Exhibit 10.36

Execution Version

THIRD AMENDMENT TO

CREDIT AGREEMENT

This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of
March 27, 2009, and entered into by and among AFFIRMATIVE INSURANCE HOLDINGS,
INC., a Delaware corporation (“Borrower”), the lenders listed on the signature
pages hereto, CREDIT SUISSE, CAYMAN ISLANDS BRANCH (“CS”), as Administrative
Agent (in such capacity, “Administrative Agent”) and as Collateral Agent (in
such capacity, the “Collateral Agent”), THE FROST NATIONAL BANK (“Frost”), as
Issuing Bank and Swingline Lender, and for purposes of Section 6 hereof, the
other Loan Parties listed on the signature pages hereto. Capitalized terms used
but not defined herein having the meaning given them in the Credit Agreement,
hereinafter defined.

Recitals

Whereas, Borrower, the Lenders from time to time party thereto, the Agents and
the other parties thereto have entered into that certain Credit Agreement dated
as of January 31, 2007 (as amended, amended and restated, extended, supplemented
or otherwise modified from time to time, the “Credit Agreement”);

Whereas, the Borrower has requested certain amendments to the Credit Agreement,
pursuant to and in accordance with Section 9.08(b) of the Credit Agreement; and

Whereas, the Required Lenders, the Agents and for purposes of Sections 1.12 and
1.13 hereof, the Required Revolving Credit Lenders, are willing to agree to the
amendments requested by the Borrower, on the terms and conditions set forth in
this Amendment;

Now Therefore, in consideration of the premises and the mutual agreements set
forth herein, the Borrower, Required Lenders, the Agents and for purposes of
Sections 1.12 and 1.13 hereof, the Required Revolving Credit Lenders, agree as
follows:

1. AMENDMENTS TO CREDIT AGREEMENT. Subject to the conditions and upon the terms
set forth in this Amendment and in reliance on the representations and
warranties of the Borrower set forth in this Amendment, the Credit Agreement is
hereby amended as follows:

1.1. Amendment to Section 1.01. Section 1.01 of the Credit Agreement shall be
amended as follows:

(a) The following definitions shall be added to Section 1.01 of the Credit
Agreement in the appropriate alphabetical order:

““Adjusted Cash Flow” shall mean, for any relevant 12 month fiscal period, Cash
Flow for such period, excluding the sum of (i) all state and federal income tax
expenses incurred by the Regulated Insurance Subsidiaries for the relevant
period and (ii) the

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greater of (a) combined statutory earnings for all Regulated Insurance
Subsidiaries for the December 31st calendar period most recently ended prior to
the relevant period, and (b) the sum of 10% of surplus of all Regulated
Insurance Subsidiaries as of the last day of the December 31st calendar period
most recently ended prior to the relevant period.”

““Consolidated Cash Interest Expense” shall mean, for any period, Consolidated
Interest Expense with respect to senior secured Indebtedness and Subordinated
Debt for such period, excluding (i) any amount not payable in cash, and (ii) any
fees, costs or expenses incurred in connection with the Third Amendment.”

““Consolidated Tangible Net Worth” shall mean, for any period, Consolidated Net
Worth for such period (i) minus the net book amount of all goodwill assets of
the Borrower and its Subsidiaries (after deducting any reserves applicable
thereto) included therein and (ii) plus an amount equal to the outstanding
Subordinated Debt, in each case as shown on a consolidated balance sheet of the
Borrower and its Subsidiaries as of such time prepared in accordance with GAAP.”

““Distribution” shall mean (a) any payment of a distribution, interest or
dividend in respect of any Equity Interest, (b) any payment on account of the
purchase, redemption, defeasance, sinking fund or other acquisition or
retirement of any Equity Interest or any other payment or distribution made in
respect thereof, either directly or indirectly or (c) any payment made to
redeem, purchase, repurchase or retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire any Equity Interest.”

““Electronic Data Processing Equipment and Software Sale and Leaseback
Transaction” shall mean the sale of electronic data processing equipment and
software recorded on the balance sheet of Affirmative Insurance Company and the
simultaneous or subsequent entering into an agreement to lease those same
electronic data processing equipment and software assets back.

““Third Amendment” shall mean that certain Third Amendment to Credit Agreement,
dated as of March 27, 2009, by and among the Borrower, the Required Lenders, the
Required Revolving Credit Lenders, Credit Suisse, Cayman Islands Branch, as
administrative agent and collateral agent, The Frost National Bank, as Issuing
Bank and Swingline Lender, and the other Loan Parties listed therein.”

““Third Amendment Effective Date” shall have the meaning set forth in Section 4
of the Third Amendment.”

““Value” shall mean, with respect to a sale and leaseback transaction, an amount
equal to the net present value of the lease payments with respect to the term of
the lease remaining on the date as of which the amount is being determined,
without regard to any renewal or extension options contained in the lease,
discounted at the weighted average interest rate on the Loans which are
outstanding on the effective date of such sale and leaseback transaction.”

 

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(b) The definition of “Adjusted LIBO Rate” is amended by adding the following
proviso to the end thereof:

“; provided, however, that notwithstanding the foregoing, the Adjusted LIBO Rate
shall at no time be less than 3.00% per annum.”

(c) The definition of “Applicable Margin” is amended by (i) deleting the words
“3.50% per annum” in clause (y) thereof and replacing it with the following:

“to the extent the Leverage Ratio is (A) greater than 2.00:1.00, 6.25%;
(B) greater than 1.50:1.00, but less than or equal to 2.00:1.00, 6.00% and
(C) less than or equal to 1:50:1.00, 5.75%”; and

(ii) deleting the number words “2.50% per annum” in clause (z) thereof and
replacing it with the following:

. “to the extent the Leverage Ratio is (A) greater than 2.00:1.00, 5.25%;
(B) greater than 1.50:1.00, but less than or equal to 2.00:1.00, 5.00% and
(C) less than or equal to 1:50:1.00, 4.75%.

Each change in the Applicable Margin resulting from a change in the Leverage
Ratio shall be effective with respect to all Loans and Letters of Credit
outstanding on and after the date of delivery to the Administrative Agent of the
financial statements and certificates required by Section 5.04(a) or (b) and
Section 5.04 (d), respectively, indicating such change until the date
immediately preceding the next date of delivery of such financial statements and
certificates indicating another such change. Notwithstanding the foregoing,
(a) at any time during which the Borrower has failed to deliver the financial
statements and certificates required by Section 5.04(a) or (b) and
Section 5.04(d), respectively, or (b) at any time after the occurrence and
during the continuance of an Event of Default, the Leverage Ratio shall be
deemed to be greater than 2.00:1.00 for purposes of determining the Applicable
Margin.

In the event that any financial statement or compliance certificate delivered
pursuant to Section 5.04 is inaccurate (regardless of whether this Agreement or
the Commitments are in effect when such inaccuracy is discovered), and such
inaccuracy, if corrected, would have led to the application of a higher
Applicable Margin for any period (an “Applicable Period”) than the Applicable
Margin applied for such Applicable Period, then (i) the Borrower shall
immediately deliver to the Administrative Agent a corrected financial statement
and a corrected compliance certificate for such Applicable Period, (ii) the
Applicable Margin shall be determined based on the corrected compliance
certificate for such Applicable Period, and (iii) the Borrower shall immediately
pay to the Administrative Agent (for the account of the Lenders during the
Applicable Period or their successors and assigns) the accrued additional
interest owing as a result of such increased Applicable Margin for such
Applicable Period. This paragraph shall not limit the rights of the
Administrative Agent or the Lenders with respect to Sections 2.07 and Article
VII hereof, and shall survive the termination of this Agreement.”

 

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(d) The definition of “Capital Expenditure” is amended by adding to the
following proviso at the end thereof:

“; provided, that any expenditure or Capital Lease Obligations arising in
connection with the Electronic Data Processing Equipment and Software Sale and
Leaseback Transaction shall not constitute a Capital Expenditure.”

(e) The definition of “Excess Cash Flow” is amended by deleting the reference to
“Cash Flow” in the second line thereof and replacing it with “Adjusted Cash
Flow”.

(f) The definition of “Fixed Charges” is amended by deleting the reference to
“Consolidated Interest Expense” and replacing it with “Consolidated Cash
Interest Expense”.

(g) The definition of “Interest Coverage Ratio” is amended by deleting the
reference to “Consolidated Interest Expense” in clause (b) thereof and replacing
it with the words “Consolidated Cash Interest Expense”.

(h) The definition of “Leverage Ratio” is amended by adding the following
parenthetical after the words “Total Debt” in clause (a) thereof:

“(other than Subordinated Debt and any unsecured Indebtedness)”.

(i) The definition of “Required Prepayment Percentage” is amended by deleting
clause (d) thereof and replacing it with the following:

“(d) in the case of any Excess Cash Flow, 50%;”

1.2. Amendment to Section 1.02. Section 1.02 of the Credit Agreement shall be
amended by adding the following sentence at the end thereof:

“Notwithstanding anything to the contrary contained herein, any interest expense
or Indebtedness incurred in connection with the Electronic Data Processing
Equipment and Software Sale and Leaseback Transaction shall be excluded for
purposes of calculating the financial covenants set forth in Sections 6.11, 6.12
and 6.15.”

1.3. Amendment to Section 2.13(e). Section 2.13(e) of the Credit Agreement shall
be amended by deleting the words “less (b)” thereof and replacing it with the
following:

“plus (b) 75% of any Distribution made by any Regulated Insurance Subsidiary to
the Borrower or any Subsidiary (other than a Regulated Insurance Subsidiary)
during the fiscal year then ended, less (c)”

1.4. Amendment to Section 3.06. Section 3.06 of the Credit Agreement shall be
amended by deleting the reference to “December 31, 2005” and replacing it with
“December 31, 2007”.

 

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1.5. Amendment to Section 6.01(d). Section 6.01(d) of the Credit Agreement shall
be amended and restated in its entirety as follows:

“Capital Lease Obligations and Synthetic Lease Obligations of (i) Borrower or
any Subsidiary Guarantor in an aggregate principal amount not exceeding
$5,000,000 at any time outstanding and (ii) Borrower or any Subsidiary in
connection with the Electronic Data Processing Equipment and Software Sale and
Leaseback Transaction;”

1.6. Amendment to Section 6.02. Section 6.02 of the Credit Agreement shall be
amended by (i) deleting the “and” at the end of clause (p) thereof;
(ii) deleting the “.” at the end of clause (q) and replacing it with “; and” and
(iii) adding the following at the end thereof:

“(r) Liens incurred pursuant to the Electronic Data Processing Equipment and
Software Sale and Leaseback Transaction.”

1.7. Amendment to Section 6.05(b). Section 6.05(b) of the Credit Agreement shall
be amended by:

(i) deleting “or” immediately preceding clause (y) thereof and inserting in lieu
thereof a “,”;

(ii) deleting the “.” at the end of clause (y) thereof and replacing it with a
“,”; and

(ii) adding the following new clause (z) to the end thereof:

“or (z)(i) such Asset Sale is in connection with the Electronic Data Processing
Equipment and Software Sale and Leaseback Transaction and is for consideration
at least 80% of which is cash (and no portion of the remaining consideration
shall be in the form of Indebtedness issued by the Borrower or any Subsidiary),
(ii) such consideration is at least equal to the fair market value of the assets
being sold, transferred, leased or disposed of and (iii) the Value of the assets
sold, transferred or disposed of pursuant to this paragraph (b)(z) shall not
exceed $30,000,000 in the aggregate. Notwithstanding anything to the contrary
contained herein, the Borrower or any Subsidiary may engage in any Asset Sale
otherwise permitted under paragraph (a) above in which the non-cash portion of
the consideration for such Asset Sale is in the form of Indebtedness of the
applicable purchaser made in favor of the Borrower or any Subsidiary and exceeds
20% of the total consideration for such Asset Sale solely to the extent such
non-cash portion does not exceed (1) $5,000,000 with respect to any single Asset
Sale or series of related Asset Sales and (2) $10,000,000 (in the aggregate with
respect to all Asset Sales).”

1.8. Amendment to Section 6.06(a)(iii). Section 6.06(a)(iii) of the Credit
Agreement shall be amended and restated in its entirety as follows:

“(iii) so long as (A) no Default or Event of Default shall have occurred or be
continuing or would result therefrom and (B) the Leverage Ratio is less than or
equal to 1.5 to 1.0 before and after giving effect to such dividend or customary
distribution, the Borrower may declare and pay dividends or make other customary
distributions ratably to its equity holders consistent with past practice,”.

 

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1.9. Amendment to Section 6.11. Section 6.11 of the Credit Agreement shall be
amended by deleting the chart appearing in that section and replacing such chart
with the following:

 

Four Fiscal Quarters Ended

   Ratio

March 31, 2007

   3.00:1.00

June 30, 2007

   3.00:1.00

September 30, 2007

   3.00:1.00

December 31, 2007

   3.00:1.00

March 31, 2008

   3.25:1.00

June 30, 2008

   3.25:1.00

September 30, 2008

   3.50:1.00

December 31, 2008

   3.50:1.00

March 31, 2009

   2.75:1.00

June 30, 2009

   2.75:1.00

September 30, 2009

   2.75:1.00

December 31, 2009

   2.70:1.00

March 31, 2010

   2.70:1.00

June 30, 2010

   2.70:1.00

September 30, 2010

   2.80:1.00

December 31, 2010

   2.90:1.00

March 31, 2011

   3.00:1.00

June 30, 2011

   3.00:1.00

September 30, 2011

   3.00:1.00

December 31, 2011

   3.00:1.00

March 31, 2012

   3.00:1.00

June 30, 2012

   3.00:1.00

September 30, 2012

   3.00:1.00

December 31, 2012

   3.00:1.00

March 31, 2013

   3.00:1.00

June 30, 2013

   3.00:1.00

September 30, 2013

   3.00:1.00

December 31, 2013

   3.00:1.00

 

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1.10. Amendment to Section 6.12. Section 6.12 of the Credit Agreement shall be
amended by deleting the chart appearing in that section and replacing such chart
with the following:

 

Four Fiscal Quarters Ended

   Ratio

March 31, 2007

   4.25:1.00

June 30, 2007

   4.25:1.00

September 30, 2007

   4.00:1.00

December 31, 2007

   4.00:1.00

March 31, 2008

   3.50:1.00

June 30, 2008

   3.25:1.00

September 30, 2008

   3.25:1.00

December 31, 2008

   3.25:1.00

March 31, 2009

   2.80:1.00

June 30, 2009

   2.65:1.00

September 30, 2009

   2.65:1.00

December 31, 2009

   2.65:1.00

March 31, 2010

   2.45:1.00

June 30, 2010

   2.45:1.00

September 30, 2010

   2.45:1.00

December 31, 2010

   2.45:1.00

March 31, 2011

   2.25:1.00

June 30, 2011

   2.25:1.00

September 30, 2011

   2.25:1.00

December 31, 2011

   2.25:1.00

March 31, 2012

   2.25:1.00

June 30, 2012

   2.25:1.00

September 30, 2012

   2.25:1.00

December 31, 2012

   2.25:1.00

March 31, 2013

   2.25:1.00

June 30, 2013

   2.25:1.00

September 30, 2013

   2.25:1.00

December 31, 2013

   2.25:1.00

1.11. Amendment to Section 6.14. Section 6.14 of the Credit Agreement shall be
amended and restated in its entirety as follows:

“SECTION 6.14. Loss Ratio. Borrower shall not permit the Loss Ratio of the
Regulated Insurance Subsidiaries, on a consolidated basis, to be greater than
80% at any time.”

1.12. Amendment to Section 6.15. Section 6.15 of the Credit Agreement shall be
amended by deleting such Section in its entirety and replacing it with the
following:

“SECTION 6.15. Fixed Charge Coverage Ratio. Borrower shall not permit the Fixed
Charge Coverage Ratio during any period set forth below to be less than the
ratio set forth opposite such period below.

 

Fiscal Year Ended

   Ratio

December 31, 2009

   1.05:1.00

December 31, 2010

   1.10:1.00

December 31, 2011

   1.15:1.00

December 31, 2012

   1.20:1.00

December 31, 2012

   1.20:1.00

 

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For the avoidance of doubt, the covenant set forth in this Section 6.15 may be
waived, amended or modified by the Required Revolving Credit Lenders in
accordance with the final “provided further” clause contained in Section 9.08(b)
hereof.”

1.13. Amendment to Section 6.16. Section 6.16 of the Credit Agreement shall be
amended by deleting such Section in its entirety and replacing it with the
following:

“SECTION 6.16. Consolidated Tangible Net Worth. From and after any Increased
Amount Date in respect of which any Primary New Revolving Loan Commitments have
become effective in accordance with Section 2.24 hereof, Borrower shall not
permit the Consolidated Tangible Net Worth to be less than $110,000,000 at any
time. For the avoidance of doubt, the covenant set forth in this Section 6.16
may be waived, amended or modified by the Required Revolving Credit Lenders in
accordance with the final “provided further” clause contained in Section 9.08(b)
hereof.”

2. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. In order to induce the
Required Lenders, the Required Revolving Credit Lenders and the Agents to enter
into this Amendment, the Borrower represents and warrants to each Lender and the
Agents that the following statements are true, correct and complete:

2.1. Power and Authority. Each of the Loan Parties has all requisite corporate
or limited liability company power and authority to enter into this Amendment
and to carry out the transactions contemplated by, and to perform its
obligations under or in respect of, the Credit Agreement.

2.2. Corporate Action. The execution and delivery of this Amendment and the
performance of the obligations of each of the Loan Parties under or in respect
of the Credit Agreement as amended hereby have been duly authorized by all
necessary corporate or limited liability company action on the part of each of
the Loan Parties.

2.3. No Conflict or Violation or Required Consent or Approval. The execution and
delivery of this Amendment and the performance of the obligations of each of the
Loan Parties under or in respect of the Credit Agreement as amended hereby do
not and will not conflict with or violate (a) any provision of the certificate
or articles of incorporation or other constitutive documents or by-laws of any
Loan Party or any of its Subsidiaries, (b) any provision of any law or any
governmental rule or regulation applicable to any Loan Party or any of its
Subsidiaries, (c) any order of any Governmental Authority or arbitrator binding
on any Loan Party or any of its Subsidiaries, or (d) any indenture, agreement or
instrument to which any Loan Party or any of its Subsidiaries is a party or by
which any Loan Party or any of its Subsidiaries, or any property of any of them,
is bound (except where such violation could not reasonably be expected to have a
Material Adverse Effect), and do not and will not require any consent or
approval of any Person (other than any approval or consent obtained and is in
full force and effect or approvals or consents the failure to obtain could not
reasonably be expected to have a Material Adverse Effect or which are not
material to the consummation of the transaction contemplated hereby.

 

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2.4. Execution, Delivery and Enforceability. This Amendment has been duly
executed and delivered by each Loan Party which is a party thereto and are the
legal, valid and binding obligations of such Loan Party, enforceable in
accordance with their terms, except as enforceability may be affected by
applicable bankruptcy, insolvency, and similar proceedings affecting the rights
of creditors generally, and general principles of equity. The Agents’ Liens in
all Collateral continue to be valid, binding and enforceable Liens which secure
the Borrower Obligations to the extent valid, binding and enforceable on the
Closing Date, except as enforceability may be affected by applicable bankruptcy,
insolvency and similar proceedings affecting the rights of creditors generally,
and general principles of equity.

2.5. No Default or Event of Default. After giving effect to this Amendment, no
event has occurred and is continuing or will result from the execution and
delivery of this Amendment that would constitute a Default or an Event of
Default.

2.6. No Material Adverse Effect. No event, change or condition has occurred
since December 31, 2007 that has caused, or could reasonably be expected to
cause, a Material Adverse Effect.

2.7. Representations and Warranties. Each of the representations and warranties
contained in the Loan Documents is and will be true and correct in all material
respects on and as of the date hereof and as of the effective date of this
Amendment, except to the extent that such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects as of such earlier date.

3. CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT. This Amendment, and the
consents and approvals contained herein, shall be effective only if and when
signed by, and when counterparts hereof shall have been delivered to the Agents
(by hand delivery, mail, telecopy or other electronic transmission) by each Loan
Party, each Required Lender, the Issuing Bank and the Swingline Lender and for
purposes of Sections 1.12 and 1.13 hereof, each Required Revolving Credit
Lender, and only if and when each of the following conditions is satisfied or
waived:

3.1. No Default or Event of Default; Accuracy of Representations and Warranties.
At the time of and immediately after giving effect to this Amendment, no Default
or Event of Default shall exist and each of the representations and warranties
made by the Loan Parties herein and in or pursuant to the Credit Documents shall
be true and correct in all material respects as if made on and as of the date on
which this Amendment becomes effective (except that any such representation or
warranty that is expressly stated as being made only as of a specified earlier
date shall be true and correct in all material respects as of such earlier
date).

3.2. Delivery of Documents. The Agents shall have received such additional
documents as the Agents may reasonably request in connection with this
Amendment.

 

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3.3. Amendment Fees. The Administrative Agent shall have received, on behalf of
each of the Required Lenders and the Required Revolving Credit Lenders which
executed this Amendment and submits to the Administrative Agent a signature page
hereto on or prior to 12:00 p.m. (New York City time) on March 25, 2009, an
amendment fee equal to 0.50% of the outstanding principal amount of Loans or
Commitments held by it as of such date.

4. EFFECTIVE DATE. This Amendment shall become effective (the “Third Amendment
Effective Date”) on the date of the satisfaction or waiver of the conditions set
forth in Section 3 of this Amendment.

5. EFFECT OF AMENDMENT; RATIFICATION. This Amendment is a Loan Document. From
and after the date on which this Amendment becomes effective, all references in
the Loan Documents to the Credit Agreement and other Loan Documents shall mean
the Credit Agreement as amended hereby. Except as expressly amended hereby or
waived herein, the Credit Agreement and the other Loan Documents, including the
Liens granted thereunder, shall remain in full force and effect, and all terms
and provisions thereof are hereby ratified and confirmed.

6. MISCELLANEOUS. Each of the Loan Parties confirms that as amended hereby, each
of the Loan Documents is in full force and effect, and that as of the date
hereof, none of the Loan Parties has any defenses, setoffs or counterclaims to
its Obligations.

7. APPLICABLE LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION.

8. NO WAIVER. The execution, delivery and effectiveness of this Amendment does
not constitute a waiver of any Default or Event of Default, amend or modify any
provision of any Loan Document except as expressly set forth herein or
constitute a course of dealing or any other basis for altering the Obligations
of any Loan Party.

9. COMPLETE AGREEMENT. This Amendment sets forth the complete agreement of the
parties in respect of any amendment to any of the provisions of any Loan
Document or any waiver thereof.

10. CAPTIONS; COUNTERPARTS. The catchlines and captions herein are intended
solely for convenience of reference and shall not be used to interpret or
construe the provisions hereof. This Amendment may be executed by one or more of
the parties to this Amendment on any number of separate counterparts (including
by telecopy or other electronic transmission), all of which taken together shall
constitute but one and the same instrument.

[signatures follow; remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Third
Amendment to Credit Agreement as of the date set forth above.

 

AFFIRMATIVE INSURANCE HOLDINGS, INC., as Borrower By:   /s/ Michael J. McClure  
Name: Michael J. McClure   Title: Executive V.P. & Chief Financial Officer

 

LOAN PARTIES:       AFFIRMATIVE MANAGEMENT SERVICES, INC.    AFFIRMATIVE
PROPERTY HOLDINGS, INC.    AFFIRMATIVE SERVICES, INC.    AFFIRMATIVE INSURANCE
GROUP, INC.    AFFIRMATIVE UNDERWRITING SERVICES, INC.    A-AFFORDABLE MANAGING
GENERAL AGENCY, INC.    AFFIRMATIVE INSURANCE SERVICES, INC. (f/k/a AFFIRMATIVE
INSURANCE    SERVICES OF TEXAS, INC.)    AFFIRMATIVE INSURANCE SERVICES OF
PENNSYLVANIA, INC.    A-AFFORDABLE INSURANCE AGENCY, INC.    DRIVER’S CHOICE
INSURANCE SERVICES, LLC    FED USA RETAIL, INC.    INSUREONE INDEPENDENT
INSURANCE AGENCY, LLC    YELLOW KEY INSURANCE AGENCY, INC.    AFFIRMATIVE
FRANCHISING GROUP, INC.    FED USA FRANCHISING, INC.    FED USA FRANCHISING
GROUP, INC.    AFFIRMATIVE ALTERNATIVE DISTRIBUTION, INC.    USAGENCIES. L.L.C.
   LIFCO, L.L.C.    AFFIRMATIVE RETAIL, INC.    AFFIRMATIVE INSURANCE HOLDINGS
STATUTORY TRUST I    AFFIRMATIVE INSURANCE HOLDINGS STATUTORY TRUST II   
AFFIRMATIVE PREMIUM FINANCE HOLDINGS, INC.    AFFIRMATIVE PREMIUM FINANCE, INC.
   USAGENCIES MANAGEMENT SERVICES, INC.

 

By:   /s/ Michael J. McClure Name:  

Michael J. McClure

Title:   Executive V.P. & Chief Financial Officer

Signature page to 3rd Amendment to Credit Agreement

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CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent and as Collateral
Agent By:   /s/ John D. Toronto   Name: John D. Toronto   Title: Director By:  
/s/ Christopher Reo Day   Name: Christopher Reo Day   Title: Associate

Signature Page to Third Amendment to Credit Agreement

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THE FROST NATIONAL BANK, as Issuing Bank and Swingline Lender By:   /s/ J. Carey
Womble   Name: J. Carey Womble   Title: Senior Vice President

Signature Page to Third Amendment to Credit Agreement

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The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

JPMORGAN CHASE BANK, N.A. By:   /s/ Thomas A. Kiepura Name:   Thomas A. Kiepura
Title:   Vice President

Signature Page to Third Amendment to Credit Agreement

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The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

AIRLIE CLO 2006-II LTD By:   /s/ Seth Cameron   Name: Seth Cameron   Title:
Portfolio Manager

Signature Page to Third Amendment to Credit Agreement

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The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

BABSON CLO LTD. 2003-I BABSON CLO LTD. 2004-I BABSON CLO LTD. 2004-II BABSON CLO
LTD. 2005-I BABSON CLO LTD. 2005-II BABSON CLO LTD. 2005-III BABSON CLO LTD.
2006-I BABSON CLO LTD. 2006-II BABSON CLO LTD. 2007-I BABSON MID-MARKET CLO LTD.
2007-II BABSON CREDIT STRATEGIES CLO, LTD. LOAN STRATEGIES FUNDING LLC

By: Babson Capital Management LLC as

Collateral Manager

By:  

/s/ Arthur J. McMahon, Jr.

  Name:   Arthur J. McMahon, Jr.   Title:   Director

 

BILL & MELINDA GATES FOUNDATION TRUST

By: Babson Capital Management LLC as

Investment Adviser

By:  

/s/ Arthur J. McMahon, Jr.

  Name:   Arthur J. McMahon, Jr.   Title:   Director

 

JFIN CLO 2007 LTD. By: Jefferies Finance LLC as Collateral Manager By:  

/s/ Illegible

  Name:   Illegible   Title:   Director

Signature Page to Third Amendment to Credit Agreement

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

VINACASA CLO, LTD.

By: Babson Capital Management LLC

as Collateral Servicer

By:  

/s/ Arthur J. McMahon, Jr.

  Name:   Arthur J. McMahon, Jr.   Title:   Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Canyon Capital CLO 2004-I, Ltd. By:  

/s/ Patrick Dooley

  Name:   Patrick Dooley   Title:   Authorized Signatory By: Canyon Capital
Advisors LLC, a Delaware Limited Liability Company, its Collateral Manager.

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Canyon Capital CLO 2006-I, Ltd. By:  

/s/ Patrick Dooley

  Name:   Patrick Dooley   Title:   Authorized Signatory By: Canyon Capital
Advisors LLC, a Delaware Limited Liability Company, its Collateral Manager

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Canyon Capital CLO 2007-I, Ltd. By:  

/s/ Patrick Dooley

  Name:   Patrick Dooley   Title:   Authorized Signatory By: Canyon Capital
Advisors LLC, a Delaware Limited Liability company, its Collateral Manager

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2006-I By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2006-II By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2007-I By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO IV Ltd. 2007-II By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2006-I By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2006-II By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO Ltd. 2007-I By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ColumbusNova CLO IV Ltd. 2007-II By:   /s/ Benjamin Peterson   Name: Benjamin
Peterson   Title: Associate Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

CREDIT SUISSE CAYMAN ISLAND BRANCH By:   /s/ Michael Wotanowski   Name: Michael
Wotanowski   Title: Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

BRIDGEPORT CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

BRIDGEPORT CLO II LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

BURR RIDGE CLO PLUS LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

CUMBERLAND II CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

FOREST CREEK CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

LONG GROVE CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

MARQUETTE PARK CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

MARKET SQUARE CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

SCHILLER PARK CLO LTD. By:  

Deerfield Capital Management LLC,

as its Collateral Manager

By:   /s/ Matt Stouffer   Name: Matt Stouffer   Title: Managing Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Dresdner BANK By:   /s/ Illegible   Name: Illegible   Title: Director

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Duane Street CLO II, Ltd. By:  

DiMaio Ahmad Capital LLC,

As Collateral Manager

By:   /s/ Paul Travers   Name: Paul Travers   Title: Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Duane Street CLO III, Ltd. By:  

DiMaio Ahmad Capital LLC,

As Collateral Manager

By:   /s/ Paul Travers   Name: Paul Travers   Title: Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Duane Street CLO IV, Ltd. By:  

DiMaio Ahmad Capital LLC,

As Collateral Manager

By:   /s/ Paul Travers   Name: Paul Travers   Title: Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

DUANE STREET CLO V, LTD. By:  

DiMaio Ahmad Capital LLC,

as Manager

By:   /s/ Paul Travers   Name: Paul Travers   Title: Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

FEINGOLD O’KEEFFE CAPITAL, LLC

As Collateral Manager for

Emerson Place CLO, Ltd.

By:   /s/ Scott D’Orsi   Name: Scott D’Orsi   Title: P.M.

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

FEINGOLD O’KEEFFE CAPITAL, LLC

As Collateral Manager for

Avery Street CLO, Ltd.

By:   /s/ Scott D’Orsi Name:   Scott D’Orsi Title:   P.M.

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

FEINGOLD O’KEEFFE CAPITAL, LLC

As Collateral Manager for

Lime Street CLO, Ltd.

By:   /s/ Scott D’Orsi   Name: Scott D’Orsi   Title: P.M.

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

  By:   /s/ Glenn P. Cummins   Name: Glenn P. Cummins   Title: Authorized
Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

  By:   /s/ Tyler Chan   Name: Tyler Chan   Title: Vice President

 

FRANKLIN FLOATING RATE    DAILY ACCESS FUND       FRANKLIN TEMPLETON    LIM.
DURATION INCOME TRUST Franklin Floating Rate Master Series       FT
OPPORTUNISTIC DISTRESSED FUND, LTD. 2460 FRANKLIN CLO IV, LIMITED       FRANKLIN
CLO V, LTD    Franklin CLO VI, LTD    Franklin Templeton Series II Funds   
Franklin Floating Rate II Fund          FRANKLIN TEMPLETON BLUE SHIELD OF
CALIFORNIA    FLOATING RATE DEBT GROUP    ONE FRANKLIN PKWY.    BLDG. 920/1ST
FLOOR    SAN MATEO, CA 94403

Affirmative Insurance

Signature Page to Third Amendment to Credit Agreement

CONFIDENTIAL-FOR FRDG USE ONLY

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

GoldenTree Capital Opportunities, LP By:   GoldenTree Asset Management, LP By:  
/s/ Karen Weber   Name: Karen Weber   Title: Director - Bank Debt

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

GoldenTree Loan Opportunities III, Ltd. By:   GoldenTree Asset Management, LP
By:   /s/ Karen Weber   Name: Karen Weber   Title: Director - Bank Debt

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

GoldenTree Loan Opportunities IV, Limited By:   GoldenTree Asset Management, LP
By:   /s/ Karen Weber   Name: Karen Weber   Title: Director - Bank Debt

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

GoldenTree Loan Opportunities V, Limited By:   GoldenTree Asset Management, LP
By:   /s/ Karen Weber   Name: Karen Weber   Title: Director - Bank Debt

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

GULF STREAM-COMPASS CLO 2002-1 LTD.       By: Gulf Stream Asset Management, LLC
          As Collateral Manager           By:   /s/ Barry K. Love         Name:
Barry K . Love       Title: Chief Credit Office GULF STREAM-COMPASS CLO 2003-1
LTD.       By: Gulf Stream Asset Management, LLC       As Collateral Manager    
              GULF STREAM-SEXTANT CLO 2006-1 LTD.     By: Gulf Stream Asset
Management, LLC     As Collateral Manager       GULF STREAM-COMPASS CLO 2004-1
LTD.           By: Gulf Stream Asset Management, LLC       As Collateral Manager
                  GULF STREAM-SEXTANT CLO 2007-1 LTD.     By: Gulf Stream Asset
Management, LLC     As Collateral Manager       GULF STREAM-COMPASS CLO 2005-1
LTD.           By: Gulf Stream Asset Management, LLC       As Collateral Manager
                  GULF STREAM-RASHINBAN CLO 2006-1 LTD.     By: Gulf Stream
Asset Management, LLC     As Collateral Manager GULF STREAM-COMPASS CLO 2005-II
LTD.       By: Gulf Stream Asset Management, LLC           As Collateral Manager
          NEPTUNE FINANCE CCS, LTD.       By: Gulf Stream Asset Management, LLC
    As Collateral Manager

Signature Page to Third Amendment to Credit Agreement

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

Lender:  

Armstrong Loan Funding, LTD.

By: Highland Capital Management, L.P.,

As Collateral Manager

By: Strand Advisors, Inc., Its General Partner

By:   /s/ Michael Colvin   Michael Colvin, Secretary Title:  

Strand Advisors, Inc., General Partner of

Highland Capital Management, L.P

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

ATLANTIS FUNDING LTD.

By: INVESCO Senior Secured Managament, Inc.

       As Collateral Manager

By:   /s/ Scott Baskind   Name: Scott Baskind   Title: Authorised Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Latitude CLO II, Ltd. By:   /s/ Kirk Wallace   Name: Kirk Wallace   Title: Vice
President

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

STANWICH LOAN FUNDING LLC By:   /s/ Tara E. Kenny   Name: Tara E. Kenny   Title:
Assistant Vice President

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Cornerstone CLO Ltd.

By Stone Tower Debt Advisors LLC,

As its Collateral Manager

  By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Stone Tower CLO III Ltd. By Stone Tower Debt Advisors LLC, As its Collateral
Manager   By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Granite Ventures I Ltd. By Stone Tower Debt Advisors LLC, As its Collateral
Manager By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Granite Ventures II Ltd. By Stone Tower Debt Advisors LLC, As its Collateral
Manager   By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Granite Ventures III Ltd.

By Stone Tower Debt Advisors LLC,

As its Collateral Manager

  By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Rampart CLO 2007 Ltd. By Stone Tower Debt Advisors LLC, As its Collateral
Manager   By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Stone Tower CDO II Ltd.

By Stone Tower Debt Advisors LLC,

As its Collateral Manager

  By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Stone Tower CLO Ltd.

By Stone Tower Debt Advisors LLC,

As its Collateral Manager

  By:   /s/ Michael W. DelPercio   Name: Michael W. DelPercio   Title:
Authorized Signatory

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

NUVEEN FLOATING RATE INCOME OPPORTUNITY FUND By:   SYMPHONY ASSET MANAGEMENT,
LLC By:   /s/ Gunther Stein   Name: Gunther Stein,   Title: Director Fixed
Income

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

SYMPHONY CLO II By:   SYMPHONY ASSET MANAGEMENT, LLC By:   /s/ Gunther Stein  
Name: Gunther Stein,   Title: Director Fixed Income

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

NUVEEN FLOATING RATE INCOME OPPORTUNITY FUND By:   SYMPHONY ASSET MANAGEMENT,
LLC By:   /s/ Gunther Stein   Name: Gunther Stein,   Title: Director Fixed
Income

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

SYMPHONY CLO II By:   SYMPHONY ASSET MANAGEMENT, LLC By:   /s/ Gunther Stein  
Name: Gunther Stein,   Title: Director Fixed Income

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Mark Capital Management, L.P. By:   /s/ Adam J. Semler   Name: Adam J. Semler  
Title: CFO & its General Partner

Signature Page to Third Amendment to Credit Agreement

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

The Lender acknowledges and agrees that this signature page shall be fully valid
and binding upon the Lender upon its execution and delivery by the Lender to the
Administrative Agent and may not thereafter be revoked, terminated or cancelled
by the Lender.

 

Mark Enhanced Strategies Fund, LLC By:   /s/ Adam J. Semler   Name: Adam J.
Semler   Title: CFO & its Investment Manager

Signature Page to Third Amendment to Credit Agreement