AMENDMENT NO. 1 TO LOAN AGREEMENT

 

 

 

THIS AMENDMENT NO. 1 (this "Amendment") to the Loan Agreement (the "Agreement"), dated as of November 16, 2007, by and between MAIDEN INSURANCE COMPANY, LTD, an insurance company formed with limited liability under the laws of the Islands of Bermuda (the "Lender"), and AMTRUST INTERNATIONAL INSURANCE, LTD, an insurance company formed with limited liability under the laws of the Islands of Bermuda (the "Borrower”), is made and entered as of February 15, 2008 by and between the Lender and the Borrower.

WHEREAS, pursuant to Section 6.1 of the Agreement, the Lender and the Borrower may mutually agree to amend the Agreement; and

WHEREAS, the Lender and the Borrower desire to amend the Agreement in the manner set forth in this Amendment;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Lender and the Borrower hereby agree as follows:

 

 

 

 

 

 

Each Loan shall accrue interest at a floating rate equal to the one-month London Interbank Offered Rate (“LIBOR”) plus 90 basis points per annum computed on the basis of a 360-day year of twelve 30-day months. The Interest Rate shall change based on changes in LIBOR. LIBOR shall be determined by Borrower based on published rates in the Wall Street Journal, Bloomberg or other widely available source of financial news.

 

 

B.	Section 2.3 (Interest Payment Dates) hereby is deleted and amended and restated in its entirety as follows:

 

All interest accruing during an Interest Period shall be payable not later than 10 Business Days following the end of such Interest Period.

 

C.	Section 5.1 (Use of Proceeds) hereby is deleted in its entirety.

 

D.	Article VI hereby is amended by adding Section 6.12, which states as follows:

 

Offset. Borrower shall have the right to offset against any amount due hereunder against any balances or amounts due and payable by the Lender under the Reinsurance Agreement or Asset Management Agreement.

 

 

 

 

 

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IN WITNESS WHEREOF the parties hereto, by their respective duly authorized officers, have executed this Addendum, in duplicate, as of the dates recorded below: