EXECUTION COPY CUSIP NO. [ ] CREDIT AGREEMENT dated as of June 1, 2005 Among MAX RE LTD. And MAX RE CAPITAL LTD. as Borrowers, VARIOUS FINANCIAL INSTITUTIONS, as the Lenders, ING BANK N.V., LONDON BRANCH And CITIBANK, NA As Co-Syndication Agents, And...Credit Agreement • June 3rd, 2005 • Max Re Capital LTD • Fire, marine & casualty insurance • New York
Initially, the Applicable Rate shall be determined based upon the Parent Debt to Total Capitalization Ratio specified in the certificate delivered pursuant to Section 8.1(g). Thereafter, each change in the Applicable Rate resulting from a change in the Parent Debt to Total Capitalization Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(j); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level III shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered through the date of delivery of such Compliance Certificate.
