MONTPELIER RE HOLDINGS LTD
EX-10.1 FOURTH AMENDMENT TO CREDIT AGREEMENT
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<DESCRIPTION>EX-10.1 FOURTH AMENDMENT TO CREDIT AGREEMENT
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<P align="right"><FONT size="2"><B>EXHIBIT 10.1<BR>EXECUTION COPY</B></FONT>

<P align="center"><FONT size="2"><B>FOURTH AMENDMENT AGREEMENT</B>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Fourth Amendment Agreement (&#147;Amendment&#148;) is entered into as of
December&nbsp;11, 2002 among Montpelier Re Holdings Ltd., a Bermuda company (the
&#147;Borrower&#148;), and the Lenders listed on the signature pages hereto (the
&#147;Lenders&#148;) and Bank of America, N.A., in its capacity as Administrative Agent
for the Lender (the &#147;Administrative Agent&#148;).
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<P align="center"><FONT size="2"><B>R E C I T A L S</B>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower, the Lenders and the Administrative Agent are
parties to the Credit Agreement dated as of December&nbsp;12, 2001, as amended by
Amendment Agreement dated as of December&nbsp;26, 2001 and by Second Amendment
Agreement dated June&nbsp;17, 2002 and by the Third Amendment Agreement dated August
1, 2002 (the &#147;Credit Agreement&#148;) pursuant to which the Lenders made available
to the Borrower a revolving loan facility and a term loan facility; and
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties agree as follows:
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 1. CREDIT AGREEMENT DEFINITIONS. </B>Capitalized terms used herein
that are defined in the Credit Agreement shall have the same meaning when used
herein unless otherwise defined herein.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2. AMENDMENT TO CREDIT AGREEMENT. </B>Effective on (and subject to
the occurrence of) the Fourth Amendment Effective Date (as defined below), the
definition of &#147;Revolving Commitment Termination Date&#148; in Section&nbsp;1.1 of the
Credit Agreement shall be amended by the deletion of the date &#147;December&nbsp;11,
2002&#148; and the substitution of the date &#147;December&nbsp;10, 2003&#148; therefor.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3. REPRESENTATIONS AND WARRANTIES. </B>In order to induce the Lenders
and the Administrative Agent to execute and deliver this Amendment, the
Borrower hereby represents and warrants that:
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    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;no Default or Event of Default has occurred and is continuing or
will result from the execution and delivery or effectiveness of this
Amendment; and</FONT></TD>
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    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the warranties of the Borrower contained in Article&nbsp;IV of the
Credit Agreement are true and correct in all material respects as of the
date hereof, with the same effect as though made on such date (except
where such representation speaks as of a specified date).</FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 4. CONDITIONS TO EFFECTIVENESS. </B>The amendments set forth in
Section&nbsp;2 shall become effective on the date (the &#147;Fourth Amendment Effective
Date&#148;) upon (i)&nbsp;receipt by the Administrative Agent of four counterparts of
this Amendment executed by the Borrower, the Administrative Agent and the
Revolving Lenders, (iii)&nbsp;payment by the Borrower to the Administrative Agent of
an amendment fee
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<P align="left"><FONT size="2"> equal to 0.075% of the aggregate Revolving Commitments, pro rata to the
Revolving Lenders and (iv)&nbsp;payment by the Borrower to the Administrative Agent
and the Arranger of such fees as shall have been agreed upon between the
Borrower, the Administrative Agent and Arranger.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 5. GENERAL.</B>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
<U>Reaffirmation of Loan Documents.</U> From and after the date hereof, each
reference that appears in any Loan Document to the Credit Agreement shall be
deemed to be a reference to the Credit Agreement as amended hereby. As amended
hereby, the Credit Agreement is hereby reaffirmed, approved and confirmed in
every respect and shall remain in full force and effect.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
<U>Counterparts; Effectiveness.</U> This Amendment may be executed by the
parties hereto in any number of counterparts and by the different parties in
separate counterparts and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same agreement.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
<U>Governing Law; Entire Agreement.</U> THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 6. LOAN DOCUMENT. </B>This Amendment is a Loan Document.
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<P align="center"><FONT size="2">2</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by the respective officers as of the date and year first above
written.
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    <TD valign="top"><FONT size="2">MONTPELIER RE HOLDINGS LTD</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ Neil McConachie<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Senior Vice President and<BR>
Financial Controller</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">BANK OF AMERICA, N.A., as<BR>
Administrative Agent</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ Mehul Mehta<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Principal</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">THE BANK OF N.T. BUTTERFIELD &#038; SON<BR>
LIMITED</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ illegible<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Vice President</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">CREDIT SUISSE FIRST BOSTON</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ Jay Chall  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    /s/ Cassandra Droogan<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Director      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         Associate</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">THE BANK OF BERMUDA LTD.</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ R. Brunson<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: V.P. Corporate Banking</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">FLEET NATIONAL BANK</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">By:    /s/ David A. Bosselait<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Director</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD valign="top"><FONT size="2">THE BANK OF NEW YORK</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:    /s/ Evan R. Glass<BR>
</FONT><HR size="1" noshade><FONT size="2">
Title: Vice President</FONT></TD>
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<P align="center"><FONT size="2">3</FONT>
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    <TD valign="top"><FONT size="2">BARCLAYS BANK PLC</FONT></TD>
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    <TD valign="top"><FONT size="2">By:    /s/ Chris Lee<BR>
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Title: Manager</FONT></TD>
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    <TD valign="top"><FONT size="2">COMERICA BANK</FONT></TD>
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    <TD valign="top"><FONT size="2">By:    /s/ illegible<BR>
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Title: International Banking Officer</FONT></TD>
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<P align="center"><FONT size="2">4</FONT>




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