March 5, 2009
$200,000,000 Multicurrency Letter of Credit Facility Agreement dated on or about
the date hereof between Flagstone Réassurance Suisse SA (1) and Barclays Bank
PLC (2) (the Facility)
terms used in this letter shall unless the context requires otherwise have the
same meaning in this letter as they have in the Facility.
addition, the following term shall have the meaning given below in this
G7 Country means any of
Canada, France, Germany, Italy, Japan, the United States of America or the
G7 OECD Bond means any
marketable debt obligation issued by the government of G7 Country in the form of
bonds and not convertible into any other security.
consideration of the parties agreeing to enter into the Facility Agreement, the
parties hereby agree that it is intended that OECD Bonds shall be considered to
be Eligible Securities from the date that the Parties:
the percentage adjustment that shall apply to the OECD Bonds depending
upon their term and currency; and
Borrower executes any additional Security reasonably required by the
Issuing Bank in respect of the OECD Bonds, which the parties agree shall
be governed by English law.
parties further agree that the terms of the Facility shall be amended to include
OECD Bonds as Eligible Securities.
letter shall be governed by the laws of England and Wales and the courts of
England and Wales have exclusive jurisdiction to settle any dispute arising out
of or in connection with it.
letter has been signed this day of
for and on behalf of Flagstone Réassurance Suisse SA by:
s/ _____________________ s/ _____________________
for and on behalf of Barclays Bank PLC by