AGREEMENT DATED BETWEEN: AND PREAMBLEInsurance Letters of Credit – Master Agreement • May 19th, 2010 • Axis Capital Holdings LTD • Fire, marine & casualty insurance
Subject to the Companies’ satisfaction of the terms and conditions contained in this Agreement, CEP agrees to establish letters of credit or similar or equivalent acceptable instruments (each a “Credit” and collectively the “Credits”) on behalf of the Companies in favour of beneficiaries located in the United States of America or elsewhere (the “Beneficiary” or “Beneficiaries” as relevant). In furtherance of this Agreement, the parties have separately agreed the contractual or security arrangements that will apply in respect of each Company’s obligations under or pursuant to this Agreement. For the avoidance of doubt, in the event of any inconsistency between the terms of this Agreement and the terms of the Committed Facility Letter dated on or about the date of this Agreement (the “Committed Facility Letter”), the terms of the Committed Facility Letter shall prevail.
