Exhibit 10.56

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”), dated as of
January 11, 2005, among U.S.I. HOLDINGS CORPORATION, a Delaware corporation (the
“Borrower”), J.P. MORGAN SECURITIES INC., as Sole Lead Arranger and Sole Book
Manager (the “Sole Lead Arranger”), the lenders from time to time party thereto
(each a “Lender” and, collectively, the “Lenders”) and JPMORGAN CHASE BANK, N.A.
(formerly known as JPMorgan Chase Bank), as Administrative Agent (in such
capacity, the “Administrative Agent”). All capitalized terms used herein and not
otherwise defined shall have the respective meanings provided such terms in the
Credit Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a
Credit Agreement, dated as of August 11, 2003 (as amended, modified and/or
supplemented from time to time to, but not including, the date hereof, the
“Credit Agreement”);

 

WHEREAS, the Borrower has requested the Lenders to amend the Credit Agreement in
order to (a) add a new $90 million tranche of term loans thereto (the “Tranche B
Term Loans”), the proceeds of which will be used to finance (or refinance other
debt used to finance) the Summit Global acquisition (the “Summit Global
Acquisition”) and provide additional liquidity for the Borrower and its
Subsidiaries and (b) effect other modifications thereto identified by the
Borrower; and

 

WHEREAS, subject to the terms and conditions of this Second Amendment, the
parties hereto have agreed to amend certain provisions of the Credit Agreement
as herein provided;

 

NOW, THEREFORE, it is agreed:

 

I. Amendments to Credit Agreement.

 

1. Notwithstanding anything to the contrary contained in the Credit Agreement,
the Lenders acknowledge and agree that the Summit Global Acquisition may be
effected as a Permitted Acquisition under the Credit Agreement (and thereupon
constitute a “Permitted Acquisition” for all purposes of the Credit Agreement),
so long as:

 

(i) the Summit Global Acquisition shall be effected as a “Permitted Acquisition”
in accordance with all applicable terms of (and meet all applicable requirements
for a Permitted Acquisition under) the Credit Agreement, after giving effect to
this Second Amendment (including, without limitation, Sections 7.10, 7.13, 8.07
and 8.14 thereof);

 

(ii) on or prior to the date of the consummation of the Summit Global
Acquisition (the “Summit Global Acquisition Effective Date”), there shall have
been

 

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delivered to the Administrative Agent (w) true and correct copies of the Summit
Global Acquisition purchase agreement and all other documents entered into in
connection with the Summit Global Acquisition (the “Summit Global Acquisition
Documents”), certified as such by an officer of the Borrower, (x) a solvency
certificate from the chief financial officer of the Borrower, dated the Summit
Global Acquisition Effective Date, in the form of Exhibit I to the Credit
Agreement, (y) an opinion addressed to the Administrative Agent, the Collateral
Agent and each of the Lenders and dated the Summit Global Acquisition Effective
Date from Morea & Schwartz PC, special counsel to the Credit Parties, in form
and substance satisfactory to the Administrative Agent, and covering such
matters incident to this Second Amendment and the transactions contemplated
herein as the Administrative Agent may reasonably request and (z) a copy of the
detailed consolidated financial projections for Borrower and its Subsidiaries,
and after giving effect to the Summit Global Acquisition, the related financings
therefor and the transactions and financings contemplated by this Second
Amendment (including the Tranche B Term Loans), for the five fiscal years ended
after the Summit Global Acquisition Effective Date (the “Updated Projections”),
which Updated Projections, and the supporting assumptions and explanations
thereto, shall be reasonably satisfactory in form and substance to the
Administrative Agent and the Required Lenders; and

 

(iii) on the Summit Global Acquisition Effective Date, (t) all Summit Global
Acquisition Documents shall have been duly executed and delivered by the parties
thereto and shall be in full force and effect, (u) the representations and
warranties set forth in the Summit Global Acquisition Documents shall be true
and correct in all material respects, (v) all necessary and material
governmental (domestic and foreign) and third party approvals in connection with
the Summit Global Acquisition and the transactions contemplated by the Summit
Global Acquisition Documents and otherwise referred to therein, shall have been
obtained and remain in effect, and all applicable waiting periods shall have
expired without any action being taken by any competent authority which
restrains, prevents or imposes, in the judgment of the Administrative Agent,
materially adverse conditions upon the consummation of the Summit Global
Acquisition, (w) there shall not exist any judgment, order, injunction or other
restraint issued or filed or a hearing seeking injunctive relief or other
restraint pending or notified prohibiting or imposing materially adverse
conditions upon the consummation of the Summit Global Acquisition, (x) after
giving effect to the Summit Global Acquisition, nothing shall have occurred
since December 31, 2003 (and neither the Lenders nor the Administrative Agent
shall have become aware of any facts or conditions not previously known) which
could reasonably be expected to have a Material Adverse Effect, (y) each of the
material conditions precedent to the consummation of the Summit Global
Acquisition as set forth in the Summit Global Acquisition Documents shall have
been materially satisfied to the reasonable satisfaction of the Administrative
Agent or waived with the consent of the Administrative Agent (which consent
shall not be unreasonably withheld), and (z) the Summit Global Acquisition shall
have been consummated in accordance with all applicable laws and the Summit
Global Acquisition Documents (without giving effect to any amendment or
modification thereof or waiver with respect thereto unless consented to by the
Administrative Agent).

 

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2. Section 1.01 of the Credit Agreement is hereby amended by (x) deleting each
instance of the text “3.03(b)” appearing in clauses (a)(iv) and (a)(v) of said
Section and inserting the text “3.03(c)” in lieu thereof and (y) inserting the
following new clause (c) at the end of said Section:

 

“(c) Subject to and upon the terms and conditions set forth herein, each Lender
with a Tranche B Term Loan Commitment severally agrees to make a term loan or
term loans (each a “Tranche B Term Loan” and, collectively, the “Tranche B Term
Loans”) to the Borrower, which Tranche B Term Loans (i) shall be incurred by the
Borrower pursuant to a single borrowing on the Summit Global Acquisition
Effective Date, (ii) shall be denominated in Dollars, (iii) shall, at the option
of the Borrower, be incurred and maintained as and/or converted into Base Rate
Loans or Eurodollar Loans, provided that all Tranche B Term Loans comprising the
same Borrowing shall at all times be of the same Type, (iv) shall not exceed for
any Lender, in initial aggregate principal amount, that amount which equals the
Tranche B Term Loan Commitment of such Lender at the time of incurrence thereof
(before giving effect to any reductions thereto on such date pursuant to Section
3.03(e)), and (v) shall not exceed, in initial aggregate principal amount, that
amount which equals the Total Tranche B Term Loan Commitment at the time of
incurrence thereof (before giving effect to any reductions thereto on such date
pursuant to Section 3.03(e)). Once repaid or prepaid, Tranche B Term Loans
incurred hereunder may not be re-borrowed.”.

 

3. Section 1.03(a) of the Credit Agreement is hereby amended by inserting the
text “, Tranche B Term Loans” immediately preceding the text “or Revolving
Loans” appearing in clause (iii) of said Section.

 

4. Section 1.05(a) of the Credit Agreement is hereby amended by (x) deleting the
word “and” appearing at the end of clause (i) of said Section and inserting a
comma in lieu thereof and (y) inserting the following text immediately preceding
the period at the end of said Section:

 

“and (iii) if Tranche B Term Loans, by a promissory note substantially in the
form of Exhibit B-3 with blanks appropriately completed in conformity herewith
(each a “Tranche B Term Note” and collectively, the “Tranche B Term Notes”)”.

 

5. Section 1.05 of the Credit Agreement is hereby further amended by (x)
redesignating clauses (d) and (e) of said Section as clauses (e) and (f),
respectively, and (y) inserting the following new clause (d) immediately
following clause (c) of said Section:

 

“(d) The Tranche B Term Note issued to each Lender with a Tranche B Term Loan
Commitment and/or outstanding Tranche B Term Loans shall (i) be executed by the
Borrower, (ii) be payable to such Lender or its registered assigns and be dated
the Summit Global Acquisition Effective Date (or, in the case of any Tranche B
Term Note issued after the Summit Global Acquisition Effective Date, the date of
issuance thereof), (iii) be in a stated principal amount equal to the Tranche B
Term Loan Commitment of such Lender on the Summit Global Acquisition Effective
Date (or, in the case of any Tranche B Term Note issued after the Summit Global
Acquisition Effective Date, in a stated principal amount equal to the
outstanding principal amount of the Tranche B Term

 

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Loans of such Lender on the date of the issuance thereof) and be payable in the
principal amount of Tranche B Term Loans evidenced thereby from time to time,
(iv) mature on the Term Loan Maturity Date, (v) bear interest as provided in the
appropriate clause of Section 1.08 in respect of the Base Rate Loans and
Eurodollar Loans, as the case may be, evidenced thereby, (vi) be subject to
voluntary repayment as provided in Section 4.01 and mandatory repayment as
provided in Section 4.02 and (vii) be entitled to the benefits of this Agreement
and the other Credit Documents. Upon receipt of an affidavit of an officer of
the Lender (together with a customary indemnity from such Lender in form and
substance satisfactory to the Borrower) that a Tranche B Term Note has been
lost, stolen, destroyed or mutilated, the Borrower will issue a replacement
Tranche B Term Note in the same principal amount thereof and otherwise of like
tender.”.

 

6. Section 1.06 of the Credit Agreement is hereby amended by deleting each
instance of the text “Revolving Loans or Term Loans” appearing in said Section
and inserting the text “Revolving Loans, Term Loans or Tranche B Term Loans” in
lieu thereof.

 

7. Section 1.07 of the Credit Agreement is hereby amended by (x) deleting the
text “Term Loans and Revolving Loans” appearing in the first sentence of said
Section and inserting the text “Term Loans, Tranche B Term Loans and Revolving
Loans” in lieu thereof and (y) deleting the text “Term Loan Commitments or
Revolving Loan Commitments” appearing in the first sentence of said Section and
inserting the text “Term Loan Commitments, Tranche B Term Loan Commitments or
Revolving Loan Commitments” in lieu thereof.

 

8. Section 1.09 of the Credit Agreement is hereby amended by (w) deleting the
word “and” appearing after the semi-colon at the end of clause (v) of said
Section, (x) deleting the text “4.02(b)” appearing in clause (vi) of said
Section and inserting the text “4.02(b)(i)” in lieu thereof, (y) deleting the
period appearing at the end of clause (vi) thereof and inserting “; and” in lieu
thereof and (z) inserting the following new clause (vii) immediately after
clause (vi) of said Section:

 

“(vii) no Interest Period in respect of any Borrowing of Tranche B Term Loans
shall be elected which extends beyond any date upon which a Tranche B Term Loan
Scheduled Repayment will be required to be made under Section 4.02(b)(ii) if,
after giving effect to the election of such Interest Period, the aggregate
principal amount of such Tranche B Term Loans which have Interest Periods which
will expire after such date will be in excess of the aggregate principal amount
of such Tranche B Term Loans then outstanding less the aggregate amount of such
required Tranche B Term Loan Scheduled Repayment.”.

 

9. Section 3.03 of the Credit Agreement is hereby amended by (w) deleting the
text “The Total Commitment” appearing in clause (a) of said Section and
inserting the text “Each of the Total Term Loan Commitment and the Total
Revolving Loan Commitment” in lieu thereof, (x) redesignating clauses (b) and
(c) of said Section as clauses (c) and (d), respectively, (y) inserting the
following new clause (b) immediately following clause (a) of said Section:

 

“(b) The Tranche B Term Loan Commitment (and the Tranche B Term Loan Commitment
of each Lender) shall be terminated at 5:00 p.m. (New York time) on the

 

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Tranche B Term Loan Expiration Date unless the Summit Global Acquisition
Effective Date has occurred on or before such date.”,

 

and (z) inserting the following new clause (e) immediately following clause (d)
of said Section:

 

“(e) Unless previously terminated pursuant to Section 3.03(b) above, the Total
Tranche B Term Loan Commitment (and the Total Tranche B Term Loan Commitment of
each Lender) shall terminate in its entirety on the Second Amendment Effective
Date (after giving effect to the making of the Tranche B Term Loans on such
date).”.

 

10. Section 4.01 of the Credit Agreement is hereby amended by (w) deleting each
instance of the text “Revolving Loans or Term Loans” appearing in said Section
and inserting the text “Revolving Loans, Term Loans or Tranche B Term Loans” in
lieu thereof, (x) deleting the word “and” appearing immediately prior to the
text “(v)” appearing in said Section and inserting a comma in lieu thereof, (y)
deleting clause (v) of said Section in its entirety and inserting the following
new clause (v) in lieu thereof:

 

“(v) each prepayment of principal of Term Loans pursuant to this Section 4.01
shall be applied to reduce the then remaining Term Loan Scheduled Repayments in
inverse order of maturity, and”

 

and (z) inserting the following new clause (vi) at the end of said Section:

 

“(vi) each prepayment of principal of Tranche B Term Loans pursuant to this
Section 4.01 shall be applied to reduce the then remaining Tranche B Term Loan
Scheduled Repayments in inverse order of maturity.”.

 

11. Section 4.02(b) of the Credit Agreement is hereby amended by (x) inserting
the text “(i)” immediately prior to the text “In addition” appearing in said
Section, (y) deleting each instance of the text “Scheduled Repayment” appearing
in said Section and inserting the text “Term Loan Scheduled Repayment” in lieu
thereof and (z) inserting the following new clause (ii) at the end of said
Section:

 

“(ii) In addition to any other mandatory repayments or commitment reductions
pursuant to this Section 4.02, on each date set forth below, the Borrower shall
be required to repay that principal amount of Tranche B Term Loans, to the
extent then outstanding, as is set forth opposite such date (each repayment, as
the same may be reduced as provided in Sections 4.01 and 4.02(h), a “Tranche B
Term Loan Scheduled Repayment”):

 

Tranche B Term Loan Scheduled Repayment Date

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   Amount

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April 30, 2005

   $ 225,000

July 31, 2005

   $ 225,000

October 31, 2005

   $ 225,000

January 31, 2006

   $ 225,000

April 30, 2006

   $ 225,000

July 31, 2006

   $ 225,000

 

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October 31, 2006

     $225,000

January 31, 2007

     $225,000

April 30, 2007

     $225,000

July 31, 2007

     $225,000

October 31, 2007

     $225,000

January 31, 2008

   $ 21,881,250

April 30, 2008

   $ 21,881,250

July 31, 2008

   $ 21,881,250

Term Loan Maturity Date

   $ 21,881,250

 

12. Section 4.02(h) of the Credit Agreement is hereby amended by deleting said
Section in its entirety and inserting the following new Section 4.02(h) in lieu
thereof:

 

“(h) Each amount required to be applied pursuant to Sections 4.02(c), (d), (e),
(f) and (g) in accordance with the requirements of this Section 4.02(h) shall,
subject to the provisions of Section 4.02(k), be applied (i) first, as a
mandatory repayment of any outstanding Term Loans and Tranche B Term Loans (pro
rata in accordance with the then aggregate outstanding principal amount of all
Term Loans and Tranche B Term Loans), and (ii) second, to the extent in excess
of the amounts required to be applied pursuant to the preceding clause (i), to
repay any outstanding Revolving Loans, without a reduction to the Total
Revolving Loan Commitment. The amount of each principal repayment of each
outstanding Term Loan or Tranche B Term Loan, as the case may be, made as
required by this Section 4.02(h) shall be applied to reduce the then remaining
Term Loan Scheduled Repayments or Tranche B Term Loan Scheduled Repayments, as
the case may be, in the inverse order of maturity.”.

 

13. Section 4.02(i) of the Credit Agreement is hereby amended by inserting the
text “and Tranche B Term Loans” after the text “Term Loans”.

 

14. Section 4.02(k) of the Credit Agreement is hereby amended by (x) deleting
each instance of the text “Term Loans” appearing in said Section and inserting
the text “Term Loans or Tranche B Term Loans” in lieu thereof and (y) deleting
each instance of the text “Term Loan” appearing in said Section and inserting
the text “Term Loan or Tranche B Term Loan” in lieu thereof.

 

15. Section 6.25 of the Credit Agreement is hereby amended by inserting the
following new clause (c) immediately after clause (b) of said Section:

 

“(c) The proceeds of the Tranche B Term Loans shall be utilized by the Borrower
solely (x) to fund the Summit Global Acquisition and (y) for the general
corporate and working capital purposes of the Borrower and its Subsidiaries
(including, but not limited to, Permitted Acquisitions).”.

 

16. Section 7.13(a)(v) of the Credit Agreement is hereby amended by deleting the
text of said Section in its entirety and inserting the text “[INTENTIONALLY
OMITTED]” in lieu thereof.

 

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17. Section 7.13(a)(vi) of the Credit Agreement is hereby amended by inserting
the text “and provided further that the Acquisition Consideration payable in
connection with the Summit Global Acquisition shall not be subject to, and shall
not be included in calculating, the limitations contained in this clause (vi)”
immediately prior to the semi-colon appearing at the end of said Section.

 

18. Section 8.01 of the Credit Agreement is hereby amended by (x) deleting the
Total Leverage Ratio levels for the following fiscal quarters and replacing them
as indicated below:

 

Fiscal Quarter Ending On

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   Ratio

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March 31, 2005

   2.75:1.00

June 30, 2005

   2.75:1.00

September 30, 2005

   2.50:1.00

December 31, 2005

   2.50:1.00

March 31, 2006

   2.25:1.00

June 30, 2006

   2.25:1.00

September 30, 2006

   2.25:1.00

December 31, 2006

   2.25:1.00

 

19. Section 8.05(vi) of the Credit Agreement is hereby amended by inserting the
text “and provided further that any Permitted Seller Debt incurred in connection
with the Summit Global Acquisition shall not be subject to, and shall not be
included in calculating, the limitations contained in the immediately preceding
proviso” immediately prior to the semi-colon appearing at the end of said
Section.

 

20. The definition of “Applicable Margin” appearing in Section 10 of the Credit
Agreement is hereby amended by (x) deleting the text “(ii)” appearing in said
definition and inserting the text “(iii)” in lieu thereof and (y) inserting the
text “(ii) in the case of Tranche B Term Loans maintained as (x) Base Rate
Loans, 1.50% and (y) Eurodollar Loans, 2.50%” immediately after the text “2.50%”
appearing in clause (i) of said definition.

 

21. The definition of “Commitment” appearing in Section 10 of the Credit
Agreement is hereby amended by inserting the text “Tranche B Term Loan
Commitment” immediately after “Term Loan Commitment”.

 

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22. The definition of “Consolidated EBITDA” appearing in Section 10 of the
Credit Agreement is hereby amended by (i) deleting the text “(c)” appearing in
said definition and inserting the text “(d)” in lieu thereof, (ii) inserting the
text “and (c) in the case of any period including the fiscal quarters of the
Borrower ended December 31, 2004 and/or March 31, 2005, one-time restructuring
charges (including, but not limited to, real estate lease termination charges,
severance charges, producer compensation buy-down charges and service contract
termination charges) actually incurred during such fiscal quarters in an
aggregate amount not to exceed $15,000,000” immediately before the text “,
minus” appearing in said definition and (iii) inserting the text “; provided
that one-time cash charges of the Borrower incurred during the fiscal year of
the Borrower ending December 31, 2005 in connection with the Summit Global
Acquisition in an amount not to exceed $5,000,000 shall be excluded from the
calculation of Consolidated EBITDA of the Borrower for purposes of this
Agreement” immediately prior to period appearing at the end of said definition.

 

23. The definition of “Credit Facilities” appearing in Section 10 of the Credit
Agreement is hereby deleted in its entirety.

 

24. The definition of “Excess Cash Flow” appearing in Section 10 of the Credit
Agreement is hereby amended by inserting the text “or Tranche B Term Loans”
immediately after the text “Term Loans” appearing in clause (b)(ii) of said
Section.

 

25. The definition of “Indebtedness” appearing in Section 10 of the Credit
Agreement is hereby amended by (x) deleting the word “and” appearing before the
text “(iii)” in clause (a) of said definition and (y) inserting the text “and
(iv) amounts payable with respect to expected insurance policy commissions which
have been advanced from insurance carriers in an amount not to exceed
$25,000,000 at any time” immediately prior to the semicolon at the end of clause
(a) of said definition.

 

26. The definition of “Loan” or “Loans” appearing in Section 10 of the Credit
Agreement is hereby amended by inserting the text “, Tranche B Term Loan”
immediately after the text “Term Loan” appearing in said definition.

 

27. The definition of “Minimum Borrowing Amount” appearing in Section 10 of the
Credit Agreement is hereby amended by inserting the text “and Tranche B Term
Loans” immediately after the text “Term Loans” appearing in said definition.

 

28. The definition of “Net Cash Proceeds” appearing in Section 10 of the Credit
Agreement is hereby amended by inserting the text “or Tranche B Term Loans”
immediately after the text “Term Loans” appearing in said definition.

 

29. The definition of “Required Lenders” appearing in Section 10 of the Credit
Agreement is hereby amended by (x) inserting the text “, Tranche B Term Loans”
immediately after the text “whose outstanding Term Loans” appearing in said
definition and (y) inserting the text “or Tranche B Term Loans” immediately
after the text “Term Loans” appearing in clause (i) of said Section.

 

30. The definition of “Scheduled Repayment” appearing in Section 10 of the
Credit Agreement is hereby deleted in its entirety.

 

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31. The definition of “Term Loan Commitment” appearing in Section 10 of the
Credit Agreement is hereby amended by deleting the text “(b)” appearing in said
definition and inserting the text “(c)” in lieu thereof.

 

32. The definition of “Total Commitment” appearing in Section 10 of the Credit
Agreement is hereby amended by inserting the text “, Tranche B Term Loan
Commitment” immediately after the text “Term Loan Commitment” appearing in said
definition.

 

33. The definition of “Total Term Loan Commitment” appearing in Section 10 of
the Credit Agreement is hereby amended by inserting the text “and Tranche B Term
Loan Commitments” immediately after the text “Term Loan Commitments” appearing
in said definition.

 

34. The definition of “Tranche” appearing in Section 10 of the Credit Agreement
is hereby amended by (x) deleting the word “two” appearing in said definition
and inserting the word “three” in lieu thereof and (y) inserting the text “,
Tranche B Term Loans” immediately after the text “Term Loans” appearing in said
definition.

 

35. Section 10 of the Credit Agreement is hereby further amended by inserting in
the appropriate alphabetical order the following new definitions:

 

“Credit Facilities” shall mean, collectively, the Revolving Credit Facility, the
Term Loan Facility and the Tranche B Term Loan Facility.

 

“Scheduled Repayment” shall mean and include each Term Loan Scheduled Repayment
and each Tranche B Term Loan Scheduled Repayment.

 

“Second Amendment” shall mean the Second Amendment to Credit Agreement, dated as
of January 11, 2005.

 

“Second Amendment Effective Date” shall have the meaning provided in the Second
Amendment.

 

“Summit Global Acquisition” shall have the meaning provided in the Second
Amendment.

 

“Summit Global Acquisition Documents” shall have the meaning provided in the
Second Amendment.

 

“Summit Global Acquisition Effective Date” shall have the meaning provided in
the Second Amendment.

 

“Term Loan Scheduled Repayment” shall have the meaning provided in Section
4.02(b)(i).

 

“Total Tranche B Term Loan Commitment” shall mean the sum of the Tranche B Term
Loan Commitments of each of the Lenders.

 

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“Tranche B Term Loans” shall have the meaning provided in Section 1.01(c).

 

“Tranche B Term Loan Commitment” shall mean, with respect to each Lender, the
amount set forth in the Tranche B Term Loan Commitment Letter executed and
delivered by such Lender to the Administrative Agent prior to the Summit Global
Acquisition Effective Date, as the same may be reduced or terminated pursuant to
Sections 3.03(b) and (c); provided that the aggregate amount of all Tranche B
Term Loan Commitments shall not exceed $90,000,000 at any time.

 

“Tranche B Term Loan Commitment Letter” shall mean a Tranche B Term Loan
Commitment Letter in the form of Exhibit M.

 

“Tranche B Term Loan Expiration Date” shall mean March 31, 2005.

 

“Tranche B Term Loan Facility” shall mean the $90,000,000 term loan facility
incorporated into this Agreement in the Second Amendment.

 

“Tranche B Term Loan Scheduled Repayment” shall have the meaning provided in
Section 4.02(b)(ii).

 

“Tranche B Term Note” shall have the meaning provided in Section 1.05(a).

 

36. Section 12.04(b) of the Credit Agreement is hereby amended by inserting the
text “or Tranche B Term Loans” immediately after each instance of the text “Term
Loans” appearing in said Section.

 

37. Section 12.11(b) of the Credit Agreement is hereby amended by inserting the
text “, Tranche B Term Loans” immediately after the text “Term Loans” appearing
in said Section.

 

38. The Credit Agreement is hereby further amended by deleting Exhibit K in its
entirety and inserting the following new Exhibit K in the form of Exhibit K
hereto.

 

39. The Credit Agreement is hereby further amended by inserting the following
new Exhibits B-3 and M in the form of Exhibits B-3 and M hereto.

 

40. Notwithstanding anything to the contrary contained in this Second Amendment
or in any other Credit Document, this Second Amendment shall be deemed null and
void and of no force or effect on March 31, 2005 if the Summit Global
Acquisition Effective Date and the concurrent incurrence by the Borrower of the
Tranche B Term Loans has not occurred on or prior to such date.

 

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II. Miscellaneous Provisions.

 

1. In order to induce the Lenders to enter into this Second Amendment, the
Borrower hereby represents and warrants that:

 

(a) no Default or Event of Default exists as of the Second Amendment Effective
Date (as defined below), both immediately before and immediately after giving
effect to this Second Amendment; and

 

(b) all of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
the Second Amendment Effective Date both immediately before and immediately
after giving effect to this Second Amendment, with the same effect as though
such representations and warranties had been made on and as of the Second
Amendment Effective Date (it being understood that any representation or
warranty made as of a specific date shall be true and correct in all material
respects as of such specific date).

 

2. This Second Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

 

3. This Second Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

 

4. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.

 

5. This Second Amendment shall become effective on the date (the “Second
Amendment Effective Date”) when each of the following conditions shall have been
satisfied; provided that the Second Amendment Effective Date may occur
concurrently with the last of such conditions to be satisfied:

 

(a) the Administrative Agent shall have received from each Credit Party
certified copies of resolutions of the Board of Directors of such Credit Party
with respect to the matters set forth in this Second Amendment and such
resolutions shall be satisfactory to the Administrative Agent;

 

(b) the Administrative Agent shall have received a certificate, dated the Second
Amendment Effective Date and signed on behalf of the Borrower by an appropriate
officer of the Borrower, stating all of the conditions in clauses II.1(a) and
II.1(b) hereof have been satisfied on such date;

 

(c) the Borrower shall have paid to the Administrative Agent and the Lenders all
fees, costs and expenses (including, without limitation, legal fees and
expenses) payable to the Administrative Agent and the Lenders to the extent then
due; and

 

(d) the Borrower, each other Credit Party and the Required Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and
shall have

 

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delivered (including by way of facsimile or other electronic transmission) the
same to White & Case LLP, 1155 Avenue of the Americas, New York, New York 10036,
Attention: May Yip-Daniels (facsimile: 212-354-8113 / email:
myip@whitecase.com).

 

6. By executing and delivering a copy hereof, each Credit Party hereby agrees
that all Loans (including, without limitation, the Tranche B Term Loans) shall
be fully guaranteed pursuant to each Subsidiaries Guaranty in accordance with
the terms and provisions thereof and shall be fully secured pursuant to the
Security Documents.

 

7. The Borrower hereby covenants and agrees that, so long as the Second
Amendment Effective Date occurs, it shall pay to each Lender which executes and
delivers to the Administrative Agent (or its designee) a counterpart hereof by
5:00 P.M. (New York City time) on January 11, 2005, a non-refundable cash fee
(the “Amendment Fee”) in an amount equal to 10.0 basis points (0.10%) on an
amount equal to the sum of (i) the aggregate principal amount of all Term Loans
of such Lender outstanding on the Second Amendment Effective Date plus (ii) the
Revolving Loan Commitment of such Lender as in effect on the Second Amendment
Effective Date. The Amendment Fee shall not be subject to counterclaim or
set-off, or be otherwise affected by, any claim or dispute relating to any other
matter. The Amendment Fee shall be paid by the Borrower to the Administrative
Agent for distribution to the relevant Lenders not later than the second
Business Day following the Second Amendment Effective Date.

 

8. From and after the Second Amendment Effective Date all references in the
Credit Agreement and each of the other Credit Documents to the Credit Agreement
shall be deemed to be a reference to the Credit Agreement as modified hereby on
the Second Amendment Effective Date, pursuant to the terms of this Second
Amendment.

 

*         *         *

 

-12-

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Second Amendment as of the date first above
written.

 

U.S.I. HOLDINGS CORPORATION By:      

/s/ Robert Schneider

   

Name:

 

Robert Schneider

   

Title:

 

Chief Financial Officer

 

J.P. MORGAN SECURITIES INC., as Sole Lead Arranger By:      

/s/ Helen Newcomb

   

Name:

 

Helen Newcomb

   

Title:

 

Vice President

 

JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), individually,
as Administrative Agent and as Issuing Lender

By:      

/s/ Helen Newcomb

   

Name:

 

Helen Newcomb

   

Title:

 

Vice President

 

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned being all of the Subsidiary Guarantors as of
the date first above written have caused their duly authorized officers to
execute and deliver this Second Amendment as of the date first above written.

 

USI INSURANCE SERVICES CORP., ACQUISITION RISK MANAGEMENT SERVICES, INC.,
ASSOCIATION GROWTH ENTERPRISES, INCORPORATED, BERTHOLON-ROWLAND, INC., SIGNATURE
PREMIUM FINANCE, INC., DEXTER-BERTHOLON ROWLAND, INC., BERTHOLON ROWLAND, INC.,
COLBURN INSURANCE AGENCY, U.S.I. INSURANCE SERVICES OF MASSACHUSETTS, INC.,
GOVERNMENTAL ENTITIES MANAGEMENT SERVICES, INC., NETCARE SERVICES, INC. PHOENIX
INSURANCE AGENCY, INC., KISCO PARTNERS, INC., PROGRESSIVE PLAN ADMINISTRATORS,
INC.,

as Guarantors

By:      

/s/ Ernest J. Newborn, II

   

Name:

 

Ernest J. Newborn, II

   

Title:

 

Secretary

 

--------------------------------------------------------------------------------

COMMERCIAL INSURANCE CONCEPTS, INC., INTER/NATIONAL RENTAL INSURANCE SERVICES,
INC., INTER/NATIONAL RENTAL INSURANCE, INC., FLEET AND EQUIPMENT RENTAL RISK
PURCHASING GROUP, CAMPBELL, GALT & NEWLANDS, INC., EL CAMINO INSURANCE AGENCY,
HURLEY, ATKINS & STEWART, INC., USI INSURANCE SERVICES OF NORTHERN CALIFORNIA,
INC., USI OF SOUTHERN CALIFORNIA INSURANCE SERVICES, INC., MAX BEHM &
ASSOCIATES, INC., UNITED CALIFORNIA INSURANCE AGENCY, CUSTOM BENEFIT PROGRAMS,
INC., MORRILL, KOSLOW & ASSOCIATES INSURANCE AGENCY INC., THE CAPITAL PLANNING
GROUP, INC., USI CONSULTING GROUP, INC., as Guarantors By:      

/s/ Ernest J. Newborn, II

   

Name:

 

Ernest J. Newborn, II

   

Title:

 

Secretary

 

--------------------------------------------------------------------------------

STRATEGIC ASSET ADVISORS, INC., CICORP – USI, INC., COMMERCIAL BROKER SERVICES,
INC., EMPLOYERS SAFETY COUNCIL OF FLORIDA, INC., USI MIDWEST, INC., USI
INSURANCE SERVICES CORP. OF ILLINOIS, INC., USI OF ILLINOIS, INC., WRIMS CORP.,
INSURANCE RISK MANAGERS, INC., ANCO CORPORATION, MD PREMIUM FINANCE CORPORATION,
WESTERN CLAIMS SERVICES, INC., REGIONAL INSURANCE MANAGEMENT SERVICES, INC.,
ANCO MANAGEMENT CORP., ANCO LIFE & BENEFITS SERVICES, INC., STRATEGIC BENEFIT
PLANNING CORPORATION, ANCO INSURANCE SERVICES OF HOUSTON, INC., as Guarantors
By:      

/s/ Ernest J. Newborn, II

   

Name:

 

Ernest J. Newborn, II

   

Title:

 

Secretary

 

--------------------------------------------------------------------------------

USI ADVISORS, INC., USI CONSULTING GROUP OF MASSACHUSETTS, INC., USI CONSULTING
GROUP OF NEW YORK, INC., BENEFIT STRATEGIES, INC., BENEFIT STRATEGIES OF MAINE,
INC., USI INSURANCE BROKERS, INC., USI SECURITIES, INC., FUTURE PLANNING
ASSOCIATES, INC., DWP/USI OF SOUTHERN CALIFORNIA INSURANCE AGENCY, INC.,
BERTHOLON-ROWLAND, CORP., B-R CORP. OF NORTH CAROLINA, BR INSURANCE SERVICES
CORP. AMERICAN INSURANCE ADMINISTRATORS, INC., O’LEARY-KIENTZ, INC., TURNER P.
WILLIAMS & ASSOCIATES, LLC as Guarantors

 

By:       /s/ Ernest J. Newborn, II    

Name:

 

Ernest J. Newborn, II

   

Title:

 

Secretary

 

--------------------------------------------------------------------------------

USI RETIREMENT SERVICES, INC., EMERSON, REID & COMPANY, INC., RIVERSIDE
INSURANCE ASSOCIATES, INC., THE INSURANCE EXCHANGE, INC., ROGER RYAN & COMPANY,
INC., USI INSURANCE SERVICES OF RHODE ISLAND, INC., INEX ALTERNATIVE PROGRAMS,
INC., INEX ALTERNATIVE PROGRAM ADMINISTRATORS, INC., BECHARD INSURANCE AGENCY,
INC., USI MIDATLANTIC, INC., RENTAL INDUSTRY SERVICES, INC., USI NORTHEAST,
INC., HENDERSON & PHILLIPS, INCORPORATED, USI OF GEORGIA, INC., OVERSTREET &
NEWELL, INC., COLONIAL PREMIUM FINANCE COMPANY, USI GULF COAST, INC., USI
INSURANCE SERVICES OF FLORIDA, INC., as Guarantors

 

By:       /s/ Ernest J. Newborn, II    

Name:

 

Ernest J. Newborn, II

   

Title:

 

Secretary

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE SECOND AMENDMENT TO CREDIT AGREEMENT, DATED AS OF JANUARY
11, 2005, AMONG U.S.I. HOLDINGS CORPORATION, J.P. MORGAN SECURITIES INC., AS
SOLE LEAD ARRANGER, THE LENDERS FROM TIME TO TIME PARTY TO THE CREDIT AGREEMENT
AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT NAME OF INSTITUTION:

 

JP Morgan Chase Bank, N.A. By:      

/s/ Robert Anastasio

   

Name:

 

Robert Anastasio

   

Title:

 

Vice President

FOXE BASIN CLO 2003, LTD.

By Royal Bank of Canada as Collateral Manager

By:      

/s/ Melissa Marano

   

Name:

 

Melissa Marano

   

Title:

 

Authorized Signatory

HUDSON STRAITS CLO 2004, LTD.

By Royal Bank of Canada as Collateral Manager

By:      

/s/ Melissa Marano

   

Name:

 

Melissa Marano

   

Title:

 

Authorized Signatory

NAVIGATOR CDO 2003, LTD. By:  

Antares Asset Management Inc., as

Collateral Manager

By:      

/s/ Tyler Lindblad

   

Name:

 

Tyler Lindblad

   

Title:

 

Vice President

SEQUILS-CENTURION V, LTD. By:  

American Express Asset Management

Group, Inc. as Collateral Manager

By:      

/s/ Vincent P. Pham

   

Name:

 

Vincent P. Pham

   

Title:

 

Director - Operations

 

--------------------------------------------------------------------------------

CENTURION CDO VI, LTD.

By:  

American Express Asset Management

Group, Inc. as Collateral Manager

By:

     

/s/ Vincent P. Pham

   

Name:

 

Vincent P. Pham

   

Title:

 

Director - Operations

CENTURION CDO II, LTD.

By:  

American Express Asset Management

Group, Inc. as Collateral Manager

By:

     

/s/ Vincent P. Pham

   

Name:

 

Vincent P. Pham

   

Title:

 

Director – Operations

IDS LIFE INSURANCE COMPANY

By:  

American Express Asset Management

Group, Inc. as Collateral Manager

By:

     

/s/ Yvonne Stevens

   

Name:

 

Yvonne Stevens

   

Title:

 

Senior Managing Director

 

--------------------------------------------------------------------------------

AMERICAN EXPRESS CERTIFICATE
COMPANY By:  

American Express Asset Management

Group, Inc. as Collateral Manager

By:

     

/s/ Yvonne Stevens

   

Name:

 

Yvonne Stevens

   

Title:

 

Senior Managing Director

KZH CYPRESSTREE-1 LLC

By:

     

/s/ Hi Hua

   

Name:

 

Hi Hua

   

Title:

 

Authorized Agent

KZH STERLING LLC

By:

     

/s/ Hi Hua

   

Name:

 

Hi Hua

   

Title:

 

Authorized Agent

APEX (IDM) CDO I, LTD.
BABSON CLO LTD. 2003-I
ELC (CAYMAN) LTD. CDO SERIES 1999-I
ELC (CAYMAN) LTD. 1999-III
ELC (CAYMAN) LTD. 2000-I
SUFFIELD CLO, LIMITED
TRYON CLO LTD. 2000-I

By:

  Babson Capital Management LLC as
Collateral Manager

By:

     

/s/ David P. Wells

   

Name:

 

David P. Wells, CFA

   

Title:

 

Managing Director

 

--------------------------------------------------------------------------------

MAPLEWOOD (CAYMAN) LIMITED

By:   Babson Capital Management LLC as
Investment Adviser

By:

     

/s/ David P. Wells

   

Name:

 

David P. Wells, CFA

   

Title:

 

Managing Director

MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY By:   Babson Capital Management LLC as
Investment Adviser

By:

     

/s/ David P. Wells

   

Name:

 

David P. Wells, CFA

   

Title:

 

Managing Director

SANKATY ADVISORS, LLC

as Collateral Manager for Loan Funding XI,
Ltd., as Term Lender

By:

     

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

  Managing Director
Portfolio Manager

SANKATY ADVISORS, LLC

as Collateral Manager for Race Point CLO,
Limited, as Term Lender

By:

     

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

  Managing Director
Portfolio Manager

 

--------------------------------------------------------------------------------

SANKATY ADVISORS, LLC

as Collateral Manager for Race Point II CLO,

Limited, as Term Lender

By:      

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

 

Managing Director

Portfolio Manager

SANKATY ADVISORS, LLC

as Collateral Manager for Castle Hill I-Ingots,

Ltd., as Term Lender

By:      

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

 

Managing Director

Portfolio Manager

SANKATY ADVISORS, LLC

as Collateral Manager for Castle Hill II-Ingots,

Ltd., as Term Lender

By:      

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

 

Managing Director

Portfolio Manager

SANKATY HIGH YIELD PARTNERS III, L.P.

By:      

/s/ Diane J. Exter

   

Name:

 

Diane J. Exter

   

Title:

 

Managing Director

Portfolio Manager

 

--------------------------------------------------------------------------------

HARBOUR TOWN FUNDING LLC

By:      

/s/ Meredith J. Koslick

   

Name:

 

Meredith J. Koslick

   

Title:

 

Assistant Vice President

BLACKROCK LIMITED DURATION

INCOME TRUST

MAGNETITE IV CLO, LIMITED

MAGNETITE V CLO, LIMITED

By:      

/s/ Tom Colwell

   

Name:

 

Tom Colwell

   

Title:

 

Authorized Signatory

BANK OF MONTREAL

By:

 

HIM Monegy, Inc. as agent

By:      

/s/ S. Valia

   

Name:

 

S. Valia

   

Title:

 

Managing Director

BANK OF AMERICA, N.A.

By:      

/s/ Jim V. Miller

   

Name:

 

Jim V. Miller

   

Title:

 

Senior Vice President

CALLIDUS DEBT PARTNERS CLO

FUND II, LTD.

By:

 

Its Collateral Manager, Callidus Capital

Management, LLC

By:      

/s/ Peter R. Bennitt

   

Name:

 

Peter R. Bennitt

   

Title:

 

Principal

 

--------------------------------------------------------------------------------

CSAM FUNDING III

By:      

/s/ Andrew H. Marshak

   

Name:

 

Andrew H. Marshak

   

Title:

 

Authorized Signatory

SEQUILS-CUMBERLAND I, LTD.

By:

 

Deerfield Capital Management LLC

as its Collateral Manager

By:      

/s/ Matt Stouffer

   

Name:

 

Matt Stouffer

   

Title:

 

Senior Vice President

ROSEMONT CLO, LTD.

By:

 

Deerfield Capital Management LLC

as its Collateral Manager

By:      

/s/ Matt Stouffer

   

Name:

 

Matt Stouffer

   

Title:

 

Senior Vice President

FOREST CREEK CLO, LTD.

By:

 

Deerfield Capital Management LLC

as its Collateral Manager

By:      

/s/ Matt Stouffer

   

Name:

 

Matt Stouffer

   

Title:

 

Senior Vice President

SENIOR DEBT PORTFOLIO

By:

 

Boston Management and Research

as Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

--------------------------------------------------------------------------------

EATON VANCE SENIOR INCOME TRUST By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

EATON VANCE INSTITUTIONAL SENIOR
LOAN FUND By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

EATON VANCE CDO III, LTD. By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

COSTANTINUS EATON VANCE CDO V,

LTD.

By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

--------------------------------------------------------------------------------

EATON VANCE CDO VI LTD. By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

GRAYSON & CO By:  

Boston Management and Research

as Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

BIG SKY SENIOR LOAN FUND, LTD. By:  

Eaton Vance Management as

Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

THE NORINCHUKIN BANK, NEW YORK BRANCH, through State Street Bank and Trust
Company, N.A. as Fiduciary Custodian By:  

Eaton Vance Management,

Attorney-in-fact

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

--------------------------------------------------------------------------------

EATON VANCE LIMITED DURATION

INCOME FUND

By:  

Eaton Vance Management

as Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

TOLLI & CO. By:  

Eaton Vance Management

as Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

EATON VANCE FLOATING-RATE INCOME TRUST By:  

Eaton Vance Management

as Investment Advisor

By:      

/s/ Michael B. Botthof

   

Name:

 

Michael B. Botthof

   

Title:

 

Vice President

 

FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR FLOATING RATE HIGH INCOME FUND By:
     

/s/ John H. Costello

   

Name:

 

John H. Costello

   

Title:

 

Assistant Treasurer

 

--------------------------------------------------------------------------------

FIFTH THIRD BANK

By:

     

/s/ Timothy P. Kelley

   

Name:

 

Timothy P. Kelley

   

Title:

 

Vice President

GULF STREAM COMPASS CLO 2004-1 LTD

By:

 

Gulf Stream Asset Management LLC

As Collateral Manager

By:

     

/s/ Barry K. Love

   

Name:

 

Barry K. Love

   

Title:

 

Chief Credit Officer

GULF STREAM COMPASS CLO 2003-1 LTD.

By:

 

Gulf Stream Asset Management LLC

As Collateral Manager

By:

     

/s/ Barry K. Love

   

Name:

 

Barry K. Love

   

Title:

 

Chief Credit Officer

SEQUILS-ING I (HBDGM), LTD.

By:

 

ING Capital Advisors LLC,

as Collateral Manager

By:

     

/s/ Mike Hatley

   

Name:

 

Mike Hatley

   

Title:

 

Managing Director

NEMEAN CLO, LTD.

By:

 

ING Capital Advisors LLC,

as Investment Manager

By:

     

/s/ Mike Hatley

   

Name:

 

Mike Hatley

   

Title:

 

Managing Director

 

--------------------------------------------------------------------------------

ENDURANCE CLO I, LTD.

By:

 

ING Capital Advisors LLC,

as Portfolio Manager

By:

     

/s/ Mike Hatley

   

Name:

 

Mike Hatley

   

Title:

 

Managing Director

ARCHIMEDES FUNDING IV (CAYMAN), LTD.

By:

 

ING Capital Advisors LLC,

as Collateral Manager

By:

     

/s/ Mike Hatley

   

Name:

 

Mike Hatley

   

Title:

 

Managing Director

LASALLE BANK NATIONAL ASSOCIATION

By:

     

/s/ Bradley J. Kronland

   

Name:

 

Bradley J. Kronland

   

Title:

 

Vice President

INDOSUEZ CAPITAL FUNDING VI

By:

 

Lyon Capital Management LLC

as Collateral Manager

By:

     

/s/ Alexander B. Kenna

   

Name:

 

Alexander B. Kenna

   

Title:

 

Portfolio Manager

RIVIERA FUNDING LLC

By:

     

/s/ Meredith J. Koslick

   

Name:

 

Meredith J. Koslick

   

Title:

 

Assistant Vice President

 

--------------------------------------------------------------------------------

MCG CAPITAL CORPORATION

By:

     

/s/ Thomas P. McLoughlin

   

Name:

 

Thomas P. McLoughlin

   

Title:

 

Vice President

NYLIM FLATIRON CLO 2003-1 LTD.

By:

 

New York Life Investment Management LLC,

as Collateral Manager and Attorney-in-Fact

By:

     

/s/ Anthony R. Malloy

   

Name:

 

Anthony R. Malloy

   

Title:

 

Managing Director

ELF FUNDING TRUST III

By:

 

New York Life Investment Management LLC,

as Attorney-in-Fact

By:

     

/s/ Anthony R. Malloy

   

Name:

 

Anthony R. Malloy

   

Title:

 

Managing Director

DRYDEN IV LEVERAGED LOAN CDO 2003

By:

 

Prudential Investment Management, Inc.,

as Collateral Manager

By:

     

/s/ George W. Edwards

   

Name:

 

George W. Edwards

   

Title:

 

Principal

SUN TRUST BANK

By:

     

/s/ Nora G. Brown

   

Name:

 

Nora G. Brown

   

Title:

 

Vice President

 

--------------------------------------------------------------------------------

TORONTO DOMINION (NEW YORK), LLC

By:

      

/s/ Masood Fikree

   

Name:

  

Masood Fikree

   

Title:

  

Authorized Signatory

VAN KAMPEN CLO II, LIMITED

By:

 

Van Kampen Investment Advisory Corp.

as Collateral Manager

By:

      

/s/ Christina Jamieson

   

Name:

  

Christina Jamieson

   

Title:

  

Executive Director

VAN KAMPEN SENIOR LOAN FUND

By:

 

Van Kampen Investment Advisory Corp.

By:

      

/s/ Christina Jamieson

   

Name:

  

Christina Jamieson

   

Title:

  

Executive Director

VAN KAMPEN SENIOR INCOME TRUST

By:

 

Van Kampen Investment Advisory Corp.

By:

      

/s/ Christina Jamieson

   

Name:

  

Christina Jamieson

   

Title:

  

Executive Director

LANDMARK III CDO LIMITED

By:

 

Aladdin Capital Management LLC

as Manager

By:

      

/s/ Joe Moroney

   

Name:

  

Joe Moroney

   

Title:

  

Authorized Signatory

 

--------------------------------------------------------------------------------

LANDMARK II CDO LIMITED

By:

 

Aladdin Capital Management LLC

as Manager

By:

      

/s/ Joe Moroney

   

Name:

  

Joe Moroney

   

Title:

  

Authorized Signatory

 

--------------------------------------------------------------------------------

 

EXHIBIT B-3

 

FORM OF TRANCHE B TERM NOTE

 

U.S. $                                            New York, New York    
                             ,         

 

FOR VALUE RECEIVED, U.S.I. HOLDINGS CORPORATION, a Delaware corporation (the
“Borrower”), hereby promises to pay to                                  or its
registered assigns (the “Lender”), in lawful money of the United States of
America in immediately available funds, at the office of JPMORGAN CHASE BANK,
N.A. (the “Administrative Agent”) located at 270 Park Avenue, New York, New York
10017, on the Term Loan Maturity Date (as defined in the Credit Agreement), the
principal sum of                      DOLLARS ($                ) or, if less,
the unpaid principal amount of all Tranche B Term Loans (as defined in the
Credit Agreement) made by the Lender to the Borrower pursuant to the Credit
Agreement, payable at such times and in such amounts as are specified in the
Credit Agreement.

 

The Borrower promises also to pay to the Lender interest on the unpaid principal
amount of each Tranche B Term Loan incurred by the Borrower from the Lender in
like money at said office from the date such Tranche B Term Loan is made until
paid at the rates and at the times provided in the Credit Agreement.

 

This Tranche B Term Note is one of the Notes referred to in the Credit
Agreement, dated as of August 11, 2003, among the Borrower, the lenders from
time to time party thereto (including the Lender), Bank of America, N.A., as
Syndication Agent, and the Administrative Agent (as amended, modified or
supplemented from time to time, the “Credit Agreement”) and is entitled to the
benefits thereof and of the other Credit Documents (as defined in the Credit
Agreement). This Tranche B Term Note is secured by the Security Documents (as
defined in the Credit Agreement) and is entitled to the benefits of the
Subsidiaries Guaranty (as defined in the Credit Agreement). As provided in the
Credit Agreement, this Tranche B Term Note is subject to voluntary and mandatory
prepayment, in whole or in part, and the Tranche B Term Loans may be converted
in accordance with Section 1.06 of the Credit Agreement.

 

If an Event of Default (as defined in the Credit Agreement) shall occur and be
continuing, the principal of and accrued interest in this Tranche B Term Note
may become or be declared to be due and payable in the manner and with the
effect provided in the Credit Agreement.

 

--------------------------------------------------------------------------------

Exhibit B-3

Page 2

 

The Borrower hereby waives presentment, demand, protest or notice of any kind in
connection with this Tranche B Term Note.

 

THIS TRANCHE B TERM NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED
BY THE LAW OF THE STATE OF NEW YORK.

 

U.S.I. HOLDINGS CORPORATION By        

Name:

   

Title:

 

--------------------------------------------------------------------------------

EXHIBIT K

 

FORM OF ASSIGNMENT AGREEMENT

 

[DATE]

 

Reference is made to the Credit Agreement described in Item 2 of Annex I annexed
hereto (as such Credit Agreement may hereafter be amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”). Unless defined in
Annex I attached hereto, terms defined in the Credit Agreement are used herein
as therein defined.                      (the “Assignor”) and
                     (the “Assignee”) hereby agree as follows:

 

1. The Assignor hereby sells and assigns to the Assignee without recourse and
without representation or warranty (other than as expressly provided herein),
and the Assignee hereby purchases and assumes from the Assignor, that interest
in and to all of the Assignor’s rights and obligations under the Credit
Agreement which represents the percentage interest specified in Item 4 of Annex
I (the “Assigned Share”) of all of the Assignor’s outstanding rights and
obligations under the Credit Agreement, including, without limitation, (i) with
respect to any assignment of all or any portion of the Assignor’s Revolving Loan
Commitment, all rights and obligations with respect to the Assigned Share of the
Total Revolving Loan Commitment and of any outstanding Revolving Loans and
Letters of Credit, (ii) with respect to any assignment of all or any portion of
the Assignor’s Term Loans, all rights and obligations with respect to the
Assigned Share of all outstanding Revolving Loans and (iii) with respect to any
assignment of all or any portion of the Assignor’s Tranche B Term Loans, all
rights and obligations with respect to the Assigned Share of all outstanding
Revolving Loans.

 

2. The Assignor (i) represents and warrants that it is the legal and beneficial
owner of the interest being assigned by it hereunder and that such interest is
free and clear of any adverse claim; (ii) makes no representation or warranty
and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Credit Agreement or the other
Credit Documents or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement or the other Credit
Documents or any other instrument or document furnished pursuant thereto; and
(iii) makes no representation or warranty and assumes no responsibility with
respect to the financial condition of the Borrower or any of its Subsidiaries or
the performance or observance by the Borrower or any of its Subsidiaries, of any
of their obligations under the Credit Agreement or the other Credit Documents or
any other instrument or document furnished pursuant thereto.

 

3. The Assignee (i) confirms that it has received a copy of the Credit
Agreement, together with copies of the financial statements referred to therein
and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment Agreement;
(ii) agrees that it will, independently and without reliance upon the
Administrative Agent, the Assignor or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit
Agreement; (iii) appoints and authorizes each of the Administrative Agent, the
Syndication Agent and the Collateral Agent to

 

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Annex I

Page 2

 

take such action as agent on its behalf and to exercise such powers under the
Credit Agreement and the other Credit Documents as are delegated to the
Administrative Agent, the Syndication Agent or the Collateral Agent, as the case
may be, by the terms thereof, together with such powers as are reasonably
incidental thereto; and (iv) agrees that it will perform in accordance with
their terms all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.

 

4. Following the execution of this Assignment Agreement by the Assignor and the
Assignee, an executed original hereof (together with all attachments) will be
delivered to the Administrative Agent and the Borrower. The effective date of
this Assignment Agreement shall be the first date upon which each of the
following conditions shall have been satisfied: (i) the execution hereof by the
Assignor and the Assignee, (ii) to the extent required by the Credit Agreement,
the receipt of the consent of the Administrative Agent and/or the Borrower,
(iii) the receipt by the Administrative Agent of the assignment fee referred to
in Section 12.04(b) of the Credit Agreement, (iv) the recordation by the
Administrative Agent of the assignment effected hereby in the Register [and
receipt by the Administrative Agent and the Borrower of the Internal Revenue
Service forms (and, if applicable, a Section 4.04(b)(ii) Certificate) described
in Section 12.04(b) of the Credit Agreement],1 or such later date as otherwise
specified in Item 5 of Annex I (the “Settlement Date”).

 

5. Upon the delivery of a fully executed original hereof to the Administrative
Agent, as of the Settlement Date, (i) the Assignee shall be a party to the
Credit Agreement and, to the extent provided in this Assignment Agreement, have
the rights and obligations of a Lender thereunder and (ii) the Assignor shall,
to the extent provided in this Assignment Agreement, relinquish its rights and
be released from its obligations under the Credit Agreement.

 

6. It is agreed that the Assignee shall be entitled to (w) all interest on the
Assigned Share of the Loans at the rates specified in Item 6 of Annex I, (x) all
RL Commitment Fees on the Assigned Share of the Total Revolving Loan Commitment
at the rate specified in Item 7 of Annex I and (y) all Letter of Credit Fees on
the Assignee’s participation in all Letters of Credit at the rate specified in
Item 8 of Annex I, which, in each case, accrue on and after the Settlement Date,
such interest, RL Commitment Fees and Letter of Credit Fees to be paid by the
Administrative Agent directly to the Assignee. It is further agreed that all
payments of principal made on the Assigned Share of the Loans which occur on and
after the Settlement Date will be paid directly by the Administrative Agent to
the Assignee. Upon the Settlement Date, the Assignee shall pay to the Assignor
an amount specified by the Assignor in writing which represents the Assigned
Share of the principal amount of the respective Loans made by the Assignor
pursuant to the Credit Agreement which are outstanding on the Settlement Date,
net of any closing costs, and which are being assigned hereunder. The Assignor
and the Assignee shall make all appropriate adjustments in payments under the
Credit Agreement for periods prior to the Settlement Date directly between
themselves on the Settlement Date.

 

1 Insert if the Assignee is organized under the laws of a jurisdiction outside
the United States.

 

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Annex I

Page 3

 

7. THIS ASSIGNMENT AND ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

*        *        *

 

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Annex I

Page 4

 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written, such execution also being made on Annex I hereto.

 

Accepted this          day

     

[NAME OF ASSIGNOR],

of                 ,         

     

as Assignor

            By                    

Name:

                Title:         [NAME OF ASSIGNEE],        

as Assignee

            By                    

Name:

                Title:

 

[Acknowledged and Agreed:

 

JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank) as
Administrative Agent

By        

Name:

   

Title:]2

[USI HOLDINGS CORPORATION] By        

Name:

   

Title:]3

 

2 The consent of the Administrative Agent is required in connection with
assignments pursuant to Section 12.04(b) of the Credit Agreement.

 

3 Insert only if (i) no Event of Default under the Credit Agreement is then in
existence and (ii) the assignment is being made pursuant to 12.04(b)(y) of the
Credit Agreement.

 

--------------------------------------------------------------------------------

ANNEX I

 

ANNEX FOR ASSIGNMENT AGREEMENT

 

1. Borrower: U.S.I. Holdings Corporation

 

2. Name and Date of Credit Agreement:

 

Credit Agreement, dated as of August 11, 2003, among the Borrower, the Lenders
from time to time party thereto, Bank of America, N.A., as Syndication Agent and
JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as
Administrative Agent.

 

3. Date of Assignment Agreement:

 

4. Amounts (as of date of item #3 above):

 

     Outstanding
Principal of
Term Loans

--------------------------------------------------------------------------------

    Outstanding Principal of
Tranche B Term Loans

--------------------------------------------------------------------------------

    Revolving Loan
Commitment

--------------------------------------------------------------------------------

 

Aggregate Amount for all Lenders

   $ __________     $ __________     $ _________  

Assigned Share

     __________ %     __________ %     _________ %

Amount of Assigned Share

   $ __________     $ __________     $ _________  

 

5. Settlement Date:

 

6.      Rate of Interest to the Assignee:

  As set forth in Section 1.08 of the Agreement (unless otherwise agreed to by
the Assignor and the Assignee)1

 

1 The Borrowers and the Administrative Agent shall direct the entire amount of
the interest to the Assignee at the rate set forth in Section 1.08 of the Credit
Agreement, with the Assignor

 

(continued...)

 

40

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Annex I

Page 2

 

7.      RL Commitment Fees to the Assignee:

  As set forth in Section 3.01(a) of the Credit Agreement (unless otherwise
agreed to by the Assignor and the Assignee)]

8.      Letter of Credit Fee:

  As set forth in Section 3.01(b) of the Credit Agreement (unless otherwise
agreed to by the Assignor and the Assignee)2

 

10. Notice:

 

   

ASSIGNOR:

--------------------------------------------------------------------------------

  

ASSIGNEE:

--------------------------------------------------------------------------------

        

__________________

  

__________________

        

__________________

  

__________________

        

__________________

  

__________________

         Attention:    Attention:          Telephone:    Telephone:         
Telecopier:    Telecopier:          Reference:    Reference:     

--------------------------------------------------------------------------------

(...continued)

 

  and Assignee effecting any agreed upon sharing of interest through payments by
the Assignee to the Assignor.

 

2 Insert “Not Applicable” in lieu of text if no portion of the Total Revolving
Loan Commitment is assigned. Otherwise, the Borrowers and the Administrative
Agent shall direct the entire amount of the Letter of Credit Fee to the Assignee
at the rate set forth in Section 3.01(b) of the Credit Agreement, with the
Assignor and Assignee effecting any agreed upon sharing of Letter of Credit Fees
through payment by the Assignee to the Assignor.

 

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Annex I

Page 3

 

Payment Instructions:

 

   

ASSIGNOR:

--------------------------------------------------------------------------------

  

ASSIGNEE:

--------------------------------------------------------------------------------

        

__________________

  

__________________

        

__________________

  

__________________

        

__________________

  

__________________

         Attention:    Attention:          Reference:    Reference:     

 

--------------------------------------------------------------------------------

Annex I

Page 4

 

Accepted and Agreed:

 

[NAME OF ASSIGNEE]

     

[NAME OF ASSIGNOR]

By

          By                          

(Print Name and Title)

         

(Print Name and Title)

 

--------------------------------------------------------------------------------

 

EXHIBIT M

 

FORM OF TRANCHE B TERM LOAN COMMITMENT LETTER

 

[TRANCHE B TERM LOAN LENDER LETTERHEAD]

 

                 , 2005

 

JPMORGAN CHASE BANK, N.A., as Administrative Agent

1111 Fannin, 10th Floor

Houston, Texas 77002

Attn: Alma Gonzalez

Fax: (713) 750-2223

 

Re: Senior Secured Facilities – U.S.I. Holdings Corporation (the “Company”)

 

We refer to the Credit Agreement, dated as of August 11, 2003 (as amended,
modified or supplemented from time to time, the “Credit Agreement”, the terms
defined therein being used herein as therein defined), among the Company, the
Lenders from time to time party thereto, Bank of America, N.A., as Syndication
Agent, and you, as Administrative Agent for such Lenders. Unless otherwise
defined herein, capitalized terms used herein and defined in the Credit
Agreement are used herein as therein defined.

 

We are pleased to commit $[        ] million to Tranche B Term Loan Facility.

 

We represent that (x) we have received a copy of the Credit Agreement, together
with copies of the financial statements referred to therein and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment Agreement and our decision
to issue our commitment is based on our independent investigation of the
financial condition, creditworthiness, affairs and the status of Company without
reliance upon any material or information furnished to us by the Administrative
Agent or any of its affiliates, which material or information is hereby
acknowledged by us to have been for informational purposes only without any
representation or warranty by Administrative Agent or its affiliates and (y) our
commitment hereunder represents a commitment from our institution and does not
in any way include a commitment or other arrangement from any other
non-affiliated institution.

 

We agree that (x) we will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Credit Agreement, (y)
we hereby appoint and authorize each of the Administrative Agent, the
Syndication Agent and the Collateral Agent to take such action as agent on its
behalf and to exercise such powers under the Credit Agreement and the other
Credit Documents as are delegated to the Administrative Agent, the Syndication
Agent or the Collateral Agent, as the case may be, by the terms thereof,
together with such powers as are reasonably

 

--------------------------------------------------------------------------------

Exhibit M

Page 2

 

incidental thereto and (z) we will perform in accordance with their terms all of
the obligations which by the terms of the Credit Agreement are required to be
performed by us as a Lender.

 

Upon the delivery of a fully executed original hereof to the Administrative
Agent, we shall be a party to the Credit Agreement and shall have the rights and
obligations of a Lender thereunder.

 

Our commitment hereunder will terminate on March 31, 2005 if the Summit Global
Acquisition Effective Date has not occurred by such date or as otherwise
provided pursuant to the terms of the Credit Agreement.

 

This letter shall be governed by, and construed in accordance with, the law of
the State of New York. This letter may be executed in any number of
counterparts, each of which, when so executed, shall be deemed to be an original
and all of which, taken together, shall constitute one and the same letter.
Delivery of an executed counterpart of a signature page to this letter by
telecopier shall be as effective as delivery of an original executed counterpart
of this letter. This letter may not be amended or waived except by an instrument
in writing signed by each of the parties hereto.

 

Each of the parties hereto hereby waives any right to trial by jury with respect
to any claim, action, suit or proceeding arising out of or contemplated by this
letter. You hereby submit to the non-exclusive jurisdiction of the Federal and
New York State courts located in the county of New York in connection with any
dispute related to this letter or any matters contemplated hereby.

 

Sincerely,

[TRANCHE B TERM LOAN LENDER]

By:        

Name:

   

Title:

 

ACCEPTED AND AGREED:

JPMORGAN CHASE BANK, N.A.
(formerly known as JPMorgan Chase Bank),
as Administrative Agent

By:        

Name:

   

Title:

 

--------------------------------------------------------------------------------

Exhibit M

Page 3

 

U.S.I. HOLDINGS CORPORATION

By:    

Name:

   

Title: