Dated as of 25th June 2004 FOR VALUE RECEIVED, and in order to induce Barclays Bank PLC (the "SECURED PARTY"), issuer under the Credit Agreement dated as of June 25, 2004 (the "CREDIT AGREEMENT") between PXRE Reinsurance Ltd. (the "BORROWER") and the...Security Agreement • July 1st, 2004 • Pxre Group LTD • Title insurance • New York
FOR VALUE RECEIVED, and in order to induce Barclays Bank PLC (the "SECURED PARTY"), issuer under the Credit Agreement dated as of June 25, 2004 (the "CREDIT AGREEMENT") between PXRE Reinsurance Ltd. (the "BORROWER") and the Secured Party, to issue letters of credit under and upon the terms set forth in the Credit Agreement, the Borrower, as security for all monies and any other liabilities or obligations of the Borrower arising under, or in connection with, the Credit Documents (as defined in the Credit Agreement) (including this Agreement) to the Secured Party whether present or future, actual or contingent and whether due or owing or incurred solely or jointly with any other person and whether as a principal or surety, including any liability in respect of any letter of credit issued under the Credit Documents, and including interest, discount, commission or other lawful charges and expenses which may accrue under the Credit Agreement in respect of any of the matters aforesaid and so
