Amendments to Global Securities Representing the Notes. (a) Each of the Global Securities representing the Notes is hereby amended by inserting the following at the end of the section entitled “Payment of Additional Amounts”: “All payments made by AWAC on the Securities of this series shall be made free and clear of, and without withholding or deduction for or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government of Bermuda or of any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereinafter “Bermuda Taxes”), unless AWAC is required to withhold or deduct Bermuda Taxes by law or by the interpretation or administration thereof. If AWAC is so required to withhold or deduct any amount for or on account of Bermuda Taxes from any payment made under or with respect to the Securities of this series, AWAC will pay as interest such additional amounts (“Bermuda Additional Amounts”) as may be necessary so that the net amount received by each Holder of such Securities or the beneficial owner thereof (including Bermuda Additional Amounts) after such withholding or deduction will not be less than the amount such Holder or beneficial owner would have received if such Bermuda Taxes had not been withheld or deducted; provided that no Bermuda Additional Amounts shall be payable with respect to: (a) any Bermuda Tax which would not have been imposed but for the fact that such Holder or beneficial owner (i) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, Bermuda or any political subdivision thereof or otherwise had some connection with Bermuda other than by reason of the mere ownership of, or receipt of payment under, this Security, (ii) presented this Security for payment in Bermuda or any political subdivision thereof, unless this Security could not have been presented for payment elsewhere, or (iii) presented this Security for payment more than 15 days after the date on which such payment or this Security became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to such Bermuda Additional Amounts had this Security been presented on the last day of such 15-day period); (b) any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar Bermuda Taxes; (c) any ...
