participating Bank’s Percentage of such Several 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; (ix) whether such Letter of Credit shall be issued under
the rules of ISP or the UCP, (x) the account party, if such Letter of Credit is being issued for
the account of an Insurance Subsidiary of Max Bermuda; and (xi) and such other matters as the
Applicable Issuing Party may require. In the event Max Bermuda requests that a Letter of Credit be
issued for the account of any of its Insurance Subsidiaries, Max Bermuda shall be liable for all
Obligations under such Letter of Credit as if it had been issued for the account of Max Bermuda
itself.

(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 Applicable Issuing Party has received written notice from the Administrative
Agent, the Fronting Bank or the Required Lenders, as the case may be, or Max Bermuda, 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 Letters of Credit issued in Canadian Dollars) 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 a Several Letter of Credit , such Several 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 and the Applicable Issuing
Party; provided that the Administrative Agent and the Applicable Issuing Party can and will,
agree to reasonable changes to such form, not adverse to the interests of the Lenders,
requested by applicable insurance regulators;

(vi) in the case of an Alternative Currency Letter of Credit, the aggregate LC
Obligations with respect to all Alternative Currency Letters of Credit would exceed the
Alternative Currency LC Sublimit; or

(vii) 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 Applicable Issuing Party will, upon the written request of Max
Bermuda received by the Applicable Issuing Party at least 5 Business Days (or such shorter time as
the Administrative Agent, and the Applicable Issuing Party may agree in a particular instance in
their sole discretion) prior to the proposed date of amendment, amend any Letter of Credit. The
Applicable Issuing Party 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 Applicable Issuing Party (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 Applicable Issuing Party
may require. With respect to Letters of Credit which contain an automatic extension provision,
unless otherwise directed by the Applicable Issuing Party, Max Bermuda shall not be required to
make a specific request to the Applicable Issuing Party for any such extension and the Lenders
shall be deemed to have authorized (but may not require) the Applicable Issuing Party to permit the
extension of such Letter of Credit for an additional 12-month period (13-month period in the case
of Letters of Credit issued in Canadian Dollars) provided such extended expiry date is not later
than the applicable Final Expiry Date. The Applicable Issuing Party shall not have any obligation
to amend any Letter of Credit if: (A) the Applicable Issuing Party 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 Applicable Issuing Party agrees, upon the request of Max
Bermuda 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.

(d) The LC Administrator is hereby authorized to execute and deliver each Several Letter of
Credit and each amendment to a Several Letter of Credit on behalf of each Lender (unless such
Lender has advised the LC Administrator that it is a Participating Bank) provided that, upon
request of Max Bermuda, such Several Letter of Credit or amendment will be executed by each Lender
(other than a Participating Bank). The LC Administrator shall use the Percentage of each Lender as
its “Commitment share” under each Several Letter of Credit 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 Several Letter of Credit to
change the “Commitment shares” of a Lender or add or delete a Lender liable thereunder unless such
amendment is done in connection with an assignment in accordance with Section 10.07, a
change in the Lenders and/or the Percentages as a result of any increase in the Aggregate
Commitments pursuant to Section 2.19 or any other addition or replacement of a Lender in
accordance with the terms of this Agreement or a change in status of a Lender as a Participating
Bank. Each Lender hereby irrevocably constitutes and appoints the LC Administrator its true and
lawful attorney-in-fact for and on behalf of such Lender with full power of substitution and
revocation in its own name or in the name of the LC Administrator to issue, execute and deliver, as
the case may be, each Several Letter of Credit and each amendment to a Several Letter of Credit and
to carry out the purposes of this Agreement with respect to Several Letters of Credit. Upon
request, each Lender shall execute such powers of attorney or other document as any beneficiary of
any Several Letter of Credit may reasonably request to evidence the authority of the LC
Administrator to execute and deliver such Several Letter of Credit and any amendment or other
modification thereto on behalf of the Lenders. Immediately upon issuance of each Several Letter of
Credit, each Participating Bank shall be deemed to, and hereby irrevocably and unconditionally
agrees to, without recourse or warranty, purchase from the Fronting Bank a Risk Participation in
such Several Letter of Credit in an amount equal to the product of such Participating Bank’s
Percentage times the amount of such Several Letter of Credit.

(e) The LC Administrator shall act on behalf of the Lenders with respect to any Several
Letters of Credit issued hereunder and the documents associated thereto and each Fronting Bank
shall act on behalf of the Lenders with respect to any Fronted Letters of Credit issued by such
Fronting Bank hereunder and the documents associated therewith, and each of the LC Administrator
and each Fronting Bank shall have all of the benefits and immunities (A) provided to the
Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the LC
Administrator or a Fronting Bank, as the case may be, in connection with Letters of Credit issued
by it or proposed to be issued by it and LC Related Documents pertaining to such Letters of Credit
as fully as if the term “Administrative Agent” as used in Article IX included the LC Administrator
and the Fronting Banks with respect to such acts or omissions, and (B) as additionally provided
herein with respect to the LC Administrator and the Fronting Banks.

(f) The Administrative Agent shall promptly notify each Lender of the receipt of a written
request from Max Bermuda 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 Bermuda.

(g) 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 Administrative Agent, the Fronting Bank or the Required
Lenders, as the case may be, or Max Bermuda directing the Applicable Issuing Party 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 Applicable Issuing Party shall, on the requested date, cause a Letter of Credit to be Issued
for the account of Max Bermuda in accordance with the Applicable Issuing Party’s usual and
customary business practices.

(h) The Applicable Issuing Party 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.

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

(j) The Applicable Issuing Party, concurrently or promptly following the delivery of a Letter
of Credit, or amendment to or extension of a Letter of Credit, to a Beneficiary, shall send to the
Administrative Agent a true and complete copy of each such Letter of Credit or amendment to or
extension of a Letter of Credit.

(k) 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)(iv) shall accrue only during such period as such Lender is a Participating Bank with
respect to any such Letter of Credit.

(l) 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 Bermuda 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 Applicable Issuing Party receives a
request for a drawing which is in form and substance reasonably satisfactory to the Applicable
Issuing Party (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
Applicable Issuing Party shall promptly notify Max Bermuda of such Drawing Request (which notice
may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such
notification, Max Bermuda shall promptly reimburse the Administrative Agent on behalf of the Issuer
for the amount of such drawing by delivering to the Applicable Issuing Party in immediately
available funds the amount of the Drawing Request. In the event of a Drawing Request under an
Alternative Currency Letter of Credit, such reimbursement by Max Bermuda shall be in Dollars (as
calculated by the Applicable Issuing Party, using the Spot Rate) or the Alternative Currency as
specified by the Applicable Issuing Party. Nothing herein stated shall be deemed a waiver by the
Lenders of the obligation of Max Bermuda to make such prompt reimbursement

(b) With respect to any Drawing Request, if immediately available funds are not received by
the Applicable Issuing Party from Max Bermuda prior to 3:00 p.m. (Chicago time) on the first
Business Day after the Drawing Request Date, or for Alternative Currency Letters of Credit on the
date any payment made by the Fronting Bank in the amount of such Drawing Request, the
Administrative Agent shall promptly notify each Lender 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 Bermuda pursuant to Section 2.4(a)) and Max
Bermuda 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 Bermuda pursuant to Section 2.4(a). If such LC
Borrowing relates to a Alternative Currency Letter of Credit, the amount of such LC Borrowing shall
be the Dollar Equivalent (as calculated by the Applicable Issuing Party 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 Applicable Issuing Party at the Administrative Agent’s 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 Fronted Letter of Credit, 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 Bermuda in such amount

(d) Unless the Administrative Agent 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 Bermuda the amount of such Lender’s LC Advance on such LC Advance Date, the
Administrative Agent may assume that such Lender has made such amount available to the
Administrative Agent in immediately available funds on the LC Advance Date. 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) 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 Fronted
Letter of Credit, 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 Several 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 Bermuda of such failure
to fund and, upon demand by the Administrative Agent, Max Bermuda 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 Bermuda 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 Bermuda 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 Bermuda shall repay any LC Advances
on the date such LC Advances were made.

SECTION 2.6 Role of the Lenders.  

(a) Each Lender and Max Bermuda agree that, in paying any drawing under a Letter of Credit,
the Applicable Issuing Party shall have no 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 Applicable Issuing Party shall exercise that
standard of care customarily exercised by it in the review and processing of drawings under letters
of credit issued by it.

(b) 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.

(c) Max Bermuda 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 Bermuda’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 Applicable Issuing Party, any Lender 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 Bermuda may have a claim
against the Administrative Agent, the Applicable Issuing Party or any Lender, and the
Administrative Agent, the Applicable Issuing Party or any Lender may be liable to Max Bermuda, to
the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by Max Bermuda which Max Bermuda, in a final judgment of a court of competent
jurisdiction, proves were caused primarily by the Administrative Agent’s or Applicable Issuing
Party’s or such Lender’s willful misconduct or gross negligence or the Applicable Issuing Party’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 Applicable Issuing Party may accept documents that appear on their face to be in order, without
responsibility for further investigation; and (ii) no Applicable Issuing Party 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.

(d) Concurrently with the issuance by the Fronting Bank of any Fronted 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 Bermuda’s reimbursement obligations with respect thereto.

SECTION 2.7 Obligations Absolute. The obligations of Max Bermuda 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 Bermuda 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 Bermuda 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 the Applicable Issuing Party or any Lender 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 Applicable Issuing Party or any
Lender 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 Bermuda 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 Bermuda 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 as Fronted Letters of Credit 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 as Several Letters of Credit
shall be equal to each Lender’s Percentage.

(c) The LC Administrator and Max Bermuda 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 ISP and UCP. Unless otherwise agreed by the Applicable
Issuing Party and Max Bermuda when a Letter of Credit is issued, the rules of the ISP or the UCP
(as selected by Max Bermuda pursuant to Section 2.3(a)) 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 Bermuda 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 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda but under the sole dominion and control of
the Administrative Agent, for the benefit of the LC Administrator and the Lenders and Max Bermuda
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 Bermuda shall
collateralize the Tranche B LC Obligations with Cash and Cash Equivalents in an aggregate amount
equal to such excess; provided, however, that Max Bermuda 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 Bermuda 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 Bermuda 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 Bermuda shall have no interest therein
except as set forth in Section 7.3.

(e) Max Bermuda 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 Bermuda’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 June 21, 2007 and as Max Bermuda and the
Administrative Agent may agree from time to time.

(b) Non-Use Fees. Max Bermuda 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 September 30, 2007 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 Bermuda shall pay
to the Administrative Agent all non-use fees accrued under the Existing Agreement to the Effective
Date.

(c) Utilization Fee. Max Bermuda shall pay to the Administrative Agent for the
account of each Lender in accordance with its Percentage, a utilization fee of 0.050% per annum
times the aggregate principal amount of outstanding Loans on each day that the aggregate principal
amount of outstanding Loans 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 September 30, 2007 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 Bermuda 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 Bermuda 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.
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 September
30, 2007 through the Final Expiry Date with the final payment to be made on the Final Expiry
Date. Max Bermuda shall pay to the Administrative Agent any letter of credit fees accrued
under the Existing Agreement to the Effective Date.

(ii) In addition, with respect to each Letter of Credit issued by the Fronting Bank,
Max Bermuda 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 September 30, 2007 through the Final Expiry Date
with the final payment to be made on the Final Expiry Date. On the Effective Date, Max
Bermuda shall pay to the Fronting Bank all fronting fees accrued under the Existing
Agreement to the Effective Date.

(iii) In addition, with respect to each Letter of Credit requested by Max Bermuda or
any amendment or extension thereof, Max Bermuda 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.

(iv) Each Participating Bank with respect to a Several Letter of Credit shall pay to
the Fronting Bank a fronting fee (the “Several L/C Fronting Fee”) computed on the
Risk Participation purchased by such Participating Bank from the Fronting Bank with respect
to such Several Letter of Credit at the rate per annum agreed to between the Fronting Bank
and such Participating Bank. Unless otherwise agreed between such Participating
Bank, the Fronting Bank and the Administrative Agent, the Several L/C Fronting Fee shall be
paid by reducing the Letter of Credit Fee otherwise payable to such Participating Bank by an
amount equal to the Several L/C Fronting Fee and paying the same to the Fronting Bank. Fees
owed by any Participating Bank to the Fronting Bank pursuant to this Section 2.15(d)
shall accrue for the account of such Participating Bank only during such period as such
Lender is a Participating Bank with respect to any such Several Letter 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; Parent as Agent of Max Bermuda.

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

(b) Max Bermuda hereby irrevocably appoints the Parent 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 (other
than Borrowing Base 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 the Parent, whether or not Max Bermuda joins therein.
Any notice, demand, consent, acknowledgement, direction, certification or other communication
delivered to the Parent in accordance with the terms of this Agreement shall be deemed to have been
delivered to Max Bermuda.

SECTION 2.19 Optional Increase in LC Commitments. (a) Provided no Default exists, Max
Bermuda 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)  in no event
shall the Aggregate Commitments exceed $800,000,000 (or such lesser amount as determined pursuant
Section 2.12) without the written consent of all Lenders, (ii) such increase shall either
be an increase of the Tranche A Commitments and/or the Tranche B Commitments and (iii) 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 Bermuda’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 Bermuda, 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 Bermuda; 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 Bermuda’s request for an
increase, on which Max Bermuda notifies the Administrative Agent that Max Bermuda accepts an
increase in the aggregate Commitments which is less than the full amount of the requested increase
and upon satisfaction of the conditions in Section 2.19(b). The Administrative Agent shall
promptly notify Max Bermuda 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.

(b) As a condition precedent to such increase, Max Bermuda shall deliver or cause to be
delivered to the Administrative Agent a certificate of each Borrower dated as of the effective date
of the increase (the “Increase Effective Date”) signed by an Authorized Officer of such
Borrower (i) certifying and attaching the resolutions adopted by such Borrower approving or
consenting to such increase, and (ii) certifying that, before and after giving effect to such
increase, (A) the representations and warranties contained in Article IV and the other
Credit Documents are true and correct in all material respects on and as of the Increase Effective
Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects as of such earlier
date, and (B) no Default exists. In the event of any nonratable increase in the Commitments under
this Section, (x) the Borrowers shall prepay their respective Loans outstanding on the Increase
Effective Date (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 nonratable increase in the Commitments under this Section and (y) all outstanding Several
Letters of Credit shall be amended or returned and reissued to give effect to any revised
Percentages. The Administrative Agent and Max Bermuda will cooperate, to the extent feasible, to
set the Increase Effective Date on a date which minimizes or eliminates the obligation of the
Borrowers to pay additional amounts under Section 3.5. 

(c) This Section shall supersede any provisions in Section 2.17 or 10.1 to the
contrary.

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 Bermuda 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
Bermuda may: (a) request the Affected Lender to use its reasonable efforts to obtain a replacement
bank or financial institution satisfactory to Max Bermuda 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 duly organized, validly existing and in good standing under the laws of its
jurisdiction of its organization, (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, (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 Bermuda or its
Subsidiaries which involve a potential liability which does not exceed 10% of Max Bermuda’s Net
Worth, (d) for claims which relate to Reinsurance Agreements or Primary Policies issued by
Insurance Subsidiaries of Max US Holdings which involve a potential liability which does not exceed
10% of the Parent’s Net Worth, and (e) for claims which relate to Reinsurance Agreements or Primary
Policies entered into by Insurance 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 Bermuda 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 Bermuda is engaged in the “investment
business” as defined in The Investment Business Act of 2003 of Bermuda. Neither the Parent nor Max
Bermuda 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 Bermuda 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 Bermuda, any Affiliate or
any Person acting on behalf of the Parent or Max Bermuda 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 obligations of Max Bermuda or its Insurance Subsidiaries 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 Accuracy of Information. All factual written information furnished
heretofore or contemporaneously herewith by or on behalf of Max Bermuda 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 Bermuda 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 4.8 Subsidiaries; Equity Interests. As of the Effective Date, (a) the Parent
has no Subsidiaries other than those specifically disclosed on Schedule 4.8 and such
Schedule correctly indicates which Subsidiaries are Insurance Subsidiaries, Material Insurance
Subsidiaries and Material Parties, (b) all of the outstanding Equity Interests in such Subsidiaries
have been validly issued, are fully paid and nonassessable and are owned by the Person and in the
amounts specified on Schedule 4.8 free and clear of all Liens and (c) the Parent and its
Subsidiaries have no equity investments in any other corporation or entity other than those (i)
specifically disclosed on Schedule 4.8 and (ii) maintained in their investment portfolio in
the ordinary course of business and pursuant to the investment guidelines most recently delivered
to the Administrative Agent prior to the Effective Date.

SECTION 4.9 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 4.9, 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 4.10 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 4.11 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 4.12 Financial Condition. The audited consolidated financial statements of
the Parent and Max Bermuda as at December 31, 2006 and the unaudited consolidated financial
statements of the Parent and Max Bermuda as at March 31, 2007, 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 4.13 Insurance Act. Max Bermuda has not received any direction or other
notification by the Minister pursuant to Section 32 of Insurance Act, 1978 of Bermuda.

SECTION 4.14 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 Bermuda 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 for distribution to 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 Bermuda, a copy of the unaudited consolidated balance sheets of Max
Bermuda 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 Bermuda
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 Bermuda 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 Bermuda, a copy of
the annual audited consolidated financial statements of Max Bermuda 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 Bermuda 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 Bermuda 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 30 days after the transmittal thereof to any
Governmental Authority, any Annual Statement or quarterly statutory statements required to be
delivered to or under such Governmental Authority by a Borrower or any Material Insurance
Subsidiary thereof prepared in conformity with the requirements thereof.

(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 Bermuda’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 2008, a two-year projection of Max Bermuda’s results covering the
then-current Fiscal Year and the next Fiscal Year.

(f) SEC Filings, etc. Promptly after the same are available, copies of each annual
report, proxy or financial statement or other report or communication sent to the stockholders of
either Borrower (other than notices given pursuant to the management rights letter agreements
between each Borrower and certain shareholders), and copies of all annual, regular, periodic and
special reports and registration statements which the Borrowers may file or be required to file
with the SEC under Section 13 or 15 of the Securities Exchange Act of 1934, and not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

(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 Bermuda.

(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 Bermuda or any of its Material
Insurance Subsidiaries relating to the insurance business of Max Bermuda or such Subsidiary
(when, and if, prepared); provided, Max Bermuda shall only be required to deliver
any interim report hereunder at such time as Max Bermuda 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 Max Bermuda or any of its Material Insurance 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 a Borrower or
any of its Material Insurance 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 Max Bermuda or any of its
Material Insurance Subsidiaries by any Governmental Authority or of receipt of notice from
any Governmental Authority notifying Max Bermuda or any of its Material Insurance
Subsidiaries of a hearing relating to such a suspension, termination or revocation,
including any request by a Governmental Authority which commits Max Bermuda or any of its
Material Insurance Subsidiaries to take, or refrain from taking, any action or which
otherwise materially and adversely affects the authority of Max Bermuda or any of its
Material Insurance Subsidiaries to conduct its business.

(iv) Within five (5) Business Days of receipt 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 Max Bermuda or any of its Material Insurance Subsidiaries.

(v) Promptly upon receipt of notice of any actual or, to the applicable Borrower’s
knowledge, proposed material changes in the Insurance Code governing the investment or
dividend practices of such Borrower or any of its Material Insurance Subsidiaries that could
reasonably be expected to adversely affect such Borrower or any of its Material Insurance
Subsidiaries in any material respect, notice of such changes.

(vi) Notice of any material change in accounting policies or financial reporting
practices by the Borrowers or any other Material Party.

(vii) Promptly upon the announcement thereof, any change in the Parent Debt Rating.

(viii) 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 executive officer, chief financial officer, chief risk officer or
chief operating officer of the Parent.

(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 (x) issued by Max Bermuda or
any of its Subsidiaries involving unreserved claims in excess of 10% of Max Bermuda’s Net Worth, or
(y) issued by Insurance Subsidiaries of Max US Holdings involving unreserved claims in excess of
10% of the Parent’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) 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 the Borrowers post such documents, or provide a link thereto on
the Parent’s or Max Bermuda’s respective website on the Internet at the respective 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) the Borrowers 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 the Borrowers 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 Bermuda’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 Insurance 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 the Parent’s 2006 Annual Report.

SECTION 5.9 Use of Credit Extensions. Request Letters of Credit only to support
obligations of Max Bermuda or any of its Insurance Subsidiaries 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 Max Bermuda of not less than B++.

SECTION 5.11 Further Assurances. Promptly upon the request of the Administrative
Agent, Max Bermuda 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 Bermuda hereunder are secured by a first priority perfected
interest in the assets of Max Bermuda 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 entered into on the Effective Date, without the prior written consent of the
Administrative Agent, Max Bermuda shall not give directions or entitlement orders to Mellon Bank,
N.A. (or another Securities Intermediary party to a Control Agreement with respect to a Custody
Account) to make a delivery to Max Bermuda 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 Bermuda Net Worth. Not permit the Net Worth of Max Bermuda 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 Bermuda in each Fiscal Quarter of the applicable Fiscal Year, plus commencing with
the Fiscal Quarter ended June 30, 2007, plus (c) an amount equal to 50% of the aggregate increases
in shareholders’ equity of Max Bermuda by reason of the issuance and sale of Capital Stock of Max
Bermuda or other capital contributions in each Fiscal Quarter of the applicable Fiscal Year. The
initial Minimum Net Worth shall be $995,000,000. 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) 65% of the
Net Worth of Max Bermuda 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 0% of the existing Total Return Equity
Swap as indebtedness.

SECTION 6.3 Debt. Not permit Max Bermuda 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; (h) unsecured Debt of Max US Holdings and its Subsidiaries not to exceed $150,000,000
and (i) Debt not included in paragraphs (a) through (h) which does not exceed at any time; in the
aggregate, $10,000,000.

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 (i) Max Bermuda may make any such purchase or acquisition provided (A) no Default or
Event of Default has occurred and is continuing or would result from such purchase or acquisition,
(B) Max Bermuda provides the Lenders with a pro forma Compliance Certificate giving effect to such
purchase or acquisition and (C) (1) the purchase price of any single purchase or acquisition does
not exceed $75,000,000 and (2) the aggregate purchase price of all such purchases and acquisitions
after the date hereof does not exceed $250,000,000 and (ii) Max U.S. Holdings and any of its
Subsidiaries may make any such purchase or acquisition provided (A) no Default or Event of Default
has occurred and is continuing or would result from such purchase or acquisition, (B) Max Bermuda
provides the Lenders with a pro forma Compliance Certificate giving effect to such purchase or
acquisition and (C) (1) the purchase price of any single purchase or acquisition does not exceed
$25,000,000 and (2) the aggregate purchase price of all such purchases and acquisitions after the
date hereof does not exceed $100,000,000; 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).
Notwithstanding the foregoing, (x) Max US Holdings may merge or consolidate with, purchase or
otherwise acquire assets from and transfer assets to, any of its Subsidiaries, and (y) any
Subsidiary of Max US Holdings may merge or consolidate with, purchase or otherwise acquire assets
from and transfer assets to, Max US Holdings or any other Subsidiary of Max US Holdings.

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 $20,000,000 (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 $20,000,000 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 $10,000,000, provided any Liens granted
(other than Liens pursuant to Section 6.7(x)) do not extend to any Collateral.

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 (i) 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, (ii) restrictions imposed in connection with Debt permitted under
Section 6.3(e) provided that such restrictions are no more restrictive than those contained
in this Agreement and such restrictions do not prohibit the Borrowers from granting Liens to secure
the Obligations under this Agreement and (iii) restrictions on the Parent and its Subsidiaries
pursuant to the Max US Holdings Indenture.

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 Bermuda 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 Bermuda 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. Notwithstanding the foregoing, the Parent may
declare and pay dividends in respect of any Capital Stock which has a preference over other Capital
Stock of such Person with respect to dividends, redemption or payment upon liquidation if, at the
time of and after giving effect to such dividend, no Default under Sections 7.1(a), 7.1(b) or
7.1(e) shall have occurred and be continuing.

SECTION 6.10 Eligible Investments. Max Bermuda 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 Bermuda 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, any Material Party if the aggregate amount of Debt of such Material Party 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 $20,000,000 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, any Material Party if the effect of such default or defaults
is to accelerate the maturity (subject to any applicable grace period) of any such Debt of
$20,000,000 or more in the aggregate or to permit the holder or holders of such Debt of $20,000,000
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, a Material Party with respect
to any material purchase or lease obligation of $20,000,000 or more (unless the existence of any
such default is being contested by such Material Party in good faith and by appropriate proceedings
and such Material Party 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)   Any Material Party 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda, Max Bermuda 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 $20,000,000
(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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda 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 Bermuda 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
Bermuda to deposit, and Max Bermuda 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 Bermuda to the
Fronting Bank, the Lenders or the Administrative Agent under the Credit Documents

(c) Neither Max Bermuda nor any Person claiming on behalf of or through Max Bermuda 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 Bermuda. 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 Bermuda,
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 Bermuda and resolutions of the boards of directors of the Parent
and Max Bermuda 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 Bermuda 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 Bourdages, 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 (i) that there are no material insurance regulatory proceedings pending or
threatened against the Parent or Max Bermuda in any jurisdiction; (ii) that no Default or Event of
Default exists or will result from the initial Credit Extension; (iii) that there has occurred
since December 31, 2006, 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 and (iv) the
Parent Debt Ratings.

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

(g) Compliance Certificate. Max Bermuda shall have delivered a Compliance Certificate
calculated as of March 31, 2006.

(h) Control Agreement. A Control Agreement substantially in the form of Schedule I to
the Security Agreement executed by Max Bermuda, 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 Credit Agreement dated June 1,
2005, as amended, among Max Bermuda, the Parent, Max USA Holdings, various financial institutions
and BofA, as administrative agent (the “Existing Agreement”), shall have been terminated and all
loans, interest, fees and other costs and expenses due and owing through the Effective Date shall
have been paid in full.

(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 Bermuda 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 (x) with respect to any Reinsurance Agreement or Primary Policy (A) issued by
Max Bermuda or its Subsidiaries in which the unreserved potential liability is in excess of 10% of
Max Bermuda’s Net Worth or (B) issued by Insurance Subsidiaries of Max US Holdings in which the
unreserved potential liability is in excess of 10% of the Parent’s Net Worth, or (y) 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.

Each request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans
to the other Type or a continuation of Eurodollar Rate Loans) submitted by a Borrower shall be
deemed to be a representation and warranty that the conditions specified in Sections 8.2(b),
(c) and (d), have been satisfied on and as of the date of the applicable Credit
Extension.

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 Applicable Issuing Party.

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 Bermuda. 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 Bermuda, 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. The
Borrowers shall have no liability under Section 3.1(c) to the extent any such representation or
warranty is breached or proves to be incorrect.

(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
Bermuda 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, the LC
Administrator and the Fronting Bank may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications
hereunder by notice to the Borrowers, the Administrative Agent, the Administrator and the Fronting
Bank. In addition, each Lender agrees to notify the Administrative Agent from time to time to
ensure that the Administrative Agent has on record (i) an effective address, contact name,
telephone number, telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at
all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Borrower or its securities for purposes of
United States Federal or state securities laws.

(e) Telephonic Notices. The Administrative Agent, Administrator and the Fronting Bank
and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan
Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. 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, Fronting Bank 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, Fronting Bank and LC Administrator) within ten
Business Days after demand for all costs and expenses incurred by BofA (including in its capacity
as Administrative Agent, Fronting Bank 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, Fronting Bank 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, the Fronting Bank, the LC Administrator 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.

(c) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor.

(d) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the Fronting Bank and the LC Administrator for, the replacement of any
Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge
of all the other Obligations.

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.

(a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent, the
Fronting Bank, the LC Administrator and each Lender and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with
the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with
the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a
security interest subject to the restrictions of subsection (f) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Agent-Related Parties, the Fronting Bank, the LC Administrator and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including for purposes of this Subsection (b), LC Advances
or participations in LC Obligations) at the time owing to it); provided that

(i) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to
a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the
aggregate amount of the Commitment and/or Loans outstanding or, if the Commitment is not
then in effect, the principal outstanding balance of the Loans of the assigning Lender
subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date”
is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Parent otherwise consents (each such consent not to be
unreasonably withheld or delayed); provided, however, that concurrent assignments to members
of an Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will
be treated as a single assignment for purposes of determining whether such minimum amount
has been met;

(ii) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the
Loans and the Commitment so assigned;

(iii) any assignment of a Commitment must be approved by the Administrative Agent and
the Fronting Banks unless the Person that is the proposed assignee is itself a Lender
(whether or not the proposed assignee would otherwise qualify as an Eligible Assignee);

(iv) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee in the
amount of $3,500, and the Eligible Assignee, if it shall not be a Lender, shall deliver to
the Administrative Agent an Administrative Questionnaire; and

(v) unless otherwise agreed between the assigning Lender and such Eligible Assignee, if
any Several Letters of Credit are outstanding, all such outstanding Several Letters of
Credit are either amended or returned and reissued to give effect to such assignment.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.1, 3.4, 3.5 and 9.4 with
respect to facts and circumstances occurring prior to the effective date of such assignment. Upon
request, the Parent (at its expense) shall execute and deliver a Note to the assignee Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with subsection (d) of this
Section.

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and LC Obligations owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders
may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a
Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by each of the Borrowers and the Fronting Banks at any
reasonable time and from time to time upon reasonable prior notice. In addition, at any time that
a request for a consent for a material or substantive change to the Credit Documents is pending,
any Lender may request and receive from the Administrative Agent a copy of the Register.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural
person or the Parent or any of the Parent’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in LC Obligations and/or LC Advances) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrowers, the Administrative Agent, the Lenders and the Fronting Banks shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in the first proviso to Section
10.1 that directly affects such Participant. Subject to subsection (e) of this Section, each
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1,
3.4 and 3.5 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to subsection (b) of this Section, but only to the extent such participant
complied with the provisions of such Section 3.6. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.9 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.17 as though it were a
Lender.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.1 or 3.4 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Parent’s prior written
consent. A Participant that would be a Non-US Person if it were a Lender shall not be entitled to
the benefits of Section 3.1 unless the Parent is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrowers, to comply with
Sections 3.1(e) and Section 3.6 as though it were a Lender.

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto.

(g) Electronic Execution of Assignments. 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 10.8 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 Eligible 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 10.9 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 Bermuda 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 10.10 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 10.11 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 10.12 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 10.13 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 10.14 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 10.15 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 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby, each Borrower acknowledges and agrees that: (i) the credit
facility provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other
Credit Document) are an arm’s-length commercial transaction between the Borrowers and their
respective Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other
hand, and the Borrowers are capable of evaluating and understanding and understand and accept the
terms, risks and conditions of the transactions contemplated hereby and by the other Credit
Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in
connection with the process leading to such transaction, each of the Administrative Agent and the
Arranger is and has been acting solely as a principal and is not the financial advisor, agent or
fiduciary, for any of the Borrower or any of their respective Affiliates, stockholders, creditors
or employees or any other Person; (iii) neither the Administrative Agent nor the Arranger has
assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Borrower
with respect to any of the transactions contemplated hereby or the process leading thereto,
including with respect to any amendment, waiver or other modification hereof or of any other Credit
Document (irrespective of whether the Administrative Agent or the Arranger has advised or is
currently advising any of the Borrowers or their respective Affiliates on other matters) and
neither the Administrative Agent nor the Arranger has any obligation to any of the Borrowers or
their respective Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Credit Documents; (iv) the Administrative
Agent and the Arranger and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrowers and their respective
Affiliates, and neither the Administrative Agent nor the Arranger has any obligation to disclose
any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the
Administrative Agent and the Arranger have not provided and will not provide any legal, accounting,
regulatory or tax advice with respect to any of the transactions contemplated hereby (including any
amendment, waiver or other modification hereof or of any other Credit Document) and each Borrower
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate. Each Borrower hereby waives and releases, to the fullest extent permitted by law, any
claims that it may have against the Administrative Agent and the Arranger with respect to any
breach or alleged breach of agency or fiduciary duty.

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 BERMUDA LTD.

By:

Title:

MAX BERMUDA GROUP 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

WACHOVIA BANK, NATIONAL ASSOCIATION

By:

Title:

8

THE BANK OF NEW YORK

By:

Title:

9

WEBSTER BANK, NATIONAL ASSOCIATION

By:

Title:

10

CREDIT SUISSE, CAYMAN ISLANDS BRANCH

By:

Title:

By:

Title:

11

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