Notice of Reduction of Letter of Credit Commitments under Reimbursement Agreement between RenaissanceRe Holdings Ltd. and Wachovia Bank

Contract Categories: Business Finance › Credit Agreements
Summary

RenaissanceRe Holdings Ltd. notifies Wachovia Bank, as Administrative Agent, that it will reduce the unused portion of its letter of credit commitments by $150 million, effective January 18, 2005. This action lowers the total commitments under the existing letter of credit facility to $850 million. The notice is given in accordance with the terms of the First Amended and Restated Reimbursement Agreement dated March 31, 2004, involving several insurance entities and financial institutions.

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EX-10.33 5 file004.htm NOTICE OF REDUCTION 
  EXHIBIT 10.33 [RENAISSANCERE LOGO] NOTICE OF REDUCTION OF THE L/C COMMITMENTS January 12, 2005 Wachovia Bank, National Association, as Administrative Agent Financial Institutions Group 301 South College Street, DC-5 Charlotte, North Carolina ###-###-#### Attn: Will Goley Ladies and Gentlemen: Reference is made to the First Amended and Restated Reimbursement Agreement dated as of March 31, 2004 among Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe, Glencoe Insurance Ltd. and DaVinci Reinsurance Ltd., as Account Parties, RenaissanceRe Holdings Ltd., the Lenders party thereto, Wachovia Bank, National Association, as Issuing Bank, Administrative Agent and Collateral Agent, and National Australia Bank Ltd, ING Bank N.V., London Branch and Barclays Bank PLC, each as Co-Documentation Agents (as amended or otherwise modified from time to time, the "Reimbursement Agreement"). Capitalized terms used herein without definition shall have the meanings given to them in the Reimbursement Agreement. Pursuant to Section 2.04 of the Reimbursement Agreement, this letter hereby serves as notice to the Administrative Agent that on January 18, 2005, the unused portion of the L/C Commitments shall be reduced by $150 million thereby reducing the Total Commitments under the letter of credit facility to $850 million. Very truly yours, RENAISSANCERE HOLDINGS LTD. By: /s/ Todd Fonner ---------------------------- Todd Fonner Vice President and Treasurer