FLAGSTONE RÉASSURANCE SUISSE SA LETTERHEAD]
Exhibit 99.2
[FLAGSTONE
RÉASSURANCE SUISSE SA LETTERHEAD]
Barclays
Bank PLC
0
Xxxxxxxxx Xxxxx
Canary
Wharf
EC14
5HP
March 5, 2009
Attn:
Xxxxxxxxxxx Xxxxx
Re:
$200,000,000 Multicurrency Letter of Credit Facility Agreement dated on or about
the date hereof between Flagstone Réassurance Suisse SA (1) and Barclays Bank
PLC (2) (the Facility)
Dear
Sirs
Defined
terms used in this letter shall unless the context requires otherwise have the
same meaning in this letter as they have in the Facility.
In
addition, the following term shall have the meaning given below in this
letter:
G7 Country means any of
Canada, France, Germany, Italy, Japan, the United States of America or the
United Kingdom.
G7 OECD Bond means any
marketable debt obligation issued by the government of G7 Country in the form of
bonds and not convertible into any other security.
In
consideration of the parties agreeing to enter into the Facility Agreement, the
parties hereby agree that it is intended that OECD Bonds shall be considered to
be Eligible Securities from the date that the Parties:
|
1)
|
agree
the percentage adjustment that shall apply to the OECD Bonds depending
upon their term and currency; and
|
|
2)
|
the
Borrower executes any additional Security reasonably required by the
Issuing Bank in respect of the OECD Bonds, which the parties agree shall
be governed by English law.
|
The
parties further agree that the terms of the Facility shall be amended to include
OECD Bonds as Eligible Securities.
This
letter shall be governed by the laws of England and Wales and the courts of
England and Wales have exclusive jurisdiction to settle any dispute arising out
of or in connection with it.
This
letter has been signed this day of
March 2009.
SIGNED
for and on behalf of Flagstone Réassurance Suisse SA by:
Xxxxxxx
Xxxxxxxx Xxxxxx
Xxxxxxxxxx
s/ _____________________ s/ _____________________
Chief
Financial
Officer
Chief Counsel
SIGNED
for and on behalf of Barclays Bank PLC by
[
]
_____________________
[Director]
