XL CAPITAL LTD
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<TYPE>EX-10.67
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<FILENAME>c29808_ex10-67.htm
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<BODY bgColor=#ffffff><P align=center><FONT size=2>AMENDMENT NO. 1<BR></FONT><FONT size=2>&nbsp;TO<BR></FONT><FONT size=2>PLEDGE AGREEMENT</FONT></P>
<P align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is Amendment No. 1, effective as of June 24, 2002 (this &#147;Amendment&#148;), to the Pledge Agreement, dated as of December 17, 2001 (the &#147;Pledge Agreement&#148;), made by XL Investments Ltd., a company organized under the laws of Bermuda (&#147;XL Investments&#148;), XL Re Ltd, a company organized under the laws of Bermuda (&#147;XL Re&#148;), XL Insurance (Bermuda) Ltd, a company organized under the laws of Bermuda (&#147;XL Insurance&#148;), and XL Europe Ltd, a company organized under the laws of Ireland (&#147;XL Europe&#148; and, together with XL Investments, XL Re and XL Insurance, the &#147;Grantors&#148;) in favor of Citibank, N.A. (the &#147;Bank&#148;).</FONT></P>
<P align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the agreements made in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Grantors and the Bank hereby agree as follows:</FONT></P>
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<TD vAlign=top width=23><FONT size=2>1.</FONT></TD>
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<TD vAlign=top width=898><FONT size=2>Section 1.1(a) of the Pledge Agreement is hereby amended to read in its entirety as follows:</FONT></TD></TR>
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<TD vAlign=top colSpan=3><FONT size=2>&nbsp; </FONT><FONT size=2>&#147;Designated Accounts&#148; shall mean, collectively, the custodial securities accounts maintained with the Custodian pursuant to terms of the Custody Agreement </FONT></TD></TR></TABLE><BR>
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<TD vAlign=top colSpan=3><FONT size=2>&nbsp; </FONT><FONT size=2>and set forth on Annex A hereto, as it may be amended from time to time. Custodial securities account(s) maintained by a Grantor with the Custodian may be designated as Designated Accounts pursuant to a Supplemental Document; <U>provided</U>, <U>however</U>, that no custodial securities account may be a Designated Account if any party to the Custody Agreement other than the Grantor maintaining such account has any interest therein or in any securities entitlements or other financial assets credited thereto; and <U>provided</U>, <U>further</U>, that Designated Accounts shall not include any securities account which has been withdrawn from the category of Designated Accounts pursuant to Section 2.3(a)(v) of this Agreement. Annex A shall be amended to reflect each addition or withdrawal of a securities account as a Designated Account.&#148;</FONT></TD></TR>
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<TD vAlign=top width=25><FONT size=2>2.</FONT></TD>
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<TD vAlign=top width=897><FONT size=2>Section 2.3(a) of the Pledge Agreement is hereby amended by deleting the first parenthetical thereof and by amending &#145;three&#146; to &#145;four&#146; in the clause 2.3 (a)(v).</FONT></TD></TR>
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<TD vAlign=top width=25><FONT size=2>3.</FONT></TD>
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<TD vAlign=top><FONT size=2>Annex A attached hereto is hereby also made Annex A to the Pledge Agreement.</FONT></TD></TR></TABLE><BR>
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<P align=center><FONT size=2>- 3 -</FONT></P>
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<TD vAlign=top width=20><FONT size=2>4.</FONT></TD>
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<TD vAlign=top><FONT size=2>The provisions of Article VI of the Pledge Agreement are incorporated herein and shall apply, <I>mutatis mutandis</I>, to this Amendment.</FONT></TD></TR>
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<TD vAlign=top width=20><FONT size=2>5.</FONT></TD>
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<TD vAlign=top><FONT size=2>Except as expressly amended hereby, the Pledge Agreement shall continue in full force and effect.</FONT></TD></TR></TABLE><BR>
<P align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties hereto has executed and delivered this Agreement.</FONT></P>
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<TD vAlign=bottom align=left width=322><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left width=652><FONT size=2>XL INVESTMENTS LTD</FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>By<U>_/s/ CHRISTOPHER V. GREETHAM</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2><U></U></FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Name:__<U>CHRISTOPHER V. GREETHAM</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Title: <U>Executive Vice President and Chief Investment Officer</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>XL RE LTD</FONT></TD></TR>
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<TD vAlign=bottom align=left>&nbsp;</TD>
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<TD vAlign=bottom align=left><FONT size=2>By<U>_/s/ CHRISTOPHER V. GREETHAM</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2><U></U></FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Name:__<U>CHRISTOPHER V. GREETHAM</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Title: <U>Executive Vice President and Chief Investment Officer</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>XL INSURANCE (BERMUDA) LTD</FONT></TD></TR>
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<TD vAlign=bottom align=left>&nbsp;</TD>
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<TD vAlign=bottom align=left><FONT size=2>By <U>/s/ CHRISTOPHER A. COELHO</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Name:_<U>CHRISTOPHER A. COELHO</U></FONT></TD></TR>
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<TD vAlign=bottom align=left width=322><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>Title: <U>Senior Vice President and Chief Financial Officer </U></FONT></TD></TR></TABLE><BR>
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<P align=center><FONT size=2>- 4 -</FONT></P>
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<TD vAlign=bottom align=left width=651><FONT size=2>XL EUROPE LTD </FONT></TD></TR>
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<TD vAlign=bottom align=left width=323><FONT size=2>&nbsp; </FONT></TD>
<TD vAlign=bottom align=left><FONT size=2>By <U>/s/ FIONA MULDOON</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>Name: <U>FIONA MULDOON&nbsp;</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>Title: <U>Chief Financial Officer &amp; Company Secretary</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>CITIBANK, N.A.</FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>By <U>/s/&nbsp;PHIL ARCH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>Name:<U>&nbsp;PHIL ARCH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
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<TD vAlign=bottom align=left><FONT size=2>Title: <U>Vice President&nbsp;</U></FONT></TD></TR></TABLE>
<P align=left><FONT size=2>Dated as of July 1, 2003 </FONT></P>
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