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| GLRE > SEC Filings for GLRE > Form 8-K on 22-Dec-2008 | All Recent SEC Filings |
22-Dec-2008
Entry into a Material Definitive Agreement, Financial Statements and
On December 15, 2008, Greenlight Reinsurance, Ltd. (the "Company"), the principal subsidiary of Greenlight Capital Re, Ltd., entered into a deed of novation with Unicredit Bank Cayman Islands Ltd ("Unicredit Bank") (formerly known as Bank Austria Cayman Islands Ltd), and Butterfield Bank (Cayman) Limited ("Butterfield Bank"). The novation provides for the letter of credit agreement dated June 6, 2007, between Unicredit Bank and the Company to be transferred to Butterfield Bank effective from December 19, 2008. The Company, concurrently entered into a novation agreement with Unicredit Bank, Butterfield Bank, and Goldman Sachs & Co to transfer Unicredit Bank's security interest in the collateral pledged by the Company under the letter of credit facility to Butterfield Bank. All other terms and conditions of the original letter of credit agreement and the securities control agreement, including the covenants, remained unchanged.
(d) Exhibits
10.1 Deed of Novation date December 15 2008, by and among Unicredit Bank Cayman Islands Ltd., Butterfield Bank (Cayman) Limited, and Greenlight Reinsurance, Ltd.
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