Exhibit 10.1


 


Execution Version


 


 



 


CREDIT AGREEMENT


 


Dated as of May 19, 2015


 


among


 


CNO FINANCIAL GROUP, INC.,


as Company,


 


KEYBANK NATIONAL ASSOCIATION,


as Administrative Agent,


 


and


 


THE LENDERS PARTY HERETO


 





 



 


KEYBANK NATIONAL ASSOCIATION, RBC CAPITAL
MARKETS


and


GOLDMAN SACHS BANK USA,

as Joint Lead Arrangers and Joint Bookrunners,


 


ROYAL BANK OF CANADA and GOLDMAN SACHS BANK
USA,

as Co-Syndication Agents and


 


ASSOCIATED BANK, NATIONAL ASSOCIATION,

as Documentation Agent





 


 




    	 



    	 



    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	Article 1.	 	 
	Definitions	 	 
	 	 	 
	Section 1.01	Certain Defined Terms	1
	Section 1.02	Other Interpretive Provisions	26
	Section 1.03	Classification of Loans	27
	Section 1.04	Accounting Principles	27
	 	 	 
	Article 2.	 	 
	The Credits	 	 
	 	 	 
	Section 2.01	[Reserved]	28
	Section 2.02	Revolving Loans	28
	Section 2.03	Swing Line Loans	29
	Section 2.04	Issuance of Letters of Credit and Purchase of Participations Therein	32
	Section 2.05	Pro Rata Shares	37
	Section 2.06	Conversion and Continuation of Loans	37
	Section 2.07	Notes; Loan Accounts	37
	Section 2.08	[Reserved]	38
	Section 2.09	Optional and Mandatory Prepayments and Reductions of Commitments	38
	Section 2.10	Interest	39
	Section 2.11	Fees	41
	Section 2.12	Computation of Fees and Interest	42
	Section 2.13	Payments Generally	42
	Section 2.14	Sharing of Payments by Lenders	43
	Section 2.15	Incremental Facilities	44
	Section 2.16	Defaulting Lenders	45
	Section 2.17	Maturity Extensions of Loans	48
	 	 	 
	Article 3.	 	 
	Taxes, Yield Protection and Illegality	 
	 	 	 
	Section 3.01	Taxes	52
	Section 3.02	Illegality	55
	Section 3.03	Increased Costs and Reduction of Return	55
	Section 3.04	Funding Losses	56
	Section 3.05	Inability to Determine Rates; Breakage Costs	56
	Section 3.06	Certificates of Lenders	57
	Section 3.07	Substitution of Lenders	57
	Section 3.08	Survival	57
	 	 	 
	Article 4.	 	 
	Conditions Precedent	 
	 	 	 
	Section 4.01	Conditions of Initial Credit Extension	58
	Section 4.02	Conditions to All Credit Extensions	59
	Section 4.03	Determinations Under Section 4.01	60


 




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	Article 5.	 	 
	Representations and Warranties	 
	 	 	 
	Section 5.01	Corporate Existence and Power	60
	Section 5.02	Corporate Authorization; No Contravention	61
	Section 5.03	Governmental Authorization	61
	Section 5.04	Binding Effect	61
	Section 5.05	Litigation	61
	Section 5.06	No Default	62
	Section 5.07	ERISA Compliance	62
	Section 5.08	Margin Regulations	62
	Section 5.09	Title to Properties	63
	Section 5.10	Taxes	63
	Section 5.11	Financial Condition	63
	Section 5.12	Environmental Matters	64
	Section 5.13	Investment Company Act	65
	Section 5.14	Equity Interests and Ownership	65
	Section 5.15	Insurance Licenses	65
	Section 5.16	Full Disclosure	65
	Section 5.17	Solvency	66
	Section 5.18	[Reserved]	66
	Section 5.19	Insurance	66
	Section 5.20	OFAC; Anti-Terrorism Laws; Anti-Corruption Laws; PATRIOT Act	66
	Section 5.21	Surplus Debenture Interest and Dividends	67
	 	 	 
	Article 6.	 	 
	Affirmative Covenants	 
	 	 	 
	Section 6.01	Financial Statements	67
	Section 6.02	Certificates; Other Information	68
	Section 6.03	Notices	70
	Section 6.04	Preservation of Corporate Existence, Etc.	71
	Section 6.05	Insurance	72
	Section 6.06	Payment of Obligations	72
	Section 6.07	Compliance with Laws	72
	Section 6.08	Compliance with ERISA	72
	Section 6.09	Inspection of Property and Books and Records	72
	Section 6.10	[Reserved]	73
	Section 6.11	Use of Proceeds	73
	Section 6.12	[Reserved]	73
	Section 6.13	Further Assurances	73
	Section 6.14	Maintenance of Ratings	73
	Section 6.15	[Reserved]	73
	Section 6.16	Maintenance of Properties	73
	 	 	 
	Article 7.	 	 
	Negative Covenants	 
	 	 	 
	Section 7.01	Limitation on Subsidiary Debt	73
	Section 7.02	Liens	75
	Section 7.03	Disposition of Assets	77


 




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	Section 7.04	[Reserved]	79
	Section 7.05	Transactions with Affiliates	79
	Section 7.06	Change in Business	80
	Section 7.07	Fundamental Changes	80
	Section 7.08	Restricted Payments	80
	Section 7.09	[Reserved]	81
	Section 7.10	Modifications of Certain Agreements	81
	Section 7.11	Debt to Total Capitalization Ratio	81
	Section 7.12	Minimum Consolidated Net Worth	81
	Section 7.13	[Reserved]	81
	Section 7.14	Aggregate RBC Ratio	81
	Section 7.15	[Reserved]	81
	Section 7.16	[Reserved]	81
	Section 7.17	Restrictive Agreements	81
	Section 7.18	[Reserved]	82
	Section 7.19	Changes in Fiscal Year	83
	 	 	 
	Article 8.	 	 
	Events of Default	 
	 	 	 
	Section 8.01	Events of Default	83
	Section 8.02	Remedies	85
	Section 8.03	Rights Not Exclusive	85
	 	 	 
	Article 9.	 	 
	The Agent	 	 
	 	 	 
	Section 9.01	Appointment and Authority	86
	Section 9.02	Rights as a Lender	86
	Section 9.03	Exculpatory Provisions	86
	Section 9.04	Reliance by Agent	87
	Section 9.05	Delegation of Duties	87
	Section 9.06	Resignation of Agent	87
	Section 9.07	Non-Reliance on Agent and Other Lenders	88
	Section 9.08	No Other Duties, Etc.	88
	Section 9.09	Agent May File Proofs of Claim	88
	Section 9.10	[Reserved]	88
	Section 9.11	Indemnification of Agent-Related Persons	88
	Section 9.12	Withholding Tax	89
	Section 9.13	No Reliance on Agent’s Customer Identification Program	89
	 	 	 
	Article 10.	 	 
	Miscellaneous	 
	 	 	 
	Section 10.01	Amendments and Waivers	90
	Section 10.02	Notices	91
	Section 10.03	No Waiver; Cumulative Remedies	93
	Section 10.04	Costs and Expenses	93
	Section 10.05	Company Indemnification; Damage Waiver	94
	Section 10.06	Marshalling; Payments Set Aside	95
	Section 10.07	Assignments, Successors, Participations, Etc.	95


 




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	Section 10.08	Confidentiality	98
	Section 10.09	Set-off	99
	Section 10.10	Notification of Addresses, Lending Offices, Etc.	100
	Section 10.11	Effectiveness; Counterparts	100
	Section 10.12	Survival of Representations and Warranties	100
	Section 10.13	Severability	100
	Section 10.14	Replacement of Defaulting Lenders and Non-Consenting Lenders	100
	Section 10.15	Governing Law; Jurisdiction; Consent to Service of Process	101
	Section 10.16	Waiver of Jury Trial	101
	Section 10.17	USA PATRIOT Act Notice	102
	Section 10.18	Entire Agreement	102
	Section 10.19	Independence of Covenants	102
	Section 10.20	Obligations Several; Independent Nature of Lenders’ Right	102
	Section 10.21	No Fiduciary Duty	102


 




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APPENDICES


 


	Appendix A	Revolving Commitments
	 	 
	SCHEDULES	 
	 	 
	Schedule 5.05	Litigation
	Schedule 5.07	ERISA
	Schedule 5.14(a)	Capital Stock
	Schedule 5.14(b)	Subsidiaries
	Schedule 7.02	Existing Liens
	Schedule 7.17	Restrictive Agreements
	Schedule 10.02	Addresses for Notices
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Compliance Certificate
	Exhibit B-1	Form of Revolving Loan Note
	Exhibit B-2	Form of Swing Line Note
	Exhibit C-1	Form of Loan Notice
	Exhibit C-2	Form of Continuation/Conversion Notice
	Exhibit C-3	Form of Issuance Notice
	Exhibit D	Form of Assignment and Assumption
	Exhibit E	Eurodollar Rate Funding Loss Determination Methodology
	Exhibit F	[Reserved]
	Exhibit G-1	United States Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-2	United States Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-3	United States Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit G-4	United States Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit H	[Reserved]
	Exhibit I	Form of Solvency Certificate
	Exhibit J	[Reserved]
	Exhibit K	Form of Joinder Agreement


 




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CREDIT AGREEMENT


 


This CREDIT AGREEMENT is entered into as of
May 19, 2015, by and among CNO FINANCIAL GROUP, INC., a Delaware corporation (together with its successors, the “Company”),
the lenders from time to time party to this Agreement (collectively, the “Lenders”; individually, each a “Lender”),
and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders.


 


WHEREAS, the Company desires to obtain from
the Lenders a revolving credit facility in an aggregate principal amount of $150,000,000;


 


WHEREAS, the Company intends to use the proceeds
of the revolving credit facility (i) to repay all amounts outstanding under the Existing Credit Agreement (as defined below),
(ii) to fund a redemption of all the Company’s Existing Senior Secured Notes (as defined below) and satisfy and discharge
the Existing Senior Secured Notes Indenture related thereto, (iii) to pay fees and expenses incurred in connection with the
foregoing and in connection with a proposed offering of Senior Secured Notes (as defined below) and (iv) working capital and general
corporate purposes of the Company;


 


NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties agree as follows:


 


Article
1.

Definitions


 


Section 1.01         Certain
Defined Terms.


 


The following terms have the following meanings:


 


“Accumulated Other Comprehensive Income”
or “Accumulated Other Comprehensive Loss” means, as at any date of determination, the amount of Consolidated
accumulated and other comprehensive income (or loss), as applicable, of the Company and its Subsidiaries, as reflected on the balance
sheet of the Company as of such date in accordance with GAAP.


 


“Acquisition” means (i) any
Investment by the Company or any of its Subsidiaries in a Person (other than an existing Wholly-Owned Subsidiary) whereby such
Person becomes a direct or indirect Subsidiary of the Company or is merged with and into the Company or such Subsidiary or (ii) an
acquisition by the Company or any of its Subsidiaries of the property and assets of any Person (other than an existing Wholly-Owned
Subsidiary) that constitutes all or substantially all of the assets of such Person or any division, line of business, book of business
or business unit of such Person; provided that capital expenditures (as determined in accordance with GAAP) that do not,
individually or as part of a series of related transactions, result in the acquisition of all or substantially all of the assets
of any Person or any division, line of business, book of business or business unit of such Person shall be deemed not to be Acquisitions.


 


“Affiliate” means, as to
any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common control with,
such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the
power (a) to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors
or managing general partners of the other Person or (b) to direct or cause the direction of the management and policies of the
other Person, whether through the ownership of voting securities, membership interests, by contract or otherwise.


 




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“Agent” means KeyBank, in
its capacity as administrative agent under the Loan Documents, and its successors and permitted assigns in such capacity.


 


“Agent-Related Persons” means
the initial Agent and any successor Agent, the Arrangers, the Co-Syndication Agents and the Documentation Agent, in each case together
with their respective Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.


 


“Agent’s Office” means
the Agent’s address and, as appropriate, account as set forth on Schedule 10.02 or such other address or account
as the Agent may from time to time specify.


 


“Aggregate RBC Ratio” means,
with respect to the Insurance Subsidiaries taken as a whole, on any date of determination, one-half of the ratio (expressed as
a percentage) of (a) the aggregate Total Adjusted Capital (as defined by each relevant Insurance Subsidiary’s Department)
for the Insurance Subsidiaries to (b) the aggregate Authorized Control Level Risk-Based Capital (as defined by each relevant Insurance
Subsidiary’s Department) for the Insurance Subsidiaries.


 


“Agreement” means this Credit
Agreement.


 


“A.M. Best” means A.M. Best
Company.


 


“Annual Statement” means
the annual statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar
authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary’s
jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance
commissioner (or such similar authority) to be used for filing annual statutory financial statements and shall contain the type
of information permitted or required by such insurance commissioner (or such similar authority) to be disclosed therein, together
with all exhibits or schedules filed therewith.


 


“Anti-Corruption Law” means
all laws, rules, and regulations of any jurisdiction applicable to the Company or any of its subsidiaries or Affiliates from time
to time concerning or relating to bribery or corruption, including without limitation the United States Foreign Corrupt Practices
Act of 1977, as amended, the UK Bribery Act 2010 and other similar legislation in any other jurisdictions.


 


“Anti-Money Laundering Laws”
means any and all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties
applicable to the Obligor, its subsidiaries or Affiliates, related to terrorism financing or money laundering including any applicable
provision of Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (USA PATRIOT Act) of 2001 (Title III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also
known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).


 


“Anti-Terrorism Laws”
means any Requirement of Law related to terrorism financing or money laundering, including the Patriot Act, The Currency and
Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and
12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq.,
as amended) and Executive Order 13224 (effective September 24, 2001).


 




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“Applicable Margin” and “Applicable
Revolving Commitment Fee Percentage” mean with respect to Revolving Loans, a percentage, per annum, determined
by reference to the Company’s unsecured debt rating in effect from time to time as set forth below:


 


	Unsecured Debt

    Rating from S&P	 	Unsecured Debt

    Rating from Moody’s	 	Applicable Margin

    for Eurodollar Rate

    Loans	 	Applicable Margin

    for Base Rate Loans	 	Applicable

    Revolving

    Commitment Fee

    Percentage	 
	≥ BBB	 	≥ Baa2	 	1.750	%	.750	%	0.250	%
	BBB-	 	Baa3	 	1.875	%	.875	%	0.300	%
	BB+	 	Ba1	 	2.00	%	1.00	%	0.375	%
	≤ BB	 	≤ Ba2	 	2.25	%	1.25	%	0.500	%


 


The unsecured debt rating shall be determined by the then-current
rating announced by either S&P or Moody’s, as the case may be, for any class of non-credit-enhanced long-term senior
unsecured debt issued by the Company. If only one of S&P and Moody’s shall have in effect such an unsecured debt rating,
the unsecured debt rating shall be determined by reference to the available rating. If neither S&P nor Moody’s shall
have in effect such an unsecured debt rating, the unsecured debt rating will be deemed to be lower than BB by S&P and Ba2 by
Moody’s. If such unsecured debt ratings established by S&P and Moody’s shall fall within different levels, the
unsecured debt rating will be determined by the higher of the two ratings; provided that in the event that the lower of
such unsecured debt ratings is more than one level below the higher of such unsecured debt ratings, the unsecured debt rating will
be determined based upon the level that is one level below the higher of such unsecured debt ratings. If any such unsecured debt
rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change
is first announced publicly by the rating agency making such change. If S&P or Moody’s shall change its respective rating
system, the parties hereto shall negotiate in good faith to amend the references to specific ratings in this definition to reflect
such changed rating system.


 


“Approved Electronic Communications”
means any notice, demand, communication, information, document or other material that any of the Company or any of its Subsidiaries
provides to the Agent pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Agent,
Lenders or Issuing Bank by means of electronic communications pursuant to Section 10.02(b).


 


“Approved Fund” means any
Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of
an entity that administers or manages a Lender.


 


“Arrangers” means, collectively,
KeyBank, RBC Capital Markets1 and Goldman Sachs Bank USA.


 


“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee substantially in the form of Exhibit D
or in another form reasonably acceptable to the Agent.


 


“Attorney Costs” means and
includes all reasonable fees, expenses and disbursements of any law firm or other external legal counsel and, without duplication,
the reasonable allocated cost of internal legal services and all reasonable out-of pocket expenses and out-of pocket disbursements
of internal counsel.


 





 






1 RBC Capital Markets is a brand name
for the capital markets businesses of Royal Bank of Canada and its affiliates.


 




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“Base Rate” means for any
day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate
of interest per annum then most recently publicly announced by KeyBank National Association as its “prime” rate (or
equivalent rate otherwise named) in effect at its principal office in Cleveland, Ohio, which prime rate is not necessarily the
lowest rate of interest charged by KeyBank National Association to commercial borrowers and (c) the Eurodollar Rate for an Interest
Period of one month beginning on such day (or if such day is not a Business Day, the Business Day immediately preceding such day)
plus 1.00% per annum; provided, if the Base Rate computed in accordance with the foregoing shall be less than
zero, such rate shall nevertheless be deemed to be zero for purposes of this Agreement. Each change in the Base Rate resulting
from a change of KeyBank National Association’s “prime” rate will be effective for purposes hereof from and including
the date such change is publicly announced as being effective.


 


“Base Rate Loan” means a
Loan that bears interest based on the Base Rate.


 


“Borrowing Date” means the
date of a Credit Extension.


 


“Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact
closed in, the state where the Agent’s Office is located or New York City and, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
market.


 


“Capital Adequacy Regulation”
means any guideline, request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation,
whether or not having the force of law, in each case, regarding capital adequacy or liquidity requirement of any bank or of any
corporation controlling a bank.


 


“Capital and Surplus” means,
as to any Insurance Subsidiary, as of any date, the total amount shown on line 38, page 3, column 1 (or such other line on which
the equivalent information is provided on any other such Annual Statement) of the Annual Statement of such Insurance Subsidiary
as of such date, or an amount determined in a consistent manner for any date other than one as of which an Annual Statement is
prepared.


 


“Capital Stock” means any
and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and
all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests,
and any and all warrants, rights or options to purchase any of the foregoing; provided that, for the avoidance of doubt,
Capital Stock shall not be deemed to include debt convertible or exchangeable for any of the foregoing.


 


“Capitalized Lease Liabilities”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in
accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty.


 


“Cash Collateralize” means,
in respect of an Obligation, to provide and pledge (as a first priority perfected security interest) cash collateral in Dollars,
at a location and pursuant to documentation in form and substance satisfactory to the Agent and the Issuing Bank (and “Cash
Collateralization” has a corresponding meaning). “Cash Collateral” shall have a meaning correlative to the foregoing
and shall include the proceeds of such cash collateral and other credit support.


 




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“Cash Equivalents” means
(a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition;
(b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of twelve months
or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof
having combined capital and surplus of not less than $500,000,000 and a short term deposit rating of at least A-1 by S&P and
P-l by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating
agencies cease publishing ratings of commercial paper issuers generally; (c) commercial paper of an issuer rated at least A-2 by
S&P and P-2 by Moody’s at the time of acquisition thereof, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within nine months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying
the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities
issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from
the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which
state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at
least A by S&P and A2 by Moody’s; (f) securities with maturities of one year or less from the date of acquisition backed
by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b)
of this definition; or (g) shares of money market mutual or similar funds that invest exclusively in assets satisfying the requirements
of clauses (a) through (f) of this definition.


 


“CBOs” means notes or other
instruments (other than CMOs) secured by collateral consisting primarily of debt securities and/or other types of debt obligations,
including loans.


 


“CERCLA” means the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980.


 


“Change of Control” means
the occurrence of any of the following:


 


(a)          any
“person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of a majority
of the total voting power of the Voting Stock of the Company (or its successors by merger, consolidation or purchase of all or
substantially all of its assets);


 


(b)          the
sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole
to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Subsidiary of the
Company; or


 


(c)          the
adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.


 


“CIP Regulations” has the
meaning specified in Section 9.13.


 


“Class” means (a) when used
with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans
or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Original Revolving Commitments
or


 




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Extended Revolving Commitments of a given Series
and (c) when used with respect to Loans, refers to whether such Loans are Original Revolving Loans or Extended Revolving Loans
of a given Series. Loans that are not fungible for United States federal income tax purposes shall be construed to be in different
Classes or tranches. Commitments that, if and when drawn in the form of Loans, would yield Loans that are construed to be in different
Classes or tranches pursuant to the immediately preceding sentence shall be construed to be in different Classes or tranches of
Commitments corresponding to such Loans.


 


“Closing Date” means the
first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.


 


“CMOs” means notes or other
instruments secured by collateral consisting primarily of mortgages, mortgage-backed securities and/or other types of mortgage-related
obligations.


 


“Code” means the Internal
Revenue Code of 1986, and regulations promulgated thereunder.


 


“Commitment” means any Revolving
Commitment.


 


“Company” has the meaning
specified in the introduction to this Agreement.


 


“Compensation Period” has
the meaning specified in Section 2.13(c)(ii).


 


“Compliance Certificate”
means a certificate substantially in the form of Exhibit A.


 


“Consolidated” means the
Company and its Subsidiaries, taken as a whole in accordance with GAAP.


 


“Consolidated Net Worth”
means, as at any date of determination, the Total Shareholders’ Equity as of such date.


 


“Contingent Obligation” means,
without duplication, any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or
is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply
funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the debt, obligation or other liability
of any other Person (other than by endorsements of instruments in the course of collection or indemnities under contracts entered
into in the ordinary course of business and not in respect of Indebtedness or the issuance of Capital Stock), or guarantees the
payment of dividends or other distributions upon the shares of any other Person; provided that the obligations of any Person
under Reinsurance Agreements or in connection with Investments of Insurance Subsidiaries permitted by the applicable Department
shall not be deemed Contingent Obligations of such Person. The amount of any Contingent Obligation of any Person shall (subject
to any limitation set forth therein) be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by such Person in good faith.


 


“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture,
mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its
property is bound.


 


“Conversion/Continuation Notice”
means a Conversion/Continuation Notice substantially in the form of Exhibit C-2.


 




    	6



    	 



    

 


“Co-Syndication Agents” means
Goldman Sachs and Royal Bank of Canada, and each of their respective successors and assigns in such capacity.


 


“Credit Extension” means
the (a) making, conversion or continuation of a Loan or (b) the issuance of a Letter of Credit.


 


“Credit Parties” means the
Agent, the Issuing Bank, the Swing Line Lender and the Lenders.


 


“Debt to Total Capitalization Ratio”
means, as of any date of determination, without duplication, the ratio of (a) the principal amount of, and accrued but unpaid interest
on, all Indebtedness of the Company outstanding on such date, other than (i) Indebtedness owing to any Subsidiary of the Company,
(ii) Indebtedness of the kind referred to in clauses (c) and (e) (or clause (i) if referring
to such clauses (c) or (e)) of the definition of “Indebtedness,” and (iii) Repurchase
Agreement Indebtedness in an aggregate amount of up to $100,000,000 to (b) Total Capitalization on such date.


 


“Debtor Relief Laws” means
the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States
or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.


 


“Default” means any event
or circumstance that constitutes an Event of Default or that, with the giving of notice, the lapse of time, or both, would (if
not cured or otherwise remedied during such time) constitute an Event of Default.


 


“Defaulting Lender” means,
subject to Section 2.16(b), any Lender that


 


(a)          has
failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies the Agent and the Company in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Agent, any Issuing Bank, any Swing Line
Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters
of Credit or Swing Line Loans) within two Business Days of the date when due,


 


(b)          has
notified the Company, the Agent or any Issuing Bank or Swing Line Lender in writing that it does not intend to comply with its
funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to
such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified
in such writing or public statement) cannot be satisfied),


 


(c)          has
failed, within three Business Days after written request by the Agent or the Company, to confirm in writing to the Agent and the
Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Company), or


 


(d)          has,
or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii)
had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization


 




    	7



    	 



    

 


or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity


 


; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 2.16(b)) upon delivery of written notice of such determination to the
Company, each Issuing Bank, each Swing Line Lender and each Lender.


 


“Department” means, with
respect to any Insurance Subsidiary, the Governmental Authority of such Insurance Subsidiary’s state of domicile with which
such Insurance Subsidiary is required to file its Annual Statement.


 


“Disposition” means the sale,
assignment, leasing as lessor (other than in the ordinary course), transfer, contribution, conveyance, issuance or other disposal
of, or granting of options, warrants or other rights with respect to, any of a Person’s assets (including any transaction
pursuant to a Reinsurance Agreement or a sale and leaseback transaction and, in the case of any Subsidiary, the issuance or sale
of its Capital Stock). The terms “Dispose of”, “Disposing of” and “Disposed of”
shall have correlative meaning.


 


“Documentation Agent” means
Associated Bank, National Association.


 


“Dollars,” “dollars”
and “$” each mean lawful money of the United States.


 


“Economic Sanctions Laws”
means any and all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties
applicable to the Obligor, its Subsidiaries or Affiliates relating to economic sanctions and terrorism financing, including any
applicable provisions of the Trading with the Enemy Act (50 U.S.C. App. §§ 5(b) and 16, as amended), the International
Emergency Economic Powers Act (50 U.S.C. §§ 1701-1706, as amended) and Executive Order 13224 (effective September
24, 2001), as amended.


 


“Eligible Assignee” means
(a) a Lender (other than a Defaulting Lender); (b) an Affiliate of a Lender (other than a Defaulting Lender); (c) an Approved
Fund; and (d) any other Person (other than a natural person) approved by (i) the Agent and (ii) unless an Event of Default
has occurred and is continuing or such assignee is a Lender (other than a Defaulting Lender), an Affiliate of a Lender (other than
a Defaulting Lender) or an Approved Fund, the Company (each such approval not to be unreasonably withheld or delayed); provided
that (x) notwithstanding the foregoing, “Eligible Assignee” shall not include any of the Company’s Subsidiaries
and (y) the Company shall be deemed to have approved an assignee unless it shall object thereto by written notice to the Agent
within ten (10) Business Days after having received notice thereof.


 


“Embargoed Person” means
any party that (i) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons”
published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or resides, is organized
or chartered or has a place of business in a country or territory subject to OFAC sanctions or embargo programs or (ii) is
publicly


 




    	8



    	 



    

 


identified as prohibited from doing business with
the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act or any other United States
Requirement of Law.


 


“Environment” means ambient
air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as
wetlands, flora and fauna.


 


“Environmental Claims” means
all written claims, complaints, notices or inquiries, by any Governmental Authority or other Person alleging potential liability
or responsibility for violation of any Environmental Law, or for release or injury to the environment or threat to public health,
personal injury (including sickness, disease or death), property damage, natural resources damage, or otherwise alleging liability
or responsibility for damages (punitive or otherwise), cleanup, removal, remedial or response costs, restitution, civil or criminal
penalties, injunctive relief or other type of relief, resulting from or based upon the presence, placement, or Release (including
intentional or unintentional, negligent or non-negligent, sudden or non-sudden or accidental or non-accidental placement, spills,
leaks, discharges, emissions or releases) of any Hazardous Material at, in, under or from property, whether or not owned by the
Company or any of its Subsidiaries, excluding, in any case, liabilities or claims arising under any insurance contract or policy,
reinsurance agreement or retrocession agreement relating to any of the foregoing where the Company or any of its Subsidiaries is
the insurer.


 


“Environmental Laws” means
all Requirements of Law relating to pollution or protection of the Environment, health and safety.


 


“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of remediation, fines, penalties or indemnities),
of the Company or any of its respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.


 


“Equity Interests” means
shall mean, with respect to any Person, any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person,
including, if such Person is a partnership, partnership interests (whether general or limited), if such Person is a limited liability
company, membership interests, and any other interest or participation that confers on a Person the right to receive a share of
the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued
on or after the Closing Date, but excluding debt securities convertible or exchangeable into such equity interests.


 


“ERISA” means the Employee
Retirement Income Security Act of 1974 and the regulations promulgated thereunder.


 


“ERISA Affiliate” means any
trade or business (whether or not incorporated) under common control with the Company or any of its Subsidiaries within the meaning
of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
of the Code).


 


“ERISA Event” means (a) a
Reportable Event with respect to a Single Employer Pension Plan; (b) with respect to any Single Employer Pension Plan, the
failure to satisfy the minimum funding standard under Sections 412 or 430 of the Code and Sections 302 or 303 of ERISA, whether
or not waived, the failure to make by its due date a required installment under Section 430(j) of the Code or Section 303 of


 




    	9



    	 



    

 


ERISA with respect to any Single Employer Pension
Plan or the failure to make a required contribution to a Multiemployer Plan; (c) a withdrawal by the Company, any of its Subsidiaries
or any ERISA Affiliate from a Single Employer Pension Plan subject to Section 4063 of ERISA during a plan year in which it was
a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal
under Section 4062(e) of ERISA; (d) a complete or partial withdrawal by the Company, any of its Subsidiaries or any ERISA Affiliate
from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or is insolvent; (e) the filing of a notice
of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA or the commencement
of proceedings by the PBGC to terminate a Single Employer Pension Plan or Multiemployer Plan; (f) an event or condition that could
reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Single Employer Pension Plan or Multiemployer Plan; (g) the imposition of any liability under Title IV
of ERISA, other than required plan contributions and PBGC premiums due but not delinquent under Section 4007 of ERISA, upon
the Company, any of its Subsidiaries or any ERISA Affiliate; (h) a Multiemployer Plan is determined to be in “critical”
or “endangered” status under Section 432 of the Code or Section 305 of ERISA, or, with respect to any Single Employer
Pension Plan, a determination that it is “at risk” under Section 430 of the Code or Section 303 of ERISA or (i) the
imposition of a Lien under Section 430(k) of the Code or Section 303(k) or 4068 of ERISA.


 


“Eurodollar Rate” means,
with respect to any Eurodollar Borrowing for any Interest Period, the per annum rate of interest, determined by the Administrative
Agent in accordance with its usual procedures (which determination shall be conclusive and binding absent manifest error) as of
approximately 11:00 a.m. (London time) two (2) Business Days prior to the beginning of such Interest Period pertaining to
such Eurodollar Borrowing, equal to the ICE Benchmark Administration (or the successor thereto if the ICE Benchmark Administration
no longer is making such rate available) LIBOR Rate (“ICE LIBOR”), as published by Reuters (or other commercially
available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to dollar deposits in the London interbank market), having a maturity comparable
to such Interest Period; provided that, if the ICE LIBOR shall be less than zero, such rate shall be deemed to be zero for
the purposes of this Agreement. In the event that such a rate quotation is not available for any reason, then the Eurodollar Rate
shall be the rate, determined by the Administrative Agent as of approximately 11:00 a.m. (London time) two (2) Business
Days prior to the beginning of such Interest Period pertaining to such Eurodollar Borrowing, to be the average (rounded upwards,
if necessary, to the nearest one sixteenth of one percent (1/16th of 1%)) of the per annum rates of interest at which dollar deposits
in immediately available funds, approximately equal in principal amount to such Eurodollar Borrowing and for a maturity comparable
to the Interest Period, are offered to KeyBank National Association by prime banks in the London interbank market.


 


“Eurodollar Rate Loan” means
a Loan that bears interest at a rate based on the Eurodollar Rate.


 


“Event of Default” has the
meaning specified in Section 8.01.


 


“Exchange Act” means the
Securities Exchange Act of 1934 and the regulations promulgated thereunder.


 


“Excluded Taxes” means, with
respect to the Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Obligor
under any Loan Document,


 


(a)          Taxes
imposed on or measured by its net income (however denominated, and including (for the avoidance of doubt) any backup withholding
in respect thereof under Section 3406 of the Code or any similar provision of state, local or foreign law), franchise Taxes
imposed on it in lieu of net income


 




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Taxes and branch profits Taxes imposed on it,
in each case, by a jurisdiction (or any political subdivision thereof) as a result of the recipient being organized, having an
office or being engaged in business or having a present or former connection (other than a business or connection arising (or being
deemed to arise) solely as a result of the Loan Documents or the transactions and activities contemplated by the Loan Documents)
in such jurisdiction,


 


(b)          in
the case of a Lender (other than an assignee pursuant to a request by the Company under Section 10.14), (i)
any U.S. federal withholding Tax that is imposed on amounts payable to such Lender under any laws in effect at the time such Lender
becomes a party hereto (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was
entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from
the Company with respect to such withholding Tax pursuant to Section 3.01(a); or (ii) any Tax that is attributable
to such Lender’s failure to comply with Section 3.01(e) and


 


(c)          any
withholding Tax that is imposed pursuant to FATCA.


 


“Existing Class” has the
meaning specified in Section 2.17(a).


 


“Existing Credit Agreement”
means that certain Credit Agreement, dated as of September 28, 2012, by and among the Company, the lenders named therein, JPMorgan
Chase Bank, N.A., as agent for such lender, and other parties thereto (as amended by the First Amendment to Credit Agreement dated
as of May 20, 2013 and the Second Amendment to Credit Agreement dated as of May 30, 2014, respectively).


 


“Existing Revolving Commitments”
has the meaning specified in Section 2.17(c).


 


“Existing Revolving Loans”
has the meaning specified in Section 2.17(c).


 


“Existing Senior Secured Notes”
means $275,000,000 aggregate principal amount of 6.375% senior secured notes due 2020 of the Company issued under the Existing
Senior Secured Notes Indenture.


 


“Existing Senior Secured Notes Indenture”
means the Indenture, dated September 28, 2012 between the Company, certain guarantors party thereto and Wilmington Trust, National
Association, as trustee and collateral agent.


 


“Extended Maturity Date”
has the meaning specified in Section 2.17(a).


 


“Extended Revolving Commitments”
has the meaning specified in Section 2.17(c).


 


“Extended Revolving Loans”
has the meaning specified in Section 2.17(c).


 


“Extension” has the meaning
specified in Section 2.17(a).


 


“Extension Amendment” has
the meaning specified in Section 2.17(f).


 


“Extension Offer” has the
meaning specified in Section 2.17(a).


 


“Facilities” means, collectively,
(a) the Original Revolving Commitments and the extensions of credit made thereunder and (b) any Extended Revolving Commitments
of a given Series and the extensions of credit made thereunder.


 




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“FATCA” means current Sections
1471 through 1474 of the Code and any amended or successor version that is substantively comparable and not materially more onerous
to comply with, any current or future Treasury regulations or other official administrative guidance promulgated thereunder, any
agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with
the implementation of such Sections of the Code, and any laws, rules or regulations adopted pursuant to any such intergovernmental
agreement.


 


“Federal Funds Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Agent on such
day on such transactions as determined by the Agent.


 


“Financial Strength Rating Condition”
means, as at any date of determination, each of the Company’s Insurance Subsidiaries (other than Conseco Life Insurance Company,
Conseco Life Insurance Company of Texas and Bankers Conseco Life Insurance Company) has a financial strength rating of not less
than A- (stable) from A.M. Best Company.


 


“Fiscal Quarter” means any
fiscal quarter of a Fiscal Year.


 


“Fiscal Year” means any period
of twelve consecutive calendar months ending on December 31.


 


“Fitch” means Fitch Ratings
Limited.


 


“Foreign Lender” means any
Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.


 


“Foreign Subsidiary” means
a Subsidiary (which may be a corporation, limited liability company, partnership or other legal entity) organized under the laws
of a jurisdiction outside the United States, other than any such entity that is (whether as a matter of law, pursuant to an election
by such entity or otherwise) treated as a partnership in which the Obligor is a partner or as a branch of the Obligor for United
States income tax purposes.


 


“FRB” means the Board of
Governors of the Federal Reserve System and any Governmental Authority succeeding to any of its principal functions.


 


“Fronting Exposure” means,
at any time there is a Defaulting Lender, with respect to any Issuing Bank or Swing Line Lender, such Defaulting Lender’s
Pro Rata Share of the outstanding Obligations with respect to Letters of Credit issued by Issuing Bank or Swing Line Loans made
by the Swing Line Lender, as applicable, other than such Obligations as to which such Defaulting Lender’s participation obligation
has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.


 


“Fund” means any Person (other
than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business.


 




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“GAAP” means generally accepted
accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
(or agencies with similar functions of comparable stature and authority within the U.S. accounting profession), that are applicable
to the circumstances as of the date of determination.


 


“Governmental Acts” means
any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority.


 


“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory
authority) thereof, any entity exercising executive, legislative, judicial or regulatory functions of or pertaining to government
and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing,
including any board of insurance, insurance department or insurance commissioner.


 


“Guarantee” means a guarantee
other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any
manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements
to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or
otherwise).


 


“Hazardous Material” means:
(a) any “hazardous substance,” as defined by CERCLA; (b) any “hazardous waste,” as defined by the Resource
Conservation and Recovery Act; (c) petroleum and any petroleum product; or (d) any other pollutant, contaminant, chemical, material,
waste or substance in any form that is subject to regulation or, as to which, liability or standards of conduct can be imposed
under any Environmental Law.


 


“Historical Statutory Statements”
has the meaning specified in Section 5.11.


 


“Increased Amount Date” has
the meaning specified in Section 2.15.


 


“Indebtedness” means, with
respect to any Person, without duplication:


 


(a)          all
indebtedness of such Person for borrowed money or in respect of loans or advances;


 


(b)          all
indebtedness of such Person evidenced by bonds, debentures, notes or other similar instruments;


 


(c)          all
indebtedness in respect of letters of credit, whether or not drawn, and bankers’ acceptances and letters of guaranty issued
for the account or upon the application or request of such Person;


 


(d)          all
Capitalized Lease Liabilities of such Person;


 


(e)          the
liabilities (if any) of such Person in respect of Swap Contracts as determined by reference to the Swap Termination Value thereof;


 


(f)          all
obligations of such Person to pay the deferred purchase price of property or services that are included as liabilities in accordance
with GAAP (other than accrued expenses incurred and trade accounts payable in each case in the ordinary course of business) and
all obligations secured by a Lien on


 




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property owned or being purchased by such Person,
but only to the extent of the lesser of the obligations secured or the value of the property to which such Lien is attached (including
obligations arising under conditional sales or other title retention agreements);


 


(g)          any
obligations of a partnership of the kind referred to in clauses (a) through (f) above or clause
(h) or (i) below in which such Person is a general partner;


 


(h)          solely
for purposes of Section 7.11, all obligations in respect of preferred stock (other than preferred stock that
qualifies as permanent equity for purposes of GAAP) of such Person; and


 


(i)          all
Contingent Obligations of such Person in connection with Indebtedness or obligations of others of the kinds referred to in clauses
(a) through (h) above.


 


“Indemnified Liabilities”
has the meaning specified in Section 10.05.


 


“Indemnified Person” has
the meaning specified in Section 10.05.


 


“Indemnified Taxes” means
all Taxes other than Excluded Taxes.


 


“Independent Auditor” has
the meaning specified in Section 6.01(a).


 


“Insolvency Proceeding” means,
with respect to any Person, (a) any case, action or proceeding with respect to such Person before any court or other Governmental
Authority relating to bankruptcy, reorganization, insolvency, liquidation, conservation, rehabilitation, receivership, dissolution,
winding-up or relief of debtors or (b) any general assignment for the benefit of creditors, composition, marshalling of assets
for creditors or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in
any case, undertaken under U.S. Federal, state or foreign law, including title 11 of the United States Code.


 


“Insurance Subsidiary” means
any Subsidiary that is required to be licensed as an insurer or reinsurer.


 


“Interest Payment Date” means
(a) with respect to any Base Rate Loan, the last Business Day of each calendar quarter and (b) with respect to any Eurodollar Rate
Loan, the last day of each Interest Period applicable to the Credit Extension of which such Loan is a part; provided that
if any Interest Period for a Eurodollar Rate Loan exceeds three months, the date that falls three months after the beginning of
such Interest Period and after each Interest Payment Date thereafter is also an Interest Payment Date (but in each case, subject
to the definition of “Interest Period”).


 


“Interest Period” means,
with respect to any Eurodollar Rate Loan, the period beginning on the date of the applicable Credit Extension and ending on the
numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Company may elect;
provided that:


 


		(i)	if any Interest Period would otherwise end on a day that is not a Business Day, that
Interest Period shall be extended to the following Business Day unless the result of such extension would be to carry such Interest
Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day;



 


		(ii)	any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end of



 




    	14



    	 



    

 


such Interest Period) shall, subject to
clause (iii) of this definition, end on the last Business Day of the calendar month at the end of such Interest Period;
and


 


		(iii)	[Reserved]; and



 


		(iv)	no Interest Period with respect to any portion of the Revolving Loans shall extend
beyond the Revolving Commitment Termination Date.



 


For purposes hereof, the date of a Credit Extension
initially shall be the date on which such Credit Extension is made and thereafter shall be the effective date of the most recent
continuation of such Credit Extension.


 


“Interest Rate Determination Date”
means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period.


 


“Interest Type” means, when
used with respect to any Loan, whether the rate of interest on such Loan is determined by reference to the Eurodollar Rate or the
Base Rate.


 


“Investment” means any advance,
loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase (including purchases financed
with equity) of any Capital Stock, bonds, notes, obligations, debentures or other debt securities of, or any other investment in,
any Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment
for subsequent increases or decreases in the value of such Investment, but shall be reduced by the amount equal to any returns
in respect of such Investment received by the investor thereof in the same form as the original Investment (or in cash).


 


“Investment Grade Asset”
means any Investment with a fixed maturity that has a rating of (x) at least BBB- by S&P and, if such Investment is rated by
Moody’s, at least Ba2 from Moody’s, (y) at least Baa3 by Moody’s and, if such Investment is rated by S&P,
at least BB from S&P, or (z) an NAIC rating of at least Class 2.


 


“IRS” means the Internal
Revenue Service or any Governmental Authority succeeding to any of its principal functions under the Code.


 


“Issuance Notice” means an
Issuance Notice substantially in the form of Exhibit C-3.


 


“Issuing Bank” means KeyBank
as Issuing Bank hereunder, together with its permitted successors and assigns in such capacity, or any other Person that may become
an Issuing Bank pursuant to Section 2.04(j), with respect to Letters of Credit issued at the time such Person was
a Lender. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates or branches
of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate or branch with respect
to Letters of Credit issued by such Affiliate or branch.


 


“Joinder Agreement” means
an agreement substantially in the form of Exhibit K.


 


“KeyBank” means KeyBank National
Association.


 


“L/C Exposure” shall mean
at any time the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time and (b) the
aggregate amount of all payments or disbursements made by the Issuing Bank pursuant to a Letter of Credit that have not yet been
reimbursed by or on behalf


 




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of the Company at such time. The L/C Exposure
of any Revolving Lender at any time shall equal its Pro Rata Share of the aggregate L/C Exposure at such time.


 


“Latest Maturity Date” means,
at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time,
including the latest maturity or expiration date of any Original Revolving Commitments, Original Revolving Loans, Extended Revolving
Commitments or Extended Revolving Loans, in each case as extended in accordance with this Agreement from time to time.


 


“Lenders” has the meaning
specified in the introduction to this Agreement and includes any other Person that shall have become a party hereto pursuant to
an Assignment and Assumption in accordance with Section 10.07, other than any such Person that ceases to be
a party hereto pursuant to an Assignment and Assumption.


 


“Lending Office” means, as
to any Lender, the office or offices of such Lender specified as its “Lending Office” or “Domestic Lending Office”
or “Eurodollar Lending Office,” as the case may be, on Schedule 10.02 or in its administrative questionnaire
delivered to the Agent, or such other office or offices or office of a third party or sub-agent, as appropriate, as such Lender
may from time to time notify the Company and the Agent.


 


“Letter of Credit” means
a commercial or standby letter of credit issued or to be issued by an Issuing Bank pursuant to this Agreement.


 


“Letter of Credit Commitment Period”
shall mean the period beginning on the Closing Date and ending on the Revolving Termination Date with respect to the Original Revolving
Commitments and Original Revolving Loans.


 


“Letter of Credit Sublimit”
means the lesser of (i) $5,000,000 and (ii) the aggregate unused amount of the Revolving Commitments then in effect.


 


“Letter of Credit Usage”
means, as at any date of determination, the sum of (i) the maximum aggregate amount which is, or at any time thereafter may
become, available for drawing under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings
under Letters of Credit honored by any Issuing Bank and not theretofore reimbursed by or on behalf of the Company.


 


“License” means any license,
certificate of authority, permit or other authorization that is required to be obtained from any Governmental Authority in connection
with the operation, ownership or transaction of insurance business.


 


“Lien” means any security
interest, mortgage, deed of trust, pledge, hypothecation, assignment, charge or deposit arrangement, encumbrance, lien (statutory
or other) or preferential arrangement of any kind or nature whatsoever in respect of any property (including those created by,
arising under or evidenced by, any conditional sale or other title retention agreement, the interest of a lessor under a capital
lease or any financing lease having substantially the same economic effect as any of the foregoing) and any contingent or other
agreement to provide any of the foregoing, but not including the interest of a lessor under an operating lease or a licensor under
a license that does not otherwise secure an obligation.


 


“Loan” means a Revolving
Loan, a Swing Line Loan and/or an Extended Revolving Loan, as applicable.


 




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“Loan Documents” means this
Agreement and amendments of and joinders to this Agreement that are deemed pursuant to their terms to be Loan Documents for purposes
hereof, all Notes and any agency fee letter agreement entered into pursuant to Section 2.11.


 


“Loan Notice” means a notice
of Credit Extension substantially in the form of Exhibit C-1.


 


“Margin Stock” means “margin
stock” as such term is defined in Regulation T, U or X of the FRB.


 


“Material Acquisition” means
any Acquisition of assets by the Company or its Subsidiaries in a transaction or series of related transactions for consideration
exceeding $80,000,000, other than any such acquisition (x) by any Insurance Subsidiary in the ordinary course of business
in compliance with the investment policy approved by the board of directors of such Insurance Subsidiary or (y) by the Company
in compliance with the investment policy approved by the board of directors of the Company.


 


“Material Adverse Effect”
means


 


(a)          a
material adverse change in, or a material adverse effect upon, the business, properties, results of operations or financial condition
of the Company or the Company and its Subsidiaries taken as a whole;


 


(b)          a
material impairment of the ability of the Company to perform its payment obligations under this Agreement or any other Loan Document;
or


 


(c)          a
material adverse effect upon the legality, validity, binding effect or enforceability against the Obligor of any Loan Document
to which it is a party.


 


“Material Disposition” means
any disposition of assets by the Company or its Subsidiaries in a transaction or series of related transactions for consideration
exceeding $80,000,000, other than any such disposition by any Insurance Subsidiary in the ordinary course of business consistent
with the investment policy approved by the board of directors of such Insurance Subsidiary.


 


“Minimum Collateral Amount”
means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to
103% of the Fronting Exposure of each Issuing Bank with respect to Letters of Credit issued and outstanding at such time
and (ii) otherwise, an amount determined by the Agent and each Issuing Bank in their reasonable discretion.


 


“Minimum Extension Condition”
as defined in Section 2.17(d).


 


“Moody’s” means Moody’s
Investors Service, Inc., together with any Person succeeding thereto by merger, consolidation or acquisition of all or substantially
all of its assets, including substantially all of its business of rating securities.


 


“Multiemployer Plan” means
a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA, to which the Company, any of its Subsidiaries
or any ERISA Affiliate makes, is making or is obligated to make contributions or, during the preceding six calendar years, has
made, or been obligated to make, contributions.


 


“NAIC” means the National
Association of Insurance Commissioners or any successor thereto, or in the absence of the National Association of Insurance Commissioners
or such successor, any other association, agency or other organization performing advisory, coordination or other like functions
among


 




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insurance departments, insurance commissioners
and similar Governmental Authorities of the various states of the United States toward the promotion of uniformity in the practices
of such Governmental Authorities.


 


“Net Equity Proceeds” means,
with respect to the sale or issuance by the Company to any Person (other than to the Company or a Subsidiary thereof) of any Equity
Interests, including, any conversion of debt securities into Equity Interests, the excess of (a) the gross proceeds from such sale,
issuance or conversion over (b) all reasonable and customary underwriting commissions and legal, investment banking, brokerage
and accounting and other professional fees and disbursements actually incurred in connection with each such sale, issuance or conversion.


 


“New Revolving Commitments”
has the meaning specified in Section 2.15.


 


“New Revolving Loan Lender”
has the meaning specified in Section 2.15.


 


“New Revolving Loans” has
the meaning specified in Section 2.15.


 


“Non-Consenting Lender” means
a Lender that does not consent to an amendment or waiver pursuant to Section 10.01 that requires the consent
of all or all affected Lenders in order to become effective and as to which Lenders holding more than 50% of the Loans have consented.


 


“Non-Defaulting Lender” means,
at any time, each Lender that is not a Defaulting Lender at such time.


 


“Note” has the meaning specified
in Section 2.07(b).


 


“Obligations” means all advances
to, and debts, liabilities, obligations, covenants and duties of, the Obligor arising under any Loan Document or otherwise with
respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against the Obligor of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless
of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the
Obligations of the Obligor under the Loan Documents include (a) the obligation to pay principal, interest, charges, expenses, fees,
Attorney Costs, indemnities and other amounts payable by the Obligor under any Loan Document and (b) the obligation of the Obligor
to reimburse any amount in respect of any of the foregoing that any Lender or Issuing Bank, in its sole discretion, may elect to
pay or advance on behalf of the Obligor.


 


“Obligor” means the Company.


 


“OFAC” has the meaning specified
in the definition of “Embargoed Person.”


 


“Organization Documents”
means (i) with respect to any corporation, the certificate or articles of incorporation, the bylaws, any certificate of designation
or instrument relating to the rights of preferred shareholders of such corporation, any shareholder rights agreement, and all applicable
resolutions of the board of directors (or any committee thereof) of such corporation, (ii) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement, and all applicable resolutions or consents
of the governing body (or any committee thereof) of such limited liability company and (iii) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or


 




    	18



    	 



    

 


organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity, and all applicable resolutions or consents of the governing body (or any committee thereof), or in
the case of clauses (i), (ii) and (iii), the equivalent or comparable constituent
documents with respect to any Foreign Subsidiary.


 


“Original Revolving Commitments”
means the commitments of the Revolving Lenders in effect as of the Closing Date to fund Revolving Loans pursuant to Section
2.02(a). The aggregate amount of the Original Revolving Commitments as of the Closing Date is $150,000,000.


 


“Original Revolving Loans”
means the Revolving Loans made by the Lenders to the Company under the Original Revolving Commitments pursuant to Section
2.02(a).


 


“Other Taxes” means any present
or future recording, stamp, court or documentary Taxes or any other similar excise, sales or property Taxes, charges or similar
levies that arise from any payment made under this Agreement or any other Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes
that are imposed with respect to an assignment (other than an assignment pursuant to a request by the Company under Section
10.14) by a jurisdiction (or any political subdivision thereof) described in clause (a) of the definition
of “Excluded Taxes”.


 


“Participant” has the meaning
specified in Section 10.07(e).


 


“Participant Register” has
the meaning specified in Section 10.07(e).


 


“Patriot Act” has the meaning
specified in Section 10.17.


 


“PBGC” means the Pension
Benefit Guaranty Corporation or any Governmental Authority succeeding to any of its principal functions under ERISA.


 


“Pension Plan” means a pension
plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA that the Company, any of its Subsidiaries or any ERISA
Affiliate sponsors or maintains, or to which it makes, is making or is obligated to make contributions, or in the case of a multiple
employer plan (as described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding
five plan years.


 


“Permitted Portfolio Investments”
means Investments by the Insurance Subsidiaries made in the ordinary course of business.


 


“Permitted Refinancing Indebtedness”
means any Indebtedness of any Subsidiary of the Company issued in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, defease or discharge other Subsidiary Debt; provided that:


 


(a)          the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Subsidiary Debt renewed, refunded, refinanced, replaced, defeased or discharged (plus
all accrued interest on the Subsidiary Debt the amount of all fees and expenses, including premiums, incurred in connection therewith);


 


(b)          such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity that is (a) equal to or greater than the


 




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remaining Weighted Average Life to Maturity of,
the Subsidiary Debt being renewed, refunded, refinanced, replaced, defeased or discharged or (b) more than 90 days after the Latest
Maturity Date;


 


(c)          if
the Subsidiary Debt being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to
the Obligations, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Obligations on terms at least
as favorable to the Credit Parties as those contained in the documentation governing the Subsidiary Debt being renewed, refunded,
refinanced, replaced, defeased or discharged; and


 


(d)          such
Subsidiary Debt is incurred either by the Subsidiary of the Company that was the obligor on the Subsidiary Debt being renewed,
refunded, refinanced, replaced, defeased or discharged or any other Subsidiary that guaranteed such Subsidiary Debt and is guaranteed
only by Persons who were obligors on such Subsidiary Debt.


 


“Permitted Swap Obligations”
means all obligations (contingent or otherwise) of the Company or any Subsidiary existing or arising under Swap Contracts (including
credit default swaps); provided that such obligations are (or were) entered into by such Person in the ordinary course of business
for the purpose of directly mitigating risks associated with liabilities, commitments or assets held by such Person, or changes
in the value of securities issued by such Person in conjunction with a securities repurchase program not otherwise prohibited hereunder,
and not for purposes of speculation or taking a “market view”.


 


“Permitted Transactions”
means (a) mortgage-backed security transactions in which an investor sells mortgage collateral, such as securities issued by the
Government National Mortgage Association and the Federal Home Loan Mortgage Corporation, for delivery in the current month while
simultaneously contracting to repurchase “substantially the same” (as determined by the Public Securities Association
and GAAP) collateral for a later settlement, (b) transactions in which an investor lends cash to a primary dealer and the primary
dealer collateralizes the borrowing of the cash with certain securities, (c) transactions in which an investor lends securities
to a primary dealer and the primary dealer collateralizes the borrowing of the securities with cash collateral, (d) transactions
in which an investor makes loans of securities to a broker-dealer under an agreement requiring such loans to be continuously secured
by cash collateral or United States government securities, (e) transactions structured as, and submitted to the NAIC Security Valuation
Office for approval as, Replication (Synthetic Asset) Transactions (RSAT) (provided that, to the extent that such approval is not
granted in respect of any such transaction, such transaction shall cease to constitute a Permitted Transaction 30 days following
the date of such rejection, denial or nonapproval) and (f) transactions in which a federal home loan mortgage bank (a “FHLMB”)
makes loans to an Insurance Subsidiary, that are sufficiently secured by appropriate assets of such Insurance Subsidiary consisting
of government agency mortgage-backed securities in accordance with the rules, regulations and guidelines of such FHLMB for its
loan programs.


 


“Person” means an individual,
partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint
venture or Governmental Authority or other entity of whatever nature.


 


“Plan” means an employee
benefit plan (as defined in Section 3(3) of ERISA) that the Company or any of its Subsidiaries sponsors or maintains or to
which the Company or any of its Subsidiaries makes, is making or is obligated to make, contributions and includes any Pension Plan.


 


“Pro Forma Basis” means,
with respect to compliance with any test or covenant hereunder and in connection with any event or transaction requiring a calculation
on a Pro Forma Basis for any period, compliance with such test or covenant after giving effect to such event or transaction, and
(i) in the case


 




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of any Material Acquisition or Material Disposition,
including pro forma adjustments only to the extent consistent with Article 11 of Regulation S-X under the Securities Act and
using for purposes of determining such compliance (x) in the case of any Material Acquisition, the historical financial statements
of all entities or assets so acquired or to be acquired and (y) the consolidated financial statements of the Company and its Subsidiaries,
which shall be reformulated as if such Material Acquisition or Material Disposition, and any other Material Acquisitions or Material
Dispositions that have been consummated during such period, had been consummated on the first day of such period; (ii) in
the case of any incurrence or prepayment or repayment of Indebtedness (other than under revolving credit facilities in the ordinary
course of business), assuming such Indebtedness was incurred, prepaid or repaid on the first day of such period and assuming that
such Indebtedness bears interest during the portion of such period prior to the date of incurrence at, in the case of Indebtedness
bearing interest at a floating rate, the weighted average of the interest rates applicable to outstanding Loans during such period
and, in the case of Indebtedness bearing interest at a fixed rate, such fixed rate; (iii) in the case of the declaration or
payment of any dividend, assuming such dividend had been declared and paid on the first day of such period; and (iv) making
such other pro forma adjustments as would be permitted or required by Regulation S-X under the Securities Act; provided,
however, that such compliance calculation shall take into account other cost savings measures identified by the Company
which the Agent, in its reasonable business judgment, deems reasonably identifiable and factually supportable, and which cost savings
measures have been certified by a Responsible Officer.


 


“Pro Rata Share” means, with
respect to all payments, computations and other matters relating to the Revolving Commitment or Revolving Loans of any Lender or
any Letters of Credit issued or participations purchased therein by any Lender or any participations in any Swing Line Loans purchased
by any Lender, the percentage obtained by dividing (a) the Revolving Exposure of that Lender by (b) the aggregate Revolving Exposure
of all Lenders;.


 


“Purchase Money Debt” means
Indebtedness incurred by a Person in connection with the purchase of fixed or capital assets by such Person, in which assets the
seller or financier thereof has taken or retained a Lien; provided that (x) any such Lien attaches to such assets concurrently
with or within 270 days after the purchase thereof by such Person and (y) at the time of incurrence of such Indebtedness, the aggregate
principal amount of such Indebtedness shall not exceed the costs of the assets so purchased plus fees and expenses reasonably
related thereto.


 


“Quarterly Statement” means
the quarterly statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or
similar authority) of its jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements
permitted by such insurance commissioner (or such similar authority) to be used for filing quarterly statutory financial statements
and shall contain the type of financial information permitted by such insurance commissioner (or such similar authority) to be
disclosed therein, together with all exhibits or schedules filed therewith.


 


“Refunded Swing Line Loans”
has the meaning specified in Section 2.03(b)(iv).


 


“Register” has the meaning
specified in Section 10.07(d).


 


“Reimbursement Date” has
the meaning specified in Section 2.04(d).


 


“Reinsurance Agreements”
means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or
cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance
or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements


 




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shall include, but not be limited to, any agreement,
contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.


 


“Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person’s Affiliates.


 


“Release” means any release,
spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection, migration or leaching into
or through the Environment.


 


“Reportable Event” means
any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than any such event for which
the 30-day notice requirement under ERISA has been waived in regulations issued by the PBGC.


 


“Repurchase Agreement Indebtedness”
means Indebtedness of the Company or any of its Subsidiaries arising under repurchase agreements or similar agreements entered
into with a financial institution pursuant to which the Company or such Subsidiary sells Cash Equivalents or other securities to
such financial institution and agrees to repurchase such Cash Equivalents or other securities at a specified purchase price at
a future date, the amount of which Indebtedness shall, for purposes of calculating the Debt to Total Capitalization Ratio, be deemed
to be, as of any date of determination, the repurchase price for such Cash Equivalents or other securities.


 


“Required Lenders” means,
as of any date of determination, one or more Lenders having or holding Revolving Exposure and representing more than 50% of the
aggregate Revolving Exposure of all Revolving Lenders; provided that the aggregate amount of Revolving Exposure shall be
determined with respect to any Defaulting Lender by disregarding the Revolving Exposure of such Defaulting Lender.


 


“Requirement of Law” means,
as to any Person, any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or of a Governmental
Authority, in each case applicable to or legally binding upon the Person or any of its property or to which the Person or any of
its property is subject.


 


“Responsible Officer” means
the chief executive officer, president, chief financial officer, treasurer or assistant treasurer of the Obligor. Any document
delivered under any Loan Document that is signed by a Responsible Officer of the Obligor shall be conclusively presumed to have
been authorized by all necessary corporate, partnership and/or other action on the part of the Obligor and such Responsible Officer
shall be conclusively presumed to have acted on behalf of the Obligor. Unless otherwise specified, “Responsible Officer”
means a Responsible Officer of the Company.


 


“Restricted Payments” has
the meaning specified in Section 7.08.


 


“Revolving Commitment” means
the commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and
Swing Line Loans hereunder, and “Revolving Commitments” means such commitments of all Lenders in the aggregate. The
amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A or in the applicable Assignment
and Assumption or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions
hereof. Unless context shall otherwise require, “Revolving Commitment” shall include any Original Revolving Commitment,
New Revolving Commitment or Extended Revolving Commitment.


 


“Revolving Commitment Period”
means the period from the Closing Date to but excluding the Revolving Commitment Termination Date.


 




    	22



    	 



    

 


“Revolving Commitment Termination Date”
means the earliest to occur of (a)(i) with respect to the Original Revolving Credit Commitments and Original Revolving Loans,
the fourth anniversary of the Closing Date and (ii) with respect to any Extended Revolving Commitments and Extended Revolving
Loans of a given Series, the Extended Maturity Date as specified in the Joinder Agreement, (b) the date the Revolving Commitments
are permanently reduced to zero pursuant to Section 2.09 and (c) the date of the termination of the Revolving
Commitments pursuant to Section 8.1 .


 


“Revolving Exposure” means,
with respect to any Lender as of any date of determination, (a) prior to the termination of the Revolving Commitments, that
Lender’s Revolving Commitment; and (b) after the termination of the Revolving Commitments, the sum of (i) the aggregate
outstanding principal amount of the Revolving Loans of that Lender, (ii) in the case of any Issuing Bank, the aggregate Letter
of Credit Usage in respect of all Letters of Credit issued by that Lender (net of any participations by Lenders in such Letters
of Credit), (iii) the aggregate amount of all participations by that Lender in any outstanding Letters of Credit or any unreimbursed
drawing under any Letter of Credit, (iv) in the case of Swing Line Lender, the aggregate outstanding principal amount of all Swing
Line Loans (net of any participations therein by other Lenders), and (v) the aggregate amount of all participations therein by
that Lender in any outstanding Swing Line Loans.


 


“Revolving Lender” means
a Lender having a Revolving Commitment.


 


“Revolving Loan” means any
Original Revolving Loan made by a Lender to the Company pursuant to Section 2.2(a), any New Revolving Loan made
by a Lender to the Company pursuant to Section 2.15 and, unless the context otherwise requires, any Extended
Revolving Loan.


 


“Revolving Loan Note” means
a promissory note in the form of Exhibit B-1, as it may be amended, restated, supplemented or otherwise modified from
time to time.


 


“S&P” means Standard
& Poor’s Ratings, a Standard & Poor’s Financial Services LLC business, together with any Person succeeding
thereto by merger, consolidation or acquisition of all or substantially all of its assets, including substantially all of its business
of rating securities.


 


“SAP” means, with respect
to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other
similar authority) in the jurisdiction of such Insurance Subsidiary for the preparation of annual statements and other financial
reports by insurance companies of the same type as such Insurance Subsidiary that are applicable to the circumstances as of the
date of filing of such statement or report.


 


“SEC” means the Securities
and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.


 


“Securities Act” means the
Securities Act of 1933 and the regulations promulgated thereunder.


 


“Senior Notes” means (a)
$325,000,000 aggregate principal amount of 4.50% senior notes due 2020 of the Company issued under the Senior Notes Indenture and
(b) $500,000,000 aggregate principal amount of 5.25% senior notes due 2025 of the company issued under the Senior Notes Indenture.


 


“Senior Notes Documents”
means the Senior Notes Indenture and the other documents governing the Senior Notes.


 


“Senior Notes Indenture”
means the Indenture, dated as of the Closing Date, among the Company and Wilmington Trust, National Association, as trustee,
as supplemented by a first


 




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supplemental indenture between the Company and
Wilmington Trust, National Association, as trustee for the Senior Notes.


 


“Series” means (a) with respect
to Extended Revolving Commitments, all such Extended Revolving Commitments with the same terms and conditions including Extended
Maturity Date and (b) with respect to Extended Revolving Loans, all Extended Revolving Loans with the same terms and conditions
including Extended Maturity Date. Extended Revolving Loans that are not fungible for United States federal income tax purposes
shall be construed to be in different Series or tranches. Extended Revolving Commitments that, if and when drawn in the form of
Extended Revolving Loans, would yield Loans that are construed to be in different Series or tranches pursuant to the immediately
preceding sentence shall be construed to be in different Series or tranches of Extended Revolving Commitments corresponding to
such Extended Revolving Loans.


 


“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such Regulation is in effect on the Closing Date or any group of Subsidiaries that,
taken together (as of the date of the latest audited consolidated financial statements for the Company and its Subsidiaries) would
constitute a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to
the Securities Act, as such Regulation is in effect on the Closing Date.


 


“Single Employer Pension Plan”
means a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA, other than a Multiemployer Plan,
that the Company, any of its Subsidiaries or any ERISA Affiliate sponsors or maintains, or to which the Company, any of its Subsidiaries
or any ERISA Affiliate makes or is obligated to make contributions or could reasonably be expected to have liability, including
any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during
the preceding five years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.


 


“Subsidiary” of a Person
means any corporation, partnership, limited liability company, limited liability partnership, joint venture, trust, association
or other unincorporated organization of which or in which such Person and such Person’s Subsidiaries own directly or indirectly
more than 50% of (a) the combined voting power of all classes of stock having general voting power under ordinary circumstances
to elect a majority of the board of directors, if it is a corporation, (b) the voting or managing interests (which shall mean the
general partner in the case of a partnership), if it is a partnership, joint venture or similar entity, (c) the beneficial interest,
if it is a trust, association or other unincorporated organization or (d) the membership interest, if it is a limited liability
company; provided that (i) Wendover Limited, (ii) RiskGrid Technologies Inc. (iii) CounterpartyLink Ltd., (iv) CreekSource
LLC and (v) for the avoidance of doubt, Mill Creek CLO Ltd., Sugar Creek CLO Ltd., Cedar Creek CLO Ltd., Silver Creek CLO Ltd.,
Clear Creek CLO Ltd. and any other variable interest entity formed after the Closing Date shall not be considered a Subsidiary
for any purpose of this Agreement. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company.


 


“Subsidiary Debt” has the
meaning specified in Section 7.01.


 


“Surplus Debentures” means,
as to any Insurance Subsidiary, debt securities of such Insurance Subsidiary issued to the Company or any other Subsidiary the
proceeds of which are permitted to be included, in whole or in part, as Capital and Surplus of such Insurance Subsidiary as approved
and permitted by the applicable Department.


 


“Swap Contract” means any
agreement relating to any transaction (whether or not arising under a master agreement) that is a rate swap, basis swap, forward
rate transaction, commodity swap,


 




    	24



    	 



    

 


commodity option, equity or equity index swap
or option, bond, note or bill option, interest rate option, futures contract, forward foreign exchange transaction, cap, collar
or floor transaction, currency swap, cross-currency rate swap, swaption, currency option, credit derivative transaction or any
other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing, and any
master agreement relating to or governing any or all of the foregoing.


 


“Swap Termination Value”
means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause
(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined by the Company based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include any Lender).


 


“Swing Line Lender” means
KeyBank in its capacity as Swing Line Lender hereunder, together with its permitted successors and assigns in such capacity.


 


“Swing Line Loan” means a
Loan made by Swing Line Lender to the Company pursuant to Section 2.03.


 


“Swing Line Note” means a
promissory note in the form of Exhibit B-2, as it may be amended, restated, supplemented or otherwise modified
from time to time.


 


“Swing Line Sublimit” means
the lesser of (i) $5,000,000 and (ii) the aggregate unused amount of Revolving Commitments then in effect.


 


“Taxes” means all present
or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.


 


“Total Capitalization” means,
without duplication, (a) the amount described in clause (a) of the definition of “Debt to Total
Capitalization Ratio” plus (b) the Total Shareholders’ Equity of the Company.


 


“Total Shareholders’ Equity”
means the total common and preferred shareholders’ equity of the Company as determined on a Consolidated basis and in accordance
with GAAP (calculated excluding (i) unrealized gains (losses) on securities as determined in accordance with FASB ASC 320
(Investments–Debt and Equity Securities), (ii) any charges taken to write off any goodwill included on the Company’s
balance sheet on the Closing Date to the extent such charges are required by FASB ASC 320 (Investments–Debt and Equity Securities)
and ASC 350 (Intangibles–Goodwill and Others) and (iii) Accumulated Other Comprehensive Income and Accumulated Other Comprehensive
Loss).


 


“Total Utilization of Revolving Commitments”
means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other
than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing a Issuing Bank for any amount
drawn under any Letter of Credit, but not yet so applied) plus (ii) the aggregate principal amount of all outstanding
Swing Line Loans plus (iii) the Letter of Credit Usage.


 


“Transactions” means the
(i) execution, delivery and performance by the Company of the Loan Documents to which it is to be a party, (ii) borrowing of Revolving
Loans hereunder up to the aggregate principal amount of $100,000,000 on the Closing Date, (iii) repayment of all amounts outstanding
under the Existing Credit Agreement, (iv) offering, sale and issuance of the Senior Notes, (v) redemption of the


 




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Existing Senior Secured Notes and satisfaction
and discharge of the indenture relating thereto and (vi) payment of fees and expenses incurred in connection with the foregoing.


 


“Unfunded Pension Liability”
means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA over the current value of that
Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
430 of the Code for the applicable plan year.


 


“Uniform Commercial Code”
means the Uniform Commercial Code as in effect from time to time in the State of New York.


 


“United States” and “U.S.”
each means the United States of America.


 


“Voting Stock” of any Person
means Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock
or other relevant equity interest has voting power by reason of any contingency) to vote in the election of the board of directors
or similar governing body of such Person.


 


“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained
by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of
such Indebtedness.


 


“Wholly-Owned Subsidiary”
means any Person in which all of the Capital Stock (other than directors’ and national citizen qualifying shares or similar
de minimis holdings by another Person, in each case, as required by law) is owned, beneficially and of record, by the Company,
or by one or more of the other Wholly-Owned Subsidiaries, or both.


 


Section 1.02         Other
Interpretive Provisions.


 


(a)          The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.


 


(b)          The
words “hereof,” “herein,” “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement; and subsection, Section, Schedule and Exhibit references
are to this Agreement unless otherwise specified.


 


(c)          (i)          The
term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices
and other writings, however evidenced.


 


(i)          The
term “including” is not limiting and means “including without limitation.”


 


(ii)         In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including,” the words “to” and “until” each mean “to but excluding”
and the word “through” means “to and including.”


 


(d)          Unless
otherwise expressly provided herein or the context requires otherwise, (i) references to agreements (including this Agreement)
and other contractual instruments shall be deemed to include all subsequent amendments and other modifications thereto, but only
to the extent such


 




    	26



    	 



    

 


amendments and other modifications are not prohibited
by the terms of any Loan Document, (ii) references to any statute or regulation are to be construed as including all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation, (iii) any
reference herein to a Person shall be construed to include such Person’s permitted successors and assigns and (iv) the
word “property” shall be construed to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.


 


(e)          The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.


 


(f)          This
Agreement and other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar
matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms.


 


(g)          This
Agreement and the other Loan Documents are the result of negotiations among, and have been reviewed by counsel to, the Agent, the
Company and the other parties, and are the products of all parties. Accordingly, they shall not be construed against the Lenders
or the Agent merely because of the Agent’s or Lenders’ involvement in their preparation.


 


Section 1.03         Classification
of Loans.


 


For purposes of this Agreement, Loans may be
classified and referred to by Interest Type (e.g., a “Eurodollar Rate Loan”).


 


Section 1.04         Accounting
Principles.


 


(a)          Unless
the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial
computations required under this Agreement shall be made, in accordance with GAAP as in effect from time to time, consistently
applied; provided that any change in GAAP after the Closing Date will not cause any lease that was not or would not have been a
capital lease prior to such change to be deemed a capital lease and the obligations with respect thereto shall not constitute Indebtedness
pursuant to paragraph (d) of the definition of “Indebtedness”. Notwithstanding the foregoing, for purposes of determining
compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Company
and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB
ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.


 


(b)          References
herein to particular columns, lines or sections of any Person’s Annual Statement shall be deemed, where appropriate, to be
references to the corresponding column, line or section of such Person’s Quarterly Statement, or if no such corresponding
column, line or section exists or if any report form changes, then to the corresponding item referenced thereby. In the event the
columns, lines or sections of the Annual Statement or Quarterly Statement referenced herein are changed or renumbered from the
columns, lines and sections applicable to the 2014 Annual Statement, or the March 31, 2015 Quarterly Statement, all such references
shall be deemed references to such column, line or section as so renumbered or changed.


 


(c)          In
the event of any future Material Acquisition or Material Disposition, determinations of compliance with the financial covenants
contained herein for any applicable period for which such calculation is being calculated shall be made on a Pro Forma Basis.


 




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(d)          If,
at any time after the date of this Agreement, any material change is made to GAAP or the Company’s accounting practices that
would affect in any material respect the determination of compliance with the covenants set forth in this Agreement, the Company
shall notify the Agent of the change and the Company and the Agent shall negotiate in good faith to amend such covenant, subject
to the approval of the Required Lenders, to restore the Company and the Lenders to the position they occupied before the implementation
of such material change in GAAP or accounting practices; provided that if the Company and the Agent are unable to reach
agreement within 30 days following the implementation of such material change, the Agent shall be permitted, acting in good faith,
to make such amendments, in each case subject to the approval of the Required Lenders, to the covenants set forth in this Agreement
as it reasonably determines are necessary to restore the Company and the Lenders to the position they occupied prior to the implementation
thereof.


 


Article
2.

The Credits


 


Section 2.01         [Reserved].


 


Section 2.02         Revolving
Loans.


 


(a)          Revolving
Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender with a Revolving
Commitment severally agrees to make Revolving Loans to the Company in an aggregate amount up to but not exceeding such Lender’s
Revolving Commitment; provided that, after giving effect to the making of any Revolving Loans, in no event shall the Total
Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant to this Section 2.02(a)
may be repaid and reborrowed during the Revolving Commitment Period. Each Revolving Commitment shall expire on the Revolving Commitment
Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving
Commitments shall be paid in full no later than such date.


 


(b)          Borrowing
Mechanics for Revolving Loans.


 


(i)          Except
pursuant to Section 2.04(d), Revolving Loans shall be made in an aggregate minimum amount of $1,000,000 and
integral multiples of $500,000 in excess of that amount.


 


(ii)         Whenever
the Company desires that Lenders make Revolving Loans, the Company shall deliver to the Agent a fully executed and delivered Loan
Notice no later than 10:00 a.m. (New York City time) at least three Business Days in advance of the proposed Borrowing
Date in the case of a Eurodollar Rate Loan, and no later than 10:00 a.m. (New York City time) on the proposed Borrowing
Date in the case of a Revolving Loan that is a Base Rate Loan; provided that, if such Borrowing Date is the Closing Date,
such Loan Notice may be delivered within such period shorter than three Business Days as may be agreed by the Agent with
respect to Eurodollar Rate Loans. Except as otherwise provided herein, a Loan Notice for a Revolving Loan that is a Eurodollar
Rate Loan shall be irrevocable on and after the related Interest Rate Determination Date.


 


(iii)        Notice
of receipt of each Loan Notice in respect of Revolving Loans, together with the amount of each Lender’s Pro Rata Share thereof,
if any, together with the applicable interest rate, shall be provided by the Agent to each applicable Lender by facsimile or other
electronic communication with reasonable promptness, but (provided that the Agent shall have 


 




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received such notice by 10:00 a.m.
(New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Agent’s receipt of
such Notice from the Company.


 


(iv)        Each
Lender shall make the amount of its Revolving Loan available to the Agent not later than 12:00 p.m. (New York City time) on
the applicable Borrowing Date by wire transfer of same day funds in Dollars, at the Agent’s Office. Except as provided herein,
upon satisfaction or waiver of the conditions precedent specified herein, the Agent shall make the proceeds of such Revolving Loans
available to the Company on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds
of all such Revolving Loans received by the Agent from Lenders to be credited to the account of the Company at the Agent’s
Office or such other account as may be designated in writing to the Agent by the Company.


 


Section 2.03         Swing
Line Loans.


 


(a)          Swing
Line Loans Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, Swing Line
Lender may, from time to time in its discretion, agree to make Swing Line Loans to the Company in the aggregate amount up to but
not exceeding the Swing Line Sublimit; provided that, after giving effect to the making of any Swing Line Loan, in no event
shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant
to this Section 2.03 may be repaid and reborrowed during the Revolving Commitment Period. Swing Line Lender’s
Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Swing Line Loans and all other amounts owed
hereunder with respect to the Swing Line Loans and the Revolving Commitments shall be paid in full no later than such date.


 


(b)          Borrowing
Mechanics for Swing Line Loans.


 


(i)          Swing
Line Loans shall be made in an aggregate minimum amount of $1,000,000 and integral multiples of $200,000 in excess
of that amount.


 


(ii)         Whenever
the Company desires that Swing Line Lender make a Swing Line Loan, the Company shall deliver to the Agent a Loan Notice no later
than 10:00 a.m. (New York City time) on the proposed Borrowing Date.


 


(iii)        Swing
Line Lender shall make the amount of its Swing Line Loan available to the Agent not later than 3:00 p.m. (New York City time)
on the applicable Borrowing Date by wire transfer of same day funds in Dollars, at the Agent’s Office. Except as provided
herein, upon satisfaction or waiver of the conditions precedent specified herein, the Agent shall make the proceeds of such Swing
Line Loans available to the Company on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to
the proceeds of all such Swing Line Loans received by the Agent from Swing Line Lender to be credited to the account of the Company
at the Agent’s Office, or to such other account as may be designated in writing to the Agent by the Company.


 


(iv)        With
respect to any Swing Line Loans which have not been voluntarily prepaid by the Company pursuant to Section 2.09,
Swing Line Lender may at any time in its sole and absolute discretion, deliver to the Agent (with a copy to the Company), no later
than 1:00 p.m. (New York City time) at least one Business Day in advance of the proposed Borrowing Date, a notice
(which shall be deemed to be a Loan Notice given by the Company) requesting that each Lender holding a Revolving Commitment make
Revolving Loans that are Base Rate Loans to the 


 




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Company on such Borrowing Date in an
amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date
such notice is given which Swing Line Lender requests Lenders to prepay. Anything contained in this Agreement to the contrary notwithstanding,
(1) the proceeds of such Revolving Loans made by the Lenders other than Swing Line Lender shall be immediately delivered by the
Agent to Swing Line Lender (and not to the Company) and applied to repay a corresponding portion of the Refunded Swing Line Loans
and (2) on the day such Revolving Loans are made, Swing Line Lender’s Pro Rata Share of the Refunded Swing Line Loans shall
be deemed to be paid with the proceeds of a Revolving Loan made by Swing Line Lender to the Company, and such portion of the Swing
Line Loans deemed to be so paid shall no longer be outstanding as Swing Line Loans and shall no longer be due under the Swing Line
Note of Swing Line Lender but shall instead constitute part of Swing Line Lender’s outstanding Revolving Loans to the Company
and shall be due under the Revolving Loan Note issued by the Company to Swing Line Lender. The Company hereby authorizes the Agent
and Swing Line Lender to charge the Company’s accounts with the Agent and Swing Line Lender (up to the amount available in
each such account) in order to immediately pay Swing Line Lender the amount of the Refunded Swing Line Loans to the extent the
proceeds of such Revolving Loans made by Lenders, including the Revolving Loans deemed to be made by Swing Line Lender, are not
sufficient to repay in full the Refunded Swing Line Loans. If any portion of any such amount paid (or deemed to be paid) to Swing
Line Lender should be recovered by or on behalf of the Company from Swing Line Lender in bankruptcy, by assignment for the benefit
of creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated
by Section 2.14.


 


(v)         If
for any reason Revolving Loans are not made pursuant to Section 2.03(b)(iv) in an amount sufficient to
repay any amounts owed to Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day
after demand for payment thereof by Swing Line Lender, each Lender holding a Revolving Commitment shall be deemed to, and hereby
agrees to, have purchased a participation in such outstanding Swing Line Loans, and in an amount equal to its Pro Rata Share of
the applicable unpaid amount together with accrued interest thereon. Upon one Business Day’s notice from Swing Line
Lender, each Lender holding a Revolving Commitment shall deliver to Swing Line Lender an amount equal to its respective participation
in the applicable unpaid amount in same day funds at the Swing Line Lender’s Lending Office. In order to evidence such participation
each Lender holding a Revolving Commitment agrees to enter into a participation agreement at the request of Swing Line Lender in
form and substance reasonably satisfactory to Swing Line Lender. In the event any Lender holding a Revolving Commitment fails to
make available to Swing Line Lender the amount of such Lender’s participation as provided in this paragraph, Swing Line Lender
shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days
at the rate customarily used by Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as
applicable.


 


(vi)        Notwithstanding
anything contained herein to the contrary,


 


 (1)          each Lender’s obligation to make Revolving Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to Section 2.03(b)(iv) and each Lender’s obligation to purchase a participation in any unpaid Swing Line Loans pursuant to Section 2.03(b)(v) shall be absolute and unconditional and shall not be affected by any circumstance, including




 


			





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(A)         any
set-off, counterclaim, recoupment, defense or other right which such Lender may have against Swing Line Lender, the Obligor or
any other Person for any reason whatsoever;


 


(B)         the
occurrence or continuation of a Default or Event of Default;


 


(C)         any
adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Obligor;


 


(D)         any
breach of this Agreement or any other Loan Document by any party thereto; or


 


(E)         any
other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing


 


; provided that such obligations of each
Lender are subject to the condition that Swing Line Lender shall not have received prior notice from the Company or the Required
Lenders that any of the conditions under Section 4.02 to the making of the applicable Refunded Swing Line Loans
or other unpaid Swing Line Loans, were not satisfied at the time such Refunded Swing Line Loans or unpaid Swing Line Loans were
made; and


 


(2)         Swing
Line Lender shall not be obligated to make any Swing Line Loans


 


(A)         if
it has elected not to do so after the occurrence and during the continuation of a Default or Event of Default,


 


(B)         it
does not in good faith believe that all conditions under Section 4.02 to the making of such Swing Line Loan
have been satisfied or waived by the Required Lenders or


 


(C)         at
a time when any Lender is a Defaulting Lender unless Swing Line Lender has entered into arrangements satisfactory to it and the
Company to eliminate Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such Swing Line
Loan, including by Cash Collateralizing such Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans.


 


(c)          Resignation
and Removal of Swing Line Lender. Swing Line Lender may resign as Swing Line Lender upon 30 days prior written notice
to the Agent, Lenders and the Company. Swing Line Lender may be replaced at any time by written agreement among the Company, the
Agent, the replaced Swing Line Lender (provided that no consent will be required if the replaced Swing Line Lender has no
Swing Line Loans outstanding) and the successor Swing Line Lender. The Agent shall notify the Lenders of any such replacement of
Swing Line Lender. At the time any such replacement or resignation shall become effective, (i) the Company shall prepay any
outstanding Swing Line Loans made by the resigning or removed Swing Line Lender, (ii) upon such prepayment, the resigning
or removed Swing Line Lender shall surrender any Swing Line Note held by it to the Company for cancellation, and (iii) the
Company shall issue, if so requested by the successor Swing Line Lender, a new Swing Line Note to the successor Swing Line Lender,
in the principal amount of the Swing Line Sublimit then in effect and with other appropriate insertions. From and after the effective
date of any such replacement or resignation, (x) any successor Swing Line Lender shall have all the rights and obligations of a
Swing Line Lender under this Agreement with respect to Swing Line Loans made thereafter and (y) references herein to the term


 




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“Swing Line Lender” shall be deemed
to refer to such successor or to any previous Swing Line Lender, or to such successor and all previous Swing Line Lenders, as the
context shall require.


 


Section 2.04         Issuance
of Letters of Credit and Purchase of Participations Therein.


 


(a)          Letters
of Credit. During the Letter of Credit Commitment Period, subject to the terms and conditions hereof, each Issuing Bank
shall issue Letters of Credit in respect of which the Company is the applicant for the support of its and/or its Subsidiaries obligations
in the aggregate amount up to but not exceeding the Letter of Credit Sublimit; provided,


 


(i)          each
Letter of Credit shall be denominated in Dollars;


 


(ii)         the
stated amount of each Letter of Credit shall not be less than $25,000 or such lesser amount as is acceptable to the applicable
Issuing Bank;


 


(iii)        after
giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments
then in effect;


 


(iv)        after
giving effect to such issuance, in no event shall the Letter of Credit Usage exceed the Letter of Credit Sublimit then in effect;


 


(v)         in
no event shall any Letter of Credit have an expiration date later than the earlier of (1) five days prior to the end of the Letter
of Credit Commitment Period and (2) the date which is one year from the date of issuance of such Letter of Credit; and


 


(vi)        in
no event shall any Letter of Credit be issued if such Letter of Credit is otherwise unacceptable to the applicable Issuing Bank
in its reasonable discretion.


 


Subject to the foregoing, an Issuing Bank may
agree that a standby Letter of Credit will automatically be extended for one or more successive periods not to exceed one year
each, unless Issuing Bank elects not to extend for any such additional period; provided that such Issuing Bank shall not
extend any such Letter of Credit if it has received written notice from a Lender or the Company that an Event of Default has occurred
and is continuing at least two Business Days prior to the time such Issuing Bank must elect to allow such extension; provided,
further, if any Lender is a Defaulting Lender, each Issuing Bank shall not be required to issue any Letter of Credit unless
Issuing Bank has entered into arrangements satisfactory to it and the Company to eliminate Issuing Bank’s risk with respect
to the participation in Letters of Credit of the Defaulting Lender.


 


(b)          Notice
of Issuance. Whenever the Company desires the issuance of a Letter of Credit, it shall deliver to the Agent an Issuance
Notice no later than 11:00 a.m. (New York City time) at least three Business Days (in the case of standby letters
of credit) or five Business Days (in the case of commercial letters of credit), or in each case such shorter period as may
be agreed to by the Issuing Bank identified on such Issuance Notice in any particular instance, in advance of the proposed date
of issuance. Subject to the conditions set forth in Section 4.02, such Issuing Bank shall issue the requested Letter
of Credit only in accordance with such Issuing Bank’s standard operating procedures. If requested by such Issuing Bank, the
Company also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request
for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other agreement submitted by the Company to, or entered into by the Company
with, such Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Upon the issuance
of any Letter of Credit or amendment or modification to a Letter of Credit, the


 




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applicable Issuing Bank shall promptly notify
the Agent of such issuance which shall notify each Lender with a Revolving Commitment of such issuance, which notice shall be accompanied
by a copy of such Letter of Credit or amendment or modification to a Letter of Credit and the amount of such Lender’s respective
participation in such Letter of Credit pursuant to Section 2.04(e).


 


(c)          Responsibility
of Issuing Bank With Respect to Requests for Drawings and Payments. In determining whether to honor any drawing under any
Letter of Credit issued by an Issuing Bank by the beneficiary thereof, such Issuing Bank shall be responsible only to examine the
documents delivered under such Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be
in substantial compliance with the terms and conditions of such Letter of Credit. As between the Company and any Issuing Bank,
the Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by such Issuing Bank, by
the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, each Issuing Bank
shall not be responsible for:


 


(i)          the
form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the
application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged;


 


(ii)         the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit
or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason;


 


(iii)        failure
of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter
of Credit;


 


(iv)        errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise,
whether or not they be in cipher;


 


(v)         errors
in interpretation of technical terms;


 


(vi)        any
loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit
or of the proceeds thereof;


 


(vii)       the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or


 


(viii)      any
consequences arising from causes beyond the control of Issuing Bank, including any Governmental Acts.


 


None of the above shall affect or impair, or prevent the vesting
of, any of each Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any
action taken or omitted by any Issuing Bank under or in connection with the Letters of Credit or any documents and certificates
delivered thereunder, if taken or omitted in good faith (as defined under Article 5 of the Uniform Commercial Code as adopted by
the State of New York), shall not give rise to any liability on the part of such Issuing Bank to the Company. Notwithstanding anything
to the contrary contained in this Section 2.04(c), the Company shall retain any and all rights it may have against
an Issuing Bank for any direct damages (as opposed to special, indirect, consequential or punitive damages, which claims are hereby
waived by the Company to the extent permitted under applicable law) suffered by the Company arising solely out of the gross negligence
or willful misconduct of such Issuing Bank in determining


 




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whether documents delivered under any Letter of Credit substantially
comply with the terms thereof as determined by a final, non-appealable judgment of a court of competent jurisdiction.


 


(d)          Reimbursement
by the Company of Amounts Drawn or Paid Under Letters of Credit. In the event an Issuing Bank has determined to honor a
drawing under a Letter of Credit, it shall promptly notify the Company and the Agent, and the Company shall reimburse such Issuing
Bank on or before the Business Day immediately following the date on which such notice is provided (the “Reimbursement
Date”) in an amount in Dollars and in same day funds equal to the amount of such drawing to be honored; provided
that any failure to give or delay in giving such notice shall not relieve the Company of its obligation to reimburse such Issuing
Bank and the Lenders with respect to their respective obligations under Section 2.04(e) once such notice is delivered;
provided, further, that anything contained herein to the contrary notwithstanding, (i) unless the Company shall
have notified the Agent and such Issuing Bank prior to 11:00 a.m. (New York City time) on the date such drawing is honored
that the Company intends to reimburse such Issuing Bank for the amount of such honored drawing with funds other than the proceeds
of Revolving Loans, the Company shall be deemed to have given a timely Loan Notice to the Agent requesting Lenders with Revolving
Commitments to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the amount
of such honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.02,
Lenders with Revolving Commitments shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount
of such honored drawing, the proceeds of which shall be applied directly by the Agent to reimburse the honoring Issuing Bank for
the amount of such honored drawing; provided, further, if for any reason proceeds of Revolving Loans are not received
by the honoring Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, the Company shall
reimburse such Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing
over the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this Section 2.04(d)
shall be deemed to relieve any Lender with a Revolving Commitment from its obligation to make Revolving Loans on the terms and
conditions set forth herein, and the Company shall retain any and all rights it may have against any such Lender resulting from
the failure of such Lender to make such Revolving Loans under this Section 2.04(d).


 


(e)          Lenders’
Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit (or an amendment
to a Letter of Credit increasing the amount thereof), each Lender having a Revolving Commitment shall be deemed to have purchased,
and hereby agrees to irrevocably purchase, from the Issuing Bank that issued such Letter of Credit a participation in such Letter
of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving
Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Company
shall fail for any reason to reimburse such Issuing Bank as provided in Section 2.04(d), such Issuing Bank shall
promptly notify each Lender with a Revolving Commitment of the unreimbursed amount of such honored drawing and of such Lender’s
respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving
Commitment shall make available to such Issuing Bank an amount equal to its respective participation, in Dollars and in same day
funds, at the office of Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first
business day (under the laws of the jurisdiction in which such office of Issuing Bank is located) after the date notified by such
Issuing Bank. In the event that any Lender with a Revolving Commitment fails to make available to such Issuing Bank on such business
day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.04(e),
such Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon for three
Business Days at the rate customarily used by such Issuing Bank for the correction of errors among banks
and thereafter at the Base Rate. In the event such Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.04(e)
for all or any portion of any drawing honored by such Issuing Bank under a Letter of Credit, such Issuing


 




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 Bank shall
distribute to each Lender which has paid all amounts payable by it under this Section 2.04(e) with respect
to such honored drawing such Lender’s Pro Rata Share of all payments subsequently received by such Issuing Bank from the
Company in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Lender
at its Lending Office or at such other address as such Lender may request.


 


(f)          Obligations
Absolute. The obligation of the Company to reimburse any Issuing Bank for drawings honored under the Letters of Credit
issued by it and to repay any Revolving Loans made by Lenders pursuant to Section 2.04(d) and the obligations
of Lenders under Section 2.04(e) shall be unconditional and irrevocable and shall be paid strictly in accordance
with the terms hereof under all circumstances including any of the following circumstances:


 


(i)          any
lack of validity or enforceability of any Letter of Credit;


 


(ii)         the
existence of any claim, set-off, defense or other right which the Company or any Lender may have at any time against a beneficiary
or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), any Issuing Bank, Lender
or any other Person or, in the case of a Lender, against the Company, whether in connection herewith, the transactions contemplated
herein or any unrelated transaction (including any underlying transaction between the Company or one of its Subsidiaries and the
beneficiary for which any Letter of Credit was procured);


 


(iii)        any
draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect;


 


(iv)        payment
by any Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply
with the terms of such Letter of Credit;


 


(v)         any
adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the Company
or any of its Subsidiaries;


 


(vi)        any
breach hereof or any other Loan Document by any party thereto;


 


(vii)       any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or


 


(viii)      the
fact that an Event of Default or a Default shall have occurred and be continuing.


 


(g)          Indemnification.
Without duplication of any obligation of the Company under Section 10.04 or 10.05, in addition
to amounts payable as provided herein, the Company hereby agrees to protect, indemnify, pay and save harmless each Issuing Bank
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable fees,
expenses and disbursements of one outside counsel) which such Issuing Bank may incur or be subject to as a consequence, direct
or indirect, of (i) the issuance or wrongful dishonor of any Letter of Credit by any Issuing Bank, other than as a result
of the gross negligence or willful misconduct of such Issuing Bank as determined by a final, non-appealable judgment of a court
of competent jurisdiction or (ii) the failure of any Issuing Bank to honor a drawing under any such Letter of Credit as a
result of any Governmental Act.


 




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(h)          Resignation
and Removal of Issuing Bank. Any Issuing Bank may resign as Issuing Bank upon 60 days prior written notice to the
Agent, Lenders and the Company. An Issuing Bank may be replaced at any time by written agreement among the Company, the Agent,
the replaced Issuing Bank (provided that no consent will be required if the replaced Issuing Bank has no Letters of Credit
or reimbursement obligations with respect thereto outstanding) and the successor Issuing Bank. The Agent shall notify the Lenders
of any such replacement of such Issuing Bank. At the time any such replacement or resignation shall become effective, the Company
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank. From and after the effective date of any such replacement
or resignation, (i) any successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank”
shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks,
as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced Issuing Bank shall
remain a party hereto to the extent that Letters of Credit issued by it (or reimbursement obligations with respect thereto) remain
outstanding and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters
of Credit issued by it prior to such replacement or resignation, but shall not be required to issue additional Letters of Credit.


 


(i)          Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Company receives
notice from the Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with L/C Exposure
representing greater than 50% of the total L/C Exposure) demanding the deposit of Cash Collateral pursuant to this paragraph, the
Company shall deposit in an account with the Agent, in the name of the Agent and for the benefit of the Lenders, an amount in cash
equal to 103% of the L/C Exposure as of such date plus any accrued and unpaid interest thereon; provided that the
obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described
in clause (f) or (g) of Section 8. Such deposit shall be held by the Agent as collateral
for the payment and performance of the obligations of the Company under this Agreement. The Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of
such deposits, which investments shall be made at the option and sole discretion of the Agent and at the Company’s risk and
expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account.
Moneys in such account shall be applied by the Agent to reimburse each Issuing Bank for any drawing under a Letter of Credit issued
thereby for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Company for the L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject
to the consent of Lenders with L/C Exposure representing greater than 50% of the total L/C Exposure), be applied to satisfy other
obligations of the Company under this Agreement. If the Company is required to provide an amount of Cash Collateral hereunder as
a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the
Company within three Business Days after all Events of Default have been cured or waived.


 


(j)          Additional
Issuing Banks. The Company may, at any time and from time to time with the consent of the Agent (which consent shall not
be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders to act as an issuing bank under
the terms of this Agreement, subject to reporting requirements reasonably satisfactory to the Agent with respect to issuances,
amendments, extensions and terminations of Letters of Credit by such additional issuing bank. Any Lender designated as an issuing
bank pursuant to this Section 2.04(j) shall be deemed to be an “Issuing Bank” (in addition to being a
Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such
term shall thereafter apply to such Lender..


 




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Section 2.05         Pro
Rata Shares.


 


All Loans shall be made, and all participations
purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender
shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder
or purchase a participation required hereby nor shall any Revolving Commitment of any Lender be increased or decreased as a result
of a default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation
required hereby.


 


Section 2.06         Conversion
and Continuation of Loans.


 


(a)          Each
conversion of Loans from one Interest Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the
Company’s irrevocable written notice to the Agent in the form of a Conversion/Continuation Notice, appropriately completed
and signed by a Responsible Officer of the Company. Each such Conversion/Continuation Notice must be received by the Agent not
later than 11:00 a.m. (New York City time) three Business Days prior to the requested date of any conversion to or continuation
of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans. Except as otherwise provided herein,
a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.
The Agent shall determine the interest rate that shall apply to any converted or continued Eurodollar Rate Loans pursuant to Section 2.10(c).


 


(b)          Each
Conversion/Continuation Notice shall specify (i) whether the Company is requesting a conversion of Loans from one Interest
Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the conversion or continuation,
as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be converted or continued, (iv) the
Interest Type of Loans to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period
with respect thereto (each such Interest Period shall comply with the provisions of the definition of “Interest Period”).


 


(c)          Notwithstanding
any contrary provision hereof, if (i) an Event of Default of the type described in Section 8.01(a), (f)
or (g) has occurred and is continuing, unless the Required Lenders otherwise consent or (ii) any other Event
of Default has occurred and is continuing and the Required Lenders have requested, each Loan will be converted into a Base Rate
Loan at the end of the Interest Period applicable thereto.


 


Section 2.07         Notes;
Loan Accounts.


 


(a)          Each
Loan made by each Lender shall be evidenced by one or more loan accounts or records maintained by such Lender and by the Agent
in the ordinary course of business. The loan accounts or records maintained by the Agent and each Lender shall be conclusive evidence
of the amount of the Loans made by the Lenders to the Company and the interest and payments thereon absent manifest error. Any
failure so to record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Company hereunder
to pay any amount owing with respect to the Loans. In the event of any conflict between the accounts and records maintained by
any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records of the Agent shall control
in the absence of manifest error.


 


(b)          Upon
the request of any Lender made through the Agent, instead of or in addition to loan accounts, the Loans made by each Lender may
be evidenced by one or more Revolving Loan Notes or Swing Line Notes, substantially the form of Exhibit B-1
or Exhibit B-2, as applicable, hereto (each such


 




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note, a “Note”). Each Lender
shall endorse on the schedules annexed to its Note the date, amount and maturity of each Loan deemed made by it and the amount
of each payment of principal made by the Company with respect thereto. Each such Lender is irrevocably authorized by the Company
to endorse its Note and each Lender’s record shall be conclusive absent manifest error; provided that the failure
of a Lender to make, or an error in making, a notation thereon with respect to any Loan shall not limit or otherwise affect the
obligations of the Company hereunder or under any such Note to such Lender.


 


Section 2.08         [Reserved].


 


Section 2.09         Optional
and Mandatory Prepayments and Reductions of Commitments.


 


(a)          Optional
Prepayments. The Company will have the right at any time to prepay any Credit Extension in whole or in part, in minimum
amounts of $250,000 or any multiple of $100,000 in excess thereof, subject to the provisions of this Section.


 


(b)          Voluntary
Commitment Reductions.


 


(i)          The
Company may, upon not less than three Business Days’ prior written or telephonic notice to the Agent, at any time and from
time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount
up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed
termination or reduction; provided that any such partial reduction of the Revolving Commitments shall be in an aggregate
minimum amount of $2,500,000 and integral multiples of $500,000 in excess of that amount.


 


(ii)         The
Company’s notice to the Agent shall designate the date (which shall be a Business Day) of such termination or reduction and
the amount of any partial reduction, and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share
thereof.


 


(c)          [Reserved].


 


(d)          Mandatory
Prepayments. The Company shall from time to time prepay first, the Swing Line Loans, and second, the Revolving
Loans to the extent necessary so that the Total Utilization of Revolving Commitments shall not at any time exceed the Revolving
Commitments then in effect.


 


(e)          Application
of Prepayments. Any prepayment of any Loan pursuant to Section 2.09(a) shall be applied as specified by the
Company in the applicable notice of prepayment; provided that in the event the Company fails to specify the Loans to which
any such prepayment shall be applied, such prepayment shall be applied as follows:


 


(i)          first,
to repay outstanding Swing Line Loans to the full extent thereof; and


 


(ii)         second,
to repay outstanding Revolving Loans to the full extent thereof.


 


(f)          Notice
of Prepayments. The Company shall notify the Agent in writing of any prepayment of any Credit Extension hereunder (i) in
the case of a Eurodollar Rate Loan, not later than 11:00 a.m. (New York City time) three Business Days before the date of
prepayment and (ii) in the case of a Base Rate Loan, not later than 11:00 a.m. (New York City time) on the prepayment
date. Each such notice shall be irrevocable (other than to the extent provided in connection with refinancing the Obligations)
and shall specify the prepayment date and the principal amount of each Credit Extension or


 




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portion thereof to be prepaid. Promptly after
it receives any such notice, the Agent shall advise the Lenders of the contents thereof.


 


(g)          Application
of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans. Considering each Class of Loans being prepaid
separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar
Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Company pursuant to
Section 3.05(b).


 


Section 2.10         Interest.


 


(a)          Except
as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made
through repayment (whether by acceleration or otherwise) thereof as follows:


 


(i)           in
the case of Revolving Loans:


 


(1)         if
a Base Rate Loan, at the Base Rate plus the Applicable Margin; or


 


(2)         if
a Eurodollar Rate Loan, at the Eurodollar Rate plus the Applicable Margin;


 


(ii)          in
the case of Swing Line Loans, at the Base rate plus the Applicable Margin.


 


(b)          The
basis for determining the rate of interest with respect to any Loan (except Swing Line Loans which shall be made and maintained
as Base Rate Loans only), and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by the Company and
notified to the Agent and Lenders pursuant to the applicable Loan Notice or Conversion/Continuation Notice, as the case may be;
provided that the Company may not select the Eurodollar Rate for any Credit Extension if the aggregate amount of such
Credit Extension is less than $1,000,000.


 


(c)          In
connection with Eurodollar Rate Loans there shall be no more than ten (10) Interest Periods outstanding at any time. In
the event the Company fails to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Loan Notice or Conversion/Continuation
Notice, such Loan (if outstanding as a Eurodollar Rate Loan) will be automatically converted into a Base Rate Loan on the last
day of the then-current Interest Period for such Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding)
will be made as, a Base Rate Loan). In the event the Company fails to specify an Interest Period for any Eurodollar Rate Loan in
the applicable Loan Notice or Conversion/Continuation Notice (or fails to deliver a Conversion/Continuation Notice within the time
limits provided in Section 2.06(a)), the Company shall be deemed to have selected an Interest Period of one month.
As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, the Agent shall determine
(which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall
apply to the Eurodollar Rate Loans for which an interest rate is then being determined for the applicable Interest Period and shall
promptly give notice thereof (in writing or by telephone confirmed in writing) to the Company and each Lender. At any time that
Base Rate Loans are outstanding, the Agent shall notify the Company and the Lenders of any change in the U.S. Prime Rate used in
determining the Base Rate promptly following the public announcement of such change.


 


(d)          The
Company agrees to pay to each Issuing Bank, with respect to drawings honored under any Letter of Credit issued thereby, interest
on the amount paid by such Issuing Bank in respect of


 




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each such honored drawing from the date such drawing
is honored to but excluding the date such amount is reimbursed by or on behalf of the Company at a rate equal to (i) for the
period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise
payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii) thereafter, a rate which is 2.00%
per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate
Loans.


 


(e)          Interest
payable pursuant to Section 2.10(d) shall be computed on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made,
on the date on which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by an Issuing Bank
of any payment of interest pursuant to Section 2.10(d), such Issuing Bank shall distribute to each Lender, out
of the interest received by such Issuing Bank in respect of the period from the date such drawing is honored to but excluding the
date on which such Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the proceeds
of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the letter of credit fee
that would have been payable in respect of such Letter of Credit for such period if no drawing had been honored under such Letter
of Credit. In the event an Issuing Bank shall have been reimbursed by Lenders for all or any portion of such honored drawing, such
Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under Section 2.04(e)
with respect to such honored drawing such Lender’s Pro Rata Share of any interest received by such Issuing Bank in respect
of that portion of such honored drawing so reimbursed by Lenders for the period from the date on which such Issuing Bank was so
reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the Company.


 


(f)          Notwithstanding
the foregoing, upon the occurrence of any Event of Default pursuant to Section 8.01(a), (f) or (g),
for so long as such Event of Default shall be continuing, all overdue principal and interest payable on each Loan shall, without
further notice, bear interest, after as well as before judgment to the extent permitted by law, at a rate per annum equal
to 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding subsections of this Section.
In addition, if any fee or other amount (other than principal or interest on any Loan) payable by the Company pursuant to any Loan
Document is not paid when due, whether upon acceleration or otherwise, such overdue amount shall bear interest, after as well as
before judgment to the extent permitted by law, at a rate per annum equal to 2.00% plus the rate otherwise
applicable to Base Rate Loans as provided in the preceding subsections of this Section.


 


(g)          Interest
on each Loan shall be paid in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued
pursuant to Section 2.10(f) shall be payable on demand of the Agent (upon the instruction of the Required Lenders;
provided that no such instruction shall be required in the case of an Event of Default pursuant to Section 8.01(a),
(f), or (g)), (ii) upon any repayment or prepayment of any Loan, interest accrued on the principal
amount repaid shall be payable on the date of such repayment and (iii) upon any conversion of a Eurodollar Rate Loan before
the end of the current Interest Period therefor, interest accrued on such Loan shall be payable on the effective date of such conversion.


 


(h)          Anything
herein to the contrary notwithstanding, the obligations of the Company to any Lender hereunder shall be subject to the limitation
that payments of interest shall not be required for any period for which interest is computed hereunder to the extent (but only
to the extent) that contracting for or receiving such payment by such Lender would be contrary to the provisions of any law applicable
to such Lender limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Lender, and
in such event the Company shall pay such Lender interest at the highest rate permitted by applicable law until the total amount
of interest due hereunder equals the amount of interest


 




    	40



    	 



    

 


which would
have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition,
if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided
for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth
in this Agreement had at all times been in effect, then to the extent permitted by law, the Company shall pay to the Agent an amount
equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the highest
rate of interest that may be lawfully contracted for, charged or received had at all times been in effect. Notwithstanding the
foregoing, it is the intention of Lenders and the Company to conform strictly to any applicable usury laws. Accordingly, if any
Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the highest rate of interest
that may be lawfully contracted for, charged or received by such Lender, then any such excess shall be cancelled automatically
and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or
be refunded to the Company.


 


Section 2.11         Fees.


 


(a)          The
Company agrees to pay to Lenders having Revolving Exposure:


 


(i)          commitment
fees equal to (1) the average of the daily difference between (A) the Revolving Commitments and (B) the aggregate principal amount
of (x) all outstanding Revolving Loans (for the avoidance of doubt, excluding Swing Line Loans) plus (y) the Letter of Credit
Usage, times (2) the Applicable Revolving Commitment Fee Percentage; and


 


(ii)         letter
of credit fees equal to (1) the Applicable Margin for Revolving Loans that are Eurodollar Rate Loans, times (2) the average aggregate
daily maximum amount available to be drawn under all such Letters of Credit (regardless of whether any conditions for drawing could
then be met and determined as of the close of business on any date of determination).


 


All fees referred to in this Section 2.11(a) shall
be paid to the Agent at the Agent’s Office and upon receipt, the Agent shall promptly distribute to each Lender its Pro Rata
Share thereof.


 


(b)          The
Company agrees to pay directly to each Issuing Bank, for its own account, the following fees:


 


(i)          a
fronting fee equal to 0.125% per annum, times the average aggregate daily maximum amount available to be drawn under
all Letters of Credit (determined as of the close of business on any date of determination) issued by such Issuing Bank; and


 


(ii)         such
documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance
with each Issuing Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer
or payment, as the case may be.


 


(c)          All
fees referred to in Section 2.11(a) and 2.11(b)(i) shall be calculated pursuant to the second sentence
of Section 2.12(a) and shall be payable quarterly in arrears on the last Business Day of March, June, September and
December of each year during the Revolving Commitment Period, commencing on the first such date to occur after the Closing Date,
and on the Revolving Commitment Termination Date.


 


(d)          [Reserved].


 




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(e)          In
addition to the foregoing, the Company shall pay to the Agent, for its own account, fees payable in the amounts and at the times
separately agreed upon by the Company and the Agent. Such fees shall be fully earned when paid and shall not be refundable under
any circumstances.


 


Section 2.12         Computation
of Fees and Interest.


 


(a)          All
computations of interest for Base Rate Loans when the Base Rate is determined by the “U. S. Prime Rate” shall be made
on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed
on the basis of a 365-day year). Interest and fees shall accrue during each period during which interest or such fees are computed
from the first day thereof to the last day thereof.


 


(b)          Each
determination of an interest rate by the Agent shall be conclusive and binding on the Company and the Lenders in the absence of
manifest error. The Agent will, at the request of the Company or any Lender, deliver to the Company or the Lender, as the case
may be, a statement showing the quotations used by the Agent in determining any interest rate and the resulting interest rate.


 


Section 2.13         Payments
Generally.


 


(a)          All
payments to be made by the Company under the Loan Documents shall be made without condition or deduction for any defense, set-off,
recoupment or counterclaim. Except as otherwise expressly provided in any Loan Document, all payments to be made by the Company
under any Loan Document shall be made to the Agent for the account of the Lenders at the Agent’s Office, and shall be made
in dollars and in immediately available funds, no later than 3:00 p.m. (New York City time) on the date specified in such
Loan Document. The Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as expressly provided
herein) of such payment in like funds as received. Any payment received by the Agent later than 3:00 p.m. (New York City time)
shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.


 


(b)          Subject
to the provisions set forth in the definition of “Interest Period” herein, whenever any payment is due on a day other
than a Business Day, such payment shall be made on the following Business Day, and such extension of time shall in such case be
included in the computation of interest or fees, as the case may be.


 


(c)          Unless
the Company or any Lender has notified the Agent, prior to the date any payment is required to be made by it to the Agent hereunder,
that the Company or such Lender, as the case may be, will not make such payment, the Agent may assume that the Company or such
Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available
a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Agent
in immediately available funds, then:


 


(i)          if
the Company failed to make such payment, each Lender shall forthwith on demand repay to the Agent the portion of such assumed payment
that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from
and including the date such amount was made available by the Agent to such Lender to the date such amount is repaid to the Agent
in immediately available funds at the Federal Funds Rate from time to time in effect; and


 


(ii)         if
any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Agent the amount thereof in immediately
available funds, together with 


 




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interest thereon for the period from
the date such amount was made available by the Agent to the Company to the date such amount is recovered by the Agent (the “Compensation
Period”) at the customary rate set by the Agent for the correction of errors among banks for three Business Days and
thereafter at the Base Rate. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s
Loan included in the applicable Credit Extension. If such Lender does not pay such amount forthwith upon the Agent’s demand
therefor, the Agent may make a demand therefor upon the Company, and the Company shall pay such amount to the Agent, together with
interest thereon for the Compensation Period at a rate per annum equal to the applicable rate for Base Rate Loans to the
applicable Credit Extension. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments
or to prejudice any rights that the Agent or the Company may have against any Lender as a result of any default by such Lender
hereunder.


 


A notice of the Agent to any Lender or the Company
with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.


 


(d)          If
any Lender makes available to the Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of
this Article 2, and such funds are not made available to the Company by the Agent because the conditions to the extension
of Loans set forth in Article 4 are not satisfied or waived in accordance with the terms hereof, the Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without interest.


 


(e)          The
obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender to make any Loan on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender
shall be responsible for the failure of any other Lender to so make its Loan.


 


(f)          Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute
a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.


 


Section 2.14         Sharing
of Payments by Lenders.


 


(a)          If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment (a) on account of any Obligations
due and payable hereunder and under the other Loan Documents at such time resulting in such Lender receiving payment in excess
of its ratable share (calculated according to the proportion of (i) the amount of such Obligations due and payable to such
Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the
other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lenders hereunder and under
the other Loan Documents at such time obtained by all the Lenders at such time or (b) of or on account of any of Obligations owing
(but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share
(calculated according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender
at such time to (ii) the aggregate amount of Obligations owing (but not due and payable) to all Lenders hereunder and under
the other Loan Documents at such time) of payments on account of Obligations owing (but not due and payable) to all Lenders hereunder
and under the other Loan Documents at such time obtained by all the Lenders at such time, then in each case, such Lender shall
(x) notify the Agent of such fact, and (y) purchase (for cash at face value) participations in the Obligations of the other Lenders
due and payable or owing, as the case may be, or make such other adjustments as shall be equitable, so that the benefit of such
excess payments shall be shared by all such Lenders; provided that:


 




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(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and


 


(ii)         the
provisions of this Section shall not be construed to apply to (1) any payment made by the Company pursuant to and in accordance
with the express terms of this Agreement or (2) any payment obtained by a Lender as consideration for the assignment of or sale
of a participation in any of its Loans to any assignee or participant, other than to the Company or any Subsidiary thereof (as
to which the provisions of this Section shall apply).


 


(b)          The
Obligor consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Obligor rights of setoff and counterclaim (subject
to Section 10.09) with respect to such participation as fully as if such Lender were a direct creditor of the
Obligor in the amount of such participation.


 


Section 2.15         Incremental
Facilities.


 


(a)          The
Company may, by written notice to the Agent, each Issuing Bank and the Swing Line Lender, elect to request prior to the Revolving
Commitment Termination Date, an increase to a Class of then-existing Revolving Commitments (any such increase, “New Revolving
Commitments”), by an amount not in excess of $50,000,000 in the aggregate and not less than $10,000,000
individually (or such lesser amount which shall be approved by the Agent or such lesser amount that shall constitute the difference
between $50,000,000 and all such New Revolving Commitments obtained prior to such date), and integral multiples of $1,000,000
in excess of that amount. Each such notice shall specify (x) the date (each, an “Increased Amount Date”)
on which the Company proposes that the New Revolving Commitments shall be effective, which shall be a date not less than 10
Business Days after the date on which such notice is delivered to the Agent, (y) the identity of each Lender or other
Person that is an Eligible Assignee (each, a “New Revolving Loan Lender”) to whom the Company proposes any portion
of such New Revolving Commitments be allocated and the amounts of such allocations and (z) the Class of Revolving Commitments
the Company proposes to increase; provided that the Agent may elect or decline to arrange such New Revolving Commitments
in its sole discretion and any Lender approached to provide all or a portion of the New Revolving Commitments may elect or decline,
in its sole discretion, to provide a New Revolving Commitment. Such New Revolving Commitments shall become effective as of such
Increased Amount Date; provided that


 


(i)          no
Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Commitments;


 


(ii)         the
Company and its Subsidiaries shall be in pro forma compliance with Sections 7.11, 7.12 and 7.14
as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Commitments;


 


(iii)        all
New Revolving Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Company, the
New Revolving Loan Lender and the Agent, each of which shall be recorded in the Register and each New Revolving Loan Lender shall
be subject to the requirements set forth in Section 3.01(e);


 


(iv)        the
Company shall make any payments required pursuant to Section 3.05(b) in connection with the New Revolving Commitments;


 




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(v)         the
Agent, each Issuing Bank and the Swing Lien Lender shall have consented to any New Revolving Loan Lender (such consent shall not
be unreasonably withheld) and


 


(vi)        the
Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Agent in connection
with any such transaction.


 


(b)          [Reserved].


 


(c)          On
any Increased Amount Date on which New Revolving Commitments are effected, subject to the satisfaction of the foregoing terms and
conditions,


 


(i)          each
of the Revolving Loan Lenders shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving Loan Lenders
shall purchase from each of the Revolving Loan Lenders, at the principal amount thereof (together with accrued interest), such
interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect
to all such assignments and purchases, such Revolving Loans will be held by then-existing Revolving Loan Lenders and New Revolving
Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Commitments
to the Revolving Commitments,


 


(ii)         each
New Revolving Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder (a “New
Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan and


 


(iii)        each
New Revolving Loan Lender shall become a Lender with respect to the New Revolving Commitment and all matters relating thereto.


 


For the avoidance of doubt, the terms and provisions of the New
Revolving Loans and New Revolving Commitments shall be documented solely as an increase, and shall be identical, to the Class of
then-existing Revolving Loan Commitments so increased.


 


(d)          [Reserved].


 


(e)          The
Agent shall notify Lenders promptly upon receipt of the Company’s notice of each Increased Amount Date and in respect thereof
(i) the New Revolving Commitments and the New Revolving Loan Lenders and (ii) the respective interests in such Revolving Loan Lender’s
Revolving Loans, in each case subject to the assignments contemplated by Section 2.15(c).


 


Section 2.16         Defaulting
Lenders.


 


(a)          Defaulting
Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:


 


(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders.


 


(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8 or otherwise) or received by the Agent
from a


 




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Defaulting Lender pursuant to Section
10.09 shall be applied at such time or times as may be determined by the Agent as follows:


 


		first,	to the payment of any amounts owing by such Defaulting
Lender to the Agent hereunder;



 


		second,	to the payment on a pro rata basis of any amounts owing
by such Defaulting Lender to any Issuing Bank or Swing Line Lender hereunder;



 


		third,	to Cash Collateralize the Issuing Banks’ Fronting
Exposure with respect to such Defaulting Lender in accordance with Section 2.16(d);



 


		fourth,	as the Company may request (so long as no Default or
Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by the Agent;



 


		fifth,	if so determined by the Agent and the Company, to be
held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure
with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
Section 2.16(d);



 


		sixth,	to the payment of any amounts owing to the Lenders, the
Issuing Banks or Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the
Issuing Banks or Swing Line Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement;



 


		seventh,	so long as no Default or Event of Default exists, to
the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the
Company against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
and



 


		eighth,	to such Defaulting Lender or as otherwise directed by
a court of competent jurisdiction;



 


provided that if (x) such payment is a payment
of the principal amount of any Loans or any reimbursement obligations with respect to Letters of Credit in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were
issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied
solely to pay the Loans of, and any reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or any reimbursement obligations with respect to Letters
of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit
and Swing Line Loans are held by the Lenders pro rata in accordance with the applicable Commitments without giving effect to Section
2.16(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.


 




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(iii)        Certain
Fees.


 


(1)         No
Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.11(a) for any period during which that
Lender is a Defaulting Lender (and the Company shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender); provided, that such, Defaulting Lender shall be entitled to receive fees pursuant
to Section 2.11(a)(ii) for any period during which that Lender is a Defaulting Lender only to the extent allocable
to its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section
2.16(d).


 


(2)         With
respect to any fees not required to be paid to any Defaulting Lender pursuant to clause (A) above, the Company shall
(x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to
such Defaulting Lender’s participation in Letters of Credit or Swing Line Loans that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank and Swing Line Lender, as applicable, the amount
of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swing Line
Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.


 


(iv)        Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of
Credit and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata
Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does
not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting
Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of
such Non-Defaulting Lender’s increased exposure following such reallocation.


 


(v)         Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (iv) above cannot, or can
only partially, be effected, the Company shall, without prejudice to any right or remedy available to it hereunder or under law,
(x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize
the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.16(d).


 


(b)          Defaulting
Lender Cure. If the Company, the Agent and each Swing Line Lender and Issuing Bank agree in writing that a Lender is no
longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing
Line Loans to be held pro rata by the Lenders in accordance with the applicable Commitments (without giving effect to Section 2.16(d)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Company while that Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.


 




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(c)          New
Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be
required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure with respect to any Defaulting
Lender after giving effect to such Swing Line Loan and (ii) no Issuing Bank shall be required to issue, extend, renew or increase
any Letter of Credit unless it is satisfied that it will have no Fronting Exposure with respect to any Defaulting Lender after
giving effect thereto.


 


(d)          Cash
Collateral. At any time that there shall exist a Defaulting Lender, within three Business Days following the written
request of the Agent or any Issuing Bank (with a copy to the Agent) the Company shall Cash Collateralize the Issuing Banks’
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.16(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.


 


(i)          Grant
of Security Interest. The Company, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to the Agent, for the benefit of the Issuing Banks, and agrees to maintain, a first priority security interest in all such
Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of Credit,
to be applied pursuant to clause (ii) below. If at any time the Agent determines that Cash Collateral is subject
to any right or claim of any Person other than the Agent and the Issuing Banks as herein provided, or that the total amount of
such Cash Collateral is less than the Minimum Collateral Amount, the Company will, promptly upon demand by the Agent, pay or provide
to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral
provided by the Defaulting Lender).


 


(ii)         
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.16
in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations
in respect of Letters of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be
provided for herein.


 


(iii)        Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce each Issuing Bank’s Fronting
Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.16 following (A) the
elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender)
or (B) the determination by the Agent and each Issuing Bank that there exists excess Cash Collateral; provided that,
subject to the other provisions of this Section 2.16, the Person providing Cash Collateral and each Issuing
Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; provided,
further, that to the extent that such Cash Collateral was provided by the Company, such Cash Collateral shall remain subject
to the security interest granted pursuant to the Loan Documents.


 


Section 2.17         Maturity
Extensions of Loans.


 


(a)          The
Company may from time to time, pursuant to the provisions of this Section 2.17, agree with one or more Lenders
holding Loans and Commitments of any Class (each an “Existing Class”) to extend the maturity date of such Class
of Loans and to provide for other terms consistent with this Section 2.17 (each such modification, an “Extension”)
pursuant to one or more written offers (each an “Extension Offer”) made from time to time by the Company to
all Lenders under any Class that is proposed to be extended under this Section 2.17, in each case on a pro rata basis
(based on the relative principal amounts of the outstanding Loans of each Lender in such Class) and on the same terms to each


 




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such Lender. In connection with each Extension,
the Company will provide notification to the Agent (for distribution to the Lenders of the applicable Class), no later than
30 days prior to the maturity of the applicable Class or Classes to be extended of the requested new maturity date for the
extended Loans of each such Class (each an “Extended Maturity Date”) and the due date for Lender responses.
In connection with any Extension, each Lender of the applicable Class wishing to participate in such Extension shall, prior to
such due date, provide the Agent with a written notice thereof in a form reasonably satisfactory to the Agent. Any Lender that
does not respond to an Extension Offer by the applicable due date shall be deemed to have rejected such Extension. In connection
with any Extension, the Company shall agree to such procedures, if any, as may be reasonably established by, or acceptable to,
the Agent to accomplish the purposes of this Section 2.17.


 


(b)          After
giving effect to any Extension, the Revolving Commitments so extended shall cease to be a part of the Class of which they were
a part immediately prior to the Extension and shall be a new Class hereunder; provided that at no time shall there be more
than four (4) different Classes of Revolving Commitments; provided, further, that, in the case of any Extension Amendment,


 


(i)          all
Credit Extensions and all prepayments of Revolving Loans shall continue to be made on a ratable basis among all Revolving Lenders,
based on the relative amounts of their Revolving Commitments, until the repayment of the Revolving Loans attributable to the non-extended
Revolving Commitments on the applicable Revolving Commitment Termination Date,


 


(ii)         the
allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit or Swing
Line Loan as between the Revolving Commitments of such new “Class” and the remaining Revolving Commitments shall be
made on a ratable basis in accordance with the relative amounts thereof until the applicable Revolving Commitment Termination Date
has occurred,


 


(iii)        no
termination of Extended Revolving Commitments and no repayment of Extended Revolving Loans accompanied by a corresponding permanent
reduction in Extended Revolving Commitments shall be permitted unless such termination or repayment (and corresponding reduction)
is accompanied by at least a pro rata termination or permanent repayment (and corresponding pro rata permanent reduction), as applicable,
of the Existing Revolving Loans and Existing Revolving Commitments (or all Existing Revolving Commitments of such Class and related
Existing Revolving Loans shall have otherwise been terminated and repaid in full) and


 


(iv)        with
respect to Letters of Credit and Swing Line Loans, the maturity date with respect to the Revolving Commitments may not be extended
without the prior written consent of each Issuing Bank and the Swing Line Lender.


 


If the Total Utilization of Revolving Commitments exceeds the Revolving
Commitment as a result of the occurrence of the Revolving Credit Termination Date (or the applicable Extended Maturity Date with
respect to any Class of New Revolving Loans or Class of Revolving Commitments extended pursuant to this Section 2.17)
while an extended Class of Revolving Commitments remains outstanding, the Company shall make such payments as are necessary in
order to eliminate such excess on such date.


 


(c)          The
consummation and effectiveness of each Extension shall be subject to the following:


 


(i)          no
Default or Event of Default shall have occurred and be continuing at the time any Extension Offer is delivered to the Lenders or
at the time of such Extension (after giving effect to such Extension);


 




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(ii)         the
Revolving Loans or Revolving Commitments, as applicable, of any Lender extended pursuant to any Extension (as applicable, “Extended
Revolving Loans” or “Extended Revolving Commitments”) shall have the same terms as the Class
of Revolving Loans or Revolving Commitments, as applicable, subject to the related Extension Amendment (as applicable, “Existing
Revolving Loans” or “Existing Revolving Commitments”); except


 


(1)         the
final maturity date of any Extended Revolving Commitments of a Class to be extended pursuant to an Extension shall be later than
the Latest Maturity Date at the time of such Extension;


 


(2)         the
all-in pricing (including, without limitation, margins, fees and premiums) with respect to the Extended Revolving Loans or Extended
Revolving Commitments, as applicable, may be higher or lower than the all-in pricing (including, without limitation, margins, fees
and premiums) for the Existing Revolving Loans or Existing Revolving Commitments, as applicable;


 


(3)         the
revolving credit commitment fee rate with respect to the Extended Revolving Commitments may be higher or lower than the revolving
credit commitment fee rate for Existing Revolving Commitments, in each case, to the extent provided in the applicable Extension
Amendment;


 


(4)         no
repayment of any Extended Revolving Loans or Extended Revolving Commitments, as applicable, shall be permitted unless such repayment
is accompanied by an at least pro rata repayment of all earlier maturing Loans (including previously extended Loans) (or all earlier
maturing Loans (including previously extended Loans) shall otherwise be or have been terminated and repaid in full);


 


(5)         the
Extended Revolving Loans and/or Extended Revolving Commitments may contain a “most favored nation” provision for the
benefit of Lenders holding Extended Revolving Loans and/or Extended Revolving Commitments, as applicable; and


 


(6)         the
other terms and conditions applicable to Extended Revolving Loans and/or Extended Revolving Commitments may be terms different
than those with respect to the Existing Revolving Loans or Existing Revolving Commitments, as applicable, so long as such terms
and conditions only apply after the Latest Maturity Date


 


; provided, further, that each Extension
Amendment may, without the consent of any Lender other than the applicable extending Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the opinion of the Agent and the Company, to give effect to
the provisions of this Section 2.17, including any amendments necessary to treat the applicable Loans and/or Commitments
of the extending Lenders as a new “Class” of loans and/or commitments hereunder; provided, however, that
no Extension Amendment may provide for any Class of Extended Revolving Commitments to be secured by any collateral or other assets
of any Subsidiary or guaranteed by any guarantor that does not also guarantee the Existing Revolving Commitments;


 


(iii)        all
documentation in respect of such Extension shall be consistent with the foregoing, and all written communications by the Company
generally directed to the applicable Lenders under the applicable Class in connection therewith shall be in form and substance
consistent with the foregoing and otherwise reasonably satisfactory to the Agent;


 




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(iv)        a
minimum amount in respect of such Extension (to be determined in the Company’s discretion and specified in the relevant Extension
Offer, but in no event less than $25,000,000, unless another amount is agreed to by the Agent in its reasonable discretion) shall
be satisfied (the “Minimum Extension Condition”); and


 


(v)         no
Extension shall become effective unless, on the proposed effective date of such Extension, the conditions set forth in Section
4.02 shall be satisfied (with all references in such Section to the making of a Loan being deemed to be references to the
Extension on the applicable date of such Extension), and the Agent shall have received a certificate to that effect dated the applicable
date of such Extension and executed by a Responsible Officer of the Company.


 


(d)          For
the avoidance of doubt, it is understood and agreed that the provisions of Section 2.14 and Section 10.01
will not apply to any payment of interest or fees in respect of any Extended Revolving Commitments that have been extended pursuant
to an Extension at a rate or rates different from those paid or payable in respect of Loans of any other Class, in each case as
is set forth in the relevant Extension Offer made pursuant to and in accordance with the provisions of this Section 2.17
with respect to such Extensions of Revolving Commitments.


 


(e)          No
Lender who rejects any request for an Extension shall be deemed a Non-Consenting Lender for purposes of Section 10.14.


 


(f)          The
Lenders hereby irrevocably authorize the Agent to enter into amendments (collectively, “Extension Amendments”)
to this Agreement and the other Loan Documents as may be necessary in order to establish new Classes of Revolving Commitments created
pursuant to an Extension, in each case on terms consistent with this Section 2.17. Notwithstanding the foregoing,
the Agent shall have the right (but not the obligation) to seek the advice or concurrence of the Required Lenders with respect
to any matter contemplated by this Section 2.17 and, if the Agent seeks such advice or concurrence, the Agent shall
be permitted to enter into such amendments with the Company in accordance with any instructions received from such Required Lenders
and shall also be entitled to refrain from entering into such amendments with the Company unless and until it shall have received
such advice or concurrence; provided, however, that, whether or not there has been a request by the Agent for any
such advice or concurrence, all such Extension Amendments entered into with the Company by the Agent hereunder shall be binding
on the Lenders. Without limiting the foregoing, in connection with any Extension, (i) the Company and the appropriate Subsidiaries
shall (at their expense) amend (and the Agent is hereby directed to amend) any Loan Document that the Agent reasonably requests
to be amended to reflect the then latest Extended Maturity Date (or such later date as may be advised by counsel to the Agent)
and (ii) the Company and the appropriate Subsidiaries shall deliver board resolutions, secretary’s certificates, officer’s
certificates and other documents as shall reasonably be requested by the Agent in connection therewith and, if requested by the
Agent, a legal opinion of counsel in form and substance reasonably acceptable to the Agent.


 


(g)          Promptly
following the consummation and effectiveness of any Extension, the Company will furnish to the Agent (who shall promptly furnish
to each Lender) written notice setting forth the Extended Maturity Date and material economic terms of the Extension and the aggregate
principal amount of each Class of Loans and Commitments after giving effect to the Extension and attaching a copy of the fully
executed Extension Amendment.


 




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Article
3.

Taxes, Yield Protection and Illegality


 


Section 3.01         Taxes.


 


(a)          Payments
Free of Indemnified Taxes and Other Taxes. Except as required by applicable law, any and
all payments by or on account of any obligation of the Obligor hereunder or under any other Loan Document shall be made free and
clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes, provided that if any applicable
withholding agent shall be required by applicable law to deduct or withhold any Indemnified Taxes (including any Other Taxes) from
such payments, then (i) the sum payable by the Obligor shall be increased as necessary so that after all required deductions
or withholdings have been made (including deductions applicable to additional sums payable under this Section) the Agent or Lender,
as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made,
(ii) the applicable withholding agent shall make such deductions or withholdings and (iii) the applicable withholding
agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law.


 


(b)          Payment
of Other Taxes by the Company. Without limiting the provisions of subsection (a) above, the Company shall
timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.


 


(c)          Indemnification
by the Company. Without duplication of Section 3.01(a), the Company shall indemnify the Agent and each
Lender, within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes in respect of payments
under any Loan Document or Other Taxes (including Indemnified Taxes or Other Taxes imposed on or attributable to amounts payable
under this Section) that are imposed on or payable by the Agent or such Lender, as the case may be, and reasonable expenses arising
therefrom, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate setting forth the amount of such payment or liability delivered to the Company by a Lender (with a copy
to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. If the Company
reasonably believes that there is an appropriate basis to pursue a refund of any Indemnified Tax or Other Tax indemnified by the
Company under this Section 3.01(c), or for which the Obligor has paid additional amounts under Section 3.01(a),
the affected Agent or Lender (as applicable) shall, upon the Company’s written request and at the Company’s expense,
pursue such refund; provided that no Agent or Lender shall be obligated to pursue any such refund if such Agent or Lender
determines in good faith that it would be materially disadvantaged or prejudiced, or subject to any unreimbursed cost or expense,
by pursuing such refund. Any refund described in the preceding sentence that is received by the Agent or any Lender shall be payable
to the Company to the extent provided in Section 3.01(f).


 


(d)          Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Obligor to a Governmental
Authority pursuant to this Section 3.01, the Company shall deliver to the Agent the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment or other evidence of such payment reasonably satisfactory
to the Agent.


 


(e)          Status
of Lenders. Each Lender shall deliver to the Company and to the Agent, whenever reasonably requested by the Company or
the Agent, such properly completed and executed documentation prescribed by applicable laws and such other reasonably requested
information as will permit the Company or the Agent, as the case may be, (A) to determine whether or not payments made hereunder
or under any other Loan Document are subject to Taxes, (B) to determine, if applicable, the


 




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required rate of withholding or deduction and
(C) to establish such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect
of any payments to be made to such Lender pursuant to any Loan Document or otherwise to establish such Lender’s status for
withholding tax purposes in an applicable jurisdiction. If any form, certification or other documentation provided by a Lender
pursuant to this Section 3.01(e) (including any of the specific documentation described below) expires or becomes
obsolete or inaccurate in any respect, such Lender shall promptly notify the Company and the Agent in writing and shall promptly
update or otherwise correct the affected documentation or promptly notify the Company and the Agent in writing that such Lender
is not legally eligible to do so.


 


Without limiting the generality of the foregoing,


 


(A)         any
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to
the Company and the Agent duly completed and executed originals of IRS Form W-9 or such other documentation or information prescribed
by applicable laws or reasonably requested by the Company or the Agent (in such number of signed originals as shall be requested
by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter
upon request of the Company or the Agent) as will enable the Company or the Agent, as the case may be, to determine whether or
not such Lender is subject to U.S. federal backup withholding or information reporting requirements; and


 


(B)         each
Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding
tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Company and the Agent (in such
number of signed originals as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the request of the Company or the Agent), duly completed and
executed copies of whichever of the following is applicable:


 


		(i)	IRS Form W-8BEN or W-8BEN-E (or any successor thereto) claiming eligibility for benefits of an income tax treaty to which the
United States is a party,



 


		(ii)	IRS Form W-8ECI (or any successor thereto) claiming that specified payments (as applicable) under this Agreement or any other
Loan Documents (as applicable) constitute income that is effectively connected with such Foreign Lender’s conduct of a trade
or business in the United States,



 


		(iii)	in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Sections 881(c) or 871(h)
of the Code (the “Portfolio Interest Exemption”), (x) a certificate, substantially in the form of Exhibit G-1,
G-2, G-3 or G-4, as applicable (a “Tax Status Certificate”), to the effect that such Foreign
Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder”
of the Company, within the meaning of Section 881(c)(3)(B) of the Code or (C) a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code and (y) IRS Form W-8BEN or W-8BEN-E (or any successor thereto),



 


		(iv)	where such Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner (e.g.,
where such Lender has sold a participation), IRS Form W-8IMY (or any successor thereto) and all required supporting documentation
(including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the Portfolio Interest Exemption,
a Tax Status Certificate of such beneficial owner(s); provided that, if the Foreign Lender is a partnership and not a participating
Lender, the



 




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Tax Status Certificate from the beneficial
owner(s) may be provided by the Foreign Lender on behalf of the beneficial owner(s)), or


 


		(v)	any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in U.S. federal withholding
tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Company or the Agent to
determine the withholding or deduction required to be made; and



 


(C)         If
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Company and the Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Company or the Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or
the Agent as may be necessary for the Company and the Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (C), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.


 


Notwithstanding anything to the contrary in
the preceding two sentences, the completion, execution and submission of such documentation shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.


 


(f)          Treatment
of Certain Refunds. If the Agent or any Lender determines, in its good faith discretion, that it has received a refund
(whether received in cash or applied as an offset against other Taxes due) of any Indemnified Taxes or Other Taxes as to which
it has been indemnified by the Obligor or with respect to which the Obligor has paid additional amounts pursuant to this Section,
it shall promptly pay to the Company an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the Obligor under this Section 3.01 with respect to the Indemnified Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Agent or such Lender (including any Taxes), as the case may be,
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided
that the Company, upon the request of the Agent or such Lender, agrees to repay the amount paid over to the Company (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority (other than any penalties arising from the
gross negligence or willful misconduct of the Agent or the Lender)) to the Agent or such Lender in the event the Agent or such
Lender is required to repay such refund to such Governmental Authority. Such Lender or Agent, as the case may be, shall, at the
Company’s reasonable request, provide the Company with a copy of any notice of assessment or other evidence reasonably satisfactory
to the Company of the requirement to repay such refund received from the relevant taxing authority. Notwithstanding
anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax position
than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This subsection shall not be construed to require the Agent or any Lender to make available its tax returns (or
any other information relating to its taxes that it deems confidential) to the Company or any other Person.


 




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Section 3.02         Illegality.


 


(a)          If
any Lender reasonably and in good faith determines that the introduction of any Requirement of Law, or any change in any Requirement
of Law, or in the interpretation or administration of any Requirement of Law, after the Closing Date, has made it unlawful, or
that any central bank or other Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make Eurodollar Rate Loans, then, on notice thereof by the Lender to the Company through the Agent, any obligation of
that Lender to make Eurodollar Rate Loans shall be suspended until the Lender notifies the Agent and the Company that the circumstances
giving rise to such determination no longer exist.


 


(b)          If
a Lender reasonably and in good faith determines that it is unlawful for such Lender to maintain any Eurodollar Rate Loan after
the Closing Date, the Company shall, upon its receipt of written notice of such fact and demand from such Lender (with a copy to
the Agent), prepay in full such Eurodollar Rate Loans of that Lender then outstanding, together with interest accrued thereon and
amounts required under Section 3.04, either on the last day of the Interest Period thereof, if the Lender may
lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if the Lender may not lawfully continue to
maintain such Eurodollar Rate Loan. If the Company is required to so prepay any Eurodollar Rate Loan, then concurrently with such
prepayment, the Company shall borrow from the affected Lender, in the amount of such prepayment, a Base Rate Loan.


 


(c)          If
the obligation of any Lender to make or maintain Eurodollar Rate Loans has been so terminated or suspended, the Company may elect,
by giving notice to the Lender through the Agent, that all Loans which would otherwise be made or maintained by the Lender as Eurodollar
Rate Loans shall instead be Base Rate Loans.


 


(d)          Before
giving any notice to the Agent under this Section 3.02, the affected Lender shall designate a different Lending
Office with respect to its Eurodollar Rate Loans if such designation will avoid the need for giving such notice or making such
demand and will not, in the judgment of the Lender, be illegal or otherwise disadvantageous to the Lender.


 


Section 3.03         Increased
Costs and Reduction of Return.


 


(a)          If
any Lender reasonably and in good faith determines that, due to either (i) the introduction of or any change in or in the
interpretation of any law or regulation or (ii) the compliance by that Lender with any guideline or request from any central
bank or other Governmental Authority (whether or not having the force of law) after the Closing Date, there shall be any increase
in the cost including Taxes (other than (i) Excluded Taxes and (ii) Indemnified Taxes and Other Taxes that are covered
by Section 3.01) to such Lender of agreeing to make or making, funding or maintaining any Eurodollar Rate Loans,
then the Company shall be liable for, and shall from time to time, promptly upon written demand (with a copy of such demand to
be sent to the Agent), pay to the Agent for the account of such Lender, additional amounts as are sufficient to compensate such
Lender for such increased costs; provided that such Lender shall only be entitled to seek
such additional amounts if such Lender is generally seeking the payment of similar additional amounts from similarly situated borrowers
in comparable credit facilities. Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform
and Consumer Protection Act and all rules, regulations, orders, requests, guidelines or directives in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or United States or foreign regulatory authorities, in each case
pursuant to Basel III, are deemed to have been adopted and to have taken effect after the date hereof.


 




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(b)          If
any Lender reasonably and in good faith shall have determined that (i) the introduction of any Capital Adequacy Regulation,
(ii) any change in any Capital Adequacy Regulation, (iii) any change in the interpretation or administration of any Capital
Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof,
or (iv) compliance by the Lender (or its Lending Office) or any corporation controlling the Lender with any Capital Adequacy
Regulation, in each case after the Closing Date, affects or would affect the amount of capital required or expected to be maintained
by the Lender or any corporation controlling the Lender and (taking into consideration such Lender’s or such corporation’s
policies with respect to capital adequacy and such Lender’s desired return on capital) determines that the amount of such
capital is increased as a consequence of its Commitment, loans, credits or obligations under this Agreement, then, thirty (30)
days after written demand by such Lender to the Company through the Agent, the Company shall pay to the Lender, from time to time
as specified by the Lender, additional amounts sufficient to compensate the Lender for such increase; provided that such
Lender shall only be entitled to seek such additional amounts if such Lender is generally seeking the payment of similar additional
amounts from similarly situated borrowers in comparable credit facilities; provided, further, that the Company
shall not be required to compensate a Lender for any such increases in capital for any period more than 120 days prior to the date
such Lender delivers such demand.


 


Section 3.04         Funding
Losses. The Company shall reimburse each Lender and hold each Lender harmless from any loss (other than loss of profits
or the Applicable Margin) or expense which the Lender may sustain or incur as a consequence of:


 


(a)          the
failure of the Company to make on a timely basis any payment of principal of any Eurodollar Rate Loan;


 


(b)          the
failure of the Company to continue a Loan after the Company has given (or is deemed to have given) a Notice of Continuation;


 


(c)          the
failure of the Company to make any prepayment of any Loan in accordance with any notice delivered under Section 2.09;
or


 


(d)          the
prepayment (including pursuant to Section 2.09) or other payment (including after acceleration thereof) of a
Eurodollar Rate Loan on a day that is not the last day of the relevant Interest Period;


 


including any such loss or expense arising from the liquidation
or reemployment of funds obtained by it to maintain its Eurodollar Rate Loans or from fees payable to terminate the deposits from
which such funds were obtained, but excluding any administrative fee or other amount chargeable by such Lender for the calculation
of such loss. For purposes of calculating amounts payable by the Company to the Lenders under this Section 3.04
and under Section 3.03(a), each Eurodollar Rate Loan made by a Lender (and each related reserve, special deposit
or similar requirement) shall be conclusively deemed to have been funded at the Eurodollar Rate used in determining the Eurodollar
Rate for such Eurodollar Rate Loan (but without giving effect to the proviso to the definition of “Eurodollar Rate”)
by a matching deposit or other borrowing in the London interbank market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Loan is in fact so funded.


 


Section 3.05         Inability
to Determine Rates; Breakage Costs.


 


(a)          If
the Required Lenders determine that for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate
for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or that the Eurodollar Rate for any requested
Interest Period with respect to a


 




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proposed Eurodollar Rate Loan does not adequately and fairly reflect
the cost to such Lenders of funding such Loan, the Agent will promptly so notify the Company and each Lender. Thereafter, the obligation
of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Agent (upon the instruction of the Required
Lenders) revokes such notice in writing. Upon receipt of such notice, the Company may revoke any notice of continuation then submitted
by it pursuant to Section 2.06. If the Company does not revoke such notice of continuation, the Lenders shall
make, convert or continue the Loans, as proposed by the Company, in the amount specified in the applicable notice submitted by
the Company, but such Loans shall be made, converted or continued as Base Rate Loans instead of Eurodollar Rate Loans. Notwithstanding
the foregoing, the Agent and each Lender shall take any reasonable actions available to them (including designation of different
Lending Offices), consistent with legal and regulatory restrictions, that will avoid the need to take the steps described in this
Section 3.05, which will not, in the reasonable judgment of the Agent or such Lender, be disadvantageous to
the Agent, such Lender or the Company, as compared to the steps described in this Section 3.05.


 


(b)          The
Company shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting
such amounts), for all reasonable losses, expenses and liabilities (including any interest paid or payable by such Lender to Lenders
of funds borrowed by it to make or carry its Eurodollar Rate Loans and any loss, expense or liability sustained by such Lender
in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender
may sustain: (i) if for any reason (other than a default by such Lender) a Credit Extension of any Eurodollar Rate Loan does not
occur on a date specified therefor in a Loan Notice, or a conversion to or continuation of any Eurodollar Rate Loan does not occur
on a date specified therefor in a Conversion/Continuation Notice; (ii) if any prepayment or other principal payment of, or
any conversion of, any of its Eurodollar Rate Loans occurs on a date prior to the last day of an Interest Period applicable to
that Loan; or (iii) if any prepayment of any of its Eurodollar Rate Loans is not made on any date specified in a notice of
prepayment given by the Company.


 


Section 3.06         Certificates
of Lenders. Any Lender claiming reimbursement or compensation under this Article shall deliver to the Company (with
a copy to the Agent) a certificate setting forth in reasonable detail the amount payable to the Lender hereunder and such certificate
shall be conclusive and binding on the Company in the absence of demonstrable error. Such certificate shall set forth in reasonable
detail (in the form of Exhibit E hereto for amounts claimed with respect to Eurodollar Rate Loans under Section 3.04
and in a form reasonably determined by the applicable Lender with respect to Base Rate Loans) the methodology used in determining
the amount payable to the Lender.


 


Section 3.07         Substitution
of Lenders. If the Company receives notice from any Lender of a claim for compensation under Section 3.01,
3.02 or 3.03, the Company may, upon notice to such Lender and the Agent, replace such Lender by causing
such Lender to assign its Loans (with the assignment fee to be paid by the Company in such instance) pursuant to Section 10.07(b)
to one or more other Lenders or Eligible Assignees procured by the Company; provided that (x) the Company shall be obligated
to replace all Lenders that have made similar requests for compensation and (y) each such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable
to it under the Loan Documents from the applicable assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Company (in the case of all other amounts). The Company shall release such Lender from its obligations under the Loan
Documents. Any Lender being replaced shall execute and deliver an Assignment and Assumption with respect to such Lender’s
outstanding Loans.


 


Section 3.08         Survival.
The agreements and obligations of the Company in Section 3.01, Section 3.03, Section 3.04
and Section 3.06 shall survive the termination of this Agreement and the payment of all other Obligations.


 




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Article
4.

Conditions Precedent


 


Section 4.01         Conditions
of Initial Credit Extension. The obligation of each Lender to make any Credit Extension on the Closing Date is subject
to satisfaction of the following conditions precedent at or substantially simultaneously with the making of such Credit Extension:


 


(a)          The
Agent shall have received each of the following, each of which shall be originals or facsimiles or Adobe PDFs delivered by electronic
mail (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Company,
each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date)
and each in form and substance reasonably satisfactory to the Agent and each of the Lenders:


 


(i)          executed
counterparts of this Agreement in sufficient number as the Agent shall request on behalf of the Lenders; and


 


(ii)         a
Note executed by the Company in favor of each Lender that has requested a Note at least three (3) Business Days prior to
the Closing Date.


 


(b)          The
Agent shall have received:


 


(i)          copies
of the resolutions of the board of directors, authorized subcommittee thereof, or other equivalent body of the Company authorizing
the Transactions to which the Company is a party, certified as of the Closing Date by the Secretary or an Assistant Secretary of
the Company; and


 


(ii)         a
certificate of the Secretary or Assistant Secretary of the Company certifying the names and true signatures of the officers of
the Company authorized to execute, deliver and perform, as applicable, this Agreement and all other Loan Documents to be delivered
by the Company hereunder.


 


(c)          The
Agent shall have received:


 


(i)          the
articles or certificate of incorporation of the Company as in effect on the Closing Date, certified by the Secretary of State of
its state of incorporation or organization as of a recent date;


 


(ii)         the
bylaws the Company as in effect on the Closing Date, certified by the Secretary or Assistant Secretary of the Company as of the
Closing Date;


 


(iii)        a
certificate of good standing for the Company from the Secretary of State (or similar, applicable Governmental Authority) of its
state of incorporation or organization as of a recent date; and


 


(iv)        a
compliance certificate for each Insurance Subsidiary from the Department of Insurance of its jurisdiction of domicile as of a recent
date.


 


(d)          The
Agent shall have received a written opinion, reasonably acceptable to the Agent in form and substance, from Simpson Thacher &
Bartlett LLP, counsel for the Company.


 




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(e)          The
Agent shall have been paid all accrued and unpaid fees, and reasonable costs and expenses to the extent then due and payable to
the Agent on or before the Closing Date, including accrued and projected Attorney Costs of the Agent to the extent invoiced two (2) Business
Days prior to the Closing Date.


 


(f)          The
Agent shall be satisfied (and may, but shall not be obligated to, rely on the receipt of a certificate from any Company or any
Affiliate thereof for all or part of such purpose) that the Senior Notes shall have been issued in accordance with the Senior Notes
Indenture, and the Company shall have received the net proceeds thereof.


 


(g)          The
Agent shall be reasonably satisfied that (i) the Company and its Subsidiaries shall have terminated any commitments to lend
or make other extensions of credit under the Existing Credit Agreement and (ii) all Liens securing Indebtedness pursuant to the
Existing Credit Agreement and the Existing Senior Secured Notes on the Closing Date shall have been released.


 


(h)          The
Agent shall have received (i) a certificate signed by a Responsible Officer on behalf of the Company, dated as of the Closing
Date, confirming that the Company and its Subsidiaries have received all required approvals of the transactions contemplated hereby
and by the other Loan Documents, including the Transactions, from each applicable Governmental Authority and (ii) a solvency
certificate executed by the Chief Financial Officer of the Company, substantially in the form of Exhibit I.


 


(i)          All
governmental authorizations and third party approvals (or arrangements reasonably satisfactory to the Lenders in lieu of such approvals)
necessary in connection with the financing contemplated hereby and the continuing operations of the Company and its Subsidiaries
shall have been obtained and be in full force and effect, in each case except for such authorizations and approvals as would not
be reasonably likely to have a Material Adverse Effect.


 


(j)          The
Agent shall have received such other approvals, documents or materials as the Agent may reasonably request, all in form and substance
reasonably satisfactory to the Agent.


 


(k)          The
Company and each of its Subsidiary shall have provided the documentation and other information to the Agent that are required by
regulatory authorities under applicable “know-your-customer” rules and regulations, including the Patriot Act, to the
extent the Company shall have received written requests therefor at least seven (7) days prior to the Closing Date.


 


(l)          The
Company shall have a public corporate family rating of at least Ba2 with a stable or positive outlook and an unsecured debt rating
of at least Ba2 from Moody’s and a public corporate credit rating of at least BB+ with a stable or positive outlook and an
unsecured debt rating of at least BB+ from S&P.


 


Section 4.02         Conditions
to All Credit Extensions.


 


The obligation of each Lender to make any Loans or any Issuing Bank to issue any Letter of Credit,
on any Borrowing Date (including on the Closing Date) is subject to satisfaction of the following conditions precedent:


 


(a)          The
representations and warranties of the Company contained in Article 5 or any other Loan Document, or which are contained
in any document furnished at any time under or in connection herewith or therewith, (x) which are not qualified as to materiality
shall be true and correct in all material respects and (y) which are qualified as to materiality shall be true and correct, in
each case, on and as of the date of such Loan Notice and after giving effect to such borrowing, except to the extent that such


 




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representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects, or true and correct, as the case may be, as of such
earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained
in Sections 5.11(a) and (b) shall be deemed to refer to the most
recent statements furnished prior to the Closing Date or pursuant to Sections 6.01(a) and (b), respectively.


 


(b)          No
Default or Event of Default shall have occurred and be continuing on such date or immediately after giving effect to the proposed
Credit Extension.


 


(c)          [Reserved].


 


(d)          The
Agent shall have received a Loan Notice in accordance with the requirements hereof.


 


(e)          After
making the Credit Extension requested on such Borrowing Date, the Total Utilization of Revolving Commitments shall not exceed the
Revolving Commitments then in effect;


 


(f)          On
or before the date of issuance of any Letter of Credit, the Agent shall have received all other information required by the applicable
Issuance Notice, and such other documents or information as any Issuing Bank may reasonably require in connection with the issuance
of such Letter of Credit


 


Each Loan Notice (other than a notice of conversion
requesting only a conversion of Loans to the other Interest Type, or a continuation of Eurodollar Rate Loans) submitted by the
Company shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and
(b) have been satisfied (or waived) on and as of the date of the applicable Credit Extension.


 


Section 4.03         Determinations
Under Section 4.01.


 


For purposes of determining compliance with the conditions specified in Section 4.01,
each of the Lenders shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter
required thereunder to be consented to or approved by, or acceptable or satisfactory to, the Lenders unless an officer of the Agent
responsible for the Transactions shall have received notice from such Lender prior to the Closing Date specifying its objection
thereto and, in the case of any Lender, such Lender shall not have made available to the Agent on the Closing Date such Lender’s
Pro Rata Share of the borrowing to be made on such date.


 


Article
5.

Representations and Warranties


 


The Company represents and warrants to the Agent
and each Lender that:


 


Section 5.01         Corporate
Existence and Power. The Company and each of its Subsidiaries:


 


(a)          is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization;


 


(b)          has
the corporate (or other organizational) power and authority and all governmental licenses, authorizations, consents and approvals
to own its assets and carry on its business;


 


(c)          is
duly qualified and is licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation
of property or the conduct of its business requires such qualification or license; and


 




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(d)          is
in compliance with all Requirements of Law;


 


except, in each case referred to in clauses (a) (other
than with respect to the Company), (b), (c) and (d), to the extent that the failure to
do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.


 


Section 5.02         Corporate
Authorization; No Contravention. The Transactions to be entered into by the Obligor are within its corporate or other organizational
powers. The Transactions (including the execution, delivery and performance by the Obligor of each Loan Document to which it is
a party) have been duly authorized by all necessary corporate or other organizational action of the Obligor, and do not and will
not:


 


(a)          contravene
the terms of any of the Obligor’s Organization Documents;


 


(b)          conflict
with or result in any breach or contravention of, or result in or require the creation of any Lien under, any document evidencing
any material Contractual Obligation to which the Obligor is a party, except for any breaches or contraventions which, in the aggregate,
could not reasonably be expected to have a Material Adverse Effect; or


 


(c)          violate
any Requirement of Law or any order, injunction, writ or decree of any Governmental Authority to which the Obligor or its property
is subject, except to the extent that such violations, in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.


 


Section 5.03         Governmental
Authorization. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental
Authority is necessary or required in connection with the Transactions (including the execution, delivery or performance by, or
enforcement against, the Obligor of each Loan Document to which it is a party), except such as have been obtained and are in full
force and effect (including without limitation, the approval of the Department of Insurance of the jurisdiction of the domicile
of the Insurance Subsidiaries).


 


Section 5.04         Binding
Effect. This Agreement has been duly executed and delivered by the Company and constitutes, and each other Loan Document
to which the Obligor is to be a party, when executed and delivered by the Obligor, will constitute, a legal, valid and binding
obligation of the Company or the Obligor, as the case may be, in each case enforceable against the Company or the Obligor, as the
case may be, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating
to enforceability, regardless of whether considered in a proceeding in equity or in law.


 


Section 5.05         Litigation.  Except
as set forth on Schedule 5.05, there are no actions, suits, proceedings, claims or disputes pending, or to the knowledge
of the Company, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against the
Company or any of its Subsidiaries or any of their respective properties that: (a) purport to affect or pertain to this Agreement
or any other Loan Document, or any of the transactions (including the Transactions) contemplated hereby or thereby; or (b) individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect. No injunction, writ, temporary restraining
order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain
the execution, delivery or performance of this Agreement or any other Loan Document or directing that the transactions (including
the Transactions) provided for herein or therein not be consummated as herein or therein provided.


 




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Section 5.06         No
Default. No Default or Event of Default has occurred and is continuing. Without limiting the foregoing, no Default would
result from the consummation of the Transactions. As of the Closing Date, neither the Company nor any Subsidiary is in default
under or with respect to any Contractual Obligation in any respect that, individually or together with all such defaults, could
reasonably be expected to have a Material Adverse Effect.


 


Section 5.07         ERISA
Compliance.


 


(a)          Each
Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state law except to the extent that
such non-compliance could not reasonably be expected to have a Material Adverse Effect. Each Plan that is intended to qualify under
Section 401(a) of the Code has either (i) received a favorable determination letter from the IRS and to the knowledge
of the Company, nothing has occurred which would reasonably be expected to cause the loss of such qualification or (ii) with
respect to the Plans identified on Schedule 5.07, is in the process of requesting a favorable determination
letter from the IRS as to its qualified status, and the Company is not aware of any fact or issue that would reasonably be expected
to cause the IRS to fail to issue a favorable determination letter, except where such non-qualification could not reasonably be
expected to have a Material Adverse Effect. The Company, its Subsidiaries and each ERISA Affiliate have made all required contributions
to any Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization
period pursuant to Section 412 of the Code has been made with respect to any Plan, except where such lack of contribution
or application for funding waiver could not reasonably be expected to have a Material Adverse Effect.


 


(b)          Except
as set forth on Schedule 5.07, there are no pending or, to the knowledge of the Company, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have
a Material Adverse Effect. To the knowledge of the Company, there has been no prohibited transaction or violation of the fiduciary
responsibility rules with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.


 


(c)          Except
for occurrences or circumstances that individually or in the aggregate could not reasonably be expected to have a Material Adverse
Effect: (i) except as set forth on Schedule 5.07, since December 31, 2014, no ERISA Event has occurred or is reasonably
expected to occur; (ii) except as set forth on Schedule 5.07, as of the Closing Date, no Single Employer Pension
Plan has any Unfunded Pension Liability; (iii) the Unfunded Pension Liabilities, if any, of all Single Employer Pension Plans do
not exceed, in the aggregate, $25,000,000; (iv) none of the Company, any of its Subsidiaries or any ERISA Affiliate has incurred,
or reasonably expects to incur, any liability (and no event has occurred that, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) none of
the Company, any of its Subsidiaries or any ERISA Affiliate has knowingly engaged in a transaction that could be subject to Section
4069 or 4212(c) of ERISA.


 


Section 5.08         Margin
Regulations. Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of purchasing or carrying Margin Stock. Margin Stock does not constitute more than
25% of the value of the consolidated assets of the Company and its Subsidiaries. None of the proceeds of the Loans will be used
to acquire Margin Stock. None of the transactions contemplated by this Agreement (including the direct or indirect use of the proceeds
of the Loans) will violate or result in a violation of the Securities Act of 1933, as amended, or the Exchange Act, or regulations
issued pursuant thereto, or Regulation T, U or X of the FRB.


 




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Section 5.09         Title
to Properties.


The Company and each Subsidiary have good legal
title in fee simple or rights in and power to transfer, or valid leasehold interests in, all real property necessary or used in
the ordinary conduct of their respective businesses, except for any failure to have such good title and any defects in title or
interests as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of the Closing
Date, the property of the Company and its Subsidiaries is subject to no Liens, other than Liens permitted under Section 7.02.


 


Section 5.10         Taxes.


 


(a)          The
Company and each of its Subsidiaries has timely filed all federal Tax and other material Tax returns and reports required to be
filed, and has paid all federal Tax and other material Taxes levied or imposed upon it or its properties, income or assets that
have become due and payable (including in its capacity as a withholding agent), except those that are (i) not more than 90
days overdue and not yet subject to penalties for failure to file or pay or (ii) being contested in good faith by appropriate proceedings
and for which adequate reserves have been provided in accordance with SAP or GAAP, as applicable (provided that such contest
effectively suspends collection of the same and enforcement of any Lien securing the same). There is no current or proposed Tax
audit, assessment, deficiency or other claim or proceeding against the Company or any Subsidiary that could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.


 


(b)          Except
as could not be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect (i) the Company
and each of its Subsidiaries has made adequate provision in accordance with SAP or GAAP (as applicable) for all Taxes not yet due
and payable and (ii) neither the Company nor any Subsidiary has ever participated in a “listed transaction” within
the meaning of Treasury Regulation Section 1.6011-4.


 


Section 5.11         Financial
Condition.


 


(a)          Each
of (i) the audited consolidated financial statements of the Company and its Subsidiaries dated December 31, 2014, and the
related consolidated statements of income, shareholders’ equity and cash flows for the Fiscal Year ended on that date, reported
on by PricewaterhouseCoopers LLP, independent public accountants and (ii) the unaudited consolidated financial statements
of the Company and its Subsidiaries dated March 31, 2015, and the related consolidated statements of income, shareholders’
equity and cash flows for the period ended on that date:


 


(i)          were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, subject, in the case of such unaudited financial statements, to ordinary, good faith year end and audit adjustments and
the absence of footnote disclosure;


 


(ii)         fairly
present in all material respects the financial condition, results of operations, cash flows and changes in shareholders’
equity of the Company and its Subsidiaries as of the date thereof and results of operations for the period covered thereby; and


 


(iii)        show
all material indebtedness and other liabilities, direct or contingent, of the Company and its consolidated Subsidiaries as of the
date thereof.


 


(b)          Each
of (x) the December 31, 2014 Annual Statement of each Insurance Subsidiary and (y) the March 31, 2015 Quarterly Statement
of each Insurance Subsidiary (collectively, the “Historical Statutory Statements”):


 




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(i)          were
prepared in accordance with SAP, except as may be reflected in the notes thereto and subject, with respect to the Quarterly Statements,
to the absence of notes required by SAP and to normal year-end adjustments; and


 


(ii)         were
in all material respects, in compliance with applicable Requirements of Law when filed and present fairly in all material respects
the financial condition of the respective Insurance Subsidiaries covered thereby as of the respective dates thereof and changes
in Capital and Surplus of the respective Insurance Subsidiaries covered thereby for the respective periods then ended.


 


Except for liabilities and obligations disclosed
or provided for in the Historical Statutory Statements (including, without limitation, reserves, policy and contract claims and
statutory liabilities), no Insurance Subsidiary had, as of the date of its respective Historical Statutory Statements, any material
liabilities or obligations of any nature whatsoever (whether absolute, contingent or otherwise and whether or not due) that, in
accordance with SAP, would have been required to have been disclosed or provided for in such Historical Statutory Statement.


 


(c)          The
financial projections, budgets and estimates are as to future events provided to the Agent prior to the date hereof have been prepared
in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the time that they are provided
to the Agent, it being understood and agreed that (i) financial projections, budgets and estimates are as to future events and
are not to be viewed as facts, (ii) financial projections, budgets and estimates are subject to significant uncertainties and contingencies,
many of which are beyond the Company’s control, (iii) no assurance can be given that any particular financial projections,
budgets or estimates will be realized and (iv) actual results during the period or periods covered by any such projections, budgets
or estimates may differ significantly from the projected, budgeted or estimated results and such differences may be material.


 


(d)          Since
December 31, 2014, there has been no material adverse change in the business, properties, results of operations or financial condition
of the Company and its Subsidiaries, taken as a whole.


 


Section 5.12         Environmental
Matters.


 


(a)          All
properties owned or leased by the Company or any of its Subsidiaries have been, and continue to be, owned or operated by the Company
and its Subsidiaries in compliance with all Environmental Laws, except where failure to so comply could not, individually or in
the aggregate, be reasonably expected to have a Material Adverse Effect.


 


(b)          There
have been no past, and there are no pending or, to the knowledge of the Company, threatened, Environmental Claims against the Company
or any of its Subsidiaries, except for such Environmental Claims that could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.


 


(c)          There
has been no Release of Hazardous Materials at, on, under or from any property now or, to the knowledge of the Company, previously
owned or leased by the Company or any of its Subsidiaries that, individually or in the aggregate, have had, or could reasonably
be expected to have, a Material Adverse Effect.


 


(d)          The
Company and each of its Subsidiaries have been issued and are in compliance with all permits, certificates, approvals, licenses
and other authorizations required under any Environmental Law to own and operate their property or to conduct their businesses
except where failure to obtain or


 




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comply with the foregoing could not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect.


 


(e)          There
are no underground or above ground storage tanks, active or abandoned, including petroleum storage tanks, on or under any property
now owned or leased by the Company or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.


 


(f)          To
the knowledge of the Company, neither the Company nor any of its Subsidiaries has directly transported or directly arranged for
the transportation of any Hazardous Material to any location that could reasonably be expected to result in liability of the Company
or any of its Subsidiaries under any Environmental Law, except any such liability which could not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect.


 


(g)          There
are no polychlorinated biphenyls or friable asbestos present at any property now owned or leased by the Company or any of its Subsidiaries
that, individually or in the aggregate, could be reasonably expected to have a Material Adverse Effect.


 


Section 5.13         Investment
Company Act. None of the Company, any Person controlling the Company, or any Subsidiary, is (a) subject to regulation,
or required to register, under the Investment Company Act of 1940 or (b) a “registered investment company” or a company
“controlled” by a “registered investment company” or a “principal underwriter” of a “registered
investment company” as such terms are defined in the Investment Company Act of 1940.


 


Section 5.14         Equity
Interests and Ownership.


 


(a)          The
Capital Stock of each of the Company and its Subsidiaries has been duly authorized and validly issued and is fully paid and non-assessable.
Except as set forth on Schedule 5.14(a), as of the Closing Date, there is no existing option, warrant, call, right,
commitment or other agreement to which the Company or any of its Subsidiaries is a party requiring, and there is no membership
interest or other Capital Stock of the Company or any of its Subsidiaries outstanding which upon conversion or exchange would require,
the issuance by the Company or any of its Subsidiaries of any additional membership interests or other Capital Stock of the Company
or any of its Subsidiaries or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase,
a membership interest or other Capital Stock of the Company or any of its Subsidiaries.


 


(b)          Schedule 5.14(b)
sets forth the name of, and the ownership interest of the Company (or the applicable Subsidiary) in, each of its Subsidiaries and
identifies each Subsidiary that is a Foreign Subsidiary and/or an Insurance Subsidiary, in each case as of the Closing Date. All
the Company’s Subsidiaries are, and will at all times be, fully consolidated in its consolidated financial statements.


 


Section 5.15         Insurance
Licenses. No License of the Company or any Insurance Subsidiary, the loss of which individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect, is the subject of a proceeding for suspension or revocation. To the Company’s
knowledge, there is no sustainable basis for such suspension or revocation, and no such suspension or revocation has been threatened
by any Governmental Authority.


 


Section 5.16         Full
Disclosure. All written Information (other than financial projections, budgets, estimates and information of a general
economic or industry nature) provided to the Agent directly by or on behalf of the Company or its subsidiaries or affiliates to
the Agent or the Lenders in connection with the Transactions was, as of the Closing Date and when taken as a whole (after giving


 




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effect to all supplements thereto), correct in all material respects
and did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein not materially misleading in light of the circumstances under which such statements were made.


 


Section 5.17         Solvency.  Immediately
after the Transactions to occur on the Closing Date are consummated, upon the incurrence of any Obligation by the Obligor and
the date of any Credit Extension,


 


(a)          the
fair value of the assets of the Obligor, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or
otherwise;


 


(b)          the
Obligor does not intend to, and does not believe that it will, incur debts or liabilities beyond the Obligor’s ability to
pay such debts and liabilities as they mature;


 


(c)          the
Obligor will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and


 


(d)          the
Obligor will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is
now conducted and proposed to be conducted after the Closing Date


 


provided, the value of the assets of the Obligor (for purposes
of clauses (a) and (b) above) shall be determined on a going-concern basis.


 


Section 5.18         [Reserved].


 


Section 5.19         Insurance.
Other than as could not reasonably be expected to have a Material Adverse Effect, the insurance maintained by or reserved on the
books of the Company and its Subsidiaries is sufficient to protect the Company and its Subsidiaries and their respective directors
and officers against such risks as are usually insured against in accordance with industry practice by companies in the same or
similar business.


 


Section 5.20         OFAC;
Anti-Terrorism Laws; Anti-Corruption Laws; PATRIOT Act.


 


(a)          None
of the Obligor or its Subsidiaries and, to the knowledge of senior management of the Obligor, none of its controlled Affiliates
and none of the respective officers, directors, brokers or agents of the Obligor (with respect to brokers and agents, acting at
the direction of or on behalf of the Obligor), such Subsidiary or controlled Affiliate (i) has violated or is in violation
of any applicable Anti-Money Laundering Law or Anti-Corruption Law or (ii) has engaged or engages in any transaction, investment,
undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated
in any applicable law, regulation or other binding measure implementing the “Forty Recommendations” and “Nine
Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action
Task Force on Money Laundering.


 


(b)          None
of the Obligor or its Subsidiaries and, to the knowledge of senior management of the Obligor, none of its controlled Affiliates
and none of the respective officers, directors, brokers or agents of the Obligor (with respect to brokers and agents, acting at
the direction of or on behalf of the Obligor), such Subsidiary or such controlled Affiliate that is acting or benefiting in any
capacity in connection with the Loans (i) is an Embargoed Person or (ii) except as otherwise authorized by OFAC, otherwise
permitted for U.S. persons by a U.S. Governmental Authority or by any rule, regulation or order of a U.S. Governmental Authority,
will use any proceeds of the Loans, or lend, contribute or


 




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otherwise make available such proceeds to any Person for the purpose
of financing the activities of or with any Person or in any country or territory that, at the time of funding or facilitation,
is an Embargoed Person.


 


(c)          Except
as otherwise authorized by OFAC, none of the Obligor or its Subsidiaries and, to the knowledge of senior management of the Obligor,
none of its controlled Affiliates and none of the respective officers, directors, brokers or agents of the Obligor (with respect
to brokers and agents, acting at the direction of or on behalf of the Obligor), such Subsidiary or such controlled Affiliate acting
or benefiting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any
contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages
in any transaction related to, any property or interests in property blocked pursuant to any applicable Economic Sanctions Laws
or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the applicable prohibitions set forth in any Economic Sanctions Laws.


 


Section 5.21         Surplus
Debenture Interest and Dividends. The Company has not received any notice from NAIC, any other Governmental Authority or
any other insurance regulatory authority that its Insurance Subsidiaries will not be permitted to pay dividends or Surplus Debenture
interest, and has no reason to believe that such notice is forthcoming, in each case except for notices which could not reasonable
be expected to have a Material Adverse Effect.


 


Article
6.

Affirmative Covenants


 


Until all principal of and interest on each
Loan and all fees and other amounts payable hereunder have been paid in full (other than unmatured, surviving contingent indemnification
obligations not yet due and payable), all Commitments have been terminated and all Letters of Credit have been cancelled or have
expired, the Company covenants and agrees with the Lenders that:


 


Section 6.01         Financial
Statements. The Company shall deliver to the Agent and each Lender:


 


(a)          promptly
upon filing thereof with the SEC (including as part of a Form 10-K) but not later than 90 days after the end of each Fiscal
Year, copies of the audited consolidated balance sheet of the Company as at the end of such year and the related audited consolidated
statements of operations, shareholders’ equity and cash flows for such year, setting forth in comparative form the figures
for the previous Fiscal Year, and accompanied by the opinion of PricewaterhouseCoopers LLP or another nationally-recognized independent
public accounting firm (“Independent Auditor”), which opinion shall state that such audited consolidated financial
statements present fairly in all material respects the financial position and result of operations of the Company and its Subsidiaries
for the periods indicated in conformity with GAAP applied on a basis consistent with prior years, except as stated therein. Such
opinion shall be without a “going concern” or like qualification and shall not be qualified as to scope;


 


(b)          promptly
upon filing thereof with the SEC (including as part of a Form 10-Q) but not later than 50 days after the end of each of
the first three Fiscal Quarters of each Fiscal Year, copies of the condensed unaudited consolidated balance sheet of the Company
and its Subsidiaries as of the end of such quarter and the related condensed unaudited consolidated statements of operations, shareholders’
equity and cash flows for the period commencing on the first day and ending on the last day of such quarter and for the then elapsed
portion of such Fiscal Year, setting forth in comparative form the figures for the corresponding period or periods of (or, in the
case of the balance sheet, as of the end of) the previous Fiscal Year, and certified by a Responsible Officer as fairly presenting
in all material respects, in


 




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accordance with GAAP (subject to the absence of footnotes and year-end
audit adjustments), the financial position, the results of operations and cash flows of the Company and the Subsidiaries;


 


(c)          as
soon as available but not later than 90 days (or, in the case of the Annual Statement prepared on a combined basis, 100
days) after the close of each Fiscal Year of each Insurance Subsidiary, copies of the unaudited Annual Statement of such Insurance
Subsidiary on a stand-alone basis and on a combined basis for all Insurance Subsidiaries, the stand-alone Annual Statement to be
certified by a Responsible Officer of such Insurance Subsidiary, all such statements to be prepared in accordance with SAP consistently
applied throughout the periods reflected therein and, if required by the applicable Governmental Authority, audited and certified
by independent certified public accountants of recognized national standing (such audited Annual Statement to be delivered as soon
as available but not later than June 15 of each Fiscal Year of such Insurance Subsidiary);


 


(d)          as
soon as available but not later than 75 days (or, in the case of the Quarterly Statement prepared on a combined basis, 90
days) after the close of each of the first three Fiscal Quarters of each Fiscal Year of each Insurance Subsidiary, copies of
the Quarterly Statement of such Insurance Subsidiary on a stand-alone basis and on a combined basis for all Insurance Subsidiaries,
the stand-alone Quarterly Statement to be certified by a Responsible Officer of such Insurance Subsidiary, all such statements
to be prepared in accordance with SAP consistently applied through the period reflected therein;


 


(e)          promptly
following the delivery to or receipt by the Company or any of its Subsidiaries of (i) any regular or periodic final Triennial Examination
Reports, and (ii) in each case to the extent the content thereof could reasonably be expected to result in a Material Adverse Effect,
any risk adjusted capital reports or results of any market conduct examination or examination by any Department or the NAIC of
the financial condition and operations of, or any notice of any assertion as to violation of any Requirement of Law by, any Insurance
Subsidiary, or any other report with respect to any Insurance Subsidiary (including any summary report from the NAIC with respect
to the performance of such Insurance Subsidiary as measured against the ratios and other financial measurements developed by the
NAIC under its Insurance Regulatory Information System as in effect from time to time) that could reasonably be expected to result
in a Material Adverse Effect; and


 


(f)          within
100 days after the close of each Fiscal Year of each Insurance Subsidiary, a copy of the “Statement of Actuarial Opinion”
and “Management Discussion and Analysis” for each such Insurance Subsidiary that is provided to the applicable Department
(or equivalent information should such Department no longer require such a statement) as to the adequacy of reserves of such Insurance
Subsidiary, such opinion to be in the format prescribed by the insurance code of the state of domicile of such Insurance Subsidiary.


 


Section 6.02         Certificates;
Other Information. The Company shall furnish to the Agent, for further distribution to each Lender:


 


(a)          concurrently
with the delivery of the financial statements referred to in Section 6.01(a) and Section 6.01(b),
a Compliance Certificate executed by a Responsible Officer;


 


(b)          concurrently
with the delivery of the financial statements referred to in Section 6.01(a), a certificate of the Independent
Auditor that reported on such financial statements stating (i) whether during the course of its examination of such financial
statements it obtained knowledge of any Default relating to accounting matters (which certificate may be limited to the extent
required by auditing rules or guidelines), (ii) if a Default relating to accounting matters has come to its attention, specifying
the nature and period of existence thereof and (iii) stating whether or not, based on its audit examination, anything


 




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has come to its attention that causes them to believe that the matters
set forth in Schedule 3 to the Compliance Certificate delivered pursuant to Section 6.02(a) for
the applicable Fiscal Year to the extent such matters relate to accounting are not stated in accordance with the terms of this
Agreement;


 


(c)          promptly
upon receipt thereof, copies of all final reports submitted to the Company by independent public accountants in connection with
each annual, interim or special audit of the financial statements of the Company made by such accountants, including the comment
letter submitted by such accountants to management in connection with their annual audit;


 


(d)          promptly,
copies of all Forms 10-K and 10-Q that the Company or any Subsidiary may file with the SEC, all financial statements and reports
that the Company sends to its shareholders and copies of all other financial statements and regular, periodic or special reports
(including Form 8-K) that the Company or any Subsidiary may make to, or file with, the SEC;


 


(e)          [Reserved];


 


(f)          promptly
and in any event within three Business Days after the publication thereof, notification of any changes after the date hereof in
any rating given by S&P, Moody’s, Fitch or A.M. Best in respect of the Company, any of its Subsidiaries or any of their
Indebtedness or securities;


 


(g)          to
the extent not otherwise provided under Section 6.01 or Section 6.02, promptly upon receipt
thereof, or delivery thereof by the Company or any Subsidiary, as applicable, a copy of any written communication addressed to
the Company or any of its Subsidiaries setting forth or relating to the Company’s and its Subsidiaries’ operations
that may reasonably be expected to be materially adverse to the interests of the Company, such Subsidiary or the Lenders delivered
to or received from S&P, Moody’s, Fitch or A.M. Best or any other rating agency;


 


(h)          as
soon as available but not later than five Business Days after receipt, execution or delivery of any Reinsurance Agreement (other
than any Reinsurance Agreement entered into in the ordinary course of business for the purpose of managing insurance risk consistent
with industry practice), including any proposal, binder, cover note or line slip (where the Person to be reinsured or reinsured
is an Insurance Subsidiary), (i) a written notice specifying each Person party to such agreement, (ii) for each such
Person, its most recently published rating, if any, (iii) the subject matter of each such agreement and (iv) if requested
by the Agent or any Lender, attaching thereto, a true and complete copy of such agreement;


 


(i)          promptly
after receipt of any notice of termination, cancellation (which cancellation notice is not accompanied by a corresponding request
for renewal), commutation or recapture of any Reinsurance Agreement (other than any Reinsurance Agreement that was entered into
in the ordinary course of business for the purpose of managing insurance risk consistent with industry practice) where the Person
reinsured is an Insurance Subsidiary, a copy thereof; and


 


(j)          promptly,
such additional information regarding the business, financial or corporate affairs of the Company or any Subsidiary, or compliance
with the terms of any Loan Document, as the Agent, for itself or at the request of any Lender, may from time to time reasonably
request.


 


Documents required to be delivered pursuant
to Section 6.01, Section 6.02 or Section 6.03 may be delivered electronically
and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents or provides
a link thereto on the Company’s website on the Internet at the website address listed on Schedule 10.02;
or (ii) on which such documents are posted on the Company’s behalf on IntraLinks/IntraAgency or another relevant website,
if any, to which each


 




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Lender and the Agent have access (whether a commercial, third-party
website or whether sponsored by the Agent) or (iii) on which such documents are made publicly available at www.sec.gov; provided
that, with respect to clause (ii) and (iii) of this paragraph, the Company shall notify (which
may be by facsimile or electronic mail) the Agent of the posting of any such documents and, solely with respect to clause
(ii), provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except
for Compliance Certificates, the Agent shall have no obligation to request the delivery or to maintain copies of the documents
referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.


 


The Company hereby acknowledges that (a) the
Agent will make available information and projections (collectively, “Company Materials”) to the Lenders by
posting the Company Materials on IntraLinks or another similar secure electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Company, its Subsidiaries or their respective securities) (each, a “Public
Lender”). The Company hereby agrees that (w) it will use commercially reasonable efforts to identify that portion of
the Company Materials that may be distributed to the Public Lenders and that all such Company Materials shall be clearly and conspicuously
marked “PUBLIC,” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Company Materials “PUBLIC,” the Company shall be deemed to have authorized the Agent
and the Lenders to treat such Company Materials as not containing any material non-public information with respect to the Company,
its Subsidiaries or their respective securities for purposes of United States federal and state securities laws, it being understood
that such Company Materials are subject to Section 10.08; (y) all Company Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Lender”; and (z) the Agent
shall be entitled to treat any Company Materials that are not marked “PUBLIC” as being suitable only for posting on
a portion of the Platform not designated “Public Lender.”


 


Section 6.03         Notices.
The Company shall promptly notify the Agent:


 


(a)          of
the occurrence of any Default;


 


(b)          of
any matter that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect, including any of the
following that could reasonably be expected to have a Material Adverse Effect: (i) any breach or non-performance of, or any
default under, a Contractual Obligation of the Company or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding
or suspension between the Company or any Subsidiary and any Governmental Authority; (iii) the commencement of, or any material
development in, any litigation (including any governmental proceeding or arbitration proceeding), tax audit or investigative proceeding,
claim, lawsuit, and/or investigation against or involving the Company or any of its Subsidiaries or any of its or their businesses
or operations, including pursuant to any applicable Environmental Laws; (iv) the expiration without renewal, revocation, suspension
or restriction of, or the institution of any proceedings to revoke, suspend or restrict, any License now or hereafter held by any
Insurance Subsidiary that is required to conduct insurance business in compliance with all applicable laws and regulations; (v) the
institution of any disciplinary proceedings against or in respect of any Insurance Subsidiary, or the issuance of any order, the
taking of any action or any request for an extraordinary audit for cause by any Governmental Authority; or (vi) the issuance
or adoption of any judicial or administrative order limiting or controlling the insurance business of any Insurance Subsidiary
(and not the insurance industry generally);


 




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(c)          of
the filing or commencement of, or the occurrence of any development in, any litigation or proceeding that seeks to enjoin, prohibit,
discontinue or otherwise impacts (i) the validity or enforceability of this Agreement or any of the other Loan Documents or
(ii) the transactions contemplated hereby or thereby and, in the case of clause (ii), that could reasonably
be expected to have a Material Adverse Effect;


 


(d)          of
the occurrence of any of the following events affecting the Company, any of its Subsidiaries or any ERISA Affiliate (but in no
event more than 10 days after such event) and deliver to the Agent and each Lender a copy of any notice with respect to such event
that is filed with a Governmental Authority and any notice delivered by a Governmental Authority to the Company, any of its Subsidiaries
or any ERISA Affiliate with respect to such event:


 


(i)          an
ERISA Event; or


 


(ii)         a
material increase in the Unfunded Pension Liabilities of any Pension Plan;


 


(iii)        the
adoption of or the commencement of contributions to any Plan subject to Title IV of ERISA or Section 412 of the Code by the Company,
any of its Subsidiaries or any ERISA Affiliate; or


 


(iv)        the
adoption of any amendment to a Plan subject to Title IV of ERISA or Section 412 of the Code, if such amendment results in
a material increase in contributions or Unfunded Pension Liability;


 


provided that no such notice will be required under this
Section 6.03(d) with respect to the occurrence of any such event if such occurrence does not result in, and
is not reasonably expected to result in, any liability to the Company, any of its Subsidiaries or any ERISA Affiliate of more than
$25,000,000 in the aggregate; and


 


(e)          of
any material change in accounting policies or financial reporting practices by the Company or any of its Subsidiaries.


 


Each notice under this Section shall be accompanied by a written
statement by a Responsible Officer setting forth details of the occurrence referred to therein, and stating what action the Company
or any affected Subsidiary proposes to take with respect thereto and at what time. Each notice under Section 6.03(a)
shall describe with particularity any and all clauses or provisions of this Agreement or other Loan Document that have been (or
reasonably foreseeably will be) breached or violated.


 


Section 6.04         Preservation
of Corporate Existence, Etc. The Company shall, and shall cause each Subsidiary to (except as permitted by Section 7.03
or Section 7.07):


 


(a)          preserve
and maintain in full force and effect its existence and good standing under the laws of its state or jurisdiction of incorporation
or organization, as applicable; provided no Subsidiary (other than the Company) shall be required to preserve any such existence
or good standing if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof
is no longer desirable in the conduct of the business of such Person, and that the loss thereof could not reasonably be expected
to result in a Material Adverse Effect; and


 


(b)          preserve
and maintain in full force and effect all governmental rights, privileges, qualifications, permits, licenses and franchises necessary
in the normal conduct of its business, except, in


 




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the case of this clause (b), where such failure
to preserve and maintain could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


Section 6.05         Insurance.
The Company shall, and shall cause each Subsidiary to, maintain with financially sound and reputable independent insurers insurance
against losses or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types
and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged
in the same or similar businesses as the Company and its Subsidiaries) as are customarily carried under similar circumstances by
such other Persons, except where such failure to maintain such insurance could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.


 


Section 6.06         Payment
of Obligations. The Company shall, and shall cause each Subsidiary to, pay and discharge as the same shall become due and
payable, all of the following: all federal Tax and other material Tax liabilities imposed upon it or its material properties or
assets, unless the same (a) are not overdue for a period of more than 90 days and not yet subject to penalties for
failure to pay or (b) are being contested in good faith by appropriate proceedings and adequate reserves in accordance with SAP
or GAAP (as applicable) are being maintained by the Company or such Subsidiary and such contest effectively suspends collection
of the same and the enforcement of any Lien securing the same.


 


Section 6.07         Compliance
with Laws. The Company shall, and shall cause each Subsidiary to, comply with all Requirements of Law of any Governmental
Authority having jurisdiction over it or its business (including the Federal Fair Labor Standards Act, the Patriot Act and all
applicable Environmental Laws), except (i) for such noncompliance that could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect or (ii) as may be contested in good faith and by appropriate proceedings and
with respect to which adequate reserves are being maintained in accordance with GAAP.


 


Section 6.08         Compliance
with ERISA. The Company shall, and shall cause each of its Subsidiaries and ERISA Affiliates to: (a) maintain each Plan
in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state law; (b) cause
each Plan that is qualified under Section 401(a) of the Code to maintain such qualification, and (c) make all required contributions
to any Plan subject to Section 412 of the Code, except where such failure to maintain as set forth in (a) or (b) or to make
contributions as set forth in (c) could not, individually or in the aggregate, be reasonably expected to have a Material Adverse
Effect.


 


Section 6.09         Inspection
of Property and Books and Records. The Company shall, and shall cause each Subsidiary to, maintain proper books of record
and account, in which full, true and correct entries in all material respects in conformity with GAAP or SAP, as applicable, consistently
applied (except as stated therein) shall be made of all financial transactions and matters involving the assets and business of
the Company and such Subsidiary. Unless an Event of Default has occurred and is continuing, not more than once per fiscal year,
the Company shall permit, and shall cause each Subsidiary to permit, representatives and independent contractors of the Agent or
its designees, at the Company’s expense, to visit and inspect any of their respective properties, to examine their respective
corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their respective affairs,
finances and accounts with their respective directors, officers, and independent public accountants, all at such reasonable times
during normal business hours, upon reasonable advance notice to the Company; provided that members of senior management
will be notified and permitted to be present during any such meetings; and provided, further, that when an Event
of Default exists the Agent or any Lender (through coordination with the Agent) may do any of the foregoing at any time during
normal business hours and without advance notice; provided that the Company shall not be required to reimburse the costs
of any Lender for more than one visit per Fiscal Quarter.


 




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Section 6.10         [Reserved].


 


Section 6.11         Use
of Proceeds. The proceeds of the Revolving Loans shall be used, together with the proceeds from the issuance of the Senior
Notes, (a) to repay amounts outstanding under the Existing Credit Agreement (provided, that no more than $100,000,000
of the Revolving Loans may be used on the Closing Date to repay such amounts), (b) to redeem all Existing Senior Secured Notes
and satisfy and discharge the indenture relating thereto, (c) to pay fees and expenses incurred in connection with this Agreement
and the other Transactions and (d) for the working capital and general corporate purposes of the Company.


 


Section 6.12         [Reserved].


 


Section 6.13         Further
Assurances. Promptly upon request by the Agent, or any Lender through the Agent, (i) correct any material defect or error
that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (ii) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates,
assurances and other instruments as the Agent, or any Lender through the Agent, may reasonably require from time to time to give
effect to the rights granted or now or hereafter intended to be granted to the Credit Parties under any Loan Document or under
any other instrument executed in connection with any Loan Document to which the Company or any of its Subsidiaries is or is to
be a party.


 


Section 6.14         Maintenance
of Ratings. Use commercially reasonable efforts to maintain
a rating an unsecured debt rating and a corporate family credit rating (but no specific rating) of the Company by each of S&P
and Moody’s.


 


Section 6.15         [Reserved].


 


Section 6.16         Maintenance
of Properties. The Company and each Subsidiary will, and will cause each of its Subsidiaries to, maintain or cause to be
maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful
in the business of the Company and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs,
renewals and replacements thereof.


 


Article
7.

Negative Covenants


 


Until all principal of and interest on each
Loan and all fees and other amounts payable hereunder have been paid in full (other than unmatured, surviving contingent indemnification
obligations not yet due and payable), all Commitments have been terminated and all Letters of Credit have been cancelled or have
expired, the Company covenants and agrees with the Lenders that:


 


Section 7.01         Limitation
on Subsidiary Debt. The Company will not permit any of its Subsidiaries to create, assume, incur or otherwise become liable
for or suffer to exist any Indebtedness (any Indebtedness of a Subsidiary of the Company, “Subsidiary Debt”),
other than such Subsidiary Debt that is:


 


(a)          Indebtedness
of a Person existing at the time it is merged, combined or amalgamated with or into or consolidated with or into any such Subsidiary
or at the time of a sale, lease or other disposition of the properties and assets of such Person (or a division thereof) as an
entirety or substantially as an entirety to any such Subsidiary and is assumed by such Subsidiary; provided that any Indebtedness
was


 




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not incurred in contemplation thereof and is not Guaranteed by any
other such Subsidiary (other than any Guarantee existing at the time of such merger, consolidation or sale, lease or other disposition
of properties and assets and that was not issued in contemplation thereof);


 


(b)          Indebtedness
of a Person existing at the time such Person becomes a Subsidiary of the Company; provided that any Indebtedness was not
incurred in contemplation thereof;


 


(c)          Indebtedness
owed to the Company or any Subsidiary of the Company;


 


(d)          Indebtedness
or Guarantees in respect of netting services, business credit card programs, overdraft protection and other treasury, depository
and cash management services or incurred in connection with any automated clearing-house transfers of funds or other fund transfer
or payment processing services;


 


(e)          Indebtedness
or Guarantees arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business, provided that any such Indebtedness or Guarantee is extinguished
within five business days within its incurrence;


 


(f)          reimbursement
obligations incurred in the ordinary course of business;


 


(g)          client
advances and deposits received in the ordinary course of business;


 


(h)          Indebtedness
or Guarantees incurred (i) in respect of workers’ compensation claims, payment obligations in connection with health or other
types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, (ii) in
connection with the financing of insurance premiums or self-insurance obligations or take-or- pay obligations contained in supply
agreements, and (iii) in respect of guarantees, warranty or contractual service obligations, indemnity, bid, performance, warranty,
release, appeal, surety and similar bonds, letters of credit and banker’s acceptances for operating purposes or to secure
any Indebtedness or other obligations referred to in clauses (a) through (g) or this clause (h),
payment (other than for payment of Indebtedness) and completion guarantees, in each case provided or incurred (including Guarantees
thereof) in the ordinary course of business; or


 


(i)          (i)
Indebtedness outstanding on the Closing Date after the consummation of the offering of the Senior Notes and the Transactions and
(ii) any Permitted Refinancing Indebtedness in exchange for or the net proceeds of which are used to renew, refund, replace, defease
or discharge any Indebtedness existing on the Closing Date after the consummation of the offering of the Senior Notes and the Transactions
or Indebtedness referred to in clauses (a) or (b) above;


 


(j)         Indebtedness
under Permitted Swap Obligations;


 


(k)        [Reserved];


 


(l)         any
Surplus Debentures issued by any Insurance Subsidiary to the Company or any of its Subsidiaries that remain outstanding on the
Closing Date, and extensions, renewals or replacements thereof;


 


(m)      Permitted
Transactions entered into by Insurance Subsidiaries in connection with Permitted Portfolio Investments;


 




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(n)          non-recourse
Indebtedness of Insurance Subsidiaries incurred in the ordinary course of business (x) existing or arising under Swap Contracts
entered into by Insurance Subsidiaries or (y) resulting from the sale or securitization of non-admitted assets, policy loans,
CBOs and CMOs;


 


(o)          Indebtedness
secured by Liens permitted pursuant to clauses (i), (o) or (t) of Section 7.02 (to the extent such Liens are
permitted to secure Indebtedness pursuant to Section 7.02);


 


(p)          Indebtedness
in respect of letters of credit issued in connection with reinsurance transactions entered into in the ordinary course of business;
and


 


(q)          such
other Indebtedness incurred by a Subsidiary of the Company up to an aggregate principal amount outstanding, that when taken together
with the principal amount of all Indebtedness then outstanding secured by Liens permitted pursuant to Section 7.02(cc),
does not exceed $10,000,000.


 


Section 7.02         Liens. The
Company shall not, and shall not permit any of its Subsidiaries to, create, assume or suffer to exist any Lien on any property
now owned or hereafter acquired by it, except for the following:


 


(a)          Liens
on the assets of any Subsidiary securing Indebtedness of such Subsidiary that is permitted pursuant to clauses (a) through
(n) and clause (p) of Section 7.01;


 


(b)          Liens
on assets of Insurance Subsidiaries or the Company securing obligations under transactions entered into in connection with Permitted
Portfolio Investments;


 


(c)          collateral
consisting of cash or Cash Equivalents securing Permitted Swap Obligations in an aggregate amount not to exceed, at any time, $60,000,000;
provided that, for purposes of this clause (c), in the case of Cash Equivalents described in clauses
(a), (b), (e) and (f) of the definition thereof, the one year (or twelve-month, as applicable)
maturity limitation set forth in such clauses shall be disregarded;


 


(d)          Liens
(i) for Taxes, assessments or other governmental charges that are not overdue for more than 90 days and not yet subject to penalties
for failure to pay or (ii) for Taxes, assessments or other governmental charges being contested in good faith and by appropriate
proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP;


 


(e)          Liens
existing on the date hereof and listed in Schedule 7.02, including extensions, renewals and replacements of
such Liens; provided that (i) such Lien shall not apply to any additional property (other than after acquired title in or
on such property and proceeds of the existing collateral in accordance with the document creating such Lien) and (ii) the Indebtedness
secured thereby is not increased except as otherwise permitted under Section 7.01 (in which case the portion representing
any additional increase must be permitted by another paragraph of this Section 7.02);


 


(f)          (i) Liens
incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other forms
of governmental insurance or benefits or to secure performance of tenders, statutory obligations, leases and contracts (other than
for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds and (ii) collateral
consisting of cash or Cash Equivalents securing letters of credit issued in respect of obligations to insurers in an aggregate
amount not to exceed $20,000,000 at any time outstanding;


 


(g)          (i) Liens
of attorneys retained by the Company on a contingency fee basis and (ii) Liens of mechanics, carriers, warehousemen and materialmen
and other like Liens imposed by law and arising


 




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in the ordinary course of business in respect of obligations that
in the case of clause (ii) hereof are not overdue for more than 60 days or that are being contested in
good faith and by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP;


 


(h)          Liens
arising in the ordinary course of business for sums being contested in good faith and by appropriate proceedings and with respect
to which adequate reserves are being maintained in accordance with GAAP, or for sums not due, and in either case not involving
any deposits or advances for borrowed money or the deferred purchase price of property or services;


 


(i)          Liens
securing Capitalized Lease Liabilities or Purchase Money Debt up to an aggregate principal amount of $50,000,000; provided
that such Liens are limited to the assets financed by the relevant Capitalized Lease Liabilities or Purchase Money Debt;


 


(j)          minor
survey exceptions, ground leases, easements, rights of way, minor encroachments, protrusions, municipal and zoning and building
ordinances and similar charges, encumbrances, title defects or other irregularities, governmental restrictions on the use of property
or conduct of business, and Liens in favor of governmental authorities and public utilities, that do not materially interfere with
the ordinary course of business of the Company and its Subsidiaries, taken as a whole;


 


(k)          Liens
on property of the Company and its Subsidiaries in favor of landlords securing licenses, subleases or leases of property not otherwise
prohibited hereunder;


 


(l)          licenses,
leases or subleases permitted hereunder granted to others not materially interfering in any material respect in the business of
the Company and its Subsidiaries;


 


(m)          attachment
or judgment Liens not constituting an Event of Default under Section 8.01(i) and Liens securing appeal or surety
bonds related to such judgment, so long as any appropriate legal proceedings that may have been duly initiated for the review of
such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;


 


(n)          Liens
arising from precautionary Uniform Commercial Code financing statement filings with respect to operating leases or consignment
arrangements entered into by the Company and its Subsidiaries in the ordinary course of business;


 


(o)          Liens
incurred to secure cash management obligations in the ordinary course of business in an aggregate amount not to exceed $25,000,000
and customary rights of set off, banker’s Lien, revocation, refund or chargeback or similar rights under deposit disbursement,
concentration account agreements or under the Uniform Commercial Code or arising by operation of law;


 


(p)          [Reserved];


 


(q)          any
Lien on any asset of any Person existing at the time such Person becomes a Subsidiary of the Company, is merged or consolidated
with or into the Company or a Subsidiary of the Company and not created in contemplation of such event;


 


(r)          Liens
on any cash earnest money deposit made by the Company or any Subsidiary in connection with any letter of intent or acquisition
agreement;


 


(s)          Liens
incurred in connection with the collection or disposition of delinquent accounts receivable in the ordinary course of business;


 




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(t)          Liens
in favor of or required by a Governmental Authority to secure payments under any contract or statute, or to secure debts incurred
in financing the acquisition or construction of or improvements or alterations to property subject thereto;


 


(u)          Liens
in favor of any customer arising in respect of and not exceeding the amount of performance deposits and partial, progress, advance
or other payments by that customer for goods produced or services rendered to that customer in the ordinary course of business
and consignment arrangements (whether as consignor or as consignee) or similar arrangements for the sale or purchase of goods in
the ordinary course of business;


 


(v)         Liens
resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing or effecting a satisfaction
and discharge of any Indebtedness of the Company or any of its Subsidiaries, and legal or equitable encumbrances deemed to exist
by reason of negative pledges;


 


(w)          Liens
to secure the performance of bids, trade or commercial contracts, government contracts, purchase, construction, sales and servicing
contracts (including utility contracts), leases, statutory obligations, surety, stay, customs, revenue and appeal bonds, performance
bonds and other obligations of a like nature, in each case in the ordinary course of business and to secure letters of credit,
Guarantees, bonds or other sureties given in connection with the foregoing or in connection with workers’ compensation, unemployment
insurance, general insurance and other insurance laws and old age pensions and or other types of social security or retirement
or similar laws and regulations;


 


(x)          Liens
on stock, partnership or other equity interests in any joint venture of the Company or any of its Subsidiaries or in any Subsidiary
of the Company that owns an equity interest in a joint venture to secure Indebtedness contributed or advanced solely to that joint
venture; provided that, in each case, the obligations secured by such Lien are not secured by a Lien on any other property of the
Company or any Subsidiary of the Company;


 


(y)          Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods;


 


(z)          Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered
into by the Company or any of its Subsidiaries in the ordinary course of business;


 


(aa)         Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect in
the relevant jurisdiction covering only the items being collected upon;


 


(bb)         [Reserved];
and


 


(cc)         any
other Liens securing obligations up to an aggregate amount outstanding, that when taken together with the principal amount of all
Indebtedness incurred and then outstanding pursuant to Section 7.01(q), does not exceed $10,000,000.


 


Section 7.03         Disposition
of Assets.


 


The Company shall not, and shall not permit
any of its Subsidiaries to Dispose of (whether in one or a series of transactions) any property (including accounts and notes receivable
with or without recourse and Capital Stock of any Subsidiary whether newly issued or otherwise), except:


 




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(a)          
(i) Dispositions of inventory and equipment in the ordinary course of business and (ii) Dispositions of Cash Equivalents;


 


(b)          the
sale of equipment to the extent that such equipment is exchanged for credit against the purchase price of similar replacement equipment
or the proceeds of such sale are reasonably promptly applied to the purchase price of such replacement equipment;


 


(c)          Dispositions
of Investments by any Insurance Subsidiary (other than any of its Investments in Subsidiaries engaged in insurance lines of business)
and Dispositions by the Company of Investments, in each case, in the ordinary course of business consistent with past practices
of the Company and its Subsidiaries taken as a whole and the investment policy approved by the board of directors of such Insurance
Subsidiary or the Company, as the case may be;


 


(d)          Dispositions
by the Company or any Subsidiary to the Company or any Subsidiary;


 


(e)          (i) any
Dispositions pursuant to a Reinsurance Agreement so long as such Disposition is entered into in the ordinary course of business
for the purpose of managing insurance risk consistent with industry practice and (ii) any other Dispositions pursuant to a
Reinsurance Agreement so long as the aggregate statutory profit and/or gains on insurance policy sales or other portfolio transfers
resulting from all Dispositions described in this clause (ii) consummated after the Closing Date do not
exceed $400,000,000 in the aggregate during the term of this Agreement or $150,000,000 in any Fiscal Year; provided
that any net proceeds therefrom that are required to be retained by any Insurance Subsidiary pursuant to regulatory restrictions
are so retained by such Insurance Subsidiary;


 


(f)          obsolete,
surplus or worn out property disposed of by the Company or any of its Subsidiaries in the ordinary course of business and consistent
with past practices of the Company and its Subsidiaries;


 


(g)          transfers
resulting from any casualty or condemnation of property or assets;


 


(h)          licenses
or sublicenses of intellectual property and general intangibles and licenses, leases or subleases of other property in the ordinary
course of business and consistent with the past practices of the Company and its Subsidiaries and which do not materially interfere
with the business of the Company and its Subsidiaries;


 


(i)          Dispositions
consisting of mergers, amalgamations and consolidations among the Company and its Subsidiaries, or of any liquidation, winding
up or dissolution of any Subsidiary, in each case to the extent permitted by Section 7.07;


 


(j)          Dispositions
of shares of Capital Stock in order to qualify members of the board of directors or equivalent governing body of a Subsidiary or
such other nominal shares required to be held other than by the Company or such Subsidiary, as required by applicable law;


 


(k)          the
sale, discount, forgiveness or other compromise of notes or other accounts in the ordinary course of business or in connection
with collection thereof;


 


(l)          issuances
of Capital Stock (i) by the Company, (ii) by a directly or indirectly Wholly-Owned Subsidiary of the Company to the Company
or to one or more Wholly-Owned Subsidiaries of the Company or (iii) by a non-Wholly-Owned Subsidiary of the Company to the
respective equity holders of such non-Wholly-Owned Subsidiary, on a pro rata basis;


 




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(m)          the
sale and leaseback of the Company’s headquarters located in Carmel, Indiana, on fair and reasonable terms (as certified to
the Agent in writing by a Responsible Officer of the Company);


 


(n)          Dispositions
required by any regulation or order of any Government Authority; and


 


(o)          Dispositions
not otherwise permitted hereunder (other than pursuant to Reinsurance Agreements, which shall be subject to the limitations in
clause (e) above); provided that


 


(i)          if
the fair market value of the property subject to any such Disposition (or series of related Dispositions) exceeds 10% of
Consolidated Net Worth (calculated as of the last day of the last fiscal quarter prior to such Disposition for which financial
statements are available), such Disposition shall be for fair market value (as determined in good faith by the Company) and at
least 75% of the consideration received in connection therewith at closing shall consist of cash or Cash Equivalents,


 


(ii)         on
a Pro Forma Basis after giving effect to such Disposition, the Company and its Subsidiaries would be in compliance with all of
the covenants contained in the Loan Documents (including all financial covenants), and


 


(iii)        no
such Disposition shall include the sale of any Capital Stock of any Subsidiary unless 100% of the Capital Stock of such Subsidiary
is sold.


 


Section 7.04         [Reserved].


 


Section 7.05         Transactions
with Affiliates. The Company shall not, and shall not suffer or permit any Subsidiary to, enter into any transaction
with any Affiliate of the Company, other than


 


(a)          transactions
no less favorable to the Company or such Subsidiary than would be obtained in a comparable arm’s-length transaction with
a Person not an Affiliate of the Company or such Subsidiary,


 


(b)          insurance
transactions, intercompany pooling and other reinsurance transactions entered into in the ordinary course of business and consistent
with past practice,


 


(c)          transactions
between or among the Company and its Subsidiaries and between or among Subsidiaries,


 


(d)          [Reserved],


 


(e)          any
Restricted Payment permitted by Section 7.08,


 


(f)          arrangements
for indemnification payments for directors and officers of the Company and its Subsidiaries,


 


(g)          intercompany
transactions between or among the Company and its Subsidiaries and between or among Subsidiaries, relating to the (i) provision
of management services and other corporate overhead services, (ii) provision of personnel to other locations within the Company’s
consolidated group on a temporary basis and (iii) provision, purchase or lease of services, operational support, assets, equipment,
data, information and technology, that, in the case of any such intercompany transaction referred to in this clause (g),
are subject to reasonable reimbursement or cost-sharing arrangements (as determined in good faith by the Company), which reimbursement
or cost-sharing arrangements may be


 




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effected through transfers of cash or other assets or through book-entry
credits or debits made on the ledgers of each involved Subsidiary; provided that any such intercompany transaction is either
(1) entered into in the ordinary course of business or (2) otherwise entered into pursuant to the reasonable requirements of the
business of the Company and the Subsidiaries,


 


(h)          ordinary
course business transactions (other than transactions of the type described in clause (c) or (g) above)
that (i) do not involve the sale, transfer or other Disposition of operations or assets and (ii) do not adversely affect the Lenders,
and


 


(i)          loans,
Investments and guarantees among the Company and the Subsidiaries to the extent permitted under Article 7 in the
ordinary course of business of the respective parties.


 


Section 7.06         Change
in Business. The Company shall not, and shall not suffer or permit any Subsidiary to, engage in any material line
business that is substantially different than the businesses conducted by the Company and its Subsidiaries on the date of this
Agreement or any business substantially related, incidental or complementary thereto as reasonably determined by the board of
directors of the Company.


 


Section 7.07         Fundamental
Changes.


 


(a)          The
Company shall not, and shall not suffer or permit any of its Subsidiaries to, enter into any merger, consolidation, amalgamation,
or sale of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole, or liquidate, wind up or
dissolve itself (or suffer any liquidation or dissolution), except


 


(i)          in
connection with a Disposition of a Subsidiary otherwise permitted by Section 7.03 and


 


(ii)         if
at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing,


 


(1)         any
Subsidiary may merge, consolidate or amalgamate into the Company in a transaction in which the Company is the surviving corporation,


 


(2)         any
two Subsidiaries may merge, consolidate or amalgamate, and


 


(3)         any
Subsidiary may liquidate, wind up or dissolve so long as the assets of such Subsidiary is distributed to the Company or any of
its Subsidiaries.


 


(b)          The
Company shall not reorganize, reincorporate or otherwise change its jurisdiction of formation or organization unless the Company
is reorganized, reincorporated or otherwise organized under the laws of the United States of America, any State thereof, the District
of Columbia or any other jurisdiction within the United States of America.


 


Section 7.08         Restricted
Payments. The Company shall not, and shall not permit any of its Subsidiaries to, declare or pay any dividend on
(or make any payment to a related trust for the purpose of paying a dividend), or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any
Capital Stock of the Company, whether now or hereafter outstanding, or make any other distribution in respect thereof, either
directly or indirectly, whether in cash or property or in obligations of the Company or such


 




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Subsidiary (collectively, “Restricted Payments”)
so long as an Event of Default has occurred and is continuing.


 


Section 7.09         [Reserved].


 


Section 7.10         Modifications
of Certain Agreements


 


(a)          [Reserved].


 


(b)          The
Company shall not, and shall not permit any of its Subsidiaries to, amend, modify, waive or otherwise change, or consent or agree
to any amendment, modification, waiver or other change to, (i) the Senior Notes Documents or the documents or instruments governing
or evidencing any Indebtedness that is subordinated in right of payment to the Loans in any manner adverse in any material respect
to the Credit Parties or (ii) the documents or instruments governing or evidencing any other Indebtedness or Capital Stock if such
Indebtedness or Capital Stock as such documents or instruments are so amended, modified, waived or otherwise changed
would not have been permitted to be incurred or issued under this Agreement.


 


(c)          The
Company shall not, and shall not permit any of its Subsidiaries to, amend or modify its respective Organization Documents, other
than any amendments or modifications which could not reasonably be expected to have a material adverse effect to the interests
of the Lenders.


 


Section 7.11         Debt
to Total Capitalization Ratio. The Company shall maintain at all times a Debt to Total Capitalization Ratio of not
more than 30.0%.


 


Section 7.12         Minimum
Consolidated Net Worth. The Company shall maintain at all times Consolidated Net Worth equal to not less than the
sum of (a) $2,674,000,000 plus (b) an amount equal to 50% of the Net Equity Proceeds received
by the Company from the issuance and sale of Equity Interests of the Company, including the conversion of debt securities of the
Company into Equity Interests after the first fiscal quarter after the Closing Date.


 


Section 7.13         [Reserved].


 


Section
7.14         Aggregate RBC Ratio. The Company shall not permit the
Aggregate RBC Ratio as of the end of any Fiscal Quarter to be less than 250%.


 


Section 7.15         [Reserved].


 


Section 7.16         [Reserved].


 


Section 7.17         Restrictive
Agreements. The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter
into or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition on


 


(a)          [Reserved];


 


(b)          the
ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Capital Stock or to make, repay
or prepay loans or advances to the Company or any other Subsidiary or to Dispose of assets to the Company or any other Subsidiary;
provided that


 




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(i)          the
foregoing shall not apply to restrictions and conditions imposed by applicable law (including pursuant to regulatory restrictions)
or imposed by any Governmental Authority,


 


(ii)         the
foregoing shall not apply to restrictions and conditions existing on the date hereof and identified on Schedule 7.17
(but shall apply to any amendment or modification, or any extension or renewal, of any such restriction or condition that has the
effect of making such restriction or condition materially more restrictive),


 


(iii)        the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
or assets or property of the Company or any Subsidiary pending such sale; provided that such restrictions and conditions
apply only to the Subsidiary or assets or property that is to be sold and such sale is permitted hereunder,


 


(iv)        the
foregoing shall not apply to restrictions that are not more restrictive than those contained in this Agreement contained in any
documents governing any Indebtedness permitted by this Agreement,


 


(v)         this
Section shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness (including
Capitalized Lease Liabilities and Purchase Money Debt) permitted by this Agreement if such restrictions or conditions apply only
to the collateral securing such Indebtedness,


 


(vi)        this
Section shall not apply to customary provisions in leases or licenses or other contracts and agreements restricting the assignment,
subletting or sublicensing thereof and


 


(vii)       this
Section shall not apply to


 


(1)         any
Subsidiary that is not a Wholly-Owned Subsidiary with respect to restrictions and conditions imposed by such Subsidiary’s
organizational documents or any related joint venture or similar agreement so long as any such restriction or condition applies
only to such Subsidiary and to any Equity Interests in such Subsidiary,


 


(2)         restrictions
and conditions imposed on any Subsidiary in existence at the time such Subsidiary became a Subsidiary (but shall apply to any amendment
or modification expanding the scope of any such restriction or condition which makes such restrictions and conditions, taken as
a whole, materially more restrictive); provided that such restrictions and conditions (A) apply only to such Subsidiary
and (B) were not imposed in anticipation of the Facilities,


 


(3)         customary
provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to Intellectual
Property and other agreements, in each case entered into in the ordinary course of business; provided that such provisions
apply only to the assets that are the subject of such lease, sub-lease, license, sub-license or other agreement and shall not apply
to any other assets of the Company or any Subsidiary and


 


(4)         restrictions
on pledging joint venture interests included in customary provisions in joint venture agreements or arrangements and other agreements
and other similar agreements applicable to joint ventures.


 


Section 7.18         [Reserved].


 




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Section 7.19         Changes
in Fiscal Year.


 


The Company shall not, and shall not permit
any of its Subsidiaries to change the last day of its fiscal year from December 31 of each year.


 


Article
8.

Events of Default


 


Section 8.01         Events
of Default. Each of the following shall constitute an “Event of Default”:


 


(a)          Non-Payment.
The Company fails to pay (i) when and as required to be paid herein, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise, any amount of principal of any Loan, or (ii) within five (5) days after the same becomes
due, any interest, fee or any other amount payable hereunder or under any other Loan Document; or


 


(b)          Representation
or Warranty. Any representation or warranty by the Company or any of its Subsidiaries made or deemed made herein or in
connection with any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or
contained in any certificate, document or financial or other statement by the Company, any Subsidiary or any Responsible Officer,
furnished at any time in connection with this Agreement or in connection with any other Loan Document or any amendment or modification
hereof or thereof or waiver hereunder or thereunder, is incorrect in any material respect on or as of the date made or deemed made;
or


 


(c)          Specific
Defaults. The Company or any of its Subsidiaries fails to perform or observe any term, covenant or agreement contained
in any of Section 6.03(a), Section 6.04(a) (with respect to the Company’s corporate
existence) or Article 7, or


 


(d)          Other
Defaults. The Company or any of its Subsidiaries fails to perform or observe any other term or covenant contained in this
Agreement or any other Loan Document, and such default shall continue unremedied for a period of 30 days after the date
upon which written notice thereof is given to the Company by the Agent or the Required Lenders; or


 


(e)          Cross-Default.


 


(i)          The
Company or any Subsidiary


 


(1)         fails
to make any payment in respect of any Indebtedness or Contingent Obligation (other than in respect of Swap Contracts), having an
aggregate principal amount of more than $75,000,000 (in the aggregate for all such Indebtedness and Contingent Obligations),
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise); or


 


(2)         fails
to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or
instrument relating to any such Indebtedness (and, solely in the case of a failure to comply with any financial statement or other
information delivery or reporting requirement or in the case of the entry of any judgment or decree, so long as such judgment or
decree constitutes a Default but not an Event of Default under Section 8.01(i), such failure or event continues
after the applicable grace or notice period, if any, specified in the relevant document on the date of such failure or event) if
the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary
or beneficiaries of


 




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such Indebtedness (or a trustee or agent on behalf of such
holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be declared to be due and payable prior to its
stated maturity, or, in the case of any such Indebtedness consisting of Contingent Obligations, to become payable or cash collateral
in respect thereof to be demanded; or


 


(ii)         there
occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (x) any event of default
under such Swap Contract as to which the Company or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or
(y) any Termination Event (as so defined) as to which the Company or any Subsidiary is an Affected Party (as so defined), and,
in either event, the Swap Termination Value owed by the Company or such Subsidiary as a result thereof is greater than $75,000,000
(in the aggregate for all such Swap Contracts); or


 


(f)          Insolvency;
Voluntary Proceedings. The Company or any Significant Subsidiary (i) generally fails to pay, or admits in writing
its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or
otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding with
respect to itself; (iv) applies for or consents to the appointment of a receiver, trustee, custodian, conservator, liquidator,
mortgagee in possession (or agent therefor), or other similar Person for itself or for a substantial part of its assets, or (v)
takes any action to effectuate or authorize any of the foregoing; or


 


(g)          Involuntary
Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against the Company or any Significant
Subsidiary, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial
part of the Company’s or any Significant Subsidiary’s properties, and any such proceeding or petition shall not be
dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully
bonded within 60 days after commencement, filing or levy; (ii) the Company or any Significant Subsidiary admits the material
allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law)
is ordered in any Insolvency Proceeding; (iii) the Company or any Significant Subsidiary acquiesces in the appointment of
a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for
itself or a substantial portion of its property or business; or (iv) the Company or any Significant Subsidiary shall become
subject to any conservation, rehabilitation or liquidation order, directive or mandate issued by any Governmental Authority; or


 


(h)          Pension
Plans and Welfare Plans. With respect to any Single Employer Pension Plan or Multiemployer Plan, any ERISA Event has occurred
that could reasonably be expected to result in the incurrence of liability by the Company, any of its Subsidiaries or any ERISA
Affiliate or steps are taken to terminate any Multiemployer Plan and such steps could reasonably be expected to result in any liability
of the Company, any of its Subsidiaries or any ERISA Affiliate, where in any event, individually or in the aggregate, the liability
incurred by the Company and its Subsidiaries would have a Material Adverse Effect; or


 


(i)          Material
Judgments. One or more judgments or decrees shall be entered against the Company or any of its Subsidiaries involving in
the aggregate a liability (not paid or fully covered by insurance as to which the relevant insurance company has not denied coverage)
of $75,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending
appeal within 30 days from the entry thereof, or any action shall be taken by a judgment creditor to attach or levy upon any asset
of the Company or any of its Subsidiaries to enforce any such judgment or decree; or


 




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(j)          Material
Regulatory Matters. At any time either (x) the Debt to Total Capitalization Ratio is greater than 22.5% or (y) the
Financial Strength Rating Condition is not satisfied, (i) any Insurance Subsidiary shall not make a scheduled payment of interest
or principal on any surplus note or similar form of indebtedness (due to actions of any Governmental Authority or otherwise), (ii) any
Insurance Subsidiary’s ability to pay fees to its Affiliates under existing agreements (or extensions of existing agreements)
shall be restricted (due to actions of any Governmental Authority or otherwise) or (iii) in any Fiscal Year, an Insurance
Subsidiary’s ability to pay dividends to its stockholders is restricted in any manner (due to actions of any Governmental
Authority or otherwise), other than by restrictions relating to dividends that apply generally to other insurance companies domiciled
in the Insurance Subsidiary’s state of domicile under the insurance law of the state, and (1) in the cases of clauses (i) through
(iii) above, such event or condition, together with all other such events or conditions, could reasonably be
expected to have a Material Adverse Effect and (2) in each case, such event or condition was not in effect as of the date hereof;
or


 


(k)          Change
of Control. There occurs any Change of Control; or


 


(l)          Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to
be in full force and effect; or the Obligor contests in writing the validity or enforceability of any provision of any Loan Document;
or the Obligor denies in writing that it has any or further liability or obligation under any material provision of any Loan Document,
or purports to revoke, terminate or rescind any material provision of any Loan Document.


 


Section 8.02         Remedies. If
any Event of Default shall have occurred and be continuing, the Agent shall, at the request of, or may, with the consent of, the
Required Lenders,


 


(a)          declare
the obligation of each Lender to make extensions or conversions of the Loans to be terminated;


 


(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, whereupon such Loans, all interest accrued and unpaid
thereon and all other amounts owing or payable hereunder or under any other Loan Document shall become immediately due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company; and


 


(c)          exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
law;


 


provided that upon the occurrence of any event specified
in Section 8.01(f) or Section 8.01(g) (upon the expiration of the 60-day period mentioned
therein, if applicable), the obligation of each Lender to make Loans shall automatically terminate and the unpaid principal amount
of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company.


 


Section 8.03         Rights
Not Exclusive. The rights provided for in this Agreement and the other Loan Documents are cumulative and are not
exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document
or agreement now existing or hereafter arising.


 




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ARTICLE 9.

THE AGENT


 


Section 9.01         Appointment
and Authority. Each of the Lenders hereby irrevocably appoints KeyBank to act on its behalf as the Agent hereunder
and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as
are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article are solely for the benefit of the Agent and the Lenders, and neither the Company
nor any Subsidiary shall have rights as a third party beneficiary of any of such provisions.


 


Section 9.02         Rights
as a Lender. The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary
or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders.


 


Section 9.03         Exculpatory
Provisions. No Agent-Related Person shall have any duties or obligations except those expressly set forth herein
and in the other Loan Documents. Without limiting the generality of the foregoing, the no Agent-Related Person:


 


(a)          shall
be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;


 


(b)          shall
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that, with respect to the Agent, is required to exercise as directed in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents); provided that no Agent-Related Person shall be required to take any action that, in its opinion or
the opinion of its counsel, may expose such Agent-Related Person to liability or that is contrary to any Loan Document or applicable
law; and


 


(c)          shall,
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, shall be liable for the failure
to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person
serving as the Agent, any Agent-Related Person or any of their respective Affiliates in any capacity.


 


No Agent-Related Person shall be liable for
any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary, or as such Agent-Related Person shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 8.02 and 10.01) or (ii) in the absence of such
Agent-Related Person’s own gross negligence or willful misconduct. No Agent-Related Person shall be deemed to have knowledge
of any Default unless and until notice describing such Default is given to such Agent-Related Person by the Company or a Lender.


 


No Agent-Related Person shall be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with
this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the


 




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covenants, agreements or other terms or conditions set forth herein
or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth
in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such
Agent-Related Person.


 


Section 9.04         Reliance
by Agent. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that
such condition is satisfactory to such Lender unless the Agent shall have received notice to the contrary from such Lender prior
to the making of such Loan. The Agent may consult with legal counsel (who may be counsel for the Company), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts.


 


Section 9.05         Delegation
of Duties. The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Agent.


 


Section 9.06         Resignation
of Agent. The Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, subject to the reasonable satisfaction of the Company
so long as no Event of Default has occurred and is continuing, to appoint a successor, which shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives
notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications
set forth above; provided that if the Agent shall notify the Company and the Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any collateral security held by the Agent on behalf of the Lenders under any of the Loan Documents, the retiring Agent shall
continue to hold such collateral security until such time as a successor Agent is appointed) and (2) all payments, communications
and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until
such time as the Required Lenders appoint a successor Agent, in consultation with the Company, as provided for above in this Section.
Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Company and such successor. After the retiring Agent’s resignation hereunder and under
the other Loan Documents, the provisions of this Article and Sections 10.04 and 10.05 shall
continue in effect for the benefit of such


 




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retiring Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.


 


Section 9.07         Non-Reliance
on Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon any Agent-Related
Person or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently
and without reliance upon any Agent-Related Person or any other Lender or any of their Related Parties and based on such documents
and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.


 


Section 9.08         No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, joint bookrunners, syndication
agents or documentation agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Agent or a Lender hereunder.


 


Section 9.09         Agent
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Obligor, the Agent (irrespective of whether
the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Agent shall have made any demand on the Company) shall be entitled and empowered, by intervention in such proceeding
or otherwise:


 


(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Lenders and the Agent and their respective agents and counsel and all other amounts due the Lenders and the Agent under Sections
2.10, 10.04 and 10.05) allowed in such judicial proceeding; and


 


(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Agent
and, in the event that the Agent shall consent to the making of such payments directly to the Lenders, to pay to the Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any
other amounts due the Agent under Sections 2.10, 10.04 and 10.05.


 


Nothing contained herein shall be deemed to
authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Agent to vote in respect of
the claim of any Lender in any such proceeding.


 


Section 9.10         [Reserved].


 


Section 9.11         Indemnification
of Agent-Related Persons. Whether or not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand each Agent-Related


 




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Person (to the extent not reimbursed by or on behalf of the Company
and without limiting the obligation of the Company to do so), ratably according to their respective portions of the total Loans
held on the date on which indemnification is sought, and hold harmless each Agent-Related Person from and against any and all Indemnified
Liabilities incurred by it; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion
of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction
to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; and provided, further,
that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or
willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse each Agent-Related
Person upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by such Agent-Related
Person in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Loan Document or any document contemplated by or referred to herein, to the extent that such Agent-Related
Person is not reimbursed for such expenses by or on behalf of the Company. The undertaking in this Section shall survive the
payment of all other Obligations and the resignation of the Agent or any Agent-Related Person.


 


Section 9.12         Withholding
Tax. To the extent required by any applicable law, the Agent shall withhold from any payment to any Lender an amount
equal to any applicable withholding Tax. If the IRS or any Governmental Authority asserts a claim that the Agent did not properly
withhold Tax from any amount paid to or for the account of any Lender for any reason (including because the appropriate form was
not delivered or was not properly executed, or because such Lender failed to notify the Agent of a change in circumstances that
rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender shall indemnify and hold harmless the
Agent (to the extent that the Agent has not already been reimbursed by the Company and without limiting or expanding the obligation
of the Company to do so) for all amounts paid, directly or indirectly, by the Agent as tax or otherwise, including any penalties,
additions to Tax or interest thereon, together with all expenses incurred, including legal expenses and any out-of-pocket expenses,
whether or not such Tax was correctly or legally imposed or asserted by the relevant Government Authority. A certificate as to
the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or
any other Loan Document against any amount due to the Agent under this Article 9. The agreements in this Article 9
shall survive the resignation and/or replacement of the Agent, any assignment of rights by, or the replacement of, a Lender,
the termination of the Loans and the repayment, satisfaction or discharge of all obligations under this Agreement. Unless required
by applicable laws, at no time shall the Agent have any obligation to file for or otherwise pursue on behalf of a Lender any refund
of Taxes withheld or deducted from funds paid for the account of such Lender.


 


Section 9.13         No
Reliance on Agent’s Customer Identification Program. Each of the Lenders and Issuing Bank acknowledges and
agrees that neither such Lender or Letter of Credit Issuer nor any of its Affiliates, participants or assignees, may rely on the
Administrative Agent to carry out such Lender’s, Issuing Bank’s, Affiliate’s, participant’s or assignee’s
customer identification program, or other obligations required or imposed under or pursuant to the USA PATRIOT Act or the regulations
thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”),
or any other anti-terrorism law, including any programs involving any of the following items relating to or in connection with
any of the Loan Parties, its Affiliates or its agents, this Agreement, the other Loan Documents or the transactions hereunder
or contemplated hereby: (a) any identity verification procedures, (b) any record keeping, (c) comparisons with government lists,
(d) customer notices or (e) other procedures required under the CIP Regulations or such other laws.


 




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ARTICLE 10.

MISCELLANEOUS


 


Section
10.01         Amendments and Waivers. No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company therefrom, shall
be effective unless in writing signed by the Required Lenders and the Company, as the case may be, and acknowledged by the
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given; provided that the Agent may, with the consent of the Company only, amend, modify or supplement this
Agreement or any other Loan Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by
the Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender (or any
Issuing Bank or the Swing Line Lender, if applicable) or the Lenders shall have received at least five Business
Days’ prior written notice thereof and the Agent shall not have received, within five Business Days of the
date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to
such amendment; provided, further, that no such amendment, waiver or consent shall:


 


(a)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender;


 


(b)          postpone
or delay the maturity of the Loans, or any scheduled date of payment of the principal amount of the Loans or any reimbursement
obligation in respect of any Letter of Credit, or any date for the payment of any interest, premium or fees due to the Lenders
(or any of them) hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, without
the written consent of each Lender directly affected thereby (other than as a result of waiving (i) an Event of Default in
accordance with the terms hereof, (ii) default interest hereunder to the extent a waiver of the underlying default giving
rise to such default interest does not require a vote of all Lenders) or (iii) a mandatory prepayment to be made hereunder;


 


(c)          amend
the definition of “Required Lenders” or “Pro Rata Share” without the consent of each Lender directly affected
thereby; provided that with the consent of Required Lenders, additional extensions of credit pursuant hereto may be included
in the determination of “Required Lenders” or “Pro Rata Share” on substantially the same basis as the Revolving
Commitments and the Revolving Loans are included on the Closing Date without the written consent of each Lender;


 


(d)          amend
the definition of “Interest Period” to permit Interest Periods with a duration of longer than six months without the
written consent of each Lender;


 


(e)          [Reserved];


 


(f)          extend
the stated expiration date of any Letter of Credit beyond the end of the Letter of Credit Commitment Period or amend the definition
of “Letter of Credit Commitment Period” without the written consent of each Lender affected thereby and each Issuing
Bank;


 


(g)          amend
this Section 10.01 without the written consent of each Lender;


 


(h)          subject
to Section 2.17(d), change Section 2.14 in a manner that would alter the pro rata sharing of payments
required thereby without the written consent of each Lender;


 


(i)          consent
to the assignment or transfer by the Obligor of any of its rights and obligations under any Loan Document without the written consent
of each Lender;


 




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(j)          increase
any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided
that no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an
increase in any Revolving Commitment of any Lender;


 


(k)          amend,
modify, terminate or waive any provision hereof relating to the Swing Line Sublimit or the Swing Line Loans without the consent
of the Swing Line Lender;


 


(l)          alter
the required application of any repayments or prepayments pursuant to Section 2.09(d) or (e) without
the consent of Swing Line Lender or the consent of Lenders holding more than 50% of the aggregate Revolving Exposure, which, is
being allocated a lesser repayment or prepayment as a result thereof; provided that Required Lenders may waive, in whole
or in part, any prepayment so long as the application, as between the Swing Line Lender and Revolving Lenders, of any portion of
such prepayment which is still required to be made is not altered;


 


(m)          amend,
modify, terminate or waive any obligation of Lenders relating to the purchase of participations in Letters of Credit as provided
in Section 2.04(e) without the written consent of the Agent and of each Issuing Bank;


 


(n)          amend,
modify or waive this Agreement so as to alter the ratable treatment of Obligations arising under the Loan Documents or the definition
of “Obligations” in each case in a manner adverse to any Credit Party without the written consent of any such Credit
Party;


 


(o)          amend,
modify, terminate or waive any provision of the Loan Documents as the same applies to the Agent or any Arranger, or any other provision
hereof as the same applies to the rights or obligations of the Agent or any Arranger, in each case without the consent of the Agent
or Arranger, as applicable;


 


(p)          amend,
modify, eliminate or waive any provision of any of Sections 7.11, 7.12, and 7.14
or the Company’s and it’s Subsidiaries’ obligations to comply therewith without the written consent of the Required
Lenders; or


 


(q)          amend,
modify, or waive any provision affecting the rights, duties and obligations of any Issuing Bank under this Agreement or any Letter
of Credit issued by such Issuing Bank without the consent of such Issuing Bank;


 


provided, further, that (i) no such agreement
shall, unless in writing and signed by the Agent in addition to the Required Lenders or all the Lenders, as the case may be, affect
the rights or duties of the Agent under this Agreement or any other Loan Document (except with respect to the removal of the Agent)
and (ii) any fee agreement referred to in Section 2.11 may be amended, or rights or privileges thereunder
waived, in a writing executed by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall
have any right to approve or disapprove any amendment, waiver or consent hereunder, except for any amendment, waiver or consent
pursuant to Section 10.01(a), (b), (c) or (j).


 


Section 10.02         Notices.


 


(a)          Unless
otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile or electronic transmission). All such written notices shall be mailed, emailed, faxed or delivered to the applicable
address, facsimile number (provided that any matter transmitted by the Company by facsimile (1) shall be immediately confirmed
by a telephone call to the recipient at the number specified on Schedule 10.02, and (2) shall be followed


 




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promptly by delivery of a hard copy original thereof) or (subject
to subsection (c) below) electronic mail address, and all notices and other communications expressly permitted hereunder
to be given by telephone shall be made to the applicable telephone number, as follows:


 


(i)          if
to the Company or the Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person
on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as
shall be designated by such party in a notice to the other parties; and


 


(ii)         if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its administrative
questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Company and the Agent.


 


All such notices and other communications shall
be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A)
if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four
Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile or electronic mail, when sent and receipt
has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of
subsection (c) below), when delivered; provided that notices and other communications to the Agent pursuant
to Article 2 shall not be effective until actually received by such Person. In no event shall a voicemail message
be effective as a notice, communication or confirmation hereunder.


 


(b)          Electronic
Communications:


 


(i)          Notices
and other communications to the Agent, Lenders, Swing Line Lender and each Issuing Bank hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites, including the Platform) pursuant to procedures
approved by the Agent, provided that the foregoing shall not apply to notices to the Agent, any Lender, Swing Line Lender
or any applicable Issuing Bank pursuant to Article 2 if such Person has notified the Agent that it is incapable of
receiving notices under such Article by electronic communication. The Agent or the Company may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications. Unless the Agent otherwise prescribes,
(A) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of
an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return
e-mail or other written acknowledgment); provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the
next Business Day for the recipient, and (B) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (A)
of notification that such notice or communication is available and identifying the website address therefor.


 


(ii)         The
Company and each of its Subsidiaries understands that the distribution of material through an electronic medium is not necessarily
secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated
with such electronic distribution, except to the extent that such losses, costs, expenses or liabilities are


 




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determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Agent.


 


(iii)        The
Platform and any Approved Electronic Communications are provided “as is” and “as available”. None of the
Agent-Related Persons warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform
and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty
of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement
of third party rights or freedom from viruses or other code defects is made by the Agent-Related Persons in connection with the
Platform or the Approved Electronic Communications.


 


(iv)        The
Company, each of its Subsidiaries, each Lender and each Issuing Bank agrees that the Agent may, but shall not be obligated to,
store any Approved Electronic Communications on the Platform in accordance with the Agent’s customary document retention
procedures and policies.


 


(v)         Any
notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice
thereof


 


(c)          The
Agent-Related Persons and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the
Company even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed
by any other form of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Company shall indemnify each Agent-Related Person and each Lender from all losses, costs, out-of-pocket expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Company; provided
that such indemnity shall not, as to any such Person, be available to the extent that such losses, costs, expenses or liabilities
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Person. All telephonic notices to and other communications with the Agent may be recorded by the
Agent, and each of the parties hereto hereby consents to such recording.


 


Section 10.03         No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Agent or any Lender,
any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.


 


Section 10.04         Costs
and Expenses. The Company agrees (a) to pay or reimburse each Agent-Related Person for all reasonable costs and out-of-pocket
expenses incurred in connection with the development, preparation, negotiation and execution of this Agreement and the other Loan
Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions
contemplated hereby or thereby are consummated) and the consummation and administration of the transactions contemplated hereby
and thereby, including all Attorney Costs, which shall be limited to the reasonable fees and reasonable disbursements of (x) one
primary counsel for the Agent-Related Person and (y) if reasonably required by the Agent, additional local and/or specialist counsel
and (b) to pay or reimburse each Agent-Related Person and each Lender for all costs and expenses incurred in connection with
the enforcement, attempted enforcement or preservation of any rights or remedies under this Agreement (including, but not limited
to this Section 10.04) or the other Loan Documents (including all such costs and expenses incurred during any
“workout” or restructuring in respect of the Obligations and during any legal proceeding, including in any Insolvency
Proceeding or


 




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appellate proceeding), including all reasonable fees, expenses and
disbursements of any law firm or other external legal counsel, which shall be limited to the reasonable fees and reasonable disbursements
of (x) one primary counsel for the Agent-Related Persons, (y) if reasonably required by the Agent, additional local and/or specialist
counsel for the Agent-Related Persons and (z) solely in the case of a conflict of interest, one additional counsel to each group
of similarly situated indemnified persons, taken as a whole and (1) one additional primary counsel to the Lenders, (2) if reasonably
requested by the Required Lenders, additional local and/or specialist counsel for the Lenders and (3) solely in the case of a conflict
of interest, one additional counsel to each group of similarly situated indemnified persons, taken as a whole. The foregoing costs
and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees and taxes related thereto
and other out-of-pocket expenses incurred by each Agent-Related Person and the cost of independent public accountants and other
outside experts (subject to the limitations above) retained by such Agent-Related Person or any Lender. All amounts due under this
Section shall be payable within ten Business Days after written demand therefor together with, if requested by the Company,
backup documentation supporting such payment or reimbursement request. The agreements in this Section shall survive the repayment
of the Loans and the other Obligations.


 


Section 10.05         Company
Indemnification; Damage Waiver.


 


(a)          Whether
or not the transactions contemplated hereby are consummated, the Company shall indemnify and hold harmless each Agent-Related Person,
each Lender and their respective Affiliates, and the directors, officers, employees, counsel, agents, partners and attorneys-in-fact
of such Persons and Affiliates involved with the refinancing or the Transactions (collectively the “Indemnified Persons”)
from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
charges and costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or nature whatsoever (including
those arising from or relating to any environmental matters) that may at any time be imposed on, incurred by or asserted against
any such Indemnified Person by any third party or by the Company in any way relating to or arising out of or in connection with
(a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or
instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated
thereby, (b) any Commitment or Loan or the use or proposed use of the proceeds therefrom, (c) any Environmental Liability related
to the Company or any of its Subsidiaries or (d) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation
for or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnified
Person is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”), in all cases, whether
or not caused by or arising, in whole or in part, out of the negligence of the Indemnified Person; provided that such indemnity
shall not, as to any Indemnified Person, be available to the extent that such liabilities, obligations, losses, damages, penalties,
claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person
or arise out of or is in connection with any claim, litigation, loss or proceeding not involving an act or omission of the Company
or any of its Affiliates and that is brought by an Indemnified Person against another Indemnified person (other than against the
Agent in its capacity as such) provided, further that such indemnity shall be limited, in the case of legal fees and expenses,
to (a) one counsel for all Indemnified Persons, taken as a whole, and, solely in the case of a conflict of interest, one additional
counsel to each group of similarly situated indemnified persons, taken as a whole, and (b) if reasonably necessary, one additional
local counsel to such persons, taken as a whole, in any relevant jurisdiction and/or one additional specialty counsel to all such
persons, taken as a whole, and, solely in the case of a conflict of interest, one additional local counsel in such relevant material
jurisdiction and/or specialty counsel to each group of similarly situated indemnified persons, taken as a whole. No Indemnified
Person shall be


 




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liable for any damages arising from the use by others of any information
or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement,
nor shall any Indemnified Person have any liability for any indirect, special, punitive or consequential damages relating to this
Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after
the Closing Date). All amounts due under this Section shall be payable within thirty days after written demand therefor together
with, if requested by the Company, backup documentation supporting such indemnification request. The agreements in this Section shall
survive the resignation of the Agent, the replacement of any Lender and the repayment, satisfaction or discharge of all the other
Obligations. This Section 10.05(a) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims or damages arising from any non-Tax claim.


 


(b)          To
the extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim against any Indemnified Person,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with or as a result of this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.


 


Section 10.06         Marshalling;
Payments Set Aside. Neither the Agent nor any Lender shall be under any obligation to marshal any assets in favor
of the Obligor or any other Person or against or in payment of any or all of the Obligations. To the extent that the Company makes
a payment to the Agent, any Issuing Bank or the Lenders (or to the Agent, on behalf of Lenders or any Issuing Bank), or any Agent,
Issuing Bank or Lender enforces any security interests or exercises any right of setoff, and such payment or the proceeds of such
enforcement or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Agent or such Lender in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent
of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such set-off had not occurred and (b) each Lender severally agrees to pay to
the Agent upon demand its pro rata share of any amount so recovered from or repaid by the Agent.


 


Section 10.07         Assignments,
Successors, Participations, Etc.


 


(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of Section 10.07(b), or (ii) by way of participation in accordance with the provisions of Section 10.07(d)
(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants (as defined below) to the extent provided in Section 10.07(e) and, to the extent
expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.


 


(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of


 




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its Commitment and the Loans at the time owing to it (provided,
however, that pro rata assignments shall not be required and each assignment shall be of a uniform, and not varying, percentage
of all rights and obligations under and in respect of any applicable Loan and any related Commitments)); provided that:


 


(i)          [Reserved];


 


(ii)         in
the case of assignments of Revolving Loans or Revolving Commitments, such assignment (except in the case of assignments made by
or to any Arranger), shall be consented to by each of the Company, Agent, any Issuing Bank and the Swing Line Lender (such consent
not to be (x) unreasonably withheld or delayed or, (y) in the case of the Company, required at any time an Event of Default shall
have occurred and then be continuing or such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or if ; provided
that (A) the Company shall be deemed to have consented to any such assignment of Revolving Loans or Revolving Commitments unless
it shall object thereto by written notice to the Agent within ten (10) Business Days after having received notice thereof
and (B) each such assignment pursuant to this Section 10.6(c)(ii) shall be in an aggregate amount of not
less than (w) $2,500,000 with respect to the assignment of the Revolving Commitments and the Revolving Loans, (x) such lesser
amount as agreed to by the Company, the Agent, any Issuing Bank and the Swing Line Lender, (y) the aggregate amount of the Loans
of the assigning Lender with respect to the Class being assigned or (z) the amount assigned by an assigning Lender to an Affiliate
or Approved Fund of such Lender


 


(iii)        each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned under the Facilities, except that this clause (ii) shall
prohibit any Lender from assigning all or a portion of its rights and obligations under the Facilities on a non-pro rata basis;


 


(iv)        the
parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption; such Assignment and Assumption
to be (A) electronically executed and delivered to the Agent via an electronic settlement system then acceptable to the Agent (or,
if previously agreed with the Agent, manually), and (B) delivered together with a processing and recordation fee of $3,500, unless
waived or reduced by the Agent in its sole discretion; and


 


(v)         the
Eligible Assignee, if it shall not be a Lender, shall deliver to the Agent an administrative questionnaire, in the form prescribed
by the Agent.


 


Subject to acceptance and recording thereof by the Agent pursuant
to Section 10.07(d), from and after the effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, (provided that, with respect to circumstances in effect
on the effective date of such Assignment and Assumption, an Eligible Assignee shall not be entitled to receive any greater payment
under Section 3.01 than the applicable Lender would have been entitled to receive had the assignment not taken
place) and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be
released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 3.01, 3.03, 3.04, 10.04 and 10.05
with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Company (at
its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply


 




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with this subsection shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.07(d).


 


(c)          [Reserved].


 


(d)          Register.
The Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Agent’s Office a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal and interest amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Company,
the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Company and each Lender (with respect to its own interests in the Facilities only) at any reasonable time and from time
to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this paragraph.


 


(e)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Company or the Agent, sell participations to any Person (other
than a natural person or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Company, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will
not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso
to Section 10.01 that directly affects such Participant. Except to the extent limited by Section 10.07(f),
the Company agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.03
and 3.04 (subject to the limitations and requirements of such Sections (including Section 3.01(e)
and Section 3.01(f) (it being understood that the documentation required under Section 3.01(e)
and Section 3.01(f) shall be delivered to the participating Lender)) and Section 3.07, as if such
Participant were a Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.07(b).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.09 as
though it were a Lender; provided that such Participant agrees to be subject to Section 2.14 as though
it were a Lender.


 


Each Lender that sells a participation pursuant
to this Section 10.07(e) shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent
of the Company, maintain a register on which it records the name and address of each participant and the principal amounts (and
stated interest) of each participant’s participation interest with respect to the Loans or other obligations under the Loan
Documents (each, a “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating
to a participant’s interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent
that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such
Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error and such Lender shall treat


 




    	97



    	 



    

 


each Person whose name is recorded in the Participant Register as
the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.


 


(f)          Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01
or 3.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant; provided that this Section 10.07(f) shall not apply if the sale of the participation
to such Participant is made with the Company’s prior written consent.


 


(g)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.


 


(h)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of
like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.


 


Section
10.08         Confidentiality. Each Lender shall maintain the
confidentiality of all information provided to it by the Company or any Subsidiary, or by the Agent on the Company’s or
such Subsidiary’s behalf, under this Agreement or any other Loan Document, it being understood and agreed by the
Company that, in any event, the Agent may disclose such information to the Lenders and each Lender may make disclosures
thereof to the extent such information (i) was or becomes generally available to the public other than as a result of
disclosure by the Lender, or (ii) was or becomes available on a non-confidential basis from a source other than the
Company; provided that such source is not bound by a confidentiality agreement with the Company known to the
Lender; provided, further, that any Lender may disclose such information


 


(a)          at
the request or pursuant to any requirement of any Governmental Authority or representative thereof to which the Lender is subject
(including the NAIC) or in connection with an examination of such Lender by any such authority;


 


(b)          pursuant
to subpoena or other court process;


 


(c)          when
required to do so in accordance with the provisions of any applicable Requirement of Law;


 


(d)          to
the extent reasonably required in connection with any litigation or proceeding to which the Agent or any Lender or their respective
Affiliates may be party;


 


(e)          to
the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document;


 


(f)          to
such Lender’s independent auditors and other professional advisors on a confidential basis;


 




    	98



    	 



    

 


(g)          to
any Participant, Lender or Eligible Assignee, actual or potential; provided that such Person agrees in writing to keep such
information confidential to the same extent required of the Lenders hereunder or on terms no less restrictive than those set forth
in this Section 10.08; provided, however, that such writing may take the form of a “click-through”
agreement;


 


(h)          as
to any Lender or its Affiliate, as expressly permitted under the terms of any other document or agreement regarding confidentiality
to which the Company or any Subsidiary is party with such Lender or such Affiliate;


 


(i)          to
its Affiliates and to their respective officers, directors, partners, members, employees, legal counsel, independent auditors and
other advisors, experts or agents who need to know such information and on a confidential basis (and to other Persons authorized
by a Lender or the Agent to organize, present or disseminate such information in connection with disclosures otherwise made in
accordance with this Section 10.08); provided that such Affiliates and other Persons are not insurance companies;


 


(j)          to
any other party to this Agreement;


 


(k)          to
any pledgee referred to in Section 10.07(f) or any direct or indirect contractual counterparty or prospective
counterparty (or such counterparty’s or prospective counterparty’s professional advisor) to any swap or derivative
transaction relating to obligations of the Company or any of its Subsidiaries (so long as all parties, including all counterparties
and advisors agree to be bound by the provisions of this Section 10.08 or other provisions at least as restrictive
as this Section 10.08);


 


(l)          to
any rating agency when required by it; provided that, prior to any disclosure, such rating agency shall undertake in writing
to preserve the confidentiality of any confidential information relating to the Company or any Subsidiary received by it from the
Agent or any Lender; and


 


(m)          on
a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers with respect to the Loans.


 


In addition, the Agent and each Lender may disclose the existence
of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending
industry, and service providers to the Agent and the Lenders in connection with the administration and management of this Agreement
and the other Loan Documents. In the case of confidential information received from the Company or any Subsidiary after the date
hereof, such information shall be clearly identified at the time of delivery as confidential. In the case of clause (b)
and (c), the disclosing party shall give notice of such disclosure to the Company, to the extent not prohibited by
any Requirement of Law.


 


Section 10.09         Set-off. In
addition to any rights and remedies of the Lenders provided by law, if an Event of Default shall have occurred and be continuing,
each Lender and each of its Affiliates is authorized at any time and from time to time, without prior notice to the Company, any
such notice being waived by the Company, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender
or Affiliate to or for the credit or the account of the Company against any and all Obligations owing to such Lender, now or hereafter
existing, irrespective of whether or not the Agent or such Lender shall have made demand under this Agreement or any Loan Document
and although such Obligations may be contingent or unmatured; provided that neither any Lender nor any of its Affiliates
shall be entitled to exercise any such set off with respect to any trust, tax reserve or payroll account. Each Lender agrees to
promptly notify the Company and the Agent after any such set-off and


 




    	99



    	 



    

 


application made by such Lender; provided that the failure
to give such notice shall not affect the validity of such set-off and application.


 


Section 10.10         Notification
of Addresses, Lending Offices, Etc. Each Lender shall notify the Agent in writing of any changes in the address to
which notices to the Lender should be directed, of addresses of any Lending Office, of payment instructions in respect of all
payments to be made to it hereunder and of such other administrative information as the Agent shall reasonably request.


 


Section 10.11         Effectiveness;
Counterparts. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties
hereto and receipt by the Company and the Agent of written notification of such execution and authorization of delivery thereof.
This Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original,
and all of said counterparts taken together shall be deemed to constitute but one and the same instrument. Delivery of an executed
counterpart of this Agreement by facsimile transmission or other electronic transmission (e.g., “.pdf” or “.tif”)
shall be effective as delivery of a manually executed counterpart hereof.


 


Section 10.12         Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Agent and each Lender,
regardless of any investigation made by the Agent or any Lender or on their behalf, and shall continue in full force and effect
as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.


 


Section 10.13         Severability. If
any provision of any Loan Document is invalid, illegal or unenforceable in any jurisdiction then, to the fullest extent permitted
by law, (i) such provision shall, as to such jurisdiction, be ineffective to the extent (but only to the extent) of such
invalidity, illegality or unenforceability, (ii) the other provisions of the Loan Documents shall remain in full force and
effect in such jurisdiction and shall be liberally construed in favor of the Lenders in order to carry out the intentions of the
parties thereto as nearly as may be possible and (iii) the invalidity, illegality or unenforceability of any such provision
in any jurisdiction shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.


 


Section 10.14         Replacement
of Defaulting Lenders and Non-Consenting Lenders. If any Lender is a Defaulting Lender or a Non-Consenting Lender,
then the Company may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign
and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.07),
all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:


 


(a)          the
Agent shall have received the assignment fee specified in Section 10.07(b);


 


(b)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Sections
2.09(c), 3.01, 3.03 and 3.04) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Company (in the case of all other amounts).


 




    	100



    	 



    

 


A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Company to require such assignment and delegation cease to apply.


 


No action by or consent of a Defaulting Lender
or a Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically
effective upon payment of such purchase price. In connection with any such assignment the Company, Agent, such Defaulting Lender
or such Non-Consenting Lender and the replacement Lender shall otherwise comply with this Section 10.14; provided
that if such Defaulting Lender or such Non-Consenting Lender does not comply with this Section 10.14 within
one Business Day after the Company’s request, compliance with this Section 10.14 shall not be required
to effect such assignment.


 


Section 10.15         Governing
Law; Jurisdiction; Consent to Service of Process.


 


(a)          This
Agreement shall be construed in accordance with and governed by the law of the State of New York.


 


(b)          Each
of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any relevant appellate court, in any action or proceeding arising out of or relating to any Loan Document, or
for recognition or enforcement of any judgment, and each party hereto irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by
law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in any Loan
Document shall affect any right that any Lender or the Agent may otherwise have to bring any action or proceeding relating to any
Loan Document against the Obligor or its properties in the courts of any jurisdiction.


 


(c)          Each
of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan
Document in any court referred to in subsection (b) of this Section. Each party hereto irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding
in any such court.


 


(d)          Each
party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.02.
Nothing in any Loan Document will affect the right of any party hereto to serve process in any other manner permitted by law.


 


Section 10.16         Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR


 




    	101



    	 



    

 


A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.


 


Section 10.17         USA
PATRIOT Act Notice. Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Company
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Patriot Act”), it is required to obtain, verify and record information that identifies the Obligor, which
information includes the name and address of the Obligor and other information that will allow such Lender or the Agent, as applicable,
to identify the Obligor in accordance with the Patriot Act.


 


Section 10.18         Entire
Agreement. This Agreement, together with the other Loan Documents and any separate agreements with respect to fees
payable to the Agent, embodies the entire agreement and understanding among the Company, the Lenders and the Agent and supersedes
all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter
hereof and thereof.


 


Section 10.19         Independence
of Covenants. All covenants hereunder shall be given independent effect so that if a particular action or
condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise
be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action
is taken or condition exists.


 


Section 10.20         Obligations
Several; Independent Nature of Lenders’ Right. The obligations of Lenders hereunder are several and no Lender
shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or in any other
Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership,
an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be
a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it
shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.


 


Section 10.21         No
Fiduciary Duty. The Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”), may have economic interests that conflict with those of the Obligor, its stockholders
and/or its affiliates. The Obligor agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Obligor, its
stockholders or its affiliates, on the other. The Obligor acknowledge and agree that (i) the transactions contemplated by
the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial
transactions between the Lenders, on the one hand, and the Obligor, on the other, and (ii) in connection therewith and with
the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Obligor, its stockholders
or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto)
or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Obligor,
its stockholders or its Affiliates on other matters) or any other obligation to the Obligor except the obligations expressly set
forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Obligor,
its management, stockholders, creditors or any other Person. The Obligor acknowledges and agrees that it has consulted its own
legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own


 




    	102



    	 



    

 


independent judgment with respect to such transactions and the process
leading thereto. The Obligor agrees that it will not claim that any Lender has rendered advisory services of any nature or respect,
or owes a fiduciary or similar duty to the Obligor, in connection with such transaction or the process leading thereto.


 


[SIGNATURE PAGES FOLLOW ON NEXT PAGE]


 




    	103



    	 



    

 


 


IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their proper and duly authorized officers as of the day and year first above written.


 


	 	CNO FINANCIAL GROUP, INC.
	 	 	 	 	 
	 	By:	/s/ Erik M. Helding	 
	 	 	Name:	Erik M. Helding
	 	 	Title:	Senior Vice President, Treasury and
	 	 	 	Investor Relations


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


 


	 	KEYBANK, NATIONAL ASSOCIATION,
	 	as Agent, Issuing Bank, Swing Line Lender and as Lender
	 	 	 	 	 
	 	By:	/s/ James Cribbet	 
	 	 	Name:	James Cribbet
	 	 	Title:	Senior Vice President


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	Associated Bank, National Association, as Lender
	 	 	 	 	 
	 	By:	/s/ Liliana Huerta	 
	 	 	Name:	Liliana Huerta
	 	 	Title:	Vice President


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	Barclays Bank PLC, as Lender
	 	 	 	 	 
	 	By:	/s/ Alicia Borys	 
	 	 	Name:	Alicia Borys
	 	 	Title:	Vice President


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	GOLDMAN SACHS BANK USA, as Lender
	 	 	 	 	 
	 	By:	/s/ Charles D. Johnston	 
	 	 	Name:	Charles D. Johnston
	 	 	Title:	Authorized Signatory


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	Morgan Stanley Bank, N.A., as Lender
	 	 	 	 	 
	 	By:	/s/ Michael King	 
	 	 	Name:	Michael King
	 	 	Title:	Authorized Signatory


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	The Northern Trust Company, as Lender
	 	 	 	 	 
	 	By:	/s/ Peter J. Hallan	 
	 	 	Name:	Peter J. Hallan
	 	 	Title:	Vice President


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


	 	ROYAL BANK OF CANADA, as Lender
	 	 	 	 	 
	 	By:	/s/ Patrizia Lloyd	 
	 	 	Name:	Patrizia Lloyd
	 	 	Title:	Authorized Signatory


 


[Signature Page to CNO Credit Agreement]


 




    	 



    	 



    

 


Appendix A


Revolving Commitments


 


	Lender	Revolving Commitments
	KeyBank, National Association	$26,000,000
	Goldman Sachs Bank USA	$26,000,000
	Royal Bank of Canada 	$26,000,000
	Associated Bank, National Association	$24,000,000
	The Northern Trust Company	$20,000,000
	Morgan Stanley Bank, N.A.	$14,000,000
	Barclays Bank PLC	$14,000,000
	TOTAL	$150,000,000


 




    	 



    	 



    

 


Schedule 5.05


Litigation


 


None.


 




    	 



    	 



    

 


Schedule 5.07


ERISA


 


None.


 




    	2



    	 



    


 



Schedule 5.14(a)

Capital Stock


 


Stock issuable pursuant to the CNO Financial Group, Inc. Amended
and Restated Long-Term Incentive Plan, filed as Exhibit 10.13 of the Company’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2011.


 




    	 



    	 



    

 


Schedule 5.14(b)

Subsidiaries


 


Key


 


F = Foreign Subsidiary


 


INS = Insurance Subsidiary 


 


	Company 

(Place of Incorporation)	Subsidiary

Type	Direct Beneficial Owner(s) (Place of

Incorporation)
	40|86 Advisors, Inc. (DE)	 	CNO Financial Group, Inc. (DE)
	40|86 Mortgage Capital, Inc. (DE)	 	CDOC, Inc. (DE)
	American Life and Casualty Marketing Division Co. (IA)	 	CDOC, Inc. (DE)
	Association Management Corporation (IL)	 	CDOC, Inc. (DE)
	Bankers Conseco Life Insurance Company (NY)	INS	Conseco Life Insurance Company of Texas (TX)
	Bankers Life Advisory Services, Inc. (IN)	 	CDOC, Inc. (DE)
	Bankers Life and Casualty Company (IL)	INS	Conseco Life Insurance Company of Texas (TX)
	Bankers Life Securities General Agency, Inc. (IN)	 	CDOC, Inc. (DE)
	Bankers Life Securities, Inc. (IN)	 	CDOC, Inc. (DE)
	C.P. Real Estate Services Corp. (NJ)	 	Colonial Penn Life Insurance Company (PA)
	CDOC, Inc. (DE)	 	CNO Financial Group, Inc. (DE) Beneficial ownership (Pfd. Stock) held by Bankers Life and Casualty Company and Washington National Insurance Company 
	CNO IT Services (India) Private Limited	F	CDOC, Inc. (DE) — 99.996%, CNO Financial Group, Inc. (DE) - 0.004%
	CNO Management Services Company (TX)	 	CDOC, Inc. (DE)
	CNO Services, LLC (IN)	 	CDOC, Inc. (DE) — 89.1%, CNO Financial Group, Inc. (DE) — 9.9%, CNO Management Services Company (TX) — 1%
	Colonial Penn Life Insurance Company (PA)	INS	Conseco Life Insurance Company of Texas (TX)


 




    	 



    	 



    

  


	Company 

(Place of Incorporation)	Subsidiary

Type	Direct Beneficial Owner(s) (Place of

Incorporation)
	Conseco Life Insurance Company of Texas (TX)	INS	CDOC, Inc. (DE)
	Conseco Marketing, L.L.C. (IN)	 	CNO Services, LLC (IN) — 90%, CNO Financial Group, Inc. (DE) — 9%, CNO Management Services Company (TX) — 1%
	Design Benefit Plans, Inc. (IL)	 	CNO Financial Group, Inc. (DE)
	Hawthorne Advertising Agency Incorporated (PA)	 	CDOC, Inc. (DE)
	K.F. Agency, Inc. (IL)	 	CDOC, Inc. (DE)
	K.F. Insurance Agency of Massachusetts, Inc. (MA)	 	CDOC, Inc. (DE)
	Performance Matters Associates of Texas, Inc. (TX)	 	CDOC, Inc. (DE)
	Washington National Insurance Company (IN)	INS	CDOC, Inc. (DE)


  




    	5



    	 



    

 


Final Version


 


Schedule 7.02

Existing Liens


 


	Debtor	Jurisdiction	Type

of

filing

 found	Secured

    Party	Collateral	Original

    File

    Date	Original File

    Number
	Bankers
    Life and Casualty Company	Illinois	UCC-1	General
    Electric Capital Corporation	Specified
    Leased Equipment	12/08/2005	10443849
	Bankers
    Life and Casualty Company	Illinois	UCC-1	Federal
    Home Loan Bank of Chicago	Payment
    Rights Under Specified Loans	06/03/2013	18307960
	CNO
    Services, LLC	Indiana	UCC-1	Banc
    of America Leasing & Capital, LLC	Specified
    Goods	12/20/2010	201000010688783
	CNO
    Services, LLC	Indiana	UCC-1	IBM
    Credit LLC	Specified
    Leased Equipment	11/28/2011	201100010213536
	CNO
    Services, LLC	Indiana	UCC-1	IBM
    Credit LLC	Specified
                                         Leased Equipment	12/29/2011	201100011281794
	CNO
    Services, LLC	Indiana	UCC-1	IBM
    Credit LLC	Specified
        Leased Equipment	12/18/2012	201200011472101
	CNO
    Services, LLC	Indiana	UCC-1	Canon
    Solutions America, Inc.	Specified
        Leased Equipment	05/07/2013	201300004272314
	CNO
    Services, LLC	Indiana	UCC-1	Ricoh
    USA, Inc.	Specified
    Leased Equipment	06/04/2013	201300005203591


 




    	 



    	 



    

  


	Debtor	Jurisdiction	Type

of

filing

 found	Secured

    Party	Collateral	Original

    File

    Date	Original File

    Number
	CNO
    Services, LLC	Indiana	UCC-1	Ricoh
    USA, Inc.	Specified
    Leased Equipment	12/12/2013	201300010893794
	CNO
    Services, LLC	Indiana	UCC-1	Ricoh
    USA Inc.	Specified
    Leased Equipment	03/13/2014	201400002006499
	CNO
    Services, LLC	Indiana	UCC-1	Ricoh
    USA Inc.	Specified
    Leased Equipment	04/07/2014	201400002735660
	CNO
    Services, LLC	Indiana	UCC-1	Bank
    of the West	Specified
    Leased Equipment	08/27/2014	201400006853827
	CNO
    Services, LLC	Indiana	UCC-1	Canon
    Solutions America, Inc.	Specified
    Leased Equipment	09/25/2014	201400007607370
	Washington
    National Insurance Company	Indiana	UCC-1	Federal
    Home Loan Bank of Indianapolis	Investment
    Property	04/29/2013	201300003985869



 



    	7



    	 



    


 


Schedule 7.17

Restrictive Agreements


 


None.


 




    	8



    	 



    



 


Schedule 10.12

Addresses for Notices


 


CNO FINANCIAL GROUP, INC.


 


CNO Financial Group, Inc.


11825 North Pennsylvania Street


Carmel, Indiana 46032


Attention: Erik M. Helding


Telephone: (317) 817-4760


Facsimile: (317) 817-5439


Electronic Mail: erik.helding@cnoinc.com


 


with a copy to:


CNO Financial Group, Inc.


11825 North Pennsylvania Street


Carmel, Indiana 46032


Attention: Karl Kindig


Telephone: (317) 817-6708


Facsimile: (317) 817-5828


Electronic Mail: karl.kindig@cnoinc.com


 


KeyBank National Association


 


Legal Address:


4900 Tiedeman Road


Brooklyn, OH 44144


Attention: Donna Boening


Tel: 216-813-4816


Email: agent_servicing@Keybank.com


 


Agency Address:


4900 Tiedeman Road


Brooklyn, OH 44144


Tel: 216-813-4814


Attention: Kathy Koenig


Email: kathy_koenig@keybank.com


Email: kas_closings@keybank.com


 


with a copy to:


Latham & Watkins LLP


885 Third Avenue


New York, NY 10022


Attention: I. Scott Gottdiener


Tel: 212-906-2960


Fax: 212-751-4864


Email: i.scott.gottdiener@lw.com


 






    	9



    	 



    

 


Final Version


 


EXHIBIT A


 


FORM OF COMPLIANCE CERTIFICATE


 


Financial Statement Date:            


 


		To:	KeyBank National Association, as Agent



 


Ladies and Gentlemen:


 


Reference is made to that
certain Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO FINANCIAL
GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto and KEYBANK
NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, including any successor thereto, the “Agent”).
Capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement.


 


The undersigned Responsible
Officer of the Company hereby certifies, solely as a Responsible Officer of the Company and not in his/her individual capacity,
as of the date hereof that he/she is the [            ] of the Company,
and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Agent on behalf of the Company,
and that:


 


[Use following paragraph 1 for fiscal
year-end financial statements]


 


1.         (i) Attached
hereto as Schedule 1 are the year-end audited financial statements required by Section 6.01(a) of the
Credit Agreement for the fiscal year of the Company ended as of the above date, together with the report and opinion of an independent
certified public accountant required by such section and (ii) attached hereto as Schedule 2 is the certificate
prepared by such independent certified public accountant with respect to such financial statements, as required by Section 6.02(b)
of the Credit Agreement.


 


[Use following paragraph 1 for fiscal
quarter-end financial statements]


 


1.         Attached hereto as
Schedule 1 are the unaudited financial statements required by Section 6.01(b) of the Credit Agreement for the
fiscal quarter of the Company ended as of the above date. Such financial statements fairly present in all material respects, in
accordance with GAAP (subject to the absence of footnotes and year-end audit adjustments), the financial position, the results
of operations and cash flows of the Company and its Subsidiaries as at such date and for such period.


 


2.         The undersigned has
reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Company and the Subsidiaries during the accounting
period covered by the attached financial statements.


 


3.         A review of the activities
of the Company during such fiscal period has been made under the supervision of the undersigned with a view to determining whether
during


 




    	A-1



    	 



    

  


Final Version


 


such fiscal period the Company performed and
observed all its obligations under the Loan Documents, and


 


[select one.]


 


[during such fiscal period,
to the best knowledge of the undersigned, the Company performed and observed each covenant and condition of the Loan Documents
applicable to it and no Default has occurred and is continuing.]


 


--or--


 


[the following covenants
or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]


 


4.         The financial covenant
analyses and information set forth on Schedule 3 attached hereto are true and accurate on and as of the date of this
Compliance Certificate.


 


[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]


 




    	A-2



    	 



    

 


Final Version


 


IN WITNESS WHEREOF, the undersigned has
executed this Compliance Certificate in his/her capacity as Responsible Officer of the Company as of ___________


 





	 	CNO FINANCIAL GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:





 



    	A-3



    	 



    

 


Final Version 


 


Schedule 1

TO THE COMPLIANCE CERTIFICATE


 




    	A-4



    	 



    

 


Final Version 


 


Schedule 2

TO THE COMPLIANCE CERTIFICATE


 




    	A-5



    	 



    

 


Final Version 


 


Schedule 3

TO THE COMPLIANCE CERTIFICATE2


 


For the Fiscal Quarter/Year ended                 
(“Statement Date”)


 


Section 7.01 — Limitation on Subsidiary Debt


 


	Item	
        Maximum

        Permitted (at

        any time

        outstanding)
	
        Actual

        (measured as

        of the

        Statement

        Date)

	(o)	In reliance upon Section 7.02(o), aggregate principal amount of Capitalized Lease Liabilities and Purchase Money Debt secured by liens pursuant to Section 7.02(i):	$50,000,000 	$____________
	 	 	 	 
	(o)	In reliance upon Section 7.02(o), aggregate principal amount of cash management obligations in the ordinary course of business secured by liens pursuant to Section 7.02(o):	$25,000,000 	$____________
	 	 	 	 
	(q)	Aggregate principal amount of other Indebtedness under Section 7.01(q) of the Credit Agreement (including Indebtedness then outstanding secured by Liens permitted pursuant to Section 7.02(cc):	$10,000,000 	$____________


 





 






 


2 In case of any inconsistency
between the provisions of this Schedule and the provisions of the Credit Agreement, the Credit Agreement shall prevail


 




    	A-6



    	 



    

 


Final
Version


 


Section 7.02 — Liens


 


	



	 	
        Maximum

        Permitted (at

        any time

        outstanding)
	
        Actual

        (measured as

        of the

        Statement

        Date)

	(c)	Aggregate amount of collateral consisting of cash
or Cash Equivalents’ securing Permitted Swap Obligations under Section 7.02(c) of the Credit Agreement:3	$60,000,000	________
	 	 	 	 
	(f)	Aggregate amount of collateral consisting of cash or Cash Equivalents securing letters of credit issued in respect of obligations to insurers under Section 7.02(f) of the Credit Agreement:	$20,000,000	________
	 	 	 	 
	(i)	Aggregate principal amount of Capitalized Lease Liabilities or Purchase Money Debt secured by Liens under Section 7.02(i) of the Credit Agreement:	$50,000,000	________
	 	 	 	 
	(o)	Aggregate amount of cash management obligations in the ordinary course secured by Liens under Section 7.02(o) of the Credit Agreement:	$25,000,000	________
	 	 	 	 
	(cc)	Aggregate amount of obligations and the principal amount of Indebtedness incurred and then outstanding pursuant to Section 7.01(q):	$10,000,000	________


 





 



 


3 For purposes of
this Item (a), in the case of Cash Equivalents described in clauses (a), (b), (e) and (f) of the definition thereof,
the one year (or twelve-month, as applicable) maturity limitation set forth in such clauses shall be disregarded.


 




    	A-7



    	 



    

 


Final
Version 


 


Section 7.03 — Disposition of Assets


 


	



	 	
        Maximum

        Permitted

        (for the

        period

        indicated)
	
        Actual

        (measured as

        indicated)

	(e)	Aggregate statutory profit and/or gains on insurance policy sales or other portfolio transfers resulting from all Dispositions pursuant to a Reinsurance Agreement consummated after the Effective Date under clause (ii) of Section 7.03(e) of the Credit Agreement, subject to the provisos in clauses (x) and (y) of such Section:	
        $400,000,000 during the term of the Credit Agreement

         

        $150,000,000

        in any

        Fiscal Year
	
         

         

        through the Statement Date

         

        $_________

        for the

        Fiscal Year through the Statement Date

        

        





    	A-8



    	 



    

 


Final
Version 




 


Section 7.11 — Debt to Total Capitalization Ratio


  


	(a)	Maximum permitted:	30.0%
	 	 	 	 	 
	(b)	Actual (measured as of the Statement Date):	 
	 	 	 	 	 
	 	(i)	the principal amount of and accrued but unpaid interest on all Indebtedness of the Company outstanding on such date:	 
	 	 	 	 	 
	 	 	(A)	Indebtedness owing to any Subsidiary:	 
	 	 	 	 	 
	 	 	(B)	the liabilities (if any) of the Company in respect of Swap Contracts as determined by reference to the Swap Termination Value thereof:	 
	 	 	 	 	 
	 	 	(C)	indebtedness in respect of letters of credit, whether or not drawn, and bankers acceptances and letters of guaranty issued for the account or upon the application or request of the Company	 
	 	 	 	 	 
	 	 	(D)	Repurchase Agreement Indebtedness in an aggregate amount of up to $100,000,000	 
	 	 	 	 	 
	 	 	(E)	sum of (b)(i)(A) + (b)(i)(B) + (b)(i)(C) + (b)(i) (D):	 
	 	 	 	 	 
	 	 	(F)	(b)(i) minus (b)(i)(E):	 
	 	 	 	 	 
	 	(ii)	Total Capitalization:	 
	 	 	 	 	 
	 	 	(A)	Total Shareholders’ Equity of the Company	 
	 	 	 	 	 
	 	 	(B)	sum of (b)(i)(F) + (b)(ii)(A):	 
	 	 	 	 	 
	(c)	Ratio of (b)(i)(F) to (b)(ii)(B):	 





 










    	A-9



    	 



    

 


Final
Version 


 


Section 7.12 — Minimum Consolidated Net Worth


 





	(a)	Permitted Amount
	 	 
	 	(i)	Starting Amount	$2,674,000,000
	 	 	 	 
	 	(ii)	An amount equal to 50% of the Net Equity Proceeds received by the Company from the issuance and sale of Equity Interests of the Company, including the conversion of debt securities of the Company into Equity Interests after the first fiscal quarter after the Closing Date:	 
	 	 	 	 
	 	(iii) 	Sum of (a)(i) + (a)(ii):	 
	 	 	 	 
	(b)	Current Consolidated Net Worth	 
	 	 	 
	 	(i)	Total common and preferred shareholders’ equity of the Company as determined on a Consolidated basis and in accordance with GAAP	 
	 	 	 	 
	 	(ii)	unrealized gains (losses) on securities as determined in accordance with FASB ASC 320 (Investments–Debt and Equity Securities)	 
	 	 	 	 
	 	(iii)	any charges taken to write off any goodwill included on the Company’s balance sheet on the Closing Date to the extent such charges are required by FASB ASC 320 (Investments–Debt and Equity Securities) and ASC 350 (Intangibles–Goodwill and Others)	 
	 	 	 	 
	 	(iv)	Accumulated Other Comprehensive Income and Accumulated Other Comprehensive Loss	 
	 	 	 	 
	 	(v) 	Sum of (b)(ii) + (b)(iii) + (b)(iv)	 
	 	 	 	 
	(c)	Difference of (b)(i) – (b)(v)	 


  









    	A-10



    	 



    

 


Final
Version 


 


Section 7.14 — Aggregate RBC Ratio


 





	(a)	Minimum required:	250%
	 	 	 
	(b)	Actual (measured as of the Statement Date):	 
	 	 	 
	 	(i)	aggregate Total Adjusted Capital (as defined by each relevant Insurance Subsidiary’s Department) for all Insurance Subsidiaries taken as a whole:	 
	 	 	 	 
	 	(ii)	aggregate Authorized Control Level Risk-Based Capital (as defined by each relevant Insurance Subsidiary’s Department) for all Insurance Subsidiaries taken as a whole:	 
	 	 	 	 
	 	(iii)	ratio of (b)(i) to (b)(ii) (expressed as a percentage):	 
	 	 	 	 
	(c)	One half of the ratio in (b)(iii) (expressed as a percentage):	 









    	A-11



    	 



    

 


Final
Version 


 


EXHIBIT B-1


 


FORM OF REVOLVING LOAN NOTE


 





	$[___,___,___]	 
	May [  ], 2015	New York, New York




 


FOR VALUE RECEIVED,
CNO FINANCIAL GROUP, INC., a Delaware corporation (the “Company”), promises to pay [NAME OF LENDER]
(“Payee”) or its registered assigns, on or before [ _______ ], the lesser of (a) $[___,___,___]
and (b) the unpaid principal amount of all advances made by Payee to the Company as Revolving Loans under the Credit Agreement
referred to below.


 


The Company also promises
to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which
shall be determined in accordance with the provisions of that certain Credit Agreement, dated as of May [  ], 2015
(as may be amended, restated, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among CNO FINANCIAL GROUP, INC., a Delaware corporation (the “Company”),
the Lenders from time to time party thereto and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in
such capacity, including any successor thereto, the “Agent”). Capitalized terms used but not defined herein
have the meanings given to such terms in the Credit Agreement.


 


This Note is one of the
“Revolving Loan Notes” in the aggregate principal amount of $[___,___,___] and is issued pursuant
to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the
terms and conditions under which the Loans evidenced hereby were made and are to be repaid.


 


All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Agent’s
Office or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Credit Agreement.
Unless and until an Assignment and Assumption effecting the assignment or transfer of the obligations evidenced hereby shall have
been accepted by the Agent and recorded in the Register, the Company, the Agent and Lenders shall be entitled to deem and treat
Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof,
that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made
hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made
on this Note shall not limit or otherwise affect the obligations of the Company hereunder with respect to payments of principal
of or interest on this Note.


 


This Note is subject to
mandatory prepayment and to prepayment at the option of the Company, each as provided in the Credit Agreement.


 


THIS NOTE AND THE RIGHTS
AND OBLIGATIONS OF THE COMPANY AND PAYEE HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.




    	B-1-1



    	 



    

  


Upon the occurrence of
an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon,
may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit
Agreement.


 


The terms of this Note
are subject to amendment only in the manner provided in the Credit Agreement.


 


No reference herein to
the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of the Company,
which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times,
and in the currency herein prescribed.


 


The Company promises to
pay costs and expenses, including Attorney Costs, as provided in the Credit Agreement, incurred in the collection and enforcement
of this Note. The Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity
hereof, without notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted
by law, the right to plead any statute of limitations as a defense to any demand hereunder.


 


[Remainder of page intentionally left
blank]


 




    	B-1-2



    	 



    

 


IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and
at the place first written above.


 


	 	CNO FINANCIAL GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


  




    	B-1-3



    	 



    

 


Final
Version


 


TRANSACTIONS ON

REVOLVING LOAN NOTE


 


	
        

        Date
	
        Amount of Loan

        Made This Date
	
        Amount of

        Principal Paid

        This Date
	
        Outstanding Principal

        Balance This Date
	
        Notation

        Made By

	 	 	 	 	 
	 	 	 	 	 


 




    	B-1-4



    	 



    

 


Final
Version


 


EXHIBIT B-2


 


FORM OF SWING LINE NOTE


 


	$[___,___,___]

May [  ], 2015	New York, New York


 


FOR VALUE RECEIVED,
CNO FINANCIAL GROUP, INC., a Delaware corporation (the “Company”), promises to pay to KEYBANK NATIONAL
ASSOCIATION., as Swing Line Lender (“Payee”), on or before [ _______ ], the lesser of (a) $[___,___,___]
and (b) the unpaid principal amount of all advances made by Payee to the Company as Swing Line Loans under the Credit Agreement
referred to below.


 


The Company also promises
to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which
shall be determined in accordance with the provisions of that certain Credit Agreement, dated as of May [  ], 2015
(as may be amended, restated, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among CNO FINANCIAL GROUP, INC., a Delaware corporation (the “Company”),
the Lenders from time to time party thereto and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in
such capacity, including any successor thereto, the “Agent”). Capitalized terms used but not defined herein
have the meanings given to such terms in the Credit Agreement.


 


This Note is the “Swing
Line Note” and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made
for a more complete statement of the terms and conditions under which the Swing Line Loans evidenced hereby were made and are to
be repaid.


 


All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Lending
Office of the Swing Line Lender or at such other place as shall be designated in writing for such purpose in accordance with the
terms of the Credit Agreement.


 


This Note is subject to
mandatory prepayment and to prepayment at the option of the Company, each as provided in the Credit Agreement.


 


THIS NOTE AND THE RIGHTS
AND OBLIGATIONS OF THE COMPANY AND PAYEE HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.


 


Upon the occurrence of
an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon,
may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit
Agreement.


 


The terms of this Note
are subject to amendment only in the manner provided in the Credit Agreement.


 




    	B-2-1



    	 



    

  


No reference herein to
the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of the Company,
which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times,
and in the currency herein prescribed.


 


The Company promises to
pay costs and expenses, including Attorney Costs, as provided in the Credit Agreement, incurred in the collection and enforcement
of this Note. The Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity
hereof, without notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted
by law, the right to plead any statute of limitations as a defense to any demand hereunder.


 


[Remainder of page intentionally left
blank]


 




    	B-2-2



    	 



    

 


IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and
at the place first written above.


 


	 	CNO FINANCIAL GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:




    	B-2-3



    	 



    

 


TRANSACTIONS ON

SWING LINE NOTE


 


	
        

        Date
	
        Amount of Loan Made

        This Date
	
        Amount of Principal

        Paid This Date
	
        Outstanding Principal

        Balance This Date
	
        Notation

        Made By

	 	 	 	 	 
	 	 	 	 	 


 




    	B-2-4



    	 



    

 


Final
Version


 


EXHIBIT C-1


 


FORM OF LOAN NOTICE


 


Date: _____________ , 2015


 


		To:	KeyBank National Association, as Agent



 


Ladies and Gentlemen:


 


Reference is made to that
certain Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced,
refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO
FINANCIAL GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto
and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, including any successor thereto,
the “Agent”). Capitalized terms used but not defined herein have the meanings given to such terms in the Credit
Agreement.


 


Pursuant to Section [2.02][2.03]
of the Credit Agreement, the Company desires that Lenders make the following Loans to the Company in accordance with the applicable
terms and conditions of the Credit Agreement on [   ] (the “Borrowing Date”):


 


Revolving Loans


 


	 ̈	Base Rate Loans:	$[___,___,___]
	 	 	 
	 ̈	Eurodollar Rate Loans, with an initial Interest Period of ________ month(s):	$[___,___,___]
	 	 	 
	Swing Line Loans:	$[___,___,___]


 


The Company hereby certifies
that:


 


(i)      after
making the Loans requested on the Borrowing Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving
Commitments then in effect;


 


(ii)     as of
the Borrowing Date, the representations and warranties contained in each of the Loan Documents are true and correct in all material
respects on and as of such Borrowing Date to the same extent as though made on and as of such date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case such representations and warranties are true and correct in
all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not
be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and


 






    	C-1-1



    	 



    

 


(iii)    as
of the Borrowing Date, no event has occurred and is continuing or would result from the consummation of the borrowing contemplated
hereby that would constitute an Event of Default or a Default. 


 


The account of the Company to which
the proceeds of the Loans requested on the Borrowing Date are to be made available by the Agent to the Company are as follows:


 


	 	Bank Name:	_______________________
	 	Bank Address:	_______________________
	 	ABA Number:	_______________________
	 	Account Number:	_______________________
	 	Attention:	_______________________
	 	Reference:	_______________________


 


[The Company hereby agrees that if it fails
to borrow the Eurodollar Rate Loans requested hereby (including as a result of the failure of the Credit Agreement to become effective),
the Company shall, after receipt of a written request by any Lender (which request shall set forth in reasonable detail the basis
for requesting such amount), pay to the Agent for the account of such Lender any amounts required to compensate such Lender for
any losses, costs or expenses that such Lender may reasonably incur as a result of such failure, including any loss, cost or expense
(excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Lender to fund such Eurodollar Rate Loan]1


 


	Date:  _____________ , 2015	CNO FINANCIAL GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:


 





 



 


		1	Applicable with respect to Borrowing of Eurodollar Rate
Loans only.
























 



    	C-1-2



    	 



    





Final Version


 


EXHIBIT C-2


 


FORM OF CONVERSION/CONTINUATION NOTICE


 


Reference is made to that
certain Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced,
refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO
FINANCIAL GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto
and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, including any successor thereto,
the “Agent”). Capitalized terms used but not defined herein have the meanings given to such terms in the Credit
Agreement.


 


Pursuant to Section 2.06
of the Credit Agreement, the Company desires to convert or to continue the following Loans, each such conversion and/or continuation
to be effective as of [  ̃ ]:


 


Revolving Loans:


 


	$[___,___,___]	Eurodollar Rate Loans to be continued with Interest Period of [____] month(s)
	 	 
	$[___,___,___]	Base Rate Loans to be converted to Eurodollar Rate Loans with Interest Period of ____ month(s)
	 	 
	$[___,___,___]	Eurodollar Rate Loans to be converted to Base Rate Loans


 


	Date:  [________]	 	CNO FINANCIAL GROUP, INC.
	 	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	C-2-1



    	 	 	 



    

 


Final Version


 


EXHIBIT C-3


 


FORM OF ISSUANCE NOTICE


 


Reference is made to that
certain Credit Agreement, dated as of May [  ], 2015 (as amended, restated, amended and restated, extended, supplemented
or otherwise modified in writing, the “Credit Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined), by and among CNO FINANCIAL GROUP, INC., the other parties thereto
from time to time, the Lenders party thereto from time to time and KEYBANK NATIONAL ASSOCIATION, as Agent.


 


Pursuant to Section 2.04
of the Credit Agreement, the Company desires a Letter of Credit to be issued in accordance with the terms and conditions of the
Credit Agreement on [ _______ ] (the “Borrowing Date”) in an aggregate face amount of $[___,___,___].


 


Attached hereto for each
such Letter of Credit are the following:


 


(a)          the
Issuing Bank


 


(b)          the
stated amount of such Letter of Credit;


 


(c)          the
name and address of the beneficiary;


 


(d)          the
expiration date; and


 


(e)          either
(i) the verbatim text of such proposed Letter of Credit, or (ii) a description of the proposed terms and conditions of
such Letter of Credit, including a precise description of any documents to be presented by the beneficiary which, if presented
by the beneficiary prior to the expiration date of such Letter of Credit, would require the Issuing Bank to make payment under
such Letter of Credit.


 


The Company hereby certifies
that:


 


(i)         after
issuing such Letter of Credit requested on the Borrowing Date, the Total Utilization of Revolving Commitments shall not exceed
the Revolving Commitments then in effect;


 


(ii)        as
of the Borrowing Date, the representations and warranties contained in each of the Loan Documents are true and correct in all material
respects on and as of such Borrowing Date to the same extent as though made on and as of such date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case such representations and warranties are true and correct in
all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not
be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and


 




    	C-3-1



    	 	 	 



    

 


(iii)       as
of such Borrowing Date, no event has occurred and is continuing or would result from the consummation of the issuance contemplated
hereby that would constitute an Event of Default or a Default.


 


	Date:  [________]	 	CNO FINANCIAL GROUP, INC.
	 	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	C-3-2



    	 	 	 



    

 


Final Version


 


EXHIBIT D


 


FORM OF ASSIGNMENT AND ASSUMPTION


 


This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between [the][each]1 Assignor identified in item 1
below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the
rights and obligations of [the Assignors][the Assignees]3
hereunder are several and not joint.]4 Capitalized terms
used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.


 


For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all
of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective
Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice
claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to
clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such
sale and assignment is without recourse to [the][any]


 


 



 





1 For bracketed language here
and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed
language. If the assignment is from multiple Assignors, choose the second bracketed language.


2 For bracketed language here
and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.
If the assignment is to multiple Assignees, choose the second bracketed language


3 Select as appropriate.


4 Include bracketed language
if there are either multiple Assignors or multiple Assignees.


 




    	D-1



    	 	 	 



    

 


Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by [the] [any] Assignor.


 


1.         Assignor[s]:
 _____________________


 


2.         Assignee[s]:
 _____________________


 


[for each Assignee, indicate
[Affiliate][Approved Fund] of [identify Lender]]


 


3.         Company:
CNO Financial Group, Inc.


 


4.         Agent:
KeyBank National Association, as the administrative agent under the Credit Agreement


 


5.         Credit
Agreement: Credit Agreement, dated as of May [ ], 2015, among CNO Financial Group, Inc., the Lenders from time to time party
thereto and KeyBank National Association, as Agent.


 


6.         Assigned
Interest[s]:


 


	Assignor[s]5	Assignee[s]6	Facility

Assigned7	Aggregate

Amount of

Commitment/

Loans

for All Lenders	Amount of

Commitment/ 

Assigned Loans

 Assigned8	
        Percentage

        Assigned of

        Commitment/

        Loans9
	CUSIP

Number
	 	 	 	 	 	 	 
	 	 	 	$	$	%	 
	 	 	 	 
	 	 	 	$	$	%	 
	 	 	 	 
	 	 	 	$	$	%	 
	 	 	 	 


 


[7.        Trade
Date:     ]10


 


 









5 List each Assignor, as appropriate.


6 List each Assignee,
as appropriate.


7 Fill in the appropriate
terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment.


8 Amounts in this column and
in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made
between the Trade Date and the Effective Date.


9 Set forth, to at least 9
decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.


 




    	D-2



    	 	 	 



    

 


Effective Date: _______________, 20__
[TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]


 


The terms set forth in this
Assignment and Assumption are hereby agreed to:


 


	 	ASSIGNOR
	 	[NAME OF ASSIGNOR][S]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	 
	 	ASSIGNEE
	 	[NAME OF ASSIGNEE][S]
	 	 	 
	 	By:	 
	 	 	Title:


 


[Consented to and]11 Accepted:


 


KEYBANK NATIONAL ASSOCIATION, as Agent


 


	By: 	 	 
	 	Title:	 


 


[Consented to:]12


 


[CNO FINANCIAL GROUP, INC., as the Company


 


	By: 	 	 
	 	Title:]	 


 





 






10 To be completed if
the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.


11 To be added only if
the consent of the Agent is required by the terms of the Credit Agreement.


12 To be added only
if the consent of the Company is required by the terms of the Credit Agreement


 




    	D-3



    	 	 	 



    




 


Final Version


 


ANNEX 1 TO ASSIGNMENT AND ASSUMPTION


 


STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION


 


1.         Representations
and Warranties.


 


1.1.      Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant]
Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption
and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan
Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of
any of their respective obligations under any Loan Document.


 


1.2.      Assignee[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements of an Eligible Assignee under the Credit Agreement (subject
to such consents, if any, as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of
the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision
to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the
Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements
delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned
Interest, (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest, and (vii) attached hereto is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that
(i) it will, independently and without reliance upon the Agent, [the][any] 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 Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which
by the terms of the Loan Documents are required to be performed by it as a Lender.


 




    	D-4



    	 	 	 



    

 


 


2.         Payments.
From and after the Effective Date, the Agent shall make all payments in respect of [the][each] Assigned Interest (including payments
of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding
the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.


 


3.         General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be construed in accordance with and governed by the law of the State of New York.


 




    	D-5



    	 	 	 



    




 


Final Version


 


EXHIBIT E


 


EURODOLLAR RATE FUNDING LOSS DETERMINATION METHODOLOGY


 


(COFO - COFBD) x P x D


360


 


COFO = COST OF FUNDS AT ORIGINATION (AS QUOTED BY THE AGENT)


 


COFBD = COST OF FUNDS AT BREAK DATE FOR THE DAYS REMAINING IN THE


ORIGINAL INTEREST PERIOD (AS QUOTED BY THE AGENT)


 


P = PRINCIPAL


 


D = NUMBER OF DAYS LEFT IN ORIGINAL INTEREST PERIOD


 




    	E-1



    	 	 	 



    

 


Final Version


 


EXHIBIT G-1


 


FORM OF UNITED STATES TAX COMPLIANCE CERTIFICATE


 


(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is made to that
certain Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced,
refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO
FINANCIAL GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto
and KEYBANK NATIONAL ASSOCIATION., as administrative agent for the Lenders (in such capacity, including any successor thereto,
the “Agent”). Capitalized terms used but not defined herein have the meanings given to such terms in the Credit
Agreement.


 


Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten
percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a “controlled
foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has furnished
the Agent and the Company with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform the Company and the Agent in writing and (2) the undersigned shall furnish the Company and the Agent a properly completed
and currently effective certificate and IRS Form W-8BEN or W-8BEN-E in either the calendar year in which payment is to be
made by the Company or the Agent to the undersigned, or in either of the two calendar years preceding such payment.


 


[Signature Page Follows]


 




    	G-1-1



    	 	 	 



    

 


	 	[Lender]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[Address]
	 	 
	Dated:  ______________________, 20[  ]	 


 




    	G-1-2



    	 	 	 



    

 


Final Version


 


EXHIBIT G-2


 


FORM OF UNITED STATES TAX COMPLIANCE CERTIFICATE


 


(For Foreign Lenders That Are Partnerships For U.S.
Federal Income Tax Purposes)


 


Reference is made to that certain
Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO FINANCIAL
GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto and KEYBANK
NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, including any successor thereto, the “Agent”).
Capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement.


 


Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none
of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 881(c)(3)(B)
of the Code, and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related
to the Company as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has furnished
the Agent and the Company with IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of its partners/members
claiming the portfolio interest exemption; provided that, for the avoidance of doubt, the foregoing shall not limit the
obligation of the Lender to provide, in the case of a partner/member not claiming the portfolio interest exemption, an IRS Form W-8ECI,
Form W-9, Form W-8BEN, Form W-8BEN-E or Form W-8IMY (including appropriate underlying certificates from each interest
holder of such partner/member), in each case establishing such partner/member’s available exemption from U.S. federal withholding
tax. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Company and the Agent in writing and (2) the undersigned shall have at all times
furnished the Company and the Agent with a properly completed and currently effective certificate and IRS Form W-8IMY and
accompanying IRS Forms W-8BEN or W-8BEN-E in either the calendar year in which payment is to be made by the Company or the
Agent to the undersigned, or in either of the two calendar years preceding such payment.


 


[Signature Page Follows]


 




    	G-2-1



    	 



    

 


	 	[Lender]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated: ____________________, 20[ ]


  




    	G-2-2



    	 



    

  


Final Version


 


EXHIBIT G-3


 


FORM OF UNITED STATES TAX COMPLIANCE CERTIFICATE


 


(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax

Purposes)


 


Reference is made to that certain
Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO FINANCIAL
GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto and KEYBANK
NATIONAL ASSOCIATION., as administrative agent for the Lenders (in such capacity, including any successor thereto, the “Agent”).
Capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement.


 


Pursuant to the provisions of
Section 3.01(e) and 10.07(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not
a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company
within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a “controlled foreign corporation”
related to the Company as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has furnished
its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate and IRS Form W-8BEN or W-8BEN-E in either the calendar year in which payment is to
be made to the undersigned, or in either of the two calendar years preceding such payment.


 


[Signature Page Follows]


 




    	G-3-1



    	 



    

 


	 	[Participant]
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated: ___________________, 20[  ]


 









    	G-3-2



    	 



    

  


Final Version


 


EXHIBIT G-4


 


FORM OF UNITED STATES TAX COMPLIANCE CERTIFICATE


 


(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is made to that certain
Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and restated, replaced, refinanced,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among CNO FINANCIAL
GROUP, INC., a Delaware corporation (the “Company”), the Lenders from time to time party thereto and KEYBANK
NATIONAL ASSOCIATION., as administrative agent for the Lenders (in such capacity, including any successor thereto, the “Agent”).
Capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement.


 


Pursuant to the provisions of
Section 3.01(e) and 10.07(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor
any of its direct or indirect partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none
of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 881(c)(3)(B)
of the Code, and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related
to the Company as described in Section 881(c)(3)(C) of the Code.


 


The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of its partners/members
claiming the portfolio interest exemption; provided that, for the avoidance of doubt, the foregoing shall not limit the
obligation of the undersigned to provide, in the case of a partner/member not claiming the portfolio interest exemption, an IRS
Form W-8ECI, Form W-9, Form W-8BEN, Form W-8BEN-E or Form W-8IMY (including appropriate underlying certificates
from each interest holder of such partner/member), in each case establishing such partner/member’s available exemption from
U.S. federal withholding tax. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate and IRS Form W-8IMY and accompanying
IRS Forms W-8BEN or W-8BEN-E in either the calendar year in which payment is to be made to the under-signed, or in either
of the two calendar years preceding such payment.


 


[Signature Page Follows]


 




    	G-4-1



    	 



    

 


	 	[Participant]
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated: _______________, 20[  ]


  




    	G-4-2



    	 



    

 


Final Version


 


EXHIBIT I


 


FORM OF SOLVENCY CERTIFICATE

May [  ], 2015


 


The undersigned, ____________________,
the Chief Financial Officer of CNO Financial Group, Inc., a Delaware corporation (“CNO”), is familiar with
the properties, businesses, assets and liabilities of CNO and its Subsidiaries and is duly authorized to execute this certificate
(this “Solvency Certificate”) on behalf of CNO.


 


This Solvency Certificate is
delivered pursuant to Section 4.01(h)(ii) of the Credit Agreement dated as of May [  ], 2015 (the “Credit
Agreement”; terms defined therein unless otherwise defined herein being used herein as therein defined) among CNO, each
Lender from time to time party thereto and KeyBank National Association., as Agent and the other parties thereto.


 


1.          The
undersigned certifies, on behalf of CNO and not in his individual capacity, that he has made such investigation and inquiries as
to the financial condition of CNO as the undersigned deems necessary and prudent for the purposes of providing this Solvency Certificate.


 


2.          The
undersigned certifies, on behalf of CNO and not in his individual capacity, that (a) the financial information, projections
and assumptions which underlie and form the basis for the representations made in this Solvency Certificate were made in good faith
and were based on assumptions reasonably believed by CNO to be fair in light of the circumstances existing at the time made and
continue to be fair as of the date hereof; and (b) for purposes of providing this Solvency Certificate, the amount of contingent
liabilities has been computed as the amount that, in the light of all the facts and circumstances existing as of the date hereof,
represents the amount that can reasonably be expected to become an actual or matured liability.


 


BASED ON THE FOREGOING, the undersigned
certifies, on behalf of CNOand not in his individual capacity, that, on the date hereof, before and after giving effect to the
Transactions (and the Loans made or to be made and other obligations incurred or to be incurred on the date hereof):


 


(i)          the
fair value of the assets of CNO, at a fair valuation, exceeds its debts and liabilities, subordinated, contingent or otherwise;


 


(ii)         CNO
does not intend to, and CNO believes that it will not, incur debts or liabilities beyond CNO’s ability to pay such debts
and liabilities as they mature;


 


(iii)        CNO
is able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured; and


 


(iv)        CNO
does not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted
and is proposed to be conducted after the date hereof.


 




    	I-1



    	 



    

  


IN WITNESS WHEREOF, the undersigned
has executed this Solvency Certificate as of the first date written above, solely in his capacity as the Chief Financial Officer
of CNO and not in his individual capacity.


 


	 	Name:  	 
	 	 	Title:	Chief Financial Officer


 




    	I-2



    	 



    

  


Final Version


 


EXHIBIT K


 


FORM OF JOINDER AGREEMENT


 


THIS JOINDER AGREEMENT,
dated as of May [  ], 2015 (this “Agreement”), by and among [NEW LENDERS] (each
a “Lender” and collectively the “Lenders”), CNO FINANCIAL GROUP, INC., a Delaware
corporation (the “Company”) and KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as Agent.


 


RECITALS:


 


WHEREAS, reference is
hereby made that certain Credit Agreement, dated as of May [  ], 2015 (as may be amended, restated, amended and
restated, replaced, refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”;
the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Company, the
Lenders party thereto from time to time and KeyBank, as Agent; and


 


WHEREAS, subject to
the terms and conditions of the Credit Agreement, the Company may provide New Revolving Commitments by entering into one or more
Joinder Agreements with the New Revolving Loan Lenders, as applicable.


 


NOW, THEREFORE, in consideration
of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:


 


Each Lender party hereto hereby
agrees to commit to provide its respective Commitment as set forth on Schedule A annexed hereto, on the terms and subject
to the conditions set forth below:


 


Each Lender (i) confirms
that it has received a copy of the Credit Agreement and the other Loan Documents, 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 Agreement and it is sophisticated with respect to decisions to make loans similar to those contemplated to be
made hereunder and it is experienced in making loans of such type; (ii) agrees that it will, independently and without reliance
upon the 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; (iii) appoints and authorizes
the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan
Documents as are delegated to the 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.


 


Each Lender hereby agrees to
make its Commitment on the following terms and conditions:


 


		1.	Fees. The Company agrees to pay each [New
Revolving Loan Lender] its Pro Rata Share of an aggregate fee equal to [________ __, ____] on [_________
__, ____].



 




    	K-1



    	 



    

  


		2.	[New Lenders.  Each New Revolving Loan Lender acknowledges
and agrees that upon its execution of this Agreement that such New Revolving Loan Lender shall become a “Lender” under,
and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof,
and shall perform all the obligations of and shall have all rights of a Lender thereunder.]1



 


		3.	Credit Agreement Governs. Except as set forth in
this Agreement, New Revolving Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents.



 


		4.	The Company’s Certifications.  By its execution
of this Agreement, the undersigned officer and the Company hereby certify that:



 


		i.	The representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof to the same
extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate
to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as
of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof; and



 


		ii.	No event has occurred and is continuing or would result
from the consummation of the Proposed Borrowing contemplated hereby that would constitute a Default or an Event of Default.



 


		5.	The Company Covenants. By its execution of this
Agreement, the Company hereby covenants that:



 


		i.	The Company shall make any payments required pursuant
to Section 3.05(b) of the Credit Agreement in connection with the New Revolving Loan Commitments;



 


		ii.	The Company shall deliver or cause to be delivered the
following legal opinions and documents: [___________], together with all other legal opinions and other documents
reasonably requested by the Agent in connection with this Agreement; and



 


		iii.	Set forth on the attached officer’s certificate are
the calculations (in reasonable detail) demonstrating compliance with the financial tests described in Sections 7.11,
7.12 and 7.14 of the Credit Agreement.



 


		6.	Eligible Assignee. By its execution of this Agreement,
each New Revolving Loan Lender represents and warrants that it is an Eligible Assignee.



 





 



 


1   Insert bracketed language if the lending
institution is not already a Lender.


 




    	K-2



    	 



    

  


		7.	Notice. For purposes of the Credit Agreement, the
initial notice address of each New Revolving Loan Lender shall be as set forth below its signature below.



 


		8.	Foreign Lenders. For each New Revolving Loan Lender
that is a Foreign Lender, delivered herewith to the Agent are such forms, certificates or other evidence with respect to United
States federal income tax withholding matters as such New Revolving Loan Lender may be required to deliver to the Agent pursuant
to Section 3.01(e) of the Credit Agreement.



 


		9.	Recordation of the New Loans. Upon execution and
delivery hereof, the Agent will record the New Revolving Loans made by New Revolving Loan Lenders in the Register.



 


		10.	Amendment, Modification and Waiver. This Agreement
may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each
of the parties hereto.



 


		11.	Entire Agreement. This Agreement, together with
the Credit Agreement and the other Loan Documents, embodies the entire agreement and understanding among the parties with respect
to the subject matter hereof and thereof and supersedes all other prior or contemporaneous agreements and understandings of such
Persons, verbal or written, relating to the subject matter hereof and thereof.



 


		12.	GOVERNING LAW. This Agreement shall be construed in
accordance with and governed by the law of the State of New York.



 


		18.	Severability. If any provision of this Agreement
is invalid, illegal or unenforceable in any jurisdiction then, to the fullest extent permitted by law, (i) such provision shall,
as to such jurisdiction, be ineffective to the extent (but only to the extent) of such invalidity, illegality or unenforceability,
(ii) the other provisions of this Agreement shall remain in full force and effect in such jurisdiction and shall be liberally
construed in favor of the Lenders in order to carry out the intentions of the parties thereto as nearly as may be possible and
(iii) the invalidity, illegality or unenforceability of any such provision in any jurisdiction shall not affect the validity,
legality or enforceability of such provision in any other jurisdiction.



 


		19.	Counterparts. This Agreement may be executed in
any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts
taken together shall be deemed to constitute but one and the same instrument.



 


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    	K-3



    	 



    

 


IN WITNESS WHEREOF, each of the undersigned
has caused its duly authorized officer to execute and deliver this Joinder Agreement as of [_____________, ______].


 





	 	[NAME OF LENDER]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Notice Address:
	 	 
	 	Attention:
	 	Telephone:
	 	Facsimile:
	 	 
	 	CNO FINANCIAL GROUP, INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:


 












    	K-4



    	 



    

  


	 	Consented to by:
	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
	 	as Agent
	 	 
	 	By:	 
	 	Authorized Signatory


 




    	K-5