Document:

Exhibit
10.22.2

 

LETTER OF CREDIT AND
REIMBURSEMENT AGREEMENT AMENDMENT NO.1

 

Amendment Agreement No. 1 (the “Amendment”),
dated as of November 4, 2002, to the Letter of Credit and Reimbursement
Agreement, dated as of April 17, 2002 (the “Agreement”), among Arch
Reinsurance Ltd. as Obligor, Arch Reinsurance Company as Obligor, Alternative
Re Limited as Obligor, Arch Insurance Company (formerly known as First American
Insurance Company, “Arch Insurance”) as Obligor and Fleet National Bank,
as Lender.  Unless otherwise indicated,
all capitalized terms used herein shall have the meanings set forth in the
Agreement.

 

WHEREAS, subject to the
terms of the Agreement, the Lender agrees to issue irrevocable Letters of
Credit on behalf of the Obligors; and

 

WHEREAS, Arch Insurance
desires to expand the purposes under which it may request Letters of Credit;
and

 

WHEREAS, the Obligors desire
and Lender agrees to permit the issuance of Letters of Credit in United States
Dollars and in the currencies of certain foreign countries; and

 

NOW, THEREFORE, the parties
hereby agree as follows:

 

1.             The definition “Facility” set forth
in Section 1.1 of the Agreement is deleted in its entirety and the following is
substituted therefore:

 

“Facility means the Letters of Credit that
the Lender is willing to issue under this Agreement as determined in its sole
and absolute discretion in an amount (including all Letter of Credit
Obligations and Reimbursement Obligations for each Obligor) not to exceed
$200,000,000 (United States Dollars or the foreign currency equivalent of any
of the following G7 nations: Canada, France, Germany, Italy, Japan and United
Kingdom) in the aggregate.”

 

2.             Section 3.2 (g) of the Agreement is
deleted in its entirety and the following is substituted therefore:

 

“with respect to any Letter
of Credit requested by Arch Insurance, such Letter of Credit shall be issued
solely for purposes of reinsurance and in connection with securing real estate
leases for Arch Insurance.”

 

3.             This Amendment shall be governed by
the laws of the State of Connecticut without giving effect to principles of
conflict of laws, and may be signed in counterparts, each of which shall be
regarded as the original and all of which shall constitute one and same
agreement.

 

4.             This Agreement contains all of the
terms agreed upon by the parties with respect to the subject matter
hereof.  This Agreement may be amended
or the provisions thereof waived only by a written instrument signed by the
party against whom enforcement of any waiver, change, modification, extension
or discharge is sought.

 

 

5.             All other terms and provisions of
the Agreement shall remain in full force and effect, except as expressly
modified herein.

 

6.             This Agreement and any instrument
delivered in connection herewith may be executed in any number of counterparts
with the same effect as if the signatures on all counterparts are upon the same
instrument.

 

IN WITNESS WHEREOF, the parties have caused this
Amendment to be duly executed and delivered by their respective officers, as an
instrument under seal, as of the date first above written.

 

	
  ARCH
  REINSURANCE LTD.

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Janine Trench

  	
   

  
	
   

  	
  Name:
  Janine Trench

  
	
   

  	
  Title:
  Controller

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Dwight Evans

  	
   

  
	
   

  	
  Name:
  Dwight Evans

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
  ARCH
  REINSURANCE COMPANY

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  John F. Rathgeber

  	
   

  
	
   

  	
  Name:
  John F. Rathgeber

  
	
   

  	
  Title:
  Managing Director and Chief Operating Officer

  

 

2

 

	
  ARCH COMPANY  

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  John M. Tetro

  	
   

  
	
   

  	
  Name:
  John M. Tetro

  
	
   

  	
  Title:
  CFO

  
	
   

  
	
   

  
	
  FLEET NATIONAL BANK

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Lawrence Davis

  	
   

  
	
   

  	
  Name:
  Lawrence Davis

  
	
   

  	
  Title:
  Portfolio Manager

  
	
   

  
	
  ALTERNATIVE RE LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Graham B. R. Collis

  	
   

  
	
   

  	
  Name:
  Graham B. R. Collis

  
	
   

  	
  Title:
  Director

  

 

3Exhibit
10.22.3

 

LETTER
OF CREDIT AND REIMBURSEMENT AGREEMENT AMENDMENT NO.2

 

Amendment
Agreement No. 2 (the “Amendment”), dated as of November 27, 2002, to the
Letter of Credit and Reimbursement Agreement, dated as of April 17, 2002 (the “Agreement”),
among Arch Reinsurance Ltd. as Obligor, Arch Reinsurance Company as Obligor,
Alternative Re Limited as Obligor, Arch Insurance Company (formerly known as
First American Insurance Company) as Obligor and Fleet National Bank, as
Lender.  Unless otherwise indicated, all
capitalized terms used herein shall have the meanings set forth in the
Agreement.

 

WHEREAS, subject to the
terms of the Agreement, the Lender agrees to issue irrevocable Letters of
Credit on behalf of the Obligors; and

 

WHEREAS, the parties desire
to increase the aggregate face amount of Five-Year Letters of Credit issued at
any one time; and

 

NOW, THEREFORE, the parties
hereby agree as follows:

 

1.             Section
2.1 (a) of the Agreement is deleted in its entirety and the following is
substituted therefore:

 

“On the terms and subject to
the further conditions hereinafter set forth and upon satisfaction of the
conditions set forth in Article III, the Lender hereby agrees to issue on and
after the Closing Date Letters of Credit, each dated the date of its issuance,
substantially in the form of Exhibit A hereto and in the aggregate issued at
any one time in a face amount not to exceed $200,000,000 (provided that the
face amount of any Five-Year Letters of Credit issued at any one time in the
aggregate shall not exceed $42,000,000) and so long as (after giving effect to
the issuance of the requested Letter of Credit) the Adjusted Collateral Value
for any Obligor is not less than the sum of all amounts then outstanding with
respect to the Letter of Credit Obligations and Reimbursement Obligations for
such Obligor, as more specifically set forth below in Section 2.1(b).  Each such Letter of Credit shall be
irrevocable and, unless its terms provide otherwise, shall expire on the Expiry
Date.  Each such Letter of Credit shall
contain language substantially as follows: 
“This Letter of Credit shall be deemed automatically extended without
amendment for one year from the expiration date or any future expiration date,
unless thirty (30) days prior to any expiration date, we notify you by
registered mail that this Letter of Credit will not be renewed for any such
additional period.”  So long as any
Letter of Credit (including any Five-Year Letter of Credit) is outstanding and
has not expired, this Agreement shall continue to be in full force and effect.”

 

2.             This Amendment shall be governed by the laws of the
State of Connecticut without giving effect to principles of conflict of laws,
and may be signed in counterparts, each of which shall be regarded as the
original and all of which shall constitute one and same agreement.

 

 

3.             This Agreement contains all of the terms agreed upon by
the parties with respect to the subject matter hereof.  This Agreement may be amended or the
provisions thereof waived only by a written instrument signed by the party
against whom enforcement of any waiver, change, modification, extension or
discharge is sought.

 

4.             All other terms and provisions of the Agreement shall
remain in full force and effect, except as expressly modified herein.

 

5.             This Agreement and any instrument delivered in connection
herewith may be executed in any number of counterparts with the same effect as
if the signatures on all counterparts are upon the same instrument.

 

2

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered by their respective officers, as an instrument under seal, as of the
date first above written.

 

 

	
  ARCH
  REINSURANCE LTD.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Marc Grandisson

  	
   

  
	
  Name: Marc Grandisson

  
	
  Title: SVP

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Janine Trench

  	
   

  
	
  Name: Janine Trench

  
	
  Title: Controller

  
	
   

  
	
  ARCH
  REINSURANCE COMPANY

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John F. Rathgeber

  	
   

  
	
  Name: John F. Rathgeber

  
	
  Title: Managing Director and Chief Operating
  Officer

  
	
   

  
	
  ARCH INSURANCE COMPANY

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Ramin Taraz

  	
   

  
	
  Name: Ramin Taraz

  
	
  Title: Controller

  
	
   

  
	
  FLEET NATIONAL BANK

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Lawrence Davis

  	
   

  
	
  Name: Lawrence Davis

  
	
  Title: Portfolio Manager

  
	
   

  
	
  ALTERNATIVE RE LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Graham B. R. Collis

  	
   

  
	
  Name: Graham B. R. Collis

  
	
  Title: Director

  

 

3Exhibit
10.22.4

 

LETTER OF CREDIT AND
REIMBURSEMENT AGREEMENT AMENDMENT NO.3

 

Amendment Agreement No. 3 (the “Amendment”),
dated as of January 1, 2003 to the Letter of Credit and Reimbursement
Agreement, dated as of April 17, 2002 (the “Agreement”), among Arch
Reinsurance Ltd. as Obligor, Arch Reinsurance Company as Obligor, Alternative
Re Limited as Obligor, Arch Insurance Company (formerly known as First American
Insurance Company) as Obligor and Fleet National Bank, as Lender, as amended
from time to time.  Unless otherwise
indicated, all capitalized terms used herein shall have the meanings set forth
in the Agreement.

 

WHEREAS, subject to the
terms of the Agreement, the Lender agrees to issue irrevocable Letters of
Credit on behalf of the Obligors; and

 

WHEREAS, the parties desire
to increase the aggregate face amount of Five-Year Letters of Credit issued at
any one time; and

 

NOW, THEREFORE, the parties
hereby agree as follows:

 

1.             Section 2.1 (a) of the Agreement is deleted in its
entirety and the following is substituted therefore:

 

“On the terms and subject to the further conditions
hereinafter set forth and upon satisfaction of the conditions set forth in
Article III, the Lender hereby agrees to issue on and after the Closing Date
Letters of Credit, each dated the date of its issuance, substantially in the
form of Exhibit A hereto and in the aggregate issued at any one time in a face
amount not to exceed $200,000,000 (provided that the face amount of any
Five-Year Letters of Credit issued at any one time in the aggregate shall not
exceed $110,000,000) and so long as (after giving effect to the issuance of the
requested Letter of Credit) the Adjusted Collateral Value for any Obligor is
not less than the sum of all amounts then outstanding with respect to the
Letter of Credit Obligations and Reimbursement Obligations for such Obligor, as
more specifically set forth below in Section 2.1(b).  Each such Letter of Credit shall be irrevocable and, unless its
terms provide otherwise, shall expire on the Expiry Date.  Each such Letter of Credit shall contain
language substantially as follows: 
“This Letter of Credit shall be deemed automatically extended without
amendment for one year from the expiration date or any future expiration date,
unless thirty (30) days prior to any expiration date, we notify you by
registered mail that this Letter of Credit will not be renewed for any such
additional period.”  So long as any
Letter of Credit (including any Five-Year Letter of Credit) is outstanding and
has not expired, this Agreement shall continue to be in full force and effect.”

 

2.             This Amendment shall be governed by
the laws of the State of Connecticut without giving effect to principles of
conflict of laws, and may be signed in counterparts, each of which shall be regarded
as the original and all of which shall constitute one and same agreement.

 

 

3.             This Agreement contains all of the
terms agreed upon by the parties with respect to the subject matter
hereof.  This Agreement may be amended
or the provisions thereof waived only by a written instrument signed by the
party against whom enforcement of any waiver, change, modification, extension
or discharge is sought.

 

4.
            All other terms and provisions
of the Agreement shall remain in full force and effect, except as expressly
modified herein.

 

5.
            This Agreement and any
instrument delivered in connection herewith may be executed in any number of counterparts with the same effect as if the signatures on
all counterparts are upon the same instrument.

 

2

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered by their respective officers, as an instrument under seal, as of the
date first above written.

 

 

	
  ARCH
  REINSURANCE LTD.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Dwight Evans

  	
   

  
	
   

  	
  Name:
  Dwight Evans

  
	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Marc Grandisson

  	
   

  
	
   

  	
  Name:
  Marc Grandisson

  
	
   

  	
  Title:
  SVP

  
	
   

  	
   

  
	
  ARCH
  REINSURANCE COMPANY

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John F. Rathgeber

  	
   

  
	
   

  	
  Name:
  John F. Rathgeber

  
	
   

  	
  Title:
  Managing Director and Chief Operating Officer

  
	
   

  
	
  ARCH INSURANCE COMPANY

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John M. Tetro

  	
   

  
	
   

  	
  Name:
  John M. Tetro

  
	
   

  	
  Title:
  CFO

  
	
   

  
	
  FLEET NATIONAL BANK

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Lawrence Davis

  	
   

  
	
   

  	
  Name:
  Lawrence Davis

  
	
   

  	
  Title:
  Portfolio Manager

  
	
   

  	
   

  
	
  ALTERNATIVE RE LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Graham B. R. Collis

  	
   

  
	
   

  	
  Name:
  Graham B. R. Collis

  
	
   

  	
  Title:
  Director

  

 

3

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