8.CREDIT FACILITY - EXPIRED

Effective August 15, 2011, the Company entered into a three year, $150,000 thousand unsecured revolving credit facility, referred to as the Holdings Credit Facility, which expired on August 15, 2014.The Company decided not to renew the Holdings Credit Facility at expiration.Citibank N.A. was the administrative agent for the Holdings Credit Facility.The Holdings Credit Facility was used for liquidity and general corporate purposes.The Holdings Credit Facility provided for the borrowing of up to $150,000 thousand with interest at a rate selected by Holdings equal to either, (1) the Base Rate (as defined below) or (2) a periodic fixed rate equal to the Eurodollar Rate plus an applicable margin.The Base Rate meant a fluctuating interest rate per annum in effect from time to time to be equal to the higher of (a) the rate of interest publicly announced by Citibank as its base rate, (b) 0.5% per annum above the Federal Funds Rate or (c) 1% above the one month London Interbank Offered Rate (LIBOR), in each case plus the applicable margin.The amount of margin and the fees paid for the Holdings Credit Facility depended upon Holdings senior unsecured debt rating.

The Holdings Credit Facility required Holdings to maintain a debt to capital ratio of not greater than 0.35 to 1 and Everest Re to maintain its statutory surplus at $1,875,000 thousand plus 25% of future aggregate net income and 25% of future aggregate capital contributions after December 31, 2010.

There are certain regulatory and contractual restrictions on the ability of Holdings operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances.The insurance laws of the State of Delaware, where Holdings direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds.At December 31, 2013, $2,294,461 thousand of the $3,136,782 thousand in net assets of Holdings consolidated subsidiaries were subject to the foregoing regulatory restrictions.

The following table summarizes outstanding letters of credit and/or borrowings for the periods indicated:


(Dollars in thousands)	At September 30, 2014						At December 31, 2013
Bank	Commitment		In Use		Date of Loan	Maturity/Expiry Date	Commitment		In Use		Date of Loan	Maturity/Expiry Date
Citibank Holdings Credit Facility	$	-	$	-			$	150,000	$	-
Total revolving credit borrowings				-						-
Total letters of credit				-						851		12/31/2014

Total Citibank Holdings Credit Facility	$	-	$	-			$	150,000	$	851

The following table presents the costs incurred in connection with the Holdings Credit Facility for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2014		2013		2014		2013
Credit facility fees incurred	$	-	$	72	$	97	$	250