Item 1.01 Entry into a Material Definitive Agreement.
Effective
The Facility provides a commitment from CEP to issue letters of credit for the
account of one or more of the Companies and their respective subsidiaries in
multiple currencies and in an aggregate amount of up to
Under the Facility, each of the Companies is severally obligated to pledge to CEP at all times during the term of the Facility certain securities with a collateral value (as determined as therein provided) that equals or exceeds 100% of the aggregate amount of its then-outstanding letters of credit. In the case of an event of default under the Facility with respect to a Company, CEP may exercise certain remedies with respect to such Company, including terminating its commitment to such Company under the Facility and taking certain actions with respect to the collateral pledged by such Company (including the sale thereof). In the Facility Letter, each Company makes, as to itself, representations and warranties that are customary for facilities of this type and severally agrees that it will comply with certain informational and other undertakings, including those regarding the delivery of quarterly and annual financial statements.
CEP and its affiliates have performed commercial banking, investment banking and advisory services for the Companies and their affiliates from time to time for which they have received customary fees and reimbursement of expenses. CEP and its affiliates may from time to time engage in transactions with and perform services for the Companies and their affiliates in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses.
The description of the Amendment and Facility contained herein are qualified in
their entirety by reference to the Amendment, a copy of which is attached hereto
as Exhibit 10.1 and is incorporated herein by reference, and the Original
Facility Letter and other amendments comprising the Facility Letter, copies of
which were previously filed with
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of the Registrant.
The disclosure set forth in Item 1.01 above is hereby incorporated by reference.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit# Description 10.1 Deed of Amendment to Facility Letter, datedDecember 21, 2021 , by and amongCitibank Europe plc ,Renaissance Reinsurance Ltd. ,DaVinci Reinsurance Ltd. ,Renaissance Reinsurance of Europe Unlimited Company ,RenaissanceRe Specialty U.S. Ltd. ,Renaissance Reinsurance U.S. Inc. andRenaissanceRe Europe AG . 101 Pursuant to Rule 406 of Regulation S-T, the cover page information in formatted in Inline XBRL 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) - 3 -
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