The applicant agrees, in valid and valid consideration, that the existing agreement, whether addressed to you or another natural or legal person, be fully replaced by this agreement, so that existing credits initially granted within the framework of and in connection with the existing agreement are now considered as credits for all purposes: which are spent within and in connection with this Agreement and not in the existing Agreement. The Applicant also invites you, Wells Fargo Bank, National Association (“Wells Fargo”), to issue, on your behalf and at your sole option, unless otherwise specified in a loan document, one or more standby accreditations in accordance with the applications for such loans and the terms of this Agreement. In view of the publication by National Australia Bank Limited of its “standby credit”, which has been identified on behalf of XL Capital Ltd on behalf of XL Capital Ltd, by the publication by National Australia Bank Limited of its irrevocable “standby credit” (the “Credit”) which has been identified on behalf of XL Capital Ltd, XL America, Inc, XL Insurance (Bermuda) Ltd, XL Europe Ltd and XL Re Ltd, jointly and severally (the “Applicant”), the Applicant has entered into an agreement with the Bank as follows: The Applicant requests you, Wells Fargo Bank, National Association (“Wells Fargo”), to issue on your behalf one or more pending Credits in accordance with the applications for issuance of such loans and under the terms of this Agreement.