XL Group plc, together with its wholly-owned subsidiaries X.L. America, Inc., XL Insurance (Bermuda) Ltd., XL Re Ltd., XL Insurance Company Limited, XL Insurance Switzerland, XL Re Europe, XL Life Ltd. and XLIT Ltd., entered into a new secured credit agreement and a new unsecured credit agreement. In connection with the new credit agreements, the company's existing credit agreement dated as of June 21, 2007 was terminated. The company's existing secured credit agreement dated as of March 25, 2011 continues in force, but was amended to conform certain of its terms to those of the New Secured Credit Agreement. The 2007 Credit Agreement had provided for letters of credit and for revolving credit loans of up to $750,000,000 with the aggregate amount of outstanding letters of credit and revolving credit loans there under not to exceed $3,000,000,000. At the time at which it was terminated and the New Credit Agreements became effective, there were no outstanding revolving credit loans under the 2007 Credit Agreement. A portion of the letters of credit outstanding under the 2007 credit agreement at the time of its termination were continued under the March 2011 credit agreement and the remainder were continued under the New Credit Agreements. The New Secured Credit Agreement provides for issuance of letters of credit up to $650,000,000. The New Unsecured Credit Agreement is a $1,350,000,000 facility that provides for issuance of letters of credit and up to $1,000,000,000 of revolving credit loans. The company has the option to increase the maximum amount of letters of credit available by an additional $500,000,000 across the facilities under the New Credit Agreements. The parties to the New Secured Credit Agreement are the Account Parties, JPMorgan Chase Bank, N.A. (JPM), as administrative agent, The Bank of New York Mellon (BNYM), as collateral agent, and the lenders party thereto. The parties to the New Unsecured Credit Agreement are the Account Parties, JPM, as administrative agent, and the lenders party thereto. The parties to the Amendment are the Account Parties, JPM, as administrative agent, BNYM, as collateral agent, and the lenders party to the March 2011 Credit Agreement. Each of the company, and its subsidiaries guarantee the obligations of the other Account Parties under each New Credit Agreement. Each New Credit Agreement contains financial covenants that require the company to maintain a minimum consolidated net worth and a maximum ratio of total consolidated debt to the sum of total consolidated debt plus consolidated net worth, and that require each of XLIB, XLRe and XLRe Europe to maintain a financial strength rating of no less than A- from A.M. Best & Co. In addition, the New Credit Agreements contain other customary affirmative and negative covenants for credit facilities of these types as well as certain customary events of default. The obligations of each of the Account Parties under the New Secured Credit Agreement are secured by cash and certain designated securities that are pledged to the Collateral Agent by each Account Party pursuant to a pledge agreement and a collateral account control agreement.