FIRST AMENDMENT
THIS FIRST AMENDMENT dated as of October 23, 2000 (this
"Amendment") amends the Amended and Restated 364-Day Credit Agreement dated
as of May 8, 2000 (the "Credit Agreement") among ACE Limited, a Cayman
Islands company (the "Parent"), ACE Bermuda Insurance Ltd. ("ACE Bermuda"),
ACE Tempest Reinsurance Ltd., formerly known as Tempest Reinsurance Company
Limited ("Tempest"), ACE INA Holdings Inc. ("ACE INA") and ACE Guaranty Re
Inc. ("ACE Guaranty") (Ace Bermuda, Tempest, ACE INA and ACE Guaranty,
together with the Parent, the "Borrowers"), various financial institutions
(the "Lenders"), and Xxxxxx Guaranty Trust Company of New York ("MGT"), as
administrative agent (in such capacity, the "Agent"). Terms defined in the
Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used herein as defined therein.
WHEREAS, the Borrowers, the Lenders and the Agent have entered into
the Credit Agreement; and
WHEREAS, the parties hereto desire to amend the Credit Agreement in
certain respects as more fully set forth herein;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1 Amendment to Negative Covenants. Effective on (and
subject to the occurrence of) the Amendment Effective Date (as defined
below), Section 5.02 of the Credit Agreement shall be amended as set forth
below:
1.1 Amendment to Section 5.02(a)(xvi). Section 5.02(a)(xvi) of the
Credit Agreement shall be amended by deleting the word "and" immediately
after the semi-colon at the end thereof.
1.2 Amendment to Section 5.02(a)(xvii). Section 5.02(a)(xvii) of
the Credit Agreement shall be amended by deleting the period at the end
thereof and adding a semi-colon and the word "and" at the end thereof.
1.3 Amendment to Section 5.02(a). Section 5.02(a) of the Credit
Agreement shall be amended by adding the following immediately after the
word "and" following the semi-colon at the end of subsection (xvii)
thereof:
(xviii) Liens arising in connection with certain equity proceeds
received on or about September 12, 2000 (plus interest accrued
thereon) placed in a segregated account in support of (or pledged
as collateral for) Parent's guarantee of the $412,372,000 principal
amount of Auction Rate Reset Subordinated Notes Series A issued by
ACE INA to ACE RHINOS Trust on June 30, 1999.
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SECTION 2 Representations and Warranties. Each Borrower represents
and warrants to the Agent and the Lenders that (a) each warranty set forth
in Article IV of the Credit Agreement is true and correct as of the date of
the execution and delivery of this Amendment by the Parent, with the same
effect as if made on such date (except to the extent such representations
and warranties expressly refer to an earlier date, in which case they were
true and correct as of such earlier date), (b) the execution and delivery
by the Parent of this Amendment and the performance by each Borrower of its
respective obligations under the Credit Agreement, as amended hereby (as so
amended, the "Amended Credit Agreement") (i) are within the corporate or
limited liability company power, as applicable, of such Borrower (ii) have
been duly authorized by all necessary corporate action, as applicable, on
the part of such Borrower, (iii) have received all necessary governmental
and regulatory approval and (iv) do not and will not contravene or conflict
with any provision of law or of the organizational documents of any
Borrower or of any indenture, loan agreement or other contract, order or
decree which is binding upon any Borrower and (c) the Amended Credit
Agreement is the legal, valid and binding obligation of each Borrower,
enforceable against such Borrower in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency or other similar
laws of general application affecting the enforcement of creditors' rights
or by general principles of equity limiting the availability of equitable
remedies.
SECTION 3 Effectiveness. The amendments set forth in Section 1
above shall become effective on such date (the "Amendment Effective Date")
when the Agent shall have received each of the following documents, each in
form and substance satisfactory to the Agent:
3.1 Executed Counterparts. Counterparts of this Amendment executed
by the Parent and the Required Lenders.
3.2 Confirmation. A confirmation, substantially in the form of
Annex I attached hereto, executed by each existing Guarantor.
3.3 Other Documents. Such other documents as the Agent or any
Lender may reasonably request in connection with the authorization, execution
and delivery of this Amendment.
SECTION 4 Miscellaneous.
4.1 Continuing Effectiveness, etc. As herein amended, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the Amendment Effective Date, all
references in the Credit Agreement and the other Loan Documents to "Credit
Agreement", "Agreement" or similar terms shall refer to the Amended Credit
Agreement.
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4.2 Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and
each such counterpart shall be deemed to be an original but all such
counterparts shall together constitute one and the same Amendment.
4.3 Governing Law. This Amendment shall be a contract made under
and governed by the laws of the State of New York applicable to contracts
made and to be fully performed within such state.
4.4 Successors and Assigns. This Amendment shall be binding upon
each Borrower, the Lenders and the Agent and their respective successors
and assigns, and shall inure to the benefit of the Borrowers, the Lenders
and the Agent and the respective successors and assigns of the Lenders and
the Agent.
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Delivered at Chicago, Illinois, as of the day and year first above
written.
ACE LIMITED
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
----------------------------
Title: Chief Financial Officer
XXXXXX GUARANTY TRUST COMPANY OF NEW YORK
By: /s/ Xxxxx X. Dell'Aquila
--------------------------
Title: Vice President
BANK OF AMERICA, N.A.
By: /s/ Xxxxx Xxxxxx
--------------------------
Title: Vice President
THE CHASE MANHATTAN BANK
By:
-----------------------------
Title:
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ABN AMRO BANK N.V.
By: /s/ X. Xxxxxxxxxx
-----------------------------
Title: Vice President
By: /s/ Xxx Xxxx
----------------------------
Title: Head of Insurance Banking
THE BANK OF NEW YORK
By: /s/ Xxxxx Xxxxx
----------------------------
Title: Assistant Vice President
BANK ONE, NA
By: /s/ Xxxxxxxx X. Xxxxxxx
----------------------------
Title: Assistant Vice President
BARCLAYS BANK PLC
By: /s/ Xxxx Xxxxxx
----------------------------
Title: Relationship Director
CITIBANK, N.A.
By: /s/ Xxxxxxx Xxxxxx
------------------------------
Title: Vice President
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DEUTSCHE BANK AG NEW YORK AND/OR
CAYMAN ISLANDS BRANCHES
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------
Title: Managing Director
By: /s/ Xxxx X. XxXxxx
-------------------------------
Title: Director
FIRST UNION NATIONAL BANK
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------
Title: Director
FLEET NATIONAL BANK
By:
-------------------------------
Title:
MELLON BANK, N.A.
By: /s/ Xxxxx X. Xxxxxx
-------------------------------
Title: Vice President
ROYAL BANK OF CANADA
By: /s/ Xxxxxxxxx Xxxx
-------------------------------
Title: Senior Manager
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THE BANK OF TOKYO-MITSUBISHI, LTD.
NEW YORK BRANCH
By: /s/ Xxxxx X. Xxxx, Xx.
-------------------------------
Title: Attorney In Fact
BNP PARIBAS
By: /s/ Xxxx Xxxxxxxxx
-------------------------------
Title: Director
By: /s/ Xxxxx X. Xxxxxxxxxx
-------------------------------
Title: Managing Director
CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ Xxxxxxxxx Xxxxx
-------------------------------
Title: Senior Vice President
LLOYDS TSB BANK PLC
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------------
Title: Director, Financial Institutions, USA
By: /s/ Xxxxx Xxxxxx
------------------------------------
Title: Assistant Director
STATE STREET BANK AND TRUST
COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx
------------------------------------
Title: Vice President
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Annex I
CONFIRMATION
------------
Dated as of October 23, 2000
To: Xxxxxx Guaranty Trust Company of New York, individually and as Agent,
and the other financial institutions party to the Credit Agreement
referred to below
Please refer to: (a) the Amended and Restated 364-Day Credit
Agreement dated as of May 8, 2000 (the "Credit Agreement") among ACE
Limited, ACE Bermuda Insurance Ltd., ACE Tempest Reinsurance Ltd., formerly
known as Tempest Reinsurance Company Limited , ACE INA Holdings Inc. and
ACE Guaranty Services, Inc. (Ace Bermuda, Tempest, ACE INA and ACE
Guaranty, together with ACE Limited, the "Borrowers"), various financial
institutions (the "Lenders"), and Xxxxxx Guaranty Trust Company of New York
("MGT"), as administrative agent (in such capacity, the "Agent"); (b) the
other "Loan Documents" (as defined in the Credit Agreement), including the
Guaranty; and (c) the First Amendment dated as of October 23, 2000 to the
Credit Agreement (the "First Amendment").
Each of the undersigned hereby confirms to the Agent and the
Lenders that, after giving effect to the First Amendment and the
transactions contemplated thereby, each Loan Document to which such
undersigned is a party continues in full force and effect and is the legal,
valid and binding obligation of such undersigned, enforceable against such
undersigned in accordance with its terms.
ACE LIMITED
By:
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Name Printed:
--------------------------------
Title:
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ACE BERMUDA INSURANCE LTD.
By:
------------------------------------------
Name Printed:
--------------------------------
Title:
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ACE TEMPEST REINSURANCE LTD.,
formerly known as TEMPEST REINSURANCE
COMPANY LIMITED
By:
------------------------------------------
Name Printed:
--------------------------------
Title:
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ACE INA HOLDINGS INC.
By:
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Name Printed:
--------------------------------
Title:
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