Document:

EX-4.3

 Exhibit 4.3 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of June 6, 2013 between National General Holdings Corp., a Delaware corporation (together with any successor entity thereto, the “Company”), and FBR Capital
Markets & Co., a Delaware corporation, as the initial purchaser/placement agent (“FBR”) for the benefit of FBR, the purchasers of the Company’s common stock, $0.01 par value per share (“Common Stock”),
as participants (“Participants”) in the private placement by the Company of shares of its Common Stock, and the direct and indirect transferees of FBR, and each of the Participants. 

This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of
May 30, 2013, between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 21,850,000 shares of Common Stock. In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has
agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, and their respective direct and indirect transferees. The execution of this Agreement is a condition to the closing of the transactions contemplated
by the Purchase/Placement Agreement. 
 The parties hereby agree as follows: 

1. Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 

Accredited Investor Shares: Shares initially sold by the Company to “accredited investors” (within the meaning of
Rule 501(a) promulgated under the Securities Act) as Participants. 
 Affiliate: As to any specified Person,
(i) any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting
securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any
executive officer, director, trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in
which a Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law is or has been associated with a Person. 
 Agreement: As defined in the preamble. 
 Board of Directors: As
defined in Section 6(a) hereof. 
 Business Day: With respect to any act to be performed hereunder, each Monday,
Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to
close. 
 Closing Date: June 6, 2013 or such other time or such other date as FBR and the Company may agree.

 Commission: The Securities and Exchange Commission. 

Common Stock: As defined in the preamble. 
 Company: As defined in the preamble. 
 Controlling Person: As
defined in Section 7(a) hereof. 
 End of Suspension Notice: As defined in Section 6(b) hereof. 

  
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 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission pursuant thereto. 
 FBR: As defined in the preamble. 

FINRA: The Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, Inc. 

Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any
such Affiliate holds any Registrable Shares. 
 Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

JOBS Act: The Jumpstart Our Business Startups Act, as amended, and the rules and regulations promulgated by the Commission
thereunder. 
 Issuer Free Writing Prospectus: As defined in Section 2(c) hereof. 

Liabilities: As defined in Section 7(a) hereof. 
 No Objections Letter: As defined in Section 5(t) hereof. 

Nominee: As defined in Section 3(c) hereof. 
 Participants: As defined in the preamble. 
 Person: An individual,
partnership, corporation, trust, unincorporated organization, government or agency or political subdivision thereof, or any other legal entity. 
 Proceeding: An action, claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person
subject thereto, threatened. 
 Prospectus: The prospectus included in any Registration Statement, including any
preliminary prospectus at the “time of sale” within the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference, if any, in such prospectus. 
 Purchase/Placement Agreement: As
defined in the preamble. 
 Purchaser Indemnitee: As defined in Section 7(a) hereof. 

Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, upon original
issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection
with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or
any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such Rule 144A Share, Accredited Investor Share or Regulation S Share, the earliest to occur of
(i) the date on which the resale of such share has been registered pursuant to the Securities Act and it has been disposed of in accordance with the Registration Statement relating to it, (ii) in the event the Company is subject to the
reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which it has been 

  
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transferred pursuant to Rule 144 (or any similar provision then in effect) or is freely saleable pursuant to Rule 144 without any restriction thereunder as to volume, manner of sale or
current public information, and is listed or included on the New York Stock Exchange or the NASDAQ Global Market, or (iii) the date on which it is sold to the Company. 
 Registration Default: As defined in Section 2(f) hereof. 

Registration Expenses: Any and all expenses incident to the Company’s and FBR’s performance of or compliance with this
Agreement, including, without limitation: (i) all Commission, securities exchange, and FINRA registration, listing, inclusion and filing fees; (ii) all fees and expenses incurred in connection with compliance with international, federal or
state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a
blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement; (iv) all fees and expenses incurred in
connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and disbursements of counsel for the Company and of the independent registered
public accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the performance of this Agreement); (vi) reasonable fees and disbursements
of Selling Holders’ Counsel, not to exceed $50,000; and (vii) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any
Registration Statement); provided, however, that Registration Expenses shall exclude (a) brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder,
(b) the fees and disbursements of counsel for any brokers or underwriters, other than such fees and expenses (x) as provided in clause (vi) above, (y) specifically agreed to be paid under this Agreement or (z) that the
Company shall have agreed in writing with such underwriter to pay, and (c) all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement. 

Registration Statement: Any registration statement of the Company that covers the resale of Registrable Shares pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed
to be incorporated by reference, if any, in such registration statement. 
 Regulation S: Regulation S
(Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same
effect as such regulation. 
 Regulation S Shares: Shares initially resold by FBR pursuant to the Purchase/Placement
Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
rule. 
 Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to
“qualified institutional buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
rule. 

  
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 Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as
such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 424: Rule 424
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 433: Rule 433 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Securities Act: The Securities Act of
1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 Selling Holders’
Counsel: Counsel for the Holders selected by FBR and reasonably acceptable to the Company, or if not selected by FBR, then such other counsel, reasonably acceptable to the Company, selected by the Holders holding a majority of the Registrable
Shares to be included in the Registration Statement. 
 Shares: The shares of Common Stock being offered and sold
pursuant to the terms and conditions of the Purchase/Placement Agreement. 
 Shelf Registration Statement: As defined in
Section 2(a) hereof. 
 Special Election Meeting: As defined in Section 3(a) hereof. 

Specified Executive Officers: For purposes of Section 2(f) hereof, Michael Karfunkel, chairman and chief executive officer of
the Company, and Michael Weiner, chief financial officer of the Company. 
 Suspension Event: As defined in
Section 6(b) hereof. 
 Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for re-offering to the public. 

2. Registration Rights 
 (a) Mandatory Shelf Registration. As set forth in Section 5 hereof, the Company agrees to file with the Commission as soon as reasonably practicable following the date of this Agreement (but
in no event later than the date that is ninety (90) days after the date of this Agreement) a shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company providing for the resale of any
Registrable Shares pursuant to 

  
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Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). The Company shall use its commercially reasonable efforts to cause such Shelf Registration
Statement to be declared effective by the Commission as soon as practicable after the initial filing thereof but in any event event within two hundred and seventy (270) days after the date this Agreement. Any Shelf Registration Statement shall
provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may
include sales over the internet) by the Holders of any and all Registrable Shares; provided, however, that any underwriter engaged in connection with any such resale shall be FBR or any other underwriter reasonably acceptable to the Company.

 (b) IPO Registration. If the Company proposes to file a registration statement on Form S-1 or such other form
under the Securities Act providing for the initial public offering of shares of Common Stock (the “IPO Registration Statement”), the Company will notify in writing each Holder of the filing within five (5) Business Days after
the initial filing and afford each Holder an opportunity to include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement all or part
of the Registrable Shares held by such Holder shall, within twenty (20) days after mailing or delivery of the above-described notice from the Company, so notify the Company in writing, and in such notice
shall inform the Company of the number of Registrable Shares such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the
inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement. Furthermore, in the event the IPO Registration Statement is not declared effective within one
hundred twenty (120) days following the initial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is actually in progress at such time, the Company shall
promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder receiving such notice shall have the same election rights afforded
such Holder as described in this clause (b). 
 (i) Right to Terminate IPO Registration. The Company shall
have the right to terminate or withdraw the IPO Registration Statement initiated by it and referred to in this Section 2(b) prior to or after the effectiveness of such registration whether or not any Holder has elected to include Registrable
Shares in such registration; provided, however, the Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice following such termination or withdrawal. 

(ii) Selection of Underwriter. The Company shall have the sole right to select the managing underwriter(s) and any
other underwriter(s) for its initial public offering, regardless of whether any Registrable Shares are included in the IPO Registration Statement or otherwise. 
 (iii) Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be
affected by the filing or effectiveness of the IPO Registration Statement. In addition, the Company’s obligation to file and use its commercially reasonable efforts to cause to become and keep effective the Shelf Registration Statement pursuant
to Section 2(a) hereof shall not be affected by the filing or effectiveness of an IPO Registration Statement; provided, however, if the Company files an IPO Registration Statement before the effective date of the Shelf Registration
Statement, the Company shall have the right to defer causing the Commission to declare such Shelf Registration Statement effective until up to 60 days after the closing date of its initial public offering pursuant to the IPO Registration Statement.

 (c) Issuer Free Writing Prospectus. In the case of an Underwritten Offering, the Company represents and agrees that,
unless it obtains the prior consent of the managing underwriter in connection with any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless it obtains the prior consent of the Company and any such
underwriter, it will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that would otherwise
constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. The Company represents that any Issuer Free Writing Prospectus used or approved by the Company in connection with any offer
relating to the Shares will not include any information that conflicts with the information contained in any Registration Statement or the related Prospectus, and any Issuer Free Writing Prospectus, when taken together with the information

  
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in such Registration Statement and the related Prospectus, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. 
 (d) Underwriting. The Company shall
advise all Holders of the lead managing underwriter for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder to include any of its Registrable Shares in the IPO Registration Statement pursuant to
Section 2(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their
Registrable Shares through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities,
custody agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in
writing for inclusion in the Registration Statement; provided, however, that no Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Holder and such Holder’s intended method of distribution and any other representation required by law or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if
the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration
Statement and Underwritten Offering, and any shares included in such IPO Registration Statement and Underwritten Offering shall be allocated first, (subject to the last proviso of this paragraph) to the Company, and second, to each of
the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided,
however, that the number of Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) officers, directors, other employees of the Company and
consultants and (ii) other holders of the Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the
underwriting and registration; provided, further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising at least 25% of the total securities included in the Underwritten Offering
proposed under the IPO Registration Statement. 
 By electing to include the Registrable Shares in the IPO Registration
Statement, the Holder of such Registrable Shares shall be deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration
Statement or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in no event for
a period longer than thirty (30) days prior to and one hundred eighty (180) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in
any other registration; provided, however, that if (1) during the last 17 days of such restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or (2) prior to the
expiration of such restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of such restricted period, then, in each case, the restrictions imposed by the representatives of
the underwriters may continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or event, unless the representatives of the underwriters waive, in writing,
such an extension. 
 If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the managing underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Shares excluded or withdrawn from such
underwriting shall be excluded and withdrawn from the registration. 
 (e) Expenses. The Company shall pay all
Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on
the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this
Agreement. 

  
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 (f) Penalty Provisions. If the Company does not file a Shelf Registration Statement
registering the resale of the Registrable Shares in accordance with Section 2(a) hereof within ninety (90) days after the date of this Agreement, other than as a result of the Commission being unable to accept such filing (a
“Registration Default”), then (i) the Company agrees not to authorize, award or pay, and each Specified Executive Officer shall lose and forfeit his right to (or his opportunity to earn) 50% of such Specified Executive
Officer’s bonus for his service, performance or employment for the year 2013 (whether in cash, equity or other compensation and whether such bonus is paid in during 2013 or thereafter) and, (ii) for each additional 30-day period following
the Registration Default for which the Registration Default shall have not been cured, the Company agrees not to authorize, award or pay, and each Specified Executive Officer shall lose and forfeit his right to (or his opportunity to earn) an
additional 10% of such bonus, such that each Specified Executive Officer will lose and forfeit his entire 2013 bonus if the Registration Default continues for five full consecutive 30-day periods following date initial date of default. The Company
agrees to abide by the provisions of this Section 2(f) in good faith and shall not take any action to circumvent the purpose and spirit hereof, including but not limited to, renaming a Specified Executive Officer’s 2013 bonus as something
else, or creating, awarding or granting a new or difference bonus or other form of compensation to replace or compensate for all or any portion of a Specified Executive Officer’s 2013 bonus which has been forfeited in accordance with the
provisions of this Section 2(f). 
 (g) JOBS ACT Submissions. For purposes of this Agreement, if the Company elects
to confidentially submit a draft of the Shelf Registration Statement with the Commission pursuant to the JOBS Act, the date on which the Company makes such confidential submission will be deemed the initial filing date of such Shelf Registration
Statement. 
 3. Special Election Meeting. 
 (a) If a Shelf Registration Statement registering the resale of the Registrable Shares has not been declared effective by the Commission, or the Registrable Shares have not been listed for trading on the
New York Stock Exchange or the NASDAQ Global Market prior to 270 days after the date of this Agreement (the “Trigger Date”), then a special meeting of stockholders (the “Special Election Meeting”) shall be called
not less than five days after the Trigger Date in accordance with the Bylaws of the Company. The Special Election Meeting shall occur as soon as possible following the Trigger Date but in no event more than forty-five (45) days after the
Trigger Date. 
 (b) Purposes of Meeting. The Special Election Meeting shall be called solely for the purposes of:
(i) considering and voting upon proposals to remove each then-serving director of the Company; and (ii) electing such number of directors as there are then vacancies on the Board of Directors of the Company (including any vacancies created
by the removal of any director pursuant to this Section 3. The removal of any director pursuant to this Section 3 shall be effective immediately upon the receipt of the final report of the Inspector of Elections for the Special Election
Meeting of the result of the vote on the proposal to remove such director. 
 (c) Nominations. Nominations of individuals
for election to the Board of Directors of the Company at the Special Election Meeting may only be made (i) by or at the direction of the Board of Directors or (ii) upon receipt by the Company of written notice of one or more Holders
entitled to cast, or direct the casting of, not less than 5% of all the votes entitled to be cast at the Special Election Meeting and containing the information specified by Section 3(d) hereof and the Bylaws of the Company. Each individual
whose nomination is made in accordance with this Section 3(c) is hereinafter referred to as a “Nominee.” 
 (d)
Procedure for Stockholder Nominations. For nominations of individuals for election to the Board of Directors to be properly brought before the Special Election Meeting by Holders pursuant to Section 3(c) hereof, the Holders must have
given notice thereof in writing to the Secretary of the Company not later than 5:00 p.m., Eastern Time, on the 15th day after the delivery of the notice of the Special Election Meeting in accordance with the Company’s Bylaws. Such notice shall
include each such proposed Nominee’s written consent to serve as a director, if elected, and shall specify: 

(i) as to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all
other information relating to such proposed Nominee that would be 

  
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required, pursuant to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with respect to the election of such
individual as a director; and 
 (ii) as to each Holder giving the notice, the class, series and number of all
shares of beneficial interest of the Company that are owned by such Holder, beneficially or of record. 
 (e) Notice. Not
less than fifteen (15) nor more than twenty-five (25) days before the Special Election Meeting, the Secretary of the Company shall give to each stockholder entitled to vote at, or to receive notice of, such meeting at such
stockholder’s address as it appears in the share transfer records of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting, (ii) the purposes for which the Special Election Meeting has
been called and (iii) the name of each Nominee. 
 4. Rules 144 and 144A Reporting 

With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of
the Registrable Shares to the public without registration, the Company agrees to: 
 (a) make and keep current public information
available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities
to the general public; 
 (b) use commercially reasonable efforts to file with the Commission in a timely manner all reports and
other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 
 (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it will make available other
information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall make available (either by mailing a copy thereof, by posting on the Company’s
website, or by press release) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial
statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in accordance with U.S. generally accepted accounting principles in the United States,
accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of the Company (or if such 90th day is not a Business Day, the immediately following Business Day);
and 
 (ii) the Company’s unaudited quarterly financial statements (including at least balance sheets,
statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than forty-five (45) days
after the end of each of the first three fiscal quarters of the Company (or if such 45th day is not a Business Day, the immediately following Business Day); 
 (d) the Company shall hold, a reasonable time after the availability of such financial statements and upon reasonable notice to the Holders and FBR (either by mail, by posting on the Company’s
website, or by press release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to such financial statements, and will
also cooperate with, and make management reasonably available to, FBR personnel in connection with making Company information available to investors; and 
 (e) so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any
time after it has become subject 

  
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to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company,
and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 

5. Registration Procedures 
 In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected
the registration of the Registrable Shares under the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, and the
Company shall: 
 (a) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days prior to
filing a Registration Statement, of its intention to file a Registration Statement with the Commission and, at least five (5) Business Days prior to filing, provide a copy of the Registration Statement to FBR and Selling Holders’ Counsel
for review and comment; prepare and file with the Commission, as specified in this Agreement, the Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all material respects with the requirements of the
applicable form and include all financial statements required by the Commission to be filed therewith and (y) be reasonably acceptable to FBR and Selling Holders’ Counsel; notify FBR and Selling Holders’ Counsel in writing, at least
five (5) Business Days prior to filing of any amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR and Selling Holders’
Counsel for review and comment; promptly following receipt from the Commission, provide to FBR and Selling Holders’ Counsel copies of any comments made by the staff of the Commission relating to such Registration Statement and of the
Company’s responses thereto for review and comment; and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 6
hereof, until the earliest of (i) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (ii) there are no Registrable Shares outstanding or
(iii) the first anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 6(c) hereof and the condition that the Registrable Shares have been transferred to an unrestricted CUSIP, are
listed or included on the New York Stock Exchange or the NASDAQ Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative trading system with the Registrable Shares qualified under the applicable state securities or
“blue sky” laws of all fifty (50) states), and can be sold under Rule 144 without limitation as to volume, manner of sale or current public information thereunder; provided, however, that the Company shall not be required to
cause the IPO Registration Statement to remain effective for any period longer than ninety (90) days following the effective date of the IPO Registration Statement (subject to extension as provided in Section 6(c) hereof) provided,
further, that if the Company has an effective Shelf Registration Statement on Form S-1 (or other form then available to the Company) under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration
statement form under the Securities Act, the Company may file a post-effective amendment on Form S-3 to such registration statement on Form S-1, so long as there is no lapse in effectiveness of the Shelf Registration Statement; 

(b) subject to Section 5(i) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to
each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 
 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder may
reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to Section 6 hereof, to the use of such Prospectus, including each preliminary Prospectus, by the Holders,
if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

  
 9 

 (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from
registration or qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBR or
any Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept
effective pursuant to Section 5(a) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such
Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify
but for this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 

(e) use its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and
approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; provided, however, that the Company shall not be required to
(i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 5(e) and except as may be required by the Securities
Act, (ii) subject itself to taxation in any jurisdiction, or (iii) submit to the general service of process in any jurisdiction (except service of process with respect to the offering and sale of Registrable Securities); 

(f) notify FBR and each Holder promptly and, if requested by FBR or any Holder, confirm such advice in writing (1) when a
Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (2) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness
of a Registration Statement or the initiation of any Proceeding for that purpose, (3) of any request by the Commission or any other federal, state or foreign governmental authority for (A) amendments or supplements to a Registration
Statement or related Prospectus or (B) additional information and (4) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any
document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which information shall be
accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) and (5) at the request of any such Holder, promptly to furnish to such Holder a reasonable number of copies of a supplement to or an
amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; 
 (g) use its commercially reasonable efforts to avoid the
issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for
sale in any jurisdiction, as promptly as practicable; 
 (h) upon request, furnish to each requesting Holder of Registrable
Shares covered by a Registration Statement, without charge, one conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
 (i) except as provided in Section 6 hereof, upon the occurrence of any event contemplated by
Section 5(f)(4) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (j) if
requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a Prospectus supplement or post-effective

  
 10 

 
amendment such information as the representative of the underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make all
required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective
amendment; 
 (k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters
a signed counterpart, addressed to the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; and (ii) a
“comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial
statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial
statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably request; 

(l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and
reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an
Underwritten Offering, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm
the same to the extent customary if and when requested; 
 (m) make available for inspection by Selling Holders’ Counsel and
the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such underwriters, all financial and other records, pertinent corporate documents and
properties of the Company and cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in
connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative of the underwriters,
counsel thereto or accountants are confidential shall not be disclosed by such representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary
to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or
(iii) such records, documents or information have been generally made available to the public; provided, further, that Selling Holders’ Counsel and any underwriters will use commercially reasonable efforts, to the extent
practicable, to coordinate the foregoing inspection and information gathering and not materially disrupt the Company’s business operations; 
 (n) use its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list
or include all Registrable Shares on the New York Stock Exchange or the NASDAQ Global Market; 
 (o) prepare and file in a timely
manner all documents and reports required by the Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the
Registration Statement as required by Section 5(a) hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof;

 (p) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement;

 (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission and (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule 

  
 11 

 
promulgated under the Securities Act) thereunder, but in no event later than ninety (90) days after the end of each fiscal year of the Company; 

(r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement
from and after a date not later than the effective date of such Registration Statement; 
 (s) in connection with any sale or
transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if
any, to facilitate (unless any Registrable Shares shall be in book-entry only form) the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer
legends (other than as required by the Company’s Amended and Restated Certificate of Incorporation, as it may be amended from time to time) and to enable such Registrable Shares to be in such denominations and registered in such names as the
representative of the underwriters, if any, or the Holders may request at least three (3) Business Days prior to any sale of the Registrable Shares; 
 (t) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, cooperate with FBR in connection with the
filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed
underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information
provided to FINRA through its Public Offering System, and pay all costs, fees and expenses incident to FINRA’s review of the Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all
filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees and other disbursements of FBR and any other FINRA member that is the Holder of, or is affiliated or associated with an owner of, Registrable Shares
included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); 
 (u) in
connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including,
without limitation, an inquiry of the Company’s financial and other records, and make available members of its management for questions regarding information which FBR may request in order to fulfill any due diligence obligation on its part;

 (v) upon effectiveness of the first Registration Statement filed under this Agreement, take such actions and make such filings
as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement; and 

(w) in the case of an Underwritten Offering, use its commercially reasonable efforts to cooperate and assist in any filings required to be
made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is required to be retained in accordance with the rules
and regulations of FINRA. 
 The Company may require the Holders to furnish (and each Holder shall furnish) to the Company such
information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder
shall be entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells
Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be named as a selling shareholder in the related prospectus and to deliver a prospectus to purchasers.
Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Holder not misleading. 

Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 5(f)(3) or 5(f)(4) hereof, such Holder will immediately discontinue disposition of 

  
 12 

 
Registrable Shares pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will
deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such
notice. 
 6. Black-Out Period 
 (a) Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the board of directors of the Company (the “Board of
Directors”) that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any international, federal or state securities
commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and
advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90) day period), if any of the
following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares pursuant to the Registration Statement would have
a material adverse effect on the Company’s primary Underwritten Offering; (ii) the majority of the independent members of the Board of Directors of the Company shall have determined in good faith that (A) the offer or sale of any
Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other significant transaction involving the Company, (B) after the advice of
counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide
business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) the proposed transaction
renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or
supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the independent members of the Board of Directors of the Company shall have determined in good faith, after the advice of counsel, that it
is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the
Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration Statement any
facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set forth therein; or
(3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence
of any such suspension, the Company shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to take such action
as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of the Registrable Shares as soon as possible. 

(b) In the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension
Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such
suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its commercially reasonable efforts and taking all reasonable steps to terminate suspension of the use of the Registration
Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt
of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the
Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further notice to
such effect (an “End of Suspension Notice”) from the Company, which End 

  
 13 

 
of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the conclusion of any Suspension Event and its effect. 

(c) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice pursuant to this Section 6,
the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of
the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to resume sales. 
 7. Indemnification and Contribution 
 (a) The Company
agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling
Person”), and (iii) the respective officers, directors, partners, members, employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may
hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or Proceeding by any governmental
agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement thereto),
or any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
information relating to any Purchaser Indemnitee furnished to the Company, or any underwriter in writing by such Purchaser Indemnitee expressly for use therein. The Company shall notify the Holders promptly of the institution, threat or assertion of
any claim, Proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement which involves the Company or a Purchaser Indemnitee. The indemnity
provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, and as a condition to such participation, such Holder agrees, severally and not jointly, to
indemnify and hold harmless the Company and each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective officers, directors, partners, members,
employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any amendment thereto),
Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. Absent gross negligence or willful misconduct, the liability of any Holder pursuant to this
paragraph shall in no event exceed the net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing
Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. 
 (c) If any suit, action, Proceeding
(including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so

  
 14 

 
notify an Indemnifying Party shall not relieve it from any liability which it may have under this Section 7, except to the extent the Indemnifying Party is materially prejudiced by the
failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably
designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the
Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not
actively pursue the defense of such action or (iv) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such
Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of
the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the
defense of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in
writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be
designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if
there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any Liability for which such Indemnified Party would be liable under paragraph (a) or (b), as applicable, of this
Section 7 by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject
matter of such Proceeding and (ii) does not include a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
 (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred
to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying
Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the
Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d) above. The amount
paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee be required to contribute any

  
 15 

 
amount in excess of the amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15
of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party
entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or
parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or
otherwise, except to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution
agreements contained in this Section 7 will be in addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to
this Section 7 are several in proportion to the respective number of Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 
 8. Market Stand-off Agreement 
 Each Holder hereby
agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or
dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company then owned by such Holder (other than to donees or partners
of the Holder who agree to be similarly bound) (i) in the case of the Company and each of its officers, directors, managers and employees, in each case to the extent such person or entity holds shares of Common Stock or securities convertible
into or exchangeable or exercisable for shares of Common Stock, for a period beginning on the effective date of, and continuing for up to one hundred eighty (180) days following the effective date of, the IPO Registration Statement of the
Company; (ii) in the case of all other Holders who include Registrable Shares in the IPO Registration Statement, beginning on the effective date of, and continuing for one hundred eighty (180) days following the effective date of the IPO
Registration Statement of the Company, and (iii) in the case of all other Holders who do not include Registrable Shares in the IPO Registration Statement, for a period of sixty (60) days following the effective date of an IPO Registration
Statement of the Company filed under the Securities Act; provided, however, if (1) during the last 17 days of the applicable restricted period the Company issues an earnings release or material news or a material event relating to
the Company occurs, or (2) prior to the expiration of the applicable restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the applicable restricted period, then, in
each case, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or event, unless the managing
underwriter in an Underwritten Offering waives, in writing, such an extension; provided, further, however, that: 
 (a)
the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement; 
 (b) all
executive officers and directors of the Company then holding shares of Common Stock of the Company or securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company enter into agreements that are no less
restrictive; 
 (c) the Holders shall be allowed any concession or proportionate release allowed to any officer or director that
entered into agreements that are no less restrictive (with such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such
officer or director); provided, that nothing in this Section 8(c) shall be construed as a right to 

  
 16 

 
proportionate release for the executive officers and directors of the Company upon the expiration of the sixty (60) day period applicable to all Holders other than the executive officers and
directors of the Company; and 
 (d) this Section 8 shall not be applicable if a Shelf Registration Statement of the Company
filed under the Securities Act has been declared effective prior to the filing of an IPO Registration Statement. 
 In order to
enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable
Shares and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 
 9. Termination of the Company’s Obligation 
 The
Company shall have no obligation pursuant to this Agreement with respect to any Registrable Shares proposed to be sold by a Holder in a registration pursuant to this Agreement if, in the opinion of counsel to the Company, all such Registrable Shares
proposed to be sold by a Holder (i) are freely saleable pursuant to Rule 144 (or any successor or analogous rule) without any restriction as to volume, manner of sale or current public information thereunder, and (ii) are listed or
included on the New York Stock Exchange or the NASDAQ Global Market. 
 10. Limitations on Subsequent Registration
Rights 
 From and after the date of this Agreement, the Company shall not, without the prior written consent of
Holders beneficially owning not less than a majority of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 10, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the
Company shall not be deemed to be outstanding), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any
Registration Statement filed pursuant to the terms hereof, unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will
not reduce the amount of Registrable Shares of the Holders that is included, or (b) to have its securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the
effective date of any registration statement filed pursuant to this Agreement. 
 11. Miscellaneous 

(a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to
being entitled to exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law, including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to seek specific
performance of its rights under this Agreement. Subject to Section 7, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and
hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable Shares; provided, however, that for purposes of this
Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding; provided, further, however, that (i) Sections 2(a), 2(f) and 3 may not be amended,
modified or supplemented, and waivers or consents thereto or departures therefrom may not be given, without the written consent of the Company and Holders beneficially owning not less than 67% of the then outstanding Registrable Shares and
(ii) any amendments, modifications or supplements to, or any waivers or consents to departures from, the provisions of Section 8 hereof that would have the effect of extending the sixty (60) or one hundred eighty (180) day
periods referenced therein shall be approved by, and shall only be applicable to, those Holders who provide written consent to such extension. Except as provided for in clause (ii) of the preceding sentence, no amendment shall be deemed
effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose

  
 17 

 
securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such
Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the first and second sentences of this paragraph. 

(c) Notices. All notices and other communications, provided for or permitted hereunder, shall be made in writing and delivered by
facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 
 (i) if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company; and 

(ii) if to the Company, at the offices of the Company at National General Holdings Corp., 59 Maiden Lane, 38th Floor, New
York, New York 10038, Attention: General Counsel (facsimile: (212) 380-9498); and 
 (iii) if to FBR, at the
offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: General Counsel (facsimile 703-469-1140). 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and
the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that such Holder fulfills all of its
obligations hereunder. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN
THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(h) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  
 18 

 (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement,
is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and
therein. 
 (j) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a
specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Company or its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 (k) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number of shares,
then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares
of such class or series of stock by such subdivision, combination, or stock dividend. 
 (l) Survival. This
Agreement is intended to survive the consummation of the transactions contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the
Company’s obligations under Section 2 of this Agreement. 
 [Signature page follows] 

  
 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

					
	NATIONAL GENERAL HOLDINGS CORP.
		
	By:	 	 /s/ Michael Weiner

		 	Name:	 	Michael Weiner
		 	Title:	 	Chief Financial Officer
	
	FBR CAPITAL MARKETS & CO.
		
	By:	 	 /s/ Paul Dell’Isola

		 	Name:	 	Paul Dell’Isola
		 	Title:	 	Senior Managing Director

 [Signature Page to Registration Rights Agreement] 

  
 20EX-10.1

 Exhibit 10.1 

 
  

 
  
 

 
 CREDIT AGREEMENT 
 dated as of 
 February 20, 2013 

among 
 AMERICAN
CAPITAL ACQUISITION CORPORATION 
 The Lenders Party Hereto 

JPMORGAN CHASE BANK, N.A. 
 as Administrative Agent 
 KEYBANK NATIONAL ASSOCIATION 

as Syndication Agent 
 and 
 FIRST NIAGARA BANK, N.A. 

as Documentation Agent 
  

 
 J.P. MORGAN
SECURITIES LLC and KEYBANC CAPITAL MARKETS INC. 
 as Joint Bookrunners and Joint Lead Arrangers 

 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01 Defined Terms
	  	 	1	 
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	26	 
	 SECTION 1.03 Terms Generally
	  	 	26	 
	 SECTION 1.04 Accounting Terms; GAAP; SAP
	  	 	27	 
	 SECTION 1.05 Status of Obligations
	  	 	27	 
		
	 ARTICLE II The Credits
	  	 	27	 
		
	 SECTION 2.01 Commitments
	  	 	27	 
	 SECTION 2.02 Loans and Borrowings
	  	 	28	 
	 SECTION 2.03 Requests for Revolving Borrowings
	  	 	28	 
	 SECTION 2.04 Intentionally Omitted
	  	 	29	 
	 SECTION 2.05 Intentionally Omitted
	  	 	29	 
	 SECTION 2.06 Letters of Credit
	  	 	29	 
	 SECTION 2.07 Funding of Borrowings
	  	 	32	 
	 SECTION 2.08 Interest Elections
	  	 	33	 
	 SECTION 2.09 Termination and Reduction of Commitments
	  	 	34	 
	 SECTION 2.10 Repayment of Loans; Evidence of Debt
	  	 	34	 
	 SECTION 2.11 Prepayment of Loans
	  	 	35	 
	 SECTION 2.12 Fees
	  	 	36	 
	 SECTION 2.13 Interest
	  	 	36	 
	 SECTION 2.14 Alternate Rate of Interest
	  	 	37	 
	 SECTION 2.15 Increased Costs
	  	 	37	 
	 SECTION 2.16 Break Funding Payments
	  	 	39	 
	 SECTION 2.17 Taxes
	  	 	39	 
	 SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	42	 
	 SECTION 2.19 Mitigation Obligations; Replacement of Lenders
	  	 	44	 
	 SECTION 2.20 Defaulting Lenders
	  	 	45	 
		
	 ARTICLE III Representations and Warranties
	  	 	46	 
		
	 SECTION 3.01 Organization; Powers
	  	 	46	 
	 SECTION 3.02 Authorization; Enforceability
	  	 	46	 
	 SECTION 3.03 Governmental Approvals; No Conflicts
	  	 	46	 
	 SECTION 3.04 Financial Condition; No Material Adverse Change
	  	 	47	 
	 SECTION 3.05 Properties
	  	 	47	 
	 SECTION 3.06 Litigation and Environmental Matters
	  	 	47	 
	 SECTION 3.07 Compliance with Laws and Agreements
	  	 	48	 
	 SECTION 3.08 Investment Company Status
	  	 	48	 
	 SECTION 3.09 Taxes
	  	 	48	 
	 SECTION 3.10 ERISA
	  	 	48	 
	 SECTION 3.11 Disclosure; Deferred Acquisition Payments
	  	 	48	 
	 SECTION 3.12 Federal Regulations
	  	 	49	 
	 SECTION 3.13 General Insurance
	  	 	49	 
	 SECTION 3.14 Seniority
	  	 	49	 
	 SECTION 3.15 Corporate Structure; Subsidiaries
	  	 	49	 
	 SECTION 3.16 Insurance Licenses
	  	 	50	 
	 SECTION 3.17 Insurance Business
	  	 	50	 
	 SECTION 3.18 Use of Proceeds
	  	 	50	 

  
 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 SECTION 3.19 Embargoed Persons
	  	 	50	 
	 SECTION 3.20 PATRIOT Act
	  	 	51	 
	 SECTION 3.21 Rights in Pledged Equity; Priority of Liens
	  	 	51	 
		
	 ARTICLE IV Conditions
	  	 	51	 
		
	 SECTION 4.01 Effective Date
	  	 	51	 
	 SECTION 4.02 Each Credit Event
	  	 	53	 
		
	 ARTICLE V Affirmative Covenants
	  	 	53	 
		
	 SECTION 5.01 Financial Statements; Ratings Change and Other Information
	  	 	53	 
	 SECTION 5.02 Notices of Material Events
	  	 	55	 
	 SECTION 5.03 Existence; Conduct of Business
	  	 	56	 
	 SECTION 5.04 Obligations and Taxes
	  	 	56	 
	 SECTION 5.05 Insurance
	  	 	57	 
	 SECTION 5.06 Books and Records; Inspection Rights
	  	 	57	 
	 SECTION 5.07 Compliance with Laws
	  	 	57	 
	 SECTION 5.08 Use of Proceeds
	  	 	57	 
	 SECTION 5.09 Further Assurances
	  	 	57	 
	 SECTION 5.10 Financial Strength Ratings
	  	 	57	 
	 SECTION 5.11 Covenant to Give Security
	  	 	58	 
		
	 ARTICLE VI Negative Covenants
	  	 	59	 
		
	 SECTION 6.01 Indebtedness
	  	 	59	 
	 SECTION 6.02 Liens
	  	 	61	 
	 SECTION 6.03 Fundamental Changes
	  	 	62	 
	 SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	62	 
	 SECTION 6.05 Dispositions
	  	 	64	 
	 SECTION 6.06 Swap Agreements
	  	 	65	 
	 SECTION 6.07 Restricted Payments
	  	 	65	 
	 SECTION 6.08 Transactions with Affiliates
	  	 	66	 
	 SECTION 6.09 Restrictive Agreements
	  	 	66	 
	 SECTION 6.10 Nature of Business
	  	 	67	 
	 SECTION 6.11 Accounting Changes; Fiscal Year
	  	 	67	 
	 SECTION 6.12 Use of Proceeds
	  	 	67	 
	 SECTION 6.13 Prepayments, Etc. of Other Indebtedness; and Modifications of Certain Other Agreements
	  	 	67	 
	 SECTION 6.14 Financial Covenants
	  	 	68	 
	 SECTION 6.15 Limitation on Creation of Subsidiaries
	  	 	69	 
	 SECTION 6.16 Limitation on Creation of Immaterial Subsidiaries
	  	 	69	 
		
	 ARTICLE VII Events of Default
	  	 	69	 
		
	 ARTICLE VIII The Administrative Agent
	  	 	72	 
		
	 ARTICLE IX Miscellaneous
	  	 	74	 
		
	 SECTION 9.01 Notices
	  	 	74	 
	 SECTION 9.02 Waivers; Amendments
	  	 	75	 

  
 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver
	  	 	76	 
	 SECTION 9.04 Successors and Assigns
	  	 	78	 
	 SECTION 9.05 Survival
	  	 	81	 
	 SECTION 9.06 Counterparts; Integration; Effectiveness
	  	 	81	 
	 SECTION 9.07 Severability
	  	 	81	 
	 SECTION 9.08 Right of Setoff
	  	 	81	 
	 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	82	 
	 SECTION 9.10 WAIVER OF JURY TRIAL
	  	 	82	 
	 SECTION 9.11 Headings
	  	 	82	 
	 SECTION 9.12 Confidentiality
	  	 	83	 
	 SECTION 9.13 USA PATRIOT Act
	  	 	83	 
	 SECTION 9.14 Interest Rate Limitation
	  	 	83	 
	 SECTION 9.15 No Advisory or Fiduciary Responsibility
	  	 	83	 
	 SECTION 9.16 Appointment for Perfection
	  	 	84	 
	 SECTION 9.17 Termination of Commitments under Existing Credit Agreement
	  	 	84	 

  
 iii

 TABLE OF CONTENTS 
 (continued) 
  

	
	 SCHEDULES:

	
	 Schedule 1.01 – Permitted Tax Incentive Financing Transactions

	 Schedule 2.01 – Commitments

	 Schedule 3.11 – Acquisition Agreements with respect to Deferred Acquisition Payments

	 Schedule 3.15 – Subsidiaries

	 Schedule 6.01 – Existing Indebtedness

	 Schedule 6.02 – Existing Liens

	 Schedule 6.04 – Existing Investments

	 Schedule 6.08 – Transactions with Affiliates

	 Schedule 6.09 – Restrictions

	
	 EXHIBITS:

	
	 Exhibit A – Form of Assignment and Assumption

	 Exhibit B – Form of Opinion of Borrower’s Counsel

	 Exhibit C – List of Closing Documents

	 Exhibit D-1 – Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)

	 Exhibit D-2 – Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)

	 Exhibit D-3 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)

	 Exhibit D-4 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)

	 Exhibit E – Form of Pledge Agreement

  
 iv 

 CREDIT AGREEMENT (this “Agreement”) dated as of February 20, 2013
among AMERICAN CAPITAL ACQUISITION CORPORATION, the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, KEYBANK NATIONAL ASSOCIATION, as Syndication Agent and FIRST NIAGARA BANK, N.A., as Documentation Agent.

 The parties hereto agree as follows: 
 ARTICLE I 
 Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “ACAI” means American Capital
Acquisition Investments, Ltd., a Bermuda exempted company, and a Wholly Owned Subsidiary of the Borrower. 
 “ACAI
Preferred Stock” means the Series A Preference Shares of ACAI, the terms of which are set forth in the Bylaws of ACAI, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time. 

“ACP Re Note” means, collectively, the certain promissory notes pursuant to which the Borrower owes ACP Re Ltd. the
aggregate outstanding principal amount of $18,700,000 as of the Effective Date. 
 “Acquisition Consideration”
shall mean the purchase consideration for any Permitted Acquisition and all other payments by the Borrower or any Wholly Owned Subsidiary in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in cash or by
exchange of Equity Interests or of properties or otherwise and whether payable at or prior to the consummation of such Permitted Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the
occurrence of any contingency, and includes any and all payments representing the purchase price and any assumptions of Indebtedness, “earn-outs” and other agreements to make any payment the amount of which is, or the terms of payment of
which are, in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of any person or business; provided that any such future payment that is subject to a contingency shall be considered Acquisition
Consideration only to the extent of the reserve (if any) required under GAAP to be established in respect thereof by the Borrower and its Subsidiaries. 
 “Acquisition Documents” means, with respect to any Permitted Acquisition, any acquisition agreement or purchase agreement entered into by the Borrower and/or any of its Subsidiaries in
respect of such Permitted Acquisition and any other related agreements and instruments executed and delivered by the Borrower and/or any of its Subsidiaries in connection therewith. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

  
 1 

 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as
administrative agent for the Lenders hereunder. 
 “Administrative Questionnaire” means an Administrative
Questionnaire in a form supplied by the Administrative Agent. 
 “Affected Foreign Subsidiary” means any
Foreign Subsidiary to the extent a pledge of the Equity Interests of such Foreign Subsidiary would cause a Deemed Dividend Problem. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. 
 “Aggregate Commitment” means the aggregate of the Commitments of all of
the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Commitment is $90,000,000. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the
Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business
Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of
such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “A.M. Best Company” means A.M. Best Company, Inc., and any successor thereto. 
 “America’s Health” means America’s Health Care/Rx Plan Agency, Inc., a Delaware limited liability company and a Wholly Owned Subsidiary of the Borrower. 

“Amounts Available for Dividends” means (a) as of the end of the first, second and third fiscal quarters of any
fiscal year of the Borrower, the maximum cash dividends available to the Borrower from its Regulated Insurance Companies on such date (without prior approval from any Applicable Insurance Regulatory Authority), calculated based on the dividends
available for the then most recently ended Test Period but not to exceed the maximum cash dividends allowed by regulators without prior regulatory approval on any such date of determination, and (b) as of the end of the last fiscal quarter of
any fiscal year of the Borrower, the maximum cash dividends available to the Borrower from its Regulated Insurance Companies as of the first day of the immediately succeeding fiscal year of the Borrower (without prior approval from any Applicable
Insurance Regulatory Authority). 
 “AmTrust Financial” means AmTrust Financial Services, Inc., a Delaware
corporation. 
 “AmTrust International” means Amtrust International Insurance, Ltd., a corporation organized
under the laws of Bermuda. 
 “Applicable Insurance Regulatory Authority” means, when used with respect to any
Regulated Insurance Company, (a) the insurance department or similar Governmental Authority located in the state or jurisdiction (domestic or foreign) in which such Regulated Insurance Company is domiciled

  
 2 

 
or (ii) to the extent asserting regulatory jurisdiction over such Regulated Insurance Company, the insurance department, authority or agency in each state or jurisdiction (domestic or
foreign) in which such Regulated Insurance Company is licensed, and shall include any federal or national insurance regulatory department, authority or agency that may be created and that asserts insurance regulatory jurisdiction over such Regulated
Insurance Company. 
 “Applicable Percentage” means, with respect to any Lender, the percentage of the
Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment
(disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect,
giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Applicable Pledge Percentage” means 100% but 65% in the case of a pledge by the Borrower or any Domestic Subsidiary of
its Equity Interests in an Affected Foreign Subsidiary. 
 “Applicable Rate” means, for any day, with respect
to any Eurodollar Revolving Loan or any ABR Revolving Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR
Spread” or “Commitment Fee Rate”, as the case may be, based upon the Consolidated Leverage Ratio applicable on such date: 
  

															
	 	  	Consolidated
Leverage Ratio:	  	Eurodollar
Spread	 	 	ABR
Spread	 	 	Commitment
Fee Rate	 
	 Category 1:
	  	< 0.07 to 1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	0.25	% 
	 Category 2:
	  	> 0.07 to 1.00 but
 < 0.14 to 1.00
	  	 	2.25	% 	 	 	1.25	% 	 	 	0.30	% 
	 Category 3:
	  	> 0.14 to 1.00	  	 	2.50	% 	 	 	1.50	% 	 	 	0.35	% 

 For purposes of the foregoing, 

(i) if at any time the Borrower fails to deliver the Financials on or before the date the Financials are due pursuant to
Section 5.01, Category 3 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery and ending on the date which is three (3) Business Days after the Financials are actually
delivered, after which the Category shall be determined in accordance with the table above as applicable; 
 (ii)
adjustments, if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in Category shall apply during
the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and 
 (iii) notwithstanding the foregoing, Category 2 shall be deemed to be applicable until the Administrative Agent’s receipt of the applicable Financials for the Borrower’s first fiscal

  
 3 

 
quarter ending after the Effective Date (unless such Financials demonstrate that Category 3 should have been applicable during such period, in which case such other Category shall be deemed to be
applicable during such period) and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs. 
 “Approved Fund” has the meaning assigned to such term in Section 9.04. 
 “Asset Sale” means any Disposition or series of related Dispositions to any Person (other than the Borrower and its Subsidiaries); provided, however, that an Asset Sale
shall not include the following: (a) any Disposition permitted pursuant to Section 6.05(a) or Section 6.05(b) (excluding any such sales by operations or divisions discontinued or to be discontinued); (b) any sale or other
disposition of cash and Eligible Investments; provided, that, in the case of Eligible Investments, (x) investments in such Eligible Investments were permitted by Section 6.04(b) and (y) such sale or disposition is made solely
for and in connection with the Borrower’s investment portfolio and in accordance with the Investment Policy of the Borrower; and (c) any sale by the Borrower of its own Equity Interests. For avoidance of doubt, but without limiting the
definition of Asset Sale in any manner, any of the following shall be deemed to be an “Asset Sale”: (i) any Disposition of any Equity Interest of any Subsidiary; (ii) any Disposition of any assets constituting a business,
business unit or division of, or all or substantially all of the business or property of any Person; and (iii) any Disposition of any Equity Interest of any Person (other than any Subsidiary) so long as such Equity Interests were not owned by
the Borrower or any of its Subsidiaries solely for investment purposes for the Borrower’s or such Subsidiary’s investment portfolio in accordance with the Borrower’s or such Subsidiary’s Investment Policy, as applicable.

 “Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Maturity Date and the date of termination of the Commitments. 
 “Available Revolving Commitment” means, at any
time with respect to any Lender, the Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time. 
 “Banking Services” means each and any of the following bank services provided to the Borrower or any Subsidiary by any Lender or any of its Affiliates: (a) credit cards for
commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services
Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking Services. 

“Banking Services Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

  
 4 

 “Bankruptcy Event” means, with respect to any Person, such Person becomes
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy
Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result
in or provide such Person 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 Person (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Board” means the
Board of Governors of the Federal Reserve System of the United States of America. 
 “Board of Directors”
means, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any
partnership, the Board of Directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing. 
 “Borrower” means American Capital Acquisition Corporation, a Delaware corporation. 
 “Borrower Preferred Stock” means the Preferred Stock of the Borrower, $0.01 par value per share, the terms of which are set forth in the Amended and Restated Certificate of Incorporation
of the Borrower, filed with the State of Delaware Secretary of State on November 24, 2009, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time. 

“Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” means a request by
the Borrower for a Revolving Borrowing in accordance with Section 2.03. 
 “Business Day” means any day
that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in Dollars in the London interbank market. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP
(excluding all obligations under operating leases required by the Financial Accounting Standards Board to be classified or accounted for as capital leases), and the amount of such obligations shall be the capitalized amount thereof determined in
accordance with GAAP. 
 “Captive Insurance Subsidiary” means each of Distributors Insurance Company PCC,
Professional Services Captive Corporation IC, AIBD Insurance Company IC and any other Subsidiary that is regulated by the captive bureau (or its equivalent) of an Applicable Insurance Regulatory Authority. 

  
 5 

 “Cash Loss Reserve Portion” means, with respect to the Acquisition
Consideration paid in respect of any Person acquired pursuant to a Permitted Acquisition, the portion of such Acquisition Consideration equal to the Equalization Reserves of such Person. As used herein, “Equalization Reserves” means
the catastrophe reserves (in excess of otherwise required reserves) maintained by an insurance company to prevent cash flow depletion in the event of a significant unanticipated catastrophic event. 

“Change in Control” shall be deemed to have occurred if: 

(a) one or more of the Permitted Holders (collectively) cease to own and control, or to have the power to vote or direct the voting of,
Voting Stock of the Borrower representing more than 65% of the voting power of the total outstanding Voting Stock of the Borrower; or 
 (b) one or more of the Permitted Holders (collectively) cease to own and control Equity Interests representing more than 65% of the total economic interests of the Equity Interests of the Borrower; or

 (c) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause such person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of Voting Stock of the Borrower representing more than
25% of the voting power of the total outstanding Voting Stock of the Borrower; or 
 (d) any Person who is trustee of the GRAT as
of the Effective Date ceases to be a trustee of the GRAT at any time after the Effective Date other than pursuant to the terms of the GRAT’s Trust Agreement. 
 “Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following:
(a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority, or (c) the
making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines,
requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to
Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure 

  
 6 

 
hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such
Lender shall have assumed its Commitment, as applicable. 
 “Connection Income Taxes” means Other Connection
Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes. 
 “Consolidated
Fixed Charge Coverage Ratio” means, at any date of determination, with respect to the Borrower and its Subsidiaries on a consolidated basis, the ratio of (a) the sum of (i) the Amounts Available for Dividends on such date ended
plus (ii) without duplication, the aggregate amount of all after-tax management fees paid to the Borrower or GMAC Insurance Management Corporation (so long as GMAC Insurance Management Corporation is a direct Wholly Owned Subsidiary of
the Borrower) by any of the Borrower’s Subsidiaries or Affiliates during the Test Period then ended to (b) the sum of (i) the aggregate amount of all regularly scheduled principal payments on all Indebtedness of the Borrower
and its Subsidiaries for the next succeeding four fiscal quarters of the Borrower (it being understood and agreed that the scheduled payment of all amounts owing under this Agreement on the Maturity Date shall not be deemed a regularly scheduled
principal payment for purposes of calculating the Consolidated Fixed Charge Coverage Ratio), plus (ii) the Consolidated Interest Expense for the Test Period then ended, plus (iii) an amount equal to 33.3% of the total
Revolving Credit Exposures as of the last day of the Test Period then ended plus (iv) all Consolidated Shareholder Distributions permitted under Section 6.07 and made during the Test Period then ended. Consolidated Fixed Charge
Coverage Ratio shall be further calculated in accordance with Section 6.14(g). 
 “Consolidated Interest
Expense” means, for any period, the total consolidated interest expense of the Borrower and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. Consolidated Interest Expense shall be further
calculated in accordance with Section 6.14(g). 
 “Consolidated Leverage Ratio” means, at any date of
determination, the ratio of (a) Consolidated Total Debt to (b) Consolidated Total Capitalization. 

“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net
income of the Borrower and its Subsidiaries for such period as such amount would be shown on the consolidated financial statements of the Borrower for such period prepared in accordance with GAAP. 

“Consolidated Net Worth” means, as of any date of determination, the Net Worth of the Borrower and its Subsidiaries
determined on a consolidated basis in accordance with GAAP after appropriate deduction for any minority interests in Subsidiaries. 
 “Consolidated Shareholder Distributions” means all payments, dividends or distributions (a) made by the Borrower to any holder of the Equity Interests of the Borrower and
(b) made by any Subsidiary to any holder (other than the Borrower and any Subsidiary) of the Equity Interests of such Subsidiary. 
 “Consolidated Surplus” means, at any date of determination, “surplus as regards to policyholders” (calculated in accordance with SAP) of the Borrower and its Subsidiaries, on a
consolidated basis. 

  
 7 

 “Consolidated Total Capitalization” means, as of any date of determination,
the sum of (i) the principal amount of all outstanding Consolidated Total Debt and (ii) Consolidated Net Worth at such time. 
 “Consolidated Total Debt” means, at any date of determination, all Indebtedness of the Borrower and its Subsidiaries on a consolidated basis, less the sum of the following:
(i) the aggregate principal amount outstanding in respect of the Borrower’s and the Regulated Insurance Companies’ obligations to repurchase securities pursuant to Repurchase Agreements and (ii) the aggregate amount of the
Repurchase Liability of the Borrower and the Regulated Insurance Companies. Notwithstanding the foregoing, (i) Indebtedness in respect of letters of credit shall not be included in the determination of Consolidated Total Debt to the extent any
such letter of credit is undrawn at the date of determination and (ii) FHLB Loans shall not be included in the determination of Consolidated Total Debt to the extent the proceeds of such FHLB Loans are used to finance the purchase by the
Borrower or any Regulated Insurance Company of bonds or similar debt instruments with maturities equal to the maturity of any such FHLB Loans. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Controlled Affiliate” has the meaning assigned to such term in Section 3.20. 

“Controlled Charitable Foundations” means, with respect to any individual, charitable foundations that are controlled by
such individual. 
 “Controlled Entities” means, with respect to any Family Trust, the corporations, limited
liability companies, trusts, partnerships or other similar entities that are assets of such Family Trust and are controlled by such Family Trust. 
 “Credit Event” means a Borrowing, the issuance of a Letter of Credit, an LC Disbursement or any of the foregoing. 
 “Credit Party” means the Administrative Agent, the Issuing Bank or any other Lender. 
 “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, any state thereof or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Deemed Dividend Problem” means, with respect to any Foreign Subsidiary, such Foreign Subsidiary’s accumulated and
undistributed earnings and profits being deemed to be repatriated to the Borrower or the applicable parent Domestic Subsidiary under Section 956 of the Code and the effect of such repatriation causing materially adverse tax consequences to the
Borrower or such parent Domestic Subsidiary, in each case as determined by the Borrower in its commercially reasonable judgment acting in good faith and in consultation with its legal and tax advisors. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 

  
 8 

 “Defaulting Lender” means any Lender that (a) has failed, within two
Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid
by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit
Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in
then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory
to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 
 “Deferred Acquisition
Payment” means any payment in respect of any obligation of the Borrower or a Wholly Owned Subsidiary, whether fixed or contingent, including obligations in respect of deferred purchase price, earn-outs or other contingent payments (whether
based on revenue or otherwise), arising under any Acquisition Document entered into after the Effective Date in connection with any Permitted Acquisition, which payment is payable to the seller or sellers thereof following the closing of such
Permitted Acquisition. 
 “Disposition” means a sale, lease or sub-lease (as lessor or sublessor), sale and
leaseback, assignment, conveyance, transfer or other disposition to any Person, in one transaction or a series of transactions, of all or any part of the Borrower’s or any of its Subsidiaries’ businesses, assets or properties of any kind,
whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including, without limitation, notes and accounts receivable and the Equity Interests of the Borrower’s Subsidiaries. 

“Documentation Agent” means First Niagara Bank, N.A. in its capacity as a documentation agent for the credit facility
evidenced by this Agreement. 
 “Dollars” or “$” refers to lawful money of the United States
of America. 
 “Domestic Subsidiary” means any Subsidiary of the Borrower other than a Foreign Subsidiary.

 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02). 
 “Eligible Investments” means (a) Permitted Investments,
(b) investments in debt and/or equity securities, (c) investments in loan portfolios, (d) investments in derivatives and other financial instruments and (e) Repurchase Agreements. 

“Embargoed Person” has the meaning assigned to such term in Section 3.19. 

  
 9 

 “Environmental Laws” means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management,
release or threatened release of any Hazardous Material or to health and safety matters. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment 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 shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“Equity Issuance Proceeds” means any cash received by the Borrower after the Effective Date from any contributions made
to the Equity Interests of the Borrower. 
 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or
any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Eurodollar”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such
Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default”
has the meaning assigned to such term in Article VII. 

  
 10 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Excluded Taxes” means, with respect to any payment made by the Borrower under any Loan Document, any of the
following Taxes imposed on or with respect to a Recipient: 
 (a) income or franchise Taxes imposed on (or measured by) net
income, in each case, (i) imposed by the United States of America or any state or political subdivision thereof, or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction in
which the Borrower is located, (c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any U.S. Federal withholding Taxes resulting from any law in effect on the date
such Non-U.S. Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Non U.S. Lender’s failure to comply with Section 2.17(f), except to the extent that such Non-U.S. Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 2.17(a) and (d) any
U.S. Federal withholding Taxes imposed under FATCA. 
 “Executive Order” has the meaning assigned to such
term in Section 3.19. 
 “Existing Credit Agreement” means that certain Credit Agreement, dated as of
August 18, 2011, by and between the Borrower and JPMorgan Chase Bank, N.A., as lender, as amended, restated, supplemented or otherwise modified prior to the date hereof. 
 “Extended Letter of Credit” has the meaning assigned to such term in Section 2.06(c). 
 “Family Member” means, with respect to any individual, any other individual having a relationship by blood (to the second degree of consanguinity), marriage, or adoption to such
individual. 
 “Family Trusts” means, with respect to any individual, trusts or other estate planning vehicles
established for the benefit of such individual or Family Members of such individual and in respect of which such individual or a Family Member of such individual serves as trustee or in a similar capacity and has sole control. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

“FHLB” means one or more of the Federal Home Loan Banks regulated by the Federal Housing Finance Agency. 

  
 11 

 “FHLB Loan” means any loan or advance made by the FHLB to the Borrower or
any Regulated Insurance Company. 
 “Financial Officer” of any Person means the chief financial officer,
principal accounting officer, treasurer or controller of such Person. 
 “Financials” means the annual or
quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b). 

“First Tier Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Borrower and
its Domestic Subsidiaries directly owns or controls more than 50% of such Foreign Subsidiary’s issued and outstanding Equity Interests. 
 “Foreign Assets Control Regulations” has the meaning assigned to such term in Section 3.19. 
 “Foreign Pension Plan” means any plan, fund (including any superannuation fund) or other similar program established or maintained outside the United States by the Borrower or any one or
more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in
contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code. 
 “Foreign Subsidiary” means any Subsidiary of the Borrower which is organized under the laws of any jurisdiction outside of the United States. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“GMAC Acquisition Agreement” means the Securities Purchase Agreement, dated as of October 16, 2009, by and among
the Borrower, the GMAC Sellers, and GMAC Inc., a Delaware Corporation, as the same may be amended, amended and restated, supplemented or otherwise modified prior to the date hereof. 

“GMAC Seller Obligations” means all unsecured obligations, liabilities and indebtedness of the Borrower to the GMAC
Sellers under the GMAC Acquisition Agreement. 
 “GMAC Sellers” means, collectively, (i) Motors Insurance
Corporation, a Michigan property and casualty company and (ii) GMAC Insurance Holdings Inc., a Delaware corporation. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “GRAT” means the Michael Karfunkel 2005 GRAT, a trust formed under the laws of the
State of New York pursuant to an Agreement dated June 28, 2005, between Michael Karfunkel, as grantor, and Michael Karfunkel and Leah Karfunkel, as initial Trustees (as the same may be amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with the 

  
 12 

 
provisions thereof, the “Trust Agreement”), and any Family Trust into which the property of the GRAT may pass pursuant to the Trust Agreement. As of the Effective Date, Leah
Karfunkel is the sole trustee. 
 “Guarantee” of or by any Person (the “guarantor”) means any
obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment or performance thereof,
(c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in
respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business or
(ii) Insurance Products. The amount of any Guarantee shall 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 Guarantee is made or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 
 “Historical Statutory Statements” has the meaning assigned to such term
in Section 3.04(b). 
 “Immaterial Subsidiary” means a Subsidiary that is not a Material Subsidiary.

 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for
borrowed money or with respect to deposits or advances of any kind; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest charges are
customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person; (e) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding current accounts payable incurred in the ordinary course of business on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but limited to the fair market value of
such property; (g) all Capital Lease Obligations and synthetic lease obligations of such Person; (h) all Swap Obligations of such Person; (i) all obligations, contingent or otherwise, of such Person for the reimbursement of any
obligor in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar credit transactions; (j) the redemption price of all redeemable preferred stock of such Person (but not accrued dividends on any preferred
stock), but only to the extent that such stock is redeemable at the option of the holder or requires sinking fund or similar payments at any time prior to the Maturity Date; and (k) all Guarantees by such Person in respect of Indebtedness or
obligations of others of the kinds referred to in clauses (a) through (j) above; provided, that the term Indebtedness shall not include any amounts arising under, or owed with respect to, Insurance Products. The Indebtedness of any
Person shall include the Indebtedness of any other entity (including any 

  
 13 

 
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by the Borrower under any Loan Document and (b) Other Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“Insurance Business” means one or more aspects of the business of issuing or underwriting insurance or reinsurance and
other businesses reasonably related thereto. 
 “Insurance Licenses” has the meaning assigned to such term in
Section 3.16. 
 “Insurance Model Act” means the Risk-Based Capital for Insurers Model Act as promulgated
by the NAIC, as amended from time to time. 
 “Insurance Products” means any product provided by an insurer or
service contract provider in its insurance or warranty business whereby such insurer or service contract provider undertakes to pay or indemnify another as to loss from certain specified contingencies or perils called “risks” or to pay or
grant a specified amount or determinable benefit in connection with ascertainable risk contingencies or to act as a surety, including, without limitation, reinsurance agreements, reinsurance treaties, reinsurance pools, property and casualty
insurance products, accident and health insurance products, life insurance products, surety bonds, specialty risk insurance programs, warranty programs, insurance loss portfolio transfers and any other insurance or reinsurance product related to the
acceptance of risk or commitment to pay or indemnify another for specific types of losses. 
 “Interest Election
Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December and the Maturity Date and (b) with respect to
any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Maturity Date. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period
pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the
most recent conversion or continuation of such Borrowing. 

  
 14 

 “Investment Policy” means, with respect to any Person, the investment
policy of such Person as in effect from time to time, which investment policy (i) has been approved by such Person’s Board of Directors and (ii) sets forth the types of investments that such Person may make, which investments shall be
in compliance with all Requirements of Law, including applicable requirements of the Applicable Insurance Regulatory Authority. 

“Investments” has the meaning assigned to such term in Section 6.04. 

“IPO” means, with respect to any Person, the first underwritten public offering by such Person of its Equity Interests
after the Effective Date pursuant to a registration statement that has been declared effective by the SEC. 

“IRS” means the United States Internal Revenue Service. 

“Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its
successors in such capacity as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall
include any such Affiliate with respect to Letters of Credit issued by such Affiliate so long as such Affiliate expressly agrees to perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be
performed by it as the Issuing Bank. 
 “LC Collateral Account” has the meaning assigned to such term in
Section 2.06(j). 
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of
Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable
Percentage of the total LC Exposure at such time. 
 “LC Sublimit” means $10,000,000. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender
hereunder pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page on such
screen) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, as the rate for Dollar deposits in the London interbank market with a maturity comparable to such Interest Period. In the
event that such rate does not appear on such page (or on any such successor or substitute page), the “LIBO Rate” shall be determined by reference to such other publicly available service for displaying interest rates for Dollar deposits in
the London interbank market as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by
the principal London office of the Administrative Agent in immediately available funds in the 

  
 15 

 
London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means this Agreement, the Pledge Agreements, any promissory notes issued pursuant to
Section 2.10(e) of this Agreement, any Letter of Credit applications and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any
Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of the Borrower, or any
employee of the Borrower, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include
all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference
becomes operative. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or
condition (financial or otherwise) of the Borrower and the Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of the Administrative Agent and the
Lenders thereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit)
of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding the Threshold Amount. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any
Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such
time. 
 “Maturity Date” means February 20, 2016. 

“Material Subsidiary” means, at any date of determination, (i) a Subsidiary that has a Subsidiary Net Worth equal
to or greater than $7,500,000 or (ii) a Subsidiary designated by the Borrower in writing to the Administrative Agent as a Material Subsidiary. 
 “Michael Karfunkel” means Michael Karfunkel, an individual. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

  
 16 

 “NAIC” means the National Association of Insurance Commissioners and any
successor thereto. 
 “National Health Insurance Company” means National Health Insurance Company, a Texas
corporation and a Subsidiary of the Borrower. 
 “Net Worth” means, as to any Person, the sum of its capital
stock (including its preferred stock), capital in excess of par or stated value of shares of its capital stock (including its preferred stock), retained earnings and any other account which, in accordance with GAAP, constitutes stockholders equity,
but excluding the effects of Financial Accounting Statement No. 115. 
 “Non-U.S. Lender” means a Lender
that is not a U.S. Person. 
 “Obligations” means (a) all obligations of the Borrower from time to
time arising under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any proceeding under any Debtor Relief Laws, regardless of whether
allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and
indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any proceeding under any Debtor Relief Laws, regardless of whether allowed or allowable in such
proceeding), of the Borrower under this Agreement and the other Loan Documents, (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower under or pursuant to this Agreement and the other
Loan Documents and (c) all Swap Obligations and Banking Services Obligations owing to one or more Lenders or their respective Affiliates. 
 “OFAC” means Office of Foreign Assets Control of the United States Department of the Treasury. 
 “Organizational Documents” means, with respect to any Person, (i) in the case of any corporation, the certificate of incorporation and by-laws (or similar documents) of such Person,
(ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited
partnership agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such Person and (v) in any other case, the functional equivalent of the foregoing.

 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document). 

“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 2.19(b)). 

  
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 “Parent” means, with respect to any Lender, any Person as to which such
Lender is, directly or indirectly, a subsidiary. 
 “Participant” has the meaning assigned to such term in
Section 9.04. 
 “Participant Register” has the meaning assigned to such term in Section 9.04(c).

 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 
 “Permitted Acquisition” means any acquisition, whether by purchase,
merger, consolidation or otherwise, by the Borrower or any of its Wholly Owned Subsidiaries of (i) all or substantially all of the property of any Person, or (ii) any line of business, business unit or division of any Person or
(iii) the Equity Interests of any Person that becomes a Subsidiary, if each of the following conditions is met: 
 (i) in the case of the acquisition of Equity Interests of such Person, upon the consummation thereof, all of such Equity Interests acquired or otherwise issued by such Person or any newly-formed Wholly
Owned Subsidiary of the Borrower in connection with such acquisition shall be wholly owned directly by the Borrower or by one or more Wholly Owned Subsidiaries; 
 (ii) in the case of the acquisition of (x) all or substantially all of the property of any Person or (y) any line of business, business unit or division of any Person, in each case, upon the
consummation thereof, such property, business, business unit or division, as the case may be, shall be wholly owned directly by the Borrower or by one or more Wholly Owned Subsidiaries; 

(iii) no Default then exists or would result therefrom; 

(iv) after giving effect to such acquisition on a Pro Forma Basis, the Borrower shall be in compliance with
(A) Sections 6.14(a) as of the date of the consummation of such acquisition, (B) Section 6.14(b) as of the date of the consummation of such acquisition, (C) Section 6.14(c) as of the end of the Test Period most recently
ended, (D) Section 6.14(d) as of the date of the consummation of such acquisition and (E) Section 6.14(e) as of the end of the fiscal year of the Borrower most recently ended (in each case, to the extent applicable, as determined
in accordance with Section 6.14(g)); 
 (v) neither the Borrower nor any of its Subsidiaries shall, in
connection with any such transaction, assume or remain liable with respect to any Indebtedness or other liability (including any material tax or ERISA liability) of the related seller or the business, Person or properties acquired, except
(A) to the extent permitted under Section 6.01 and (B) obligations not constituting Indebtedness incurred in the ordinary course of business and necessary or desirable to the continued operation of the underlying properties, and any
other such liabilities or obligations not permitted to be assumed or otherwise supported by the Borrower or any other Subsidiary hereunder shall be paid in full or released as to the business, Persons or properties being so acquired on or before the
consummation of such acquisition; 
 (vi) the Person or business to be acquired shall be, or shall be engaged in,
a business of the type that the Borrower and its Subsidiaries are permitted to be engaged in under Section 6.10, the property acquired in connection with any such transaction shall be free and clear of any Liens, other than Permitted
Encumbrances and the property to be acquired is to be used in 

  
 18 

 
a business of the type that the Borrower and its Subsidiaries are permitted to be engaged in under Section 6.10; 

(vii) the Board of Directors of the Person to be acquired shall not have indicated publicly its opposition to the
consummation of such acquisition (which opposition has not been publicly withdrawn); 
 (viii) if such
acquisition is an acquisition of the Equity Interest of a Person (or any newly-created or acquired Wholly Owned Subsidiary), the Borrower shall have executed and delivered, or caused to be executed and delivered, to the Administrative Agent such
documents and instruments, and shall have taken (or cause to be taken) such actions as, required pursuant to, and complied with the requirements set forth in, Section 5.11 (subject to the time periods provided in Section 5.11); 

(ix) all transactions in connection therewith shall be consummated in accordance with all applicable Requirements of Law;

 (x) the Borrower shall have provided the Administrative Agent with financial statements of the Person or
business to be acquired and all such other information, data, documents and agreements (including any acquisition agreement or purchase agreements) relating to such transaction as may be reasonably requested by the Administrative Agent; and

 (xi) at least 10 Business Days prior to the proposed date of consummation of the transaction, the Borrower
shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower certifying that (A) such transaction complies with this definition (which shall have attached thereto reasonably detailed backup data and
calculations showing such compliance), and (B) such transaction could not reasonably be expected to result in a Material Adverse Effect. 
 “Permitted Encumbrances” means: 
 (a) Liens for Taxes not yet due
or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of
the applicable Person; 
 (c) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (d) Liens
given in lieu of surety, stay or appeal bonds or deposits required by law or any governmental regulations, court order or judgment as a condition to the transaction of business or the exercise of any right, privilege or license; 

(e) Liens securing judgments not constituting an Event of Default under clause (k) of Article VII; 

  
 19 

 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any
Subsidiary; 
 (g) Liens granted in the ordinary course of business and consistent with past practices on invested assets
pursuant to trust, withheld balances or other security arrangements in connection with (i) reinsurance policies entered into in the ordinary course of business or (ii) regulatory requirements; 

(h) Liens granted or arising in the ordinary course of business under or in connection with Insurance Products; and 

(i) Liens created by the Borrower or any Subsidiary in the ordinary course of business over deposits or investments pursuant to statutory
or regulatory requirements of any Applicable Insurance Regulatory Authority as a condition to obtaining or maintaining any licenses issued by it or to satisfy regulatory capital or other financial responsibility requirements. 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Holders” means, collectively, (a) the GRAT, (b) Michael Karfunkel, and his Permitted Related
Persons, (c) Leah Karfunkel, and her Permitted Related Persons and (d) AmTrust Financial or one or more of its Wholly Owned Subsidiaries. 
 “Permitted Investments” means: 
 (a) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in
each case maturing within one year from the date of acquisition thereof; 
 (b) investments in commercial paper maturing within
one year from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money
market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than
$500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities
described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and
(iii) have portfolio assets of at least $5,000,000,000; and 
 (f) readily marketable direct obligations issued by any
state, commonwealth or territory of the United States of America or any political subdivision or taxing authority thereof having an 

  
 20 

 
investment grade rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency), in each case maturing within one year from the date of acquisition thereof. 

“Permitted Related Persons” means, with respect to any individual, (a) the Family Members of such individual,
(b) the Family Trusts of such individual and the Controlled Entities of such Family Trusts and (c) the Controlled Charitable Foundations of such individual. 
 “Permitted Tax Incentive Financing Transactions” means the transactions described on Schedule 1.01. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of
Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Pledge Agreements” means that certain Pledge
Agreement substantially in the form of Exhibit E (including any and all supplements thereto) and executed by the Borrower and its Subsidiaries party thereto, and, in the case of any pledge of Equity Interests of a Foreign Subsidiary, any
other pledge agreements, share mortgages, charges and comparable instruments and documents from time to time executed pursuant to the terms of Section 5.11 in favor of the Administrative Agent for the benefit of the Secured Parties, as amended,
restated, supplemented or otherwise modified from time to time. 
 “Pledged Equity” means all pledged Equity
Interests in or upon which a security interest or Lien is from time to time granted to the Administrative Agent, for the benefit of the Secured Parties, under the Pledge Agreements. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as
its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Pro Forma Basis” means on a basis in accordance with GAAP and Regulation S-X and otherwise reasonably satisfactory
to the Administrative Agent. 
 “Prohibited Person” means any Person (a) listed in the Annex to the
Executive Order or identified pursuant to Section 1 of the Executive Order; (b) that is owned or controlled by, or acting for or on behalf of, any Person listed in the Annex to the Executive Order or identified pursuant to the provisions
of Section 1 of the Executive Order; (c) with whom a Lender is prohibited from dealing or otherwise engaging in any transaction by any terrorism or anti-laundering law, including the Executive Order; (d) who commits, threatens,
conspires to commit, or support “terrorism” as defined in the Executive Order; (e) who is named as a “Specially designated national or blocked person” on the most current list published by the OFAC at its official website,
at http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf or any replacement website or other replacement official publication of such list; or (f) who is owned or controlled by a Person listed above in clause (c) or (e). 

  
 21 

 “Purchase Money Obligation” means, for any Person, the obligations of such
Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or the cost of installation, construction or improvement of any such
assets and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred within one year after such acquisition, installation, construction or improvement of such assets by such person and (ii) the amount
of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be. 
 “Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank. 

“Register” has the meaning assigned to such term in Section 9.04. 

“Regulated Insurance Company” means any Subsidiary of the Borrower that is an authorized or admitted insurance carrier
that transacts Insurance Business in any jurisdiction (foreign or domestic) and is regulated by any Applicable Insurance Regulatory Authority, but excluding each Captive Insurance Subsidiary. 

“Regulation S-X” means Regulation S-X under the Securities Act of 1933, as amended. 

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

“Reliant” means Reliant Financial Group, LLC, an Oregon limited liability company and a Wholly Owned Subsidiary of the
Borrower. 
 “Reliant Deferred Acquisition Payment” means the deferred acquisition payment owed by GMAC
Insurance Management Company to the former owner of Reliant, in the amount of $700,000. 
 “Reliant
Indebtedness” means all Indebtedness of Reliant to Access Plans, Inc. (“Access”) in respect of the deferred portion of the purchase price paid by Reliant to Access in connection with the acquisition by Reliant from Access
of 100% of the Equity Interests of America’s Health. 
 “Repurchase Agreement” means a repurchase
agreement entered into by the Borrower or any Subsidiary from time to time pursuant to which the Borrower or such Subsidiary shall have sold securities to a third party and has agreed to repurchase such security at a specified time in the future;
provided, that such repurchase agreement shall have been entered into by the Borrower or such Subsidiary solely in connection with the Borrower’s or such Subsidiary’s investment portfolio and in accordance with the Investment Policy
of the Borrower or such Subsidiary, as applicable. 
 “Repurchase Liability” means, at any date of
determination, the aggregate liability of the Borrower and each Subsidiary to purchase securities in the market that are identical to those securities it borrowed and sold pursuant to Repurchase Transactions (it being understood that such liability
shall be measured based on the then market value of such security). 
 “Repurchase Transaction” means a
repurchase transaction in which the Borrower or a Subsidiary borrows a security and delivers it to a purchaser and at a later date, the Borrower or such Subsidiary purchases the identical security in the market to replace the borrowed security;
provided, that such transaction shall have been entered into by the Borrower or such Subsidiary solely in connection 

  
 22 

 
with the Borrower’s or such Subsidiary’s investment portfolio and in accordance with the Investment Policy of the Borrower or such Subsidiary, as applicable. 

“Required Lenders” means, subject to Section 2.20(b), at any time, Lenders having Revolving Credit Exposures and
unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 
 “Requirements of Law” means, collectively, any and all requirements of any Governmental Authority including any and all laws, judgments, orders, decrees, ordinances, rules, regulations,
statutes or case law. 
 “Responsible Officer” of any Person means any executive officer or Financial Officer
of such person and any other officer or similar official thereof with responsibility for the administration of the obligations of such Person in respect of this Agreement. 
 “Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest or other equity interest of the
Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or
termination of any such Equity Interest or other equity interest, or on account of any return of capital to any of such Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to
acquire any such Equity Interest or other equity interests, (b) any payment on or in respect of the Borrower Preferred Stock, (c) any payment on or in respect of the ACAI Preferred Stock and (d) any Deferred Acquisition Payments.

 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding
principal amount of such Lender’s Revolving Loans and its LC Exposure at such time. 
 “Revolving Loan”
means a Loan made pursuant to Section 2.01. 
 “Rule 144A Offering” means, with respect to any
Person, an offering of such Person’s Equity Interests pursuant to Rule 144A promulgated by the SEC under the Securities Act of 1933, as amended. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 

“SAP” means, with respect to any Regulated Insurance Company, the statutory accounting principles and accounting
procedures and practices prescribed or permitted by the Applicable Insurance Regulatory Authority of the state or jurisdiction in which such Regulated Insurance Company is domiciled; it being understood and agreed that determinations in accordance
with SAP for purposes of Section 6.14, including defined terms as used therein, are subject (to the extent provided therein) to Section 1.04. 
 “SEC” means the United States Securities and Exchange Commission. 

“Secured Parties” means the holders of the Obligations from time to time and shall include (i) each Lender and the
Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Bank and the Lenders in respect of all other present and future obligations and liabilities of the Borrower and each Subsidiary of
every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and affiliate of such 

  
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Lender in respect of Swap Agreements and Banking Services Agreements entered into with such Person by the Borrower or any Subsidiary, (iv) each indemnified party under Section 9.03 in
respect of the obligations and liabilities of the Borrower to such Person hereunder and under the other Loan Documents, and (v) their respective successors and (in the case of a Lender, permitted) transferees and assigns. 

“Specified Life Settlement Subsidiaries” means, collectively, (a) Tiger Capital, LLC and AMT Capital Alpha, LLC,
each a Subsidiary of ACAI and (b) each direct or indirect Wholly Owned Subsidiary of ACAI, GMACI Re Limited or GMACI Holdings BM established after the Effective Date for the purpose of engaging in the life settlement business and any businesses
substantially related thereto or incidental thereto. 
 “Statutory Reserve Rate” means a fraction (expressed as
a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 “Statutory Statements” means, with respect to any Regulated Insurance Company for any fiscal year, the
annual or quarterly financial statements of such Regulated Insurance Company as required to be filed with the Applicable Insurance Regulatory Authority of its jurisdiction of domicile and in accordance with the laws of such jurisdiction, together
with all exhibits, schedules, certificates and actuarial opinions required to be filed or delivered therewith. 

“Strategic Investment” means (i) Investments by the Borrower or any Subsidiary in less than 50% of the Equity
Interests of a Person and (ii) loans or advances by the Borrower or any Subsidiary to a Person, in the case of each of (i) and (ii), that is engaged in a business of the type in which the Borrower and its Subsidiaries are permitted to
engage under Section 6.10 and with which the Borrower or such Subsidiary has an arms’-length written agreement for the provision by such Person of services, goods or other assets useful in the Borrower’s or any Subsidiary’s
business. 
 “Subordinated Indebtedness” means any Indebtedness of the Borrower or any Subsidiary the payment
of which is subordinated to payment of the obligations under the Loan Documents. 
 “subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held,
or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Borrower. 

  
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 “Subsidiary Net Worth” means with respect to any Subsidiary, at any time,
an amount equal to (without duplication) (i) the aggregate book value of the total assets of such Subsidiary (excluding all intangible assets) minus (ii) the total liabilities of such Subsidiary (including, but not limited to,
estimated taxes on asset appreciation and any reserves or offsets against assets), all as determined in accordance with GAAP. 

“Substantial Portion” means, with respect to the assets of the Borrower and its Subsidiaries, assets which
(a) represent more than 10% of the consolidated assets of the Borrower and its Subsidiaries as reflected in the consolidated financial statements of the Borrower and its Subsidiaries as of December 31, 2011, or (b) are responsible for
generating more than 10% of the consolidated net revenues or of the Consolidated Net Income of the Borrower and its Subsidiaries as reflected in the financial statements referred to in clause (a) above. 

“Swap Agreement” means any transaction (including an agreement with respect thereto) that is a rate swap, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward
transaction, currency swap transaction, cross-currency rate swap transaction, currency option, derivative transaction or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof,
whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Swap Obligations” means obligations under or with respect to Swap Agreements. 

“Syndication Agent” means KeyBank National Association in its capacity as syndication agent for the credit facility
evidenced by this Agreement. 
 “Taxes” means any 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. 
 “Test Period” means, at any time, the four consecutive fiscal quarters of the Borrower then last ended. 
 “Threshold Amount” means $6,000,000. 
 “Trading with the
Enemy Act” has the meaning assigned to such term in Section 3.19. 
 “Transactions” means the
execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the
laws of which are required to be applied in connection with the issue of perfection of security interests. 

  
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 “U.S. Person” means a “United States person” within the meaning
of Section 7701(a)(30) of the Code. 
 “U.S. Regulated Insurance Company” means a Regulated Insurance
Company organized under the laws of a jurisdiction within the United States. 
 “U.S. Tax Certificate” has the
meaning assigned to such term in Section 2.17(f)(ii)(D)(2). 
 “Voting Stock” means, with respect to any
Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person. 

“Wholly Owned Domestic Subsidiary” means any Wholly Owned Subsidiary that is a Domestic Subsidiary. 

“Wholly Owned Material Domestic Subsidiary” means any Wholly Owned Domestic Subsidiary that is a Material Subsidiary.

 “Wholly Owned Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability
company or other entity of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares or nominee shares required under applicable law) are directly or indirectly owned or controlled by such Person
and/or one or more Wholly Owned Subsidiaries of such Person. Unless the context clearly requires otherwise, all references to any Wholly Owned Subsidiary shall mean a Wholly Owned Subsidiary of the Borrower. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding
Agent” means the Borrower and the Administrative Agent. 
 SECTION 1.02 Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving
Borrowing”). 
 SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed
as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any 

  
 26 

 
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any
Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. 
  
 SECTION 1.04 Accounting
Terms; GAAP; SAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP or SAP, as the case may be, as in effect from time to time; provided that, if the
Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or SAP or in the application thereof on the operation of such
provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or SAP or in
the application thereof, then such provision shall be interpreted on the basis of GAAP or SAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended
in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without
giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the
Borrower or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the
full stated principal amount thereof. 
 SECTION 1.05 Status of Obligations. In the event that the Borrower shall at any
time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take all such actions as shall be necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated
Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.
Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or
instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any
payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 
 ARTICLE II 
 The Credits 

SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the
Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving 

  
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Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
 SECTION 2.02
Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan
required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as
required. 
 (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar
Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions
of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with
the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $2,500,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of
$100,000 and not less than $500,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of eight (8) Eurodollar Revolving
Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to
request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a
Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one
(1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later
than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

  
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 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to
be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 

If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest
Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance
with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

SECTION 2.04 Intentionally Omitted. 
 SECTION 2.05 Intentionally Omitted. 
 SECTION 2.06 Letters of
Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit denominated in Dollars as the applicant thereof for the support of its or its Subsidiaries’
obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. 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 Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement
shall control. The Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Borrower will be
fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in
respect of such Letter of Credit (the Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that is an account party in respect of any such Letter of
Credit). 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter
of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the
Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed
or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such
Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of
credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each
Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the amount of the LC Exposure shall not exceed the LC Sublimit and (ii) the sum of the
total Revolving Credit Exposures shall not exceed the Aggregate Commitment. 

  
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 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five
(5) Business Days prior to the Maturity Date; provided that any Letter of Credit which is issued in the final year prior to the Maturity Date may have an expiry date which is no later than the date which is one year after the Maturity
Date if cash collateralized as contemplated by Section 2.06(j) below (each such Letter of Credit, an “Extended Letter of Credit”). 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the
Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn
under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable
Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.
Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. 
 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit
(including, for the avoidance of doubt, a Letter of Credit issued in support of any Subsidiary’s obligations), the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the amount equal to such LC
Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior
to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day
that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is not less than the amount of $1,000,000, the Borrower may, subject to the conditions to
borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower’s obligation to
make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then
due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay in Dollars to the Administrative Agent its Applicable Percentage of the payment then due
from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatismutandis, to the payment obligations of the Lenders), and the Administrative Agent
shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such
payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to
this paragraph to reimburse the Issuing Bank for any LC 

  
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Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC
Disbursement. 
 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control
of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be
deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the
contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing
Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure
to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid
amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans;
provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the
Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of 

  
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this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing
Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the 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 of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then
outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
 (j)
Cash Collateralization. If (x) any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been
accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, or (y) the Borrower requests the issuance of an Extended Letter of Credit, the
Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the amount of the LC
Exposure in respect of the Extended Letter of Credit (in the case of the foregoing clause (y)) or in the aggregate (in the case of the foregoing clause (x) as of such date plus any accrued and unpaid interest thereon); provided that the
obligation to deposit such cash collateral shall (1) in the case of an Extended Letter of Credit, be required by no later than the date of issuance, renewal or extension of such Extended Letter of Credit and (2) 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 Borrower described in clause (h) or (i) of
Article VII. The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b). Such deposit shall be held by the Administrative Agent as collateral for the payment and performance
of the Obligations. The Administrative 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 Administrative Agent and at the Borrower’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 Administrative Agent to reimburse the Issuing Bank for LC Disbursements 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 Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other
Obligations. If the Borrower 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 Borrower within three
(3) Business Days after all Events of Default have been cured or waived. 
 SECTION 2.07 Funding of Borrowings.
(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage. 

  
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The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the
Administrative Agent in New York City or Chicago and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e)
shall be remitted by the Administrative Agent to the Issuing Bank. 
 (b) Unless the Administrative Agent shall have received
notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08 Interest Elections.
(a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower
may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such
portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this Section, the Borrower shall notify
the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the
effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved
by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not comply with
Section 2.02(d). 
 (c) Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for
each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 

  
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 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;
and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of
the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a
timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so
long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto. 
 SECTION 2.09 Termination and Reduction of Commitments.
(a) Unless previously terminated, the Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may at any time
terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall
not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the total Revolving Credit Exposures would exceed the Aggregate Commitment. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise
the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is
conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any
termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date. 

  
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 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class
and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made
in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be primafacie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such
promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory
note is a registered note, to such payee and its registered assigns). 
 SECTION 2.11 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with the provisions of this Section 2.11. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving
Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one
(1) Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with
Section 2.09. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount
that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.
Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. 
 (b) If at any time the sum of the aggregate principal amount of all of the Revolving Credit Exposures exceeds the Aggregate Commitment, the Borrower shall immediately repay Borrowings or cash
collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal amount of all Revolving Credit Exposures to be less
than or equal to the Aggregate Commitment. 

  
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 SECTION 2.12 Fees. (a) The Borrower agrees to pay to the Administrative Agent
for the account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on
which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such commitment fee shall continue to accrue on the daily amount of such Lender’s
Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued commitment fees shall be payable in arrears on the last day
of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the
same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the
period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank for its own
account a fronting fee, which shall accrue at the rate of 0.125% per annum (or such other rate as is mutually agreed upon by the Borrower and the Issuing Bank) on the average daily amount of the LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by the Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date
on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third (3rd) Business Day following such last day, commencing on the first
such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.
Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to
the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for
distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13 Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Rate. 

  
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 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the
case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section. 
 (d) Accrued interest on each Revolving Loan shall be payable in arrears on each Interest
Payment Date for such Revolving Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of
any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the
event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to
such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the
Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and any such
Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing.

 SECTION 2.15 Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 

  
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 (ii) impose on any Lender or the Issuing Bank or the London interbank market
any other condition, cost or expense affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to such
Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder, whether of principal, interest or otherwise, then the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered as
reasonably determined by such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender or the Issuing Bank
under agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or the Issuing Bank then reasonably determines to be relevant). 

(b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity),
then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
company for any such reduction suffered as reasonably determined by such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of
the applicable Lender or the Issuing Bank under agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or the Issuing Bank then reasonably determines to be relevant). 

(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank,
as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
 (d)
Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be,
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or 

  
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the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.16
Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any
prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of
the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss and any reasonable cost and expense attributable to such
event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event
not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at
the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to
this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.17 Taxes. (a) Withholding of Taxes; Gross-Up. Each payment by the Borrower under any Loan Document shall be
made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so
withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by the Borrower shall be increased as necessary so
that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received had no such withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes
by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the
Borrower. The Borrower shall indemnify each Recipient for any Indemnified Taxes that are paid or payable by such Recipient in connection with any Loan Document (including amounts paid or payable under this Section 2.17(d)) and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.17(d)

  
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shall be paid within ten (10) days after the Recipient delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing
the basis for the indemnification claim. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (e). 
 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from,
or reduction of, any applicable withholding Tax with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to any withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 2.17(f)(ii)(A) through (E) below) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense (or, in the case of a Change in Law, any incremental material unreimbursed cost or expense) or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the
Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 2.17(f). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate
in any respect with respect to a Lender, such Lender shall promptly (and in any event within ten (10) days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration,
obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 
 (ii)
Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of
copies reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

(A) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from
U.S. Federal backup withholding tax; 

  
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 (B) in the case of a Non-U.S. Lender claiming the benefits of an income tax
treaty to which the United States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the
“interest” article of such tax treaty and (2) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to
the “business profits” or “other income” article of such tax treaty; 
 (C) in the case of a
Non-U.S. Lender for whom payments under any Loan Document constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit D (a “U.S. Tax Certificate”) to the effect that such 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 Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a
partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would be required of each
such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under
Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 
 (F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the
Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

(iii) 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 Withholding Agent, at the
time or times prescribed by law and at such time or times reasonably requested by the Withholding 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 Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has or has not 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 Section 2.17(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including additional amounts paid pursuant to this Section 2.17), it shall pay 

  
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to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
reasonable out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of
such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.17(g), in no event will any indemnified party be required to pay any amount to any indemnifying
party pursuant to this Section 2.17(g) if such payment would place such indemnified party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional
amounts giving rise to such refund had never been paid. This Section 2.17(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential)
to the indemnifying party or any other Person. 
 (h) Issuing Bank. For purposes of Section 2.17(e) and (f), the term
“Lender” includes the Issuing Bank. 
 SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time on the date when due, in immediately available funds, without set-off
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be
made directly to the Persons entitled thereto, pursuant to instructions provided to the Borrower by such Person. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 
 (b) If at
any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards
payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC
Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. Notwithstanding the foregoing, any proceeds of Pledged Equity
received by the Administrative Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower) or (ii) after an Event of Default
has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the
Administrative Agent and the Issuing Bank from the Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower, third, to pay interest then due and payable on

  
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the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with respect to Banking Services Obligations and Swap Obligations
ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to
be held as cash collateral for such Obligations, and sixth, to the payment of any other Obligation due to the Administrative Agent or any Lender by the Borrower. Notwithstanding anything to the contrary contained in this Agreement, unless so
directed by the Borrower, or unless a Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the expiration date of the Interest Period
applicable to any such Eurodollar Loan or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any event, the Borrower shall pay the break funding payment required in accordance with
Section 2.16. The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations. 

(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a
request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes
(i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall
constitute Loans and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03 and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each
payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 
 (d) If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided that (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 paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC
Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower 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 Borrower rights of set-off and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of the Borrower in the amount of such participation. 

  
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 (e) Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(d) or
(e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for
the benefit of the Administrative Agent or the Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as
cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its
discretion. 
 SECTION 2.19 Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation
under Section 2.15, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not
unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

  
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 SECTION 2.20 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

(b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender
in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(c) if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Applicable Percentages but only to the extent (A) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all
non-Defaulting Lenders’ Commitments and (B) no Default has occurred and is continuing; 
 (ii) if the
reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Bank
only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in
Section 2.06(j) for so long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes
any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC
Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting
Lenders’ Applicable Percentages; and 
 (v) if all or any portion of such Defaulting Lender’s LC
Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under
Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of
Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in
accordance with 

  
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Section 2.20(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with
respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more
other agreements in which such Lender commits to extend credit, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Bank shall have entered into arrangements with the Borrower or such Lender,
satisfactory to the Issuing Bank to defease any risk to it in respect of such Lender hereunder. 
 In the event that the
Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect
the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in
accordance with its Applicable Percentage. 
 ARTICLE III 

Representations and Warranties 
 The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01
Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as
now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where
such qualification is required. 
 SECTION 3.02 Authorization; Enforceability. The Transactions are within the
Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement and the other Loan Documents have been duly executed and delivered by the Borrower and constitute legal,
valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03
Governmental Approvals; No Conflicts. The Transactions (a) do not require, on the part of the Borrower, any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the Organizational Documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority having applicability
to the Borrower or any of its Subsidiaries, (c) will not violate or result in a default under any indenture, material agreement or other material instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a
right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries, other than Liens created
under the Pledge Agreements. 

  
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 SECTION 3.04 Financial Condition; No Material Adverse Change. (a) The Borrower
has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2011, reported on by BDO USA, LLP, independent public
accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended September 30, 2012 (other than a statement of stockholders equity), certified by its chief financial officer. Such financial statements present
fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP. 

(b) The Borrower has heretofore furnished to the Lenders copies of the annual Statutory Statements of each U.S. Regulated Insurance
Company as of December 31, 2011 and 2010, and for the fiscal years then ended, each as filed with the Applicable Insurance Regulatory Authority (collectively, the “Historical Statutory Statements”); provided, that the
Statutory Statement of a U.S. Regulated Insurance Company shall not be required to be delivered for any year that such U.S. Regulated Insurance Company was not a Subsidiary of the Borrower. The Historical Statutory Statements (including,
without limitation, the provisions made therein for investments and the valuation thereof, reserves, policy and contract claims and statutory liabilities) have been prepared in accordance with SAP (except as may be reflected in the notes thereto and
subject, with respect to the relevant quarterly statements, to the absence of notes required by SAP and to normal year-end adjustments), were in compliance with the applicable Requirements of Law when filed and present fairly in all material
respects the financial condition of the respective U.S. Regulated Insurance Companies covered thereby as of the respective dates thereof and the results of operations, changes in capital and surplus and cash flow of the respective Regulated
Insurance Companies covered thereby for the respective periods then ended. 
 (c) Except as set forth in the financial statements
referred to in Section 3.04(a), there are no liabilities of the Borrower or of any of its Subsidiaries of any kind, whether accrued, contingent, absolute, determined, determinable or otherwise, which could reasonably be expected to result in a
Material Adverse Effect. 
 (d) Since December 31, 2011, there has been no event, change, circumstance or occurrence that,
individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Effect. 
 SECTION
3.05 Properties. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that are not reasonably
expected to have a Material Adverse Effect. 
 (b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all
trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and, to the knowledge of the Borrower, the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person,
except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06 Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of
the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or
in the aggregate, to result in a Material Adverse Effect or (ii) that question the validity or enforceability of the Agreement or any of the other Loan Documents, or of any action to be taken by the Borrower pursuant to this Agreement or any of
the other Loan Documents. 

  
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 (b) Except with respect to any other matters that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental
Liability. 
 SECTION 3.07 Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in
compliance with all Requirements of Law and orders of any Governmental Authority, in each case, applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08 Investment Company Status. The Borrower is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.09 Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. As of the Effective Date, there are no tax sharing agreements or
similar arrangements (including tax indemnity arrangements) with respect to or involving the Borrower or any of its Subsidiaries, other than tax sharing agreements between the Borrower and its Subsidiaries. 

SECTION 3.10 ERISA. 
 (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be
expected to result in a Material Adverse Effect. Except as, either individually or in the aggregate, has not had, and could not reasonably be expected to have, a Material Adverse Effect, the Borrower and its Subsidiaries and their ERISA Affiliates
(i) have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and are in compliance with the applicable provisions of ERISA and the Code, and (ii) have not incurred any
liability to the PBGC or any Plan or Multiemployer Plan (other than to make contributions in the ordinary course of business). 

(b) Except as, either individually or in the aggregate, has not had, and would not reasonably be expected to have, a Material Adverse
Effect, (i) each Foreign Pension Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing
with applicable regulatory authorities, (ii) all contributions required to be made with respect to a Foreign Pension Plan have been timely made, (iii) neither the Borrower nor any of its Subsidiaries has incurred any obligation in
connection with the termination of, or withdrawal from, any Foreign Pension Plan and (iv) the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan that is required to be funded, determined as
of the end of the Borrower’s most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities.

 SECTION 3.11 Disclosure; Deferred Acquisition Payments. (a) The Borrower has disclosed to the Lenders all
agreements, instruments and corporate or other restrictions to which it or any 

  
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of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the written
information, reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement and any other Loan Document or
delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein (taken as a whole), in the
light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time. 
 (b) Schedule 3.11 (which schedule may be updated from time to time by the Borrower
after the Effective Date by delivery of an updated Schedule 3.11 certified by a Responsible Officer of the Borrower) accurately and completely lists all acquisition agreements pursuant to which the Borrower and its Subsidiaries has an
obligation to make Deferred Acquisition Payments. 
 SECTION 3.12 Federal Regulations. The Borrower is not engaged nor
will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the
quoted terms under Regulations T, U or X of the Board as now and from time to time hereafter in effect. No part of the proceeds of the Loan hereunder will be used for “purchasing” or “carrying” “margin stock” as so
defined or for any purpose which violates, or which would be inconsistent with, the provisions of the Regulations of such Board. 
 SECTION 3.13 General Insurance. The properties of the Borrower and each of its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in
such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in
localities where the Borrower or such Subsidiary operates. 
 SECTION 3.14 Seniority. The Obligations are, and will be,
superior and senior in right of payment to any Indebtedness of the Borrower to any of its Subsidiaries (including, without limitation, any obligations to make Deferred Acquisition Payments). 

SECTION 3.15 Corporate Structure; Subsidiaries. (a) Set forth on Part A of Schedule 3.15 is a complete list of
each Person holding direct ownership interests in the Borrower, together with, for each such Person, the percentage ownership of the Borrower represented by such ownership interests. Set forth on Part B of Schedule 3.15 is a complete and
correct list of (i) all of the Subsidiaries of the Borrower as of the Effective Date, together with, for each such Subsidiary, (A) the jurisdiction of organization of such Subsidiary, (B) each Person holding direct ownership interests
in such Subsidiary and (C) percentage ownership of such Subsidiary represented by such ownership interests. Except as set forth on Schedule 3.15, each of the Borrower and its Subsidiaries owns, free and clear of Liens, other than
Liens created under the Pledge Agreements, and has the unencumbered right to vote, all the outstanding ownership interests in each Person shown to be held by it on Schedule 3.15. All Equity Interests of each Subsidiary of the Borrower
are duly and validly issued and are fully paid and non-assessable. 
 (b) As of the Effective Date, there are no restrictions on
the Borrower or any of its Subsidiaries which prohibit or otherwise restrict the transfer of cash or other assets from any Subsidiary of the Borrower to the Borrower, other than (i) prohibitions or restrictions existing under or by reason of

  
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this Agreement or the other Loan Documents, (ii) prohibitions or restrictions existing under or by reason of applicable Requirements of Law, (iii) prohibitions or restrictions existing
under or by reason of the documents evidencing the Permitted Tax Incentive Financing Transactions; and (iv) other prohibitions or restrictions which, either individually or in the aggregate, have not had, or could not reasonably be expected to
have, Material Adverse Effect. 
 SECTION 3.16 Insurance Licenses. Each Regulated Insurance Company holds all licenses
(including licenses or certificates of authority from Applicable Insurance Regulatory authorities), permits or authorizations necessary or otherwise required to transact insurance and reinsurance business (collectively, the “Insurance
Licenses”). There is (i) no Insurance License that is the subject of a proceeding for suspension, revocation or limitation or any similar proceedings, (ii) no sustainable basis for such a suspension, revocation or limitation, and
(iii) to the knowledge of the Borrower, no such suspension, revocation or limitation threatened by any Applicable Insurance Regulatory Authority, that, in each instance under clauses (i), (ii) and (iii) above and either
individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect. 
 SECTION 3.17
Insurance Business. All insurance policies issued by any Regulated Insurance Company are, to the extent required under applicable law, on forms approved by the insurance regulatory authorities of the jurisdictions where issued or have been
filed with and not objected to by such authorities within the period for objection, except for those forms with respect to which a failure to obtain such approval or make such a filing without it being objected to, either individually or in the
aggregate, has not had, and could not reasonably be expected to have, a Material Adverse Effect. 
 SECTION 3.18 Use of
Proceeds. The proceeds of the Loans will be used only to repay certain of the GMAC Seller Obligations on or about the Effective Date, to finance acquisitions permitted under this Agreement and the working capital needs, and for general corporate
purposes, of the Borrower and its Subsidiaries in the ordinary course of business. 
 SECTION 3.19 Embargoed Persons.
(a) None of the Borrower’s or its Subsidiaries’ assets constitute property of, or are beneficially owned, directly or indirectly, by any Person targeted by economic or trade sanctions under United States law, including but not limited
to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq. (the “Trading With the Enemy Act”), any of the foreign
assets control regulations of the Treasury (31 C.F.R., Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or regulations promulgated thereunder or executive order relating
thereto (which includes, without limitation, (i) Executive Order No. 13224, effective as of September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (ii) the USA PATRIOT Act), if the result of such ownership would be that any Loan made by any Lender would be in violation of law (“Embargoed
Person”); (b) no Embargoed Person has any interest of any nature whatsoever in the Borrower if the result of such interest would be that any Loan would be in violation of law; (c) the Borrower has not engaged in business with
Embargoed Persons if the result of such business would be that any Loan made by any Lender would be in violation of law; and (d) neither the Borrower nor any Controlled Affiliate (i) is or will become a “blocked person” as
described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations or (ii) engages or will engage in any dealings or transactions, or be otherwise associated, with any such “blocked person”. For
purposes of determining whether or not a representation is true under this Section 3.19, the Borrower shall not be required to make any investigation into (i) the ownership of publicly traded stock or other publicly traded securities or
(ii) the beneficial ownership of any collective investment fund. 

  
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 SECTION 3.20 PATRIOT Act. (a) Neither the Borrower nor any of its Subsidiaries
or, to the knowledge of the Borrower, any of their respective Affiliates over which any of the foregoing exercises management control (each, a “Controlled Affiliate”) is a Prohibited Person, and the Borrower, its Subsidiaries and,
to the knowledge of the Borrower, such Controlled Affiliates are in compliance with all applicable orders, rules and regulations of OFAC. 
 (b) Neither the Borrower nor any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective Controlled Affiliates: (i) is targeted by United States or multilateral economic or
trade sanctions currently in force; (ii) is owned or controlled by, or acts on behalf of, any Person that is targeted by United States or multilateral economic or trade sanctions currently in force; or (iii) is named, identified or
described on any list of Persons with whom United States Persons may not conduct business, including any such blocked persons list, designated nationals list, denied persons list, entity list, debarred party list, unverified list, sanctions list or
other such lists published or maintained by the United States, including OFAC, the United States Department of Commerce or the United States Department of State. 
 SECTION 3.21 Rights in Pledged Equity; Priority of Liens. 
 (a) The Borrower
and each Subsidiary party to a Pledge Agreement is the legal and beneficial owner of the Pledged Equity granted by it under the Pledge Agreements to which it is a party, free and clear of any and all Liens except for the Liens created or expressly
permitted under the Loan Documents. 
 (b) The Pledge Agreements, once executed and delivered, will create in favor of the
Administrative Agent legal, valid and enforceable Liens on the Pledged Equity, securing the payment of the Obligations, subject to no Liens other than the Liens created by the Pledge Agreements. 

(c) Upon (i) the proper filing of UCC financing statements or the filing, recording, registering or taking such other actions as may
be necessary with the appropriate Governmental Authority (including payment of applicable filing or recording fees or taxes), and (ii) the taking of possession or control by the Administrative Agent of any of the Pledged Equity with respect to
which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the Administrative Agent is required by the applicable Pledge
Agreement), the Liens created pursuant to the Pledge Agreements in favor of the Administrative Agent shall constitute legal, valid and enforceable perfected first priority Liens on the Pledged Equity, subject to no Liens other than the Liens created
by the Pledge Agreements. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01 Effective Date. The obligations of the
Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (A) a counterpart of this Agreement
signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of
this Agreement. 

  
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 (b) The Administrative Agent shall have received a favorable written opinion (addressed to
the Administrative Agent and the Lenders and dated the Effective Date) of Thompson Hine LLP, counsel for the Borrower and the Domestic Subsidiaries party to the Pledge Agreements entered into as of the Effective Date, substantially in the form of
Exhibit B, and covering such other matters relating to the Borrower, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 

(c) The Lenders shall have received (i) satisfactory audited consolidated financial statements of the Borrower for the two most
recent fiscal years ended prior to the Effective Date as to which such financial statements are available, (ii) satisfactory unaudited interim consolidated financial statements of the Borrower for the quarterly period ended September 30,
2012 and (iii) satisfactory financial statement projections through and including the Borrower’s 2015 fiscal year, together with such information as the Administrative Agent and the Lenders shall reasonably request (including, without
limitation, a detailed description of the assumptions used in preparing such projections). 
 (d) The Regulated Insurance
Companies, as a group, shall have an A.M. Best Company financial strength rating of at least “A-”. 
 (e) The
Administrative Agent shall have received evidence satisfactory to it that the ACP Re Note (i) matures after, and does not require any scheduled amortization or other scheduled payments of principal prior to, the date that is 181 days after the
Maturity Date and (ii) is subordinated to payment of the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent. 
 (f) The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good
standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as
further described in the list of closing documents attached as Exhibit C and (ii) to the extent requested by any of the Lenders, all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including the Act (as defined below). 
 (g) The
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and
(b) of Section 4.02. 
 (h) The Administrative Agent shall have received evidence reasonably satisfactory to it that
all governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the Transactions and the continuing operations of the Borrower and its Subsidiaries (including all insurance and
other regulatory compliance) have been obtained and are in full force and effect. 
 (i) The Administrative Agent and the Lenders
shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

  
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 SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment, renewal or
extension of such Letter of Credit, as applicable. 
 (b) At the time of and immediately after giving effect to such Borrowing or
the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing. 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters
specified in paragraphs (a) and (b) of this Section. 
 ARTICLE V 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that the Borrower will, and will cause each of its Subsidiaries to: 

SECTION 5.01 Financial Statements; Ratings Change and Other Information. Furnish to the Administrative Agent and each Lender:

 (a) Annual Financial Statements. As soon as available and in any event within 120 days after the end of each fiscal
year of the Borrower, its audited consolidated balance sheet, unaudited consolidating balance sheet and related audited consolidated statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth
in each case in comparative form the figures for the previous fiscal year, all reported on by BDO USA, LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or
exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied. 
 (b) Quarterly
Financial Statements. As soon as available and in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated and consolidating balance sheet and related consolidated
statements of operations and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case 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, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its
consolidated Subsidiaries on a consolidated (and, in the case of the balance sheet, consolidating) basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 

  
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 (c) Officer’s Certificate. Concurrently with any delivery of financial
statements under Sections 5.01(a) and 5.01(b), a certificate of a Financial Officer of the Borrower (i) certifying that no Default or Event of Default has occurred, or if any Default or Event of Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.14(a), (b), (c), (d) and (e) as at the end of such fiscal
year or quarter, as the case may be, (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04(a) and, if any such change has
occurred, specifying the effect of such change on the financial statements accompanying such certificate, (iv) certifying that the Regulated Insurance Companies have maintained adequate reserves and (v) providing a breakdown of
Indebtedness set forth in such financial statements, including an explanation of material changes thereto, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

(d) Public Reports. Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements
and other materials and documents filed by the Borrower or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to
its shareholders generally, or to holders of its Indebtedness pursuant to the terms of the documentation governing such Indebtedness (or any trustee, agent or other representative therefor), as the case may be. 

(e) Reports to Debt Holders. Promptly after the furnishing thereof, copies of any statement or report furnished to any holder of
debt securities of the Borrower or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to any other subsection of this
Section 5.01. 
 (f) Management Letters. Promptly after the receipt thereof by the Borrower, a copy of any
“management letter” received by the Borrower from its certified public accountants and the management’s responses thereto. 
 (g) Insurance Reports and Filings. 
 (i) By no later than
the following dates, a copy of each Statutory Statement filed, or required to be filed, by each Regulated Insurance Company: 
 (A) in the case of annual Statutory Statements, (1) upon the earlier of (x) fifteen (15) days after the regulatory filing date or (y) ninety (90) days after the close of each
fiscal year of such Regulated Insurance Company, in each case such Statutory Statements being certified by a Financial Officer of such Regulated Insurance Company and prepared in accordance with SAP and (2) no later than each June 15,
copies of such Statutory Statements audited and certified by independent certified public accountants of recognized national standing. 
 (B) in the case of quarterly Statutory Statements, upon the earlier of (x) ten (10) days after the regulatory filing date or (y) sixty (60) days after the close of each of the first
three (3) fiscal quarters of each fiscal year of such Regulated Insurance Company, in each case such Statutory Statements being certified by a Financial Officer of such Regulated Insurance Company and prepared in accordance with SAP.

 (ii) Promptly following the delivery or receipt, as the case may be, by any Regulated Insurance Company or any
of their respective Subsidiaries, copies of (A) each registration, filing or submission made by or on behalf of any Regulated Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings and other
ordinary course 

  
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immaterial communications, (B) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority, (C) all information
which the Lenders may from time to time reasonably request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (D) each report, order, direction, instruction,
approval, authorization, license or other notice which the Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (A) through (D) that is material to the Borrower
and its Subsidiaries, taken as a whole, as reasonably determined by the board of directors of the Borrower, a duly authorized committee thereof or a Responsible Officer of the Borrower. 

(iii) Promptly following notification thereof from a Governmental Authority, notification of the suspension, limitation,
termination or non-renewal of, or the taking of any other materially adverse action in respect of, any material Insurance License. 
 (h) Rating Information. Promptly after A.M. Best Company shall have announced a downgrade in the financial strength rating of any Regulated Insurance Company, written notice of such rating
change. 
 (i) Other Information. Promptly following any request therefor, such other information or existing documents
regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement (including any information required under the Act), as the Lenders may reasonably request from time
to time. 
 Documents required to be delivered pursuant to Section 5.01(a), 5.01(b) or 5.01(d) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet; or (ii) on which such documents are posted on the
Borrower’s behalf on an Internet or intranet website, if any, to which the Administrative Agent has access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower
shall deliver paper copies of such documents to the Administrative Agent, if the Administrative Agent requests, in writing, the Borrower deliver such paper copies, until a written request to cease delivering paper copies is given by the
Administrative Agent and (ii) the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificate of a Financial Officer required by Section 5.01(c) to the Administrative Agent.

 SECTION 5.02 Notices of Material Events. Furnish to the Administrative Agent and each Lender prompt written notice of
the following: 
 (a) the occurrence of any Default; 
 (b) the filing or commencement of, or, to the knowledge of the Borrower, any threat or notice of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity by
or before any arbitrator or Governmental Authority (i) against or affecting the Borrower or any Subsidiary thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect or (ii) with respect to
any Loan Document; 
 (c) (x) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have
occurred, could reasonably be expected to result in liability of the Borrower and 

  
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its Subsidiaries in an aggregate amount exceeding the Threshold Amount; and (y) that any contribution in excess of the Threshold Amount required to be made with respect to a Foreign Pension
Plan has not been timely made, or that the Borrower or any Subsidiary of the Borrower may incur any liability in excess of the Threshold Amount pursuant to any Foreign Pension Plan (other than to make contributions in the ordinary course of
business). 
 (d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the
Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03 Existence; Conduct of Business. 
 (a) Do or cause to be done
all things necessary to preserve, renew and maintain in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.03 or Section 6.05 or, in the case of any Subsidiary, where the failure to perform
such obligations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses,
permits, privileges, franchises, authorizations, patents, copyrights, trademarks and trade names material to the conduct of its business; maintain and operate such business in substantially the manner in which it is presently conducted and operated;
and at all times maintain, preserve and protect all property material to the conduct of such business and keep such property in good repair, working order and condition (other than wear and tear occurring in the ordinary course of business) and from
time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times;
provided, however, that nothing in this Section 5.03(b) shall prevent (i) sales of property, consolidations or mergers by or involving the Borrower or any Subsidiary in accordance with Section 6.03 or Section 6.05;
(ii) the withdrawal by the Borrower or any of its Subsidiaries of its qualification as a foreign corporation in any jurisdiction where such withdrawal, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect; or (iii) the abandonment by the Borrower or any of its Subsidiaries of any rights, franchises, licenses, trademarks, trade names, copyrights or patents that such Person reasonably determines are not useful to its business or no
longer commercially desirable. 
 SECTION 5.04 Obligations and Taxes. 

(a) Obligation. Pay its Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge
promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims for labor,
services, materials and supplies or otherwise that, if unpaid, might give rise to a Lien other than a Lien permitted under Section 6.02 upon such properties or any part thereof; provided that such payment and discharge shall not be
required with respect to any such Tax, assessment, charge, levy or claim so long as (i) the validity or amount thereof shall be contested in good faith by appropriate proceedings timely instituted and diligently conducted, (ii) the
Borrower or its Subsidiary, as the case may be, shall have set aside on its books adequate reserves or other appropriate provisions with respect thereto in accordance with GAAP, and (iii) the failure to make payment pending such contest could
not reasonably be expected to result in a Material Adverse Effect. 

  
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 (b) Filing of Returns. Timely and correctly file all material Tax returns required to
be filed by it. Withhold, collect and remit all Taxes that it is required to collect, withhold or remit. 
 SECTION 5.05
Insurance. Maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or
similar locations. 
 SECTION 5.06 Books and Records; Inspection Rights. 

(a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and/or SAP, as applicable, and
all Requirements of Law are made of all dealings and transactions in relation to its business and activities. 
 (b) The Borrower
will, and will cause each of its Subsidiaries to, permit the Administrative Agent (or if an Event of Default is continuing, any Lender) and any representatives or independent contractors designated by the Administrative Agent or such Lender, to
visit and inspect its properties, to examine and make extracts from its books and records, and to discuss affairs, finances, accounts and condition of the Borrower or any Subsidiary with the officers thereof and advisors therefor (including
independent accountants), all at the expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that unless
an Event of Default exists, the Borrower shall only be required to pay for one (1) such visit by the Administrative Agent and its representatives and independent contractors per fiscal year of the Borrower and provided, further,
that when an Event of Default exists the Administrative Agent or any Lender (or any of its representatives or independent contractors) may do any of the foregoing at the sole expense of the Borrower at any time during normal business hours and
without advance notice. Notwithstanding the foregoing, the Borrower may place reasonable limits on access to information which is proprietary or constitutes trade secrets and need not disclose any information if such disclosure would be prohibited
by a confidentiality agreement entered into by the Borrower on an arm’s length basis and in good faith. 
 SECTION 5.07
Compliance with Laws. Comply with all Requirements of Law and decrees and orders of any Governmental Authority applicable to it or its property (including, without limitation, the Act), except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08 Use of Proceeds.
Use the proceeds of the Loan only for the purposes set forth in Section 3.18 and not in contravention of any Requirements of Law or of any Loan Document. 
 SECTION 5.09 Further Assurances. The Borrower shall promptly and duly execute and deliver to the Lenders such documents and assurances and take such further action as the Lenders may from time to
time reasonably request in order to carry out more effectively the intent and purpose of this Agreement and the other Loan Documents and to establish, protect and perfect the rights and remedies created or intended to be created in favor of the
Lenders pursuant to this Agreement and the other Loan Documents. 
 SECTION 5.10 Financial Strength Ratings. The Borrower
shall ensure that each Regulated Insurance Company that is material to the Borrower and its Subsidiaries, taken as a whole, has in effect, at all times (except to the extent such Regulated Insurance Company no longer exists as a result of a
transaction expressly permitted by Section 6.03 or Section 6.05), a current financial strength rating of no less than “A-” from A.M. Best Company, if such Regulated Insurance Company is rated; provided that the
requirements of this Section 5.10 shall apply to the Regulated Insurance Companies, as a group, to the 

  
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extent the Regulated Insurance Companies are rated as a group (and not individually) by A.M. Best Company. 
 SECTION 5.11 Covenant to Give Security. The Borrower will cause the Applicable Pledge Percentage of the issued and outstanding Equity Interests of (i) each Regulated Insurance Company and
(ii) each Material Subsidiary that is either a Domestic Subsidiary or a First Tier Foreign Subsidiary, in each case to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent to secure the Obligations in
accordance with the terms and conditions of the Pledge Agreements or such other pledge documents as the Administrative Agent shall reasonably request; provided that no such pledge of the Equity Interests of any such First Tier Foreign
Subsidiary shall be required hereunder to the extent such pledge is prohibited by applicable law. Notwithstanding the foregoing, the parties hereto acknowledge and agree that no Pledge Agreement in respect of the pledge of Equity Interests of a
Material Subsidiary which is a First Tier Foreign Subsidiary shall be required until the date that is sixty (60) days after the Effective Date (or such later date as is agreed to by the Administrative Agent in its reasonable discretion).

 With respect to (i) any Person that becomes a Subsidiary after the Effective Date that is (x) a Regulated Insurance Company or
(y) a Material Subsidiary or (ii) any existing Subsidiary that becomes a Regulated Insurance Company or a Material Subsidiary (any such Subsidiary referred to in clause (i) or clause (ii) immediately above shall be referred to
herein as a “New Subsidiary”), then the Borrower shall, with respect to each such New Subsidiary that is a Regulated Insurance Company or Material Subsidiary that is a Domestic Subsidiary or a First Tier Foreign Subsidiary, as the
case may be, at the Borrower’s sole expense, promptly (but in any event, (A) in the case of clause (i) immediately above, within thirty (30) days (or such longer period as the Administrative Agent shall agree in writing in its
sole discretion) after such Person becomes a Subsidiary after the Effective Date and (B) in the case of clause (ii) immediately above, within thirty (30) days (in the case of a Domestic Subsidiary) or sixty (60) days (in the case
of a Foreign Subsidiary) (or, in each case, such longer period as the Administrative Agent shall agree in writing in its sole discretion) after such Subsidiary becomes a Regulated Insurance Company or a Material Subsidiary, as the case may be), do
the following: 
 (a) notify the Administrative Agent of such formation, creation or acquisition; 

(b) if the Borrower or any Domestic Subsidiary shall be the direct holder and owner of the Equity Interests of such New Subsidiary, then
the Borrower shall (or shall cause such Domestic Subsidiary to) execute and deliver to the Administrative Agent a Pledge Agreement in favor of the Administrative Agent for the benefit of the Secured Parties with respect to the Applicable Pledge
Percentage of all of the outstanding Equity Interests of such New Subsidiary; provided that no such pledge of the Equity Interests of a First Tier Foreign Subsidiary shall be required hereunder to the extent such pledge is prohibited by
applicable law; 
 (c) the Borrower shall deliver or cause to be delivered to the Administrative Agent the certificates, if any,
representing all of the Equity Interests of such New Subsidiary, together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests;

 (d) subject to Section 5.11(b) above, the Borrower shall (i) execute and deliver, or cause to be executed and
delivered, to the Administrative Agent such Pledge Agreement or such other documents, and take or cause to be taken, such actions, in each case as the Administrative Agent shall deem necessary or advisable to grant to the Administrative Agent, for
the benefit of the Secured Parties, a Lien on the Equity Interests of such New Subsidiary subject to no Liens other than Liens created by the Pledge Agreements, and (ii) take all actions as the Administrative Agent shall deem necessary or

  
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advisable to cause such Lien to be duly perfected to the extent required by the relevant Pledge Agreement in accordance with all applicable Requirements of Law; and 

(e) subject to Section 5.11(b) above, the Borrower shall take all such other actions and execute and deliver, or cause to be
executed and delivered, all such other documents, instruments, agreements, opinions and certificates, including those which are similar to those delivered on the Effective Date, as reasonably requested by Administrative Agent. 

ARTICLE VI 

Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated
and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that the Borrower will not, and the Borrower will not cause or permit any Subsidiaries to: 

SECTION 6.01 Indebtedness. Incur, create, assume or suffer to exist or otherwise become liable in respect of any Indebtedness,
except that the following shall be permitted: 
 (a) Indebtedness under the Loan Documents; 

(b) Indebtedness existing on the Effective Date and set forth in Schedule 6.01 and extensions, renewals and replacements of
any such Indebtedness with Indebtedness of a similar type that does not increase the outstanding principal amount thereof; 
 (c)
Indebtedness in respect of Capital Lease Obligations and Purchase Money Obligations for fixed or capital assets within the limitations set forth in Section 6.02(d), and extensions, renewals and replacements of any such Indebtedness that do not
increase the outstanding principal amount thereof; provided, however, that the aggregate principal amount of all Indebtedness permitted by this Section 6.01(c) shall not exceed $15,000,000 at any one time outstanding; 

(d) Indebtedness of the Borrower or any Regulated Insurance Company under Swap Obligations to the extent permitted by Section 6.06;

 (e) Indebtedness constituting Investments permitted by Section 6.04(d); 

(f) Indebtedness 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, however, that such Indebtedness is extinguished within five Business Days of its incurrence; 
 (g) (i) Indebtedness resulting from the endorsements of instruments for deposit in the ordinary course of business, (ii) to the extent constituting Indebtedness, obligations in respect of purchasing
card and credit card arrangements and (iii) Indebtedness of the Borrower or any Subsidiary in respect of performance bonds, appeal bonds, surety bonds and similar obligations, in each case, incurred in the ordinary course of business;

 (h) any repurchase obligations of the Borrower or any Regulated Insurance Company under any Repurchase Agreement and any
Repurchase Liability of the Borrower or any Regulated Insurance Company; provided, however, that the aggregate amount of all such obligations and 

  
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Repurchase Liabilities permitted by this Section 6.01(h) shall not exceed $150,000,000 at any time outstanding; 
 (i) Indebtedness which represents an extension, refinancing or renewal of any of the Indebtedness described in Section 6.01(j), (k) or (l); provided that, (i) the aggregate principal
amount of such Indebtedness is not greater than the aggregate principal amount of the Indebtedness so extended, refinanced or renewed, (ii) the interest rate of such Indebtedness is not higher than the interest rate of the Indebtedness so
extended, refinanced or renewed (other than an increase of such interest rate to the then current market interest rate for such type of Indebtedness, as applicable), (iii) such Indebtedness may be secured by the Liens that secured the
Indebtedness so extended, refinanced or renewed; provided such Liens do not extend to any additional property of the Borrower or any Subsidiary, (iv) no Subsidiary is required to become obligated with respect thereto unless previously
obligated on such refinanced Indebtedness, (v) such Indebtedness does not result in a shortening of the maturity of the Indebtedness so extended, refinanced or renewed, (vi) the terms of any such Indebtedness are not less favorable to the
obligor thereunder than the original terms of the Indebtedness so extended, refinanced or renewed and (vii) if the Indebtedness that is extended, refinanced or renewed was subordinated in right of payment to the Obligations, then the terms and
conditions of the extension, refinancing or renewal Indebtedness must include subordination terms and conditions that are at least as favorable to the Lenders as those that were applicable to the Indebtedness so extended, refinanced or renewed;

 (j) Indebtedness of a Person that becomes a Subsidiary or Indebtedness attaching to assets that are acquired by the Borrower
or any of its Subsidiaries, in each case after the Effective Date in connection with a Permitted Acquisition, and any extensions, refinancings and renewals of such Indebtedness in accordance with Section 6.01(i); provided that
(i) such Indebtedness existed at the time such Person became a Subsidiary or at the time such assets were acquired and, in each case, was not created in contemplation of or in connection with such Permitted Acquisition, (ii) such
Indebtedness is not guaranteed in any respect by the Borrower or any Subsidiary (other than by any such Person that so becomes a Subsidiary), (iii) no Default or Event of Default has occurred and is continuing prior to the assumption of such
Indebtedness or would arise after giving effect (including giving effect on a pro forma basis) thereto and (iv) the sum of the aggregate principal amount of Indebtedness permitted by this clause (j) and clause (k) below shall not
exceed $20,000,000 at any time outstanding; 
 (k) unsecured Indebtedness in respect of obligations to make Deferred Acquisition
Payments, and extensions, refinancings and renewals of such Indebtedness in accordance with Section 6.01(i); provided that the sum of the aggregate amount of Indebtedness permitted by this clause (k) and clause (j) above shall
not exceed $20,000,000 at any time outstanding; provided further that, if the aggregate amount of all such obligations to make Deferred Acquisition Payments exceeds $10,000,000 at any one time, then such excess amount shall be
subordinated to the Obligations on terms and conditions, and pursuant to documentation, reasonably satisfactory to the Administrative Agent; provided, further, that any payments in respect of such Indebtedness shall be subject to
Sections 6.07(b) and 6.13(a)(iv); 
 (l) in the case of Reliant, the Reliant Indebtedness and any extension, refinancing or
renewal of any of such Reliant Indebtedness in accordance with Section 6.01(i); provided that (i) the aggregate principal amount of the Reliant Indebtedness shall not exceed $1,500,000 outstanding at any time, and (ii) any
payments in respect of such Reliant Indebtedness shall be subject to Section 6.13(a)(iii); 
 (m) Indebtedness of ACAI with
respect to the ACAI Preferred Stock; 
 (n) with respect to any Specified Life Settlement Subsidiary, any Indebtedness or
obligations of such Specified Life Settlement Subsidiary; provided that neither the Borrower nor any 

  
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Subsidiary shall be liable, directly or indirectly, for any such Indebtedness or obligations or otherwise give security therefor; 

(o) the Reliant Deferred Acquisition Payment; 
 (p) FHLB Loans incurred in the ordinary course of business and on customary terms and conditions; provided that the aggregate principal amount of Indebtedness permitted by this clause (p)
shall not exceed $20,000,000 at any time outstanding; 
 (q) Guarantees by any Subsidiary of the Borrower in respect of
Indebtedness otherwise permitted hereunder of the Borrower or any other Subsidiary of the Borrower; provided, that if the Indebtedness that is being guaranteed is unsecured and/or subordinated to the Obligations, the guaranty shall also be
unsecured and/or subordinated to the Obligations; provided further that the aggregate principal amount of Guarantees permitted by this clause (q) shall not exceed $10,000,000 at any time outstanding; and 

(r) other unsecured Indebtedness of the Borrower in an aggregate principal amount not exceeding $10,000,000 at any time outstanding.

 SECTION 6.02 Liens. Create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
 (a) Permitted Encumbrances; 
 (b) Liens under any Loan Documents; 

(c) Liens on any property or asset of the Borrower or any Subsidiary existing on the Effective Date and not contemplated by any of
subsections (a) and (b) above of this Section 6.02 and set forth in Schedule 6.02; provided that (i) such Liens shall not apply to any other property or asset of the Borrower or any Subsidiary and
(ii) such Liens shall secure only those obligations which it secures on the Effective Date and (iii) such Liens shall not be renewed, extended or spread in any way; 
 (d) Liens securing Indebtedness permitted under Section 6.01(c); provided that (i) such Liens do not at any time encumber any property other than the property financed by such
Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; 

(e) Liens arising from precautionary Uniform Commercial Code financing statements regarding operating leases or consignments;
provided such Liens extend solely to the assets subject to such leases or consignments; 
 (f) Liens securing
collateralized Repurchase Agreements constituting a borrowing of funds by the Borrower or any Regulated Insurance Company in the ordinary course of business for investment purposes in accordance with the Investment Policy of the Borrower or such
Regulated Insurance Company, as applicable; 
 (g) Liens in favor of Access Plans, Inc., an Oklahoma corporation, granted by
Reliant on the Equity Interests (and proceeds thereof) of America’s Health; provided that (i) such Liens secure only the Reliant Indebtedness permitted by Section 6.01(l), and (ii) such Liens do not attach to, encumber or
spread to any other property or assets of the Borrower or any of its Subsidiaries; 

  
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 (h) Liens existing on any property or asset of any Person that becomes a Subsidiary in
accordance with the terms of this Agreement after the date hereof prior to the time such Person becomes a Subsidiary or Liens existing on any property or assets of any Person acquired in accordance with the terms of this Agreement after the date
hereof prior to the time such property or assets are acquired; provided that (i) such Lien is not created in contemplation of or in connection with such Person becoming a Subsidiary or such property or assets being acquired, (ii) such Lien
shall not apply to any other property or assets of the Borrower or any other Subsidiary, (iii) such Lien shall secure only those obligations which it secures on the date such Person becomes a Subsidiary or such property or assets are acquired,
(iv) such Lien shall only secure only Indebtedness permitted by Section 6.01(j) and (v) the principal amount of Indebtedness secured by such Liens does not at any time exceed $5,000,000; and 

(i) the Permitted Tax Incentive Financing Transactions. 
 SECTION 6.03 Fundamental Changes. Enter into any transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolutions), except that, so long
as no Default exists or would result therefrom: 
 (a) any Wholly Owned Subsidiary or any other Person may merge or consolidate
with or into the Borrower; provided that the Borrower is the surviving or continuing Person of such transaction; 
 (b)
any Subsidiary of the Borrower may merge or consolidate with or into any other Subsidiary of the Borrower; provided, however, that, if any Subsidiary party to such transaction is a Wholly Owned Subsidiary, the surviving or continuing
Person of such transaction shall be a Wholly Owned Subsidiary; provided, further, that, if any Subsidiary party to such transaction is a Domestic Subsidiary of the Borrower, the surviving or continuing Person of such transaction shall
be a Domestic Subsidiary; 
 (c) any Subsidiary of the Borrower may dissolve, liquidate or wind up its affairs at any time;
provided that, in the case of a dissolution, liquidation or winding up of affairs of a Domestic Subsidiary, all of its assets, if any, and ongoing business are distributed or transferred to (i) the Borrower or (ii) any Wholly Owned
Domestic Subsidiary; and 
 (d) any Person (other than the Borrower) may merge into any Subsidiary of the Borrower,
provided that such Subsidiary of the Borrower is the surviving or continuing Person of such transaction. 
 SECTION 6.04
Investments, Loans, Advances, Guarantees and Acquisitions. Purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly Owned Subsidiary prior to such merger) any Equity Interest, evidences of Indebtedness
or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, make or permit any capital contribution to, or make or permit to
exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit or all or a substantial part of the
business of, such Person (the foregoing is collectively referred to as “Investments”), except that the following shall be permitted: 
 (a) Investments existing on the Effective Date and identified on Schedule 6.04; 

  
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 (b) Investments in Eligible Investments; provided that such Investments shall be made
solely for investment purposes for the investment portfolio of the Borrower or any Subsidiary in accordance with the Investment Policy of the Borrower and in the ordinary course of business; 

(c) advances to officers, directors and employees of the Borrower and any Subsidiaries of the Borrower in an aggregate amount not to
exceed $1,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes; 
 (d)
(i) Investments by the Borrower in any Wholly Owned Domestic Subsidiary (other than Investments made by the Borrower for the purposes set forth in Section 6.04(k)), (ii) Investments by any Subsidiary in any Wholly Owned Domestic
Subsidiary, (iii) Investments by any Foreign Subsidiary in any other Foreign Subsidiary and (iv) Investments by GMAC Insurance Management Corporation in any Subsidiary in the ordinary course of business; 

(e) Guarantees constituting Indebtedness permitted by Section 6.01; 

(f) Guarantees by the Borrower of Capital Lease Obligations of any Subsidiary permitted by Section 6.01; 

(g) mergers and acquisitions permitted by Section 6.03; 
 (h) Swap Obligations permitted by Section 6.06; 
 (i) Permitted Acquisitions
by the Borrower or any Wholly Owned Subsidiary; provided that (x) the aggregate Acquisition Consideration (excluding the Cash Loss Reserve Portion thereof, if any) for all such Permitted Acquisitions made by the Borrower and/or its
Wholly Owned Domestic Subsidiaries shall not exceed, in the aggregate, $50,000,000 in any fiscal year of the Borrower and (y) the aggregate Acquisition Consideration (excluding the Cash Loss Reserve Portion thereof, if any) for all such
Permitted Acquisitions made by Wholly Owned Subsidiaries that are Foreign Subsidiaries shall not exceed, in the aggregate, $10,000,000 during the term of this Agreement; provided further that, to the extent any portion of the
Acquisition Consideration paid in connection with any such Permitted Acquisitions is funded with any Equity Issuance Proceeds, such Acquisition Consideration shall be determined exclusive of such Equity Issuance Proceeds, so long as such Equity
Issuance Proceeds are applied toward the payment of the applicable Acquisition Consideration substantially concurrently with the consummation of the transaction giving rise to such Equity Issuance Proceeds; 

(j) Repurchase Agreements and Repurchase Transactions; 
 (k) so long as no Default has occurred and is continuing or would result from such Investment, Investments by the Borrower or any Subsidiary after the Effective Date in any Specified Life Settlement
Subsidiary in the form of cash contributions or payments to enable the applicable Specified Life Settlement Subsidiary to acquire new life insurance policies or to pay life insurance premiums in respect of life insurance policies owned by such
Specified Life Settlement Subsidiary; provided that (i) such cash contributions or payments are used by the applicable Specified Life Settlement Subsidiary to acquire new life insurance policies or to pay such life insurance premiums and
(ii) the aggregate amount of all Investments made pursuant to this Section 6.04(k) since the Effective Date shall not exceed $20,000,000; 
 (l) Strategic Investments; provided, however, that the aggregate amount of all such Investments made pursuant to this Section 6.04(l) shall not exceed $25,000,000 during the term of
this Agreement; and provided further that no single Strategic Investment (or series of related Strategic 

  
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Investments) in any single Person or its related or affiliated Persons shall be in an aggregate amount in excess of $10,000,000; 

(m) Investments by the Borrower or any Regulated Insurance Company to the extent such Investments are required by the terms of the
Borrower’s or such Regulated Insurance Company’s membership in the FHLB for purposes of incurring FHLB Loans; 
 (n)
loans and advances made by the Borrower or any Wholly Owned Subsidiary after the Effective Date to agents, brokers, producers, insurance intermediaries, sub-producers, sales representatives and similar Persons with whom the Borrower or such Wholly
Owned Subsidiary has business dealings in respect of the line of business in which the Borrower and such Wholly Owned Subsidiary is engaged, in the ordinary course of business and consistent with past practice of the Borrower; provided that,
in no event shall the aggregate principal amount of all such loans and advances exceed $10,000,000 at any time outstanding; and 

(o) the Permitted Tax Incentive Financing Transactions. 
 SECTION 6.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 
 (a) Dispositions of used, worn out, obsolete or surplus property by the Borrower or any Subsidiary of the Borrower in the ordinary course of business that is, in the reasonable judgment of the Borrower,
no longer economically practicable to maintain or useful in the conduct of its business; 
 (b) Dispositions of inventory in the
ordinary course of business; 
 (c) Dispositions by any Subsidiary of all or any of its business, property or assets to the
Borrower or any Wholly Owned Subsidiary; 
 (d) (i) mergers and acquisitions permitted by Section 6.03; and
(ii) transfers or dispositions permitted by Section 6.03(c); 
 (e) licenses or sublicenses by the Borrower or any
Subsidiary of intellectual property and general intangibles, including, without limitation, any proprietary software of the Borrower or any Subsidiary, and licenses, leases or subleases by the Borrower or any Subsidiary of other property, in each
case in the ordinary course of business and which do not materially interfere with the business of the Borrower or any of its Subsidiaries; 
 (f) any sale or other disposition of cash or Eligible Investments; provided, however, that, in the case of Eligible Investments, such sale or disposition shall be made solely for and in connection
with the Borrower’s or any Subsidiary’s, as applicable, investment portfolio and in accordance with the Investment Policy of the Borrower or such Subsidiary, as applicable; 

(g) ceding of insurance or reinsurance in the ordinary course of business; 

(h) other Dispositions of any assets of the Borrower or any of its Subsidiaries not otherwise permitted pursuant to the foregoing in this
Section 6.05; provided that (A) no Default then exists or would result therefrom and (B) such assets to be Disposed pursuant to this Section 6.05(h), together with all assets of the Borrower and its Subsidiaries previously
Disposed pursuant to this Section 6.05(h), do not in the aggregate constitute a Substantial Portion of the assets of the Borrower and its Subsidiaries; and 

  
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 (i) Dispositions of Investments made in compliance with Section 6.04; and 

(j) any Specified Life Settlement Subsidiary may issue and sell any of its Equity Interest in connection with an IPO or a Rule 144A
Offering of such Specified Life Settlement Subsidiary. 
 SECTION 6.06 Swap Agreements. Enter into any Swap Agreement,
except for the following: 
 (a) Swap Agreements entered into by the Borrower or any Regulated Insurance Company from time to
time in connection with the Borrower’s or such Regulated Insurance Company’s investment portfolio and in accordance with the Investment Policy of the Borrower or such Regulated Insurance Company, as applicable; 

(b) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Regulated Insurance Company has actual exposure
(other than those in respect of Equity Interests of the Borrower or any Regulated Insurance Companies); and 
 (c) Swap
Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the
Borrower or any Regulated Insurance Company. 
 SECTION 6.07 Restricted Payments. Declare or make, or agree to pay or
make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would result
therefrom: 
 (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional
shares of its common stock; 
 (b) in respect of obligations of the Borrower to make Deferred Acquisition Payments, the Borrower
may make such Deferred Acquisition Payments to the appropriate payee in respect thereof, so long as (i) no Default or Event of Default has occurred and is continuing or would result from such payments and (ii) such Deferred Acquisition
Payments are permitted to be made under the subordination provisions, if any, applicable thereto; 
 (c) Subsidiaries may declare
and pay dividends ratably with respect to their Equity Interests; 
 (d) the Borrower may make Restricted Payments pursuant to
and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries; 
 (e) the Borrower and any Subsidiary may make any payment (even if such payment is in the form of a Restricted Payment) to the Borrower or another Subsidiary that is required to be made with respect to or
in connection with the terms of any tax sharing, tax allocation or other similar tax arrangement or agreement entered into among the Borrower and its Wholly Owned Subsidiaries; 
 (f) ACAI may make payments on or in respect of the ACAI Preferred Stock; and 

  
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 (g) the Borrower may make any Restricted Payment, including, without limitation, payments
with respect to Borrower Preferred Stock, that is funded solely with Equity Issuance Proceeds. 
 SECTION 6.08 Transactions
with Affiliates. Sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except the following
shall be permitted: 
 (a) transactions with any of its Affiliates (other than transactions permitted by one or more of clauses
(b) through (h) below) at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties or at such prices and on terms and
conditions that are consistent with past practices; 
 (b) transactions may be entered into between or among the Borrower and its
Subsidiaries not involving any other Affiliate of the Borrower to the extent such transaction is expressly permitted pursuant to this Agreement; 
 (c) transactions may be entered into between or among two or more Subsidiaries of the Borrower not involving any other Affiliate of the Borrower; 

(d) any Restricted Payments permitted by Section 6.07; 
 (e) Investments permitted by Sections 6.04(d) and 6.04(i); 
 (f) any
transactions permitted by Section 6.03; 
 (g) transactions existing on the Effective Date and described on
Schedule 6.08 and any amendments thereto that are not materially adverse to the Lenders, as reasonably determined by the Board of Directors of the Borrower, a duly authorized committee thereof or any Responsible Officer of the Borrower;
and 
 (h) the Permitted Tax Incentive Financing Transactions. 

SECTION 6.09 Restrictive Agreements. Directly or indirectly, enter into, incur or permit to exist any agreement or other
arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to
pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided
that (i) the foregoing shall not apply to restrictions and conditions imposed by insurance law and related regulations or other law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the
Effective Date identified on Schedule 6.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to
customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder,
(iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets
securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof, (vi) the foregoing shall not apply to restrictions or conditions
imposed by any tax sharing, tax allocation or similar tax arrangement or agreement entered into among the Borrower and its Subsidiaries and (vii) the foregoing shall not apply to 

  
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restrictions or conditions imposed by the Permitted Tax Incentive Financing Transactions so long as such restrictions or conditions apply only to the property or assets securing such
Indebtedness. 
 SECTION 6.10 Nature of Business. Engage in any material line of business substantially different from
those lines of business conducted by the Borrower and its Subsidiaries on the Effective Date (which, for the avoidance of doubt, includes the Insurance Business and asset management activities) or any business related or incidental thereto;
provided, however, that only the Specified Life Settlement Subsidiaries and ACAI (through the Specified Life Settlement Subsidiaries) shall be permitted to engage in the life settlement business or any businesses substantially related
or incidental thereto. 
 SECTION 6.11 Accounting Changes; Fiscal Year. Make any change in (i) its accounting
policies or financial reporting practices except as required or permitted by GAAP or SAP, as the case may be, in effect from time to time or (ii) its fiscal year. 
 SECTION 6.12 Use of Proceeds. Use the proceeds of the Loans, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the
meaning of Regulations T, U and X of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

SECTION 6.13 Prepayments, Etc. of Other Indebtedness; and Modifications of Certain Other Agreements. (a) Directly or
indirectly make, or agree or offer to pay or make any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in
cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Indebtedness, except the following shall be permitted: 

(i) payments of Indebtedness created under the Loan Documents; 
 (ii) payments of regularly scheduled interest and principal payments as and when due in respect of any other Indebtedness (other than (x) the ACP Re Note and (y) payments in respect of any
Indebtedness prohibited by the subordination provisions thereof), provided that such Indebtedness is permitted by Section 6.01; 
 (iii) Reliant may make payments in respect of the Reliant Indebtedness permitted by Section 6.1(n), so long as no Default or Event of Default has occurred and is continuing or would result from such
payments; 
 (iv) Deferred Acquisition Payments, if such payment is permitted by Section 6.07; and 

(v) payment of the Reliant Deferred Acquisition Payment; 
 (b) Amend, modify or waive, or permit the amendment, modification or waiver of, any provision of any agreement, document or instrument executed and delivered in connection with the ACP Re Note to the
extent that any such amendment, modification or waiver would (i) permit the ACP Re Note to mature before, or require any scheduled amortization or other scheduled payments of principal prior to, the date that is 181 days after the Maturity
Date, (ii) allow the ACP Re Note to not be subordinated to payment of the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent or (iii) be adverse in any material respect to the interests of the Lenders.

  
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 (c) Except as may be required by any Applicable Insurance Regulatory Authority, terminate,
amend, waive or modify any of its Organizational Documents (including (x) by the filing or modification of any certificate of designation and (y) any election to treat any Pledged Equity as a “security” under Section 8-103
of the UCC other than concurrently with the delivery of certificates representing such Pledged Equity to the Administrative Agent), other than any such amendments or modifications which are not adverse in any respect to the interest of the Lenders
or which are required in connection with a transaction permitted by Section 6.03. 
 SECTION 6.14 Financial
Covenants. 
 (a) Consolidated Net Worth. The Borrower will not permit the Consolidated Net Worth at any time to be
less than the sum of (i) $365,000,000 plus (ii) 50% of Consolidated Net Income of the Borrower and its Subsidiaries for each fiscal year of the Borrower (beginning with the fiscal year ending December 31, 2012) for which such
Consolidated Net Income is positive plus (iii) an amount equal to 50% of the aggregate amount of all cash proceeds from any issuance of any Equity Interests of the Borrower from the Effective Date to such date of determination.

 (b) Consolidated Leverage Ratio. The Borrower will not permit the Consolidated Leverage Ratio at any time to exceed
0.30 to 1.00. 
 (c) Consolidated Fixed Charge Coverage Ratio. The Borrower will not permit the Consolidated Fixed Charge
Coverage Ratio as of the end of any fiscal quarter of the Borrower during any period set forth below to be less than 1.25 to 1.00. 
 (d) Risk-Based Capital. The Borrower will not permit “total adjusted capital” (within the meaning of the Insurance Model Act as of the Effective Date) of any of its existing or future
U.S. Regulated Insurance Companies, in each case, as determined as of the end of each fiscal year, commencing with the fiscal year ending December 31, 2012, to be less than 200.0% of the applicable “Company Action Level RBC”
(within the meaning of the Model Act) for such Regulated Insurance Company. 
 (e) Consolidated Surplus. The Borrower will
not permit the Consolidated Surplus at any time to be less than the sum of (i) $275,000,000 and (ii) 50% of Consolidated Net Income of the Regulated Insurance Companies for each fiscal year of the Borrower (beginning with the fiscal year
ending December 31, 2012) for which such Consolidated Net Income is positive. 
 (f) Minimum Rating. The Borrower
will not permit or suffer the financial strength rating of each Regulated Insurance Company (other than National Health Insurance Company) by A.M. Best Company to be less than “A-” at any time to the extent such Regulated Insurance
Company is rated by A.M. Best Company; provided that the requirements of this Section 6.14(f) shall apply to the Regulated Insurance Companies, as a group, to the extent the Regulated Insurance Companies are rated as a group (and
not individually) by A.M. Best Company. 
 (g) Calculations. For purposes of determining compliance with the financial
covenant set forth in Section 6.14(c), with respect to any Test Period during which a Permitted Acquisition or an Asset Sale has occurred: (a) the components of Consolidated Fixed Charge Coverage Ratio shall be calculated with respect to
such Test Period on a Pro Forma Basis as if each such Permitted Acquisition had been consummated on the first day of such Test Period and as if each such Asset Sale had been consummated on the day immediately prior to the first day of such Test
Period; and (b) Consolidated Interest Expense shall be calculated on a Pro Forma Basis to give effect to any Indebtedness incurred, assumed or permanently repaid or extinguished during the relevant Test Period in connection with any

  
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Permitted Acquisitions and Asset Sales as if such incurrence, assumption, repayment or extinguishing had been effected on the first day of such Test Period. 

SECTION 6.15 Limitation on Creation of Subsidiaries. After the Effective Date, establish, create or acquire any additional
Subsidiaries without the prior written consent of the Administrative Agent; provided that, without such consent, the Borrower may: (i) establish or create one or more Wholly Owned Subsidiaries of the Borrower; and (ii) establish,
create or acquire one or more Wholly Owned Subsidiaries in connection with an Investment permitted pursuant to Section 6.04, so long as, in each case with respect to clauses (i) and (ii) above in this Section 6.15, the Borrower
complies with the provisions of Section 5.11, if applicable. 
 SECTION 6.16 Limitation on Creation of Immaterial
Subsidiaries. The Borrower shall not at any time have Immaterial Subsidiaries whose aggregate Subsidiary Net Worth exceeds ten percent (10%) of Consolidated Net Worth. 
 ARTICLE VII 
 Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as
the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower’s existence), 5.06(b) or 5.08 or in
Article VI; 
 (e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b), (c) or (d) of this Article), and such failure shall continue unremedied for a period of thirty (30) consecutive calendar days after the earlier of (i) actual
knowledge of the Borrower of such default and (ii) notice thereof from the Administrative Agent to the Borrower; 
 (f) the
Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

  
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 (g) any event or condition occurs that results in any Material Indebtedness becoming due
prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this subsection (g) shall not apply to secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding
shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower or any Subsidiary shall (A) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a
substantial part of its assets, (D) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (E) make a general assignment for the benefit of creditors or (F) take any action for the
purpose of effecting any of the foregoing; 
 (j) the Borrower or any Subsidiary shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due; 
 (k) there is entered against the Borrower or any Subsidiary
thereof (A) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $6,000,000 (to the extent not covered by independent third-party insurance, has been notified of
the potential claim and does not dispute coverage), or (B) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and in case of either
(A) or (B), (x) enforcement proceedings are commenced by any creditor upon such judgment or order, or (y) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or
otherwise, is not in effect; 
 (l) one or more ERISA Events or noncompliance with respect to Foreign Pension Plans shall have
occurred that when taken together with all other such ERISA Events and noncompliance with respect to Foreign Pension Plans that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries and its ERISA
Affiliates in an aggregate amount exceeding (i) the Threshold Amount in any year or (ii) the Threshold Amount for all periods; 
 (m) a Change in Control shall occur; 
 (n) any Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or the satisfaction in full of all the Obligations, shall cease to be in full force and effect; or the Borrower (or any Person by, through or on
behalf of the Borrower), shall contest in any manner the validity or enforceability of any provision of any Loan Document; or the Borrower shall deny that it has any or further liability or obligation under any

  
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provision of any Loan Document, or purport to revoke, terminate or rescind any provision of any Loan Document; or 
 (o) any security interest and Lien purported to be created by any Pledge Agreement shall cease to be in full force and effect, or shall cease to give the Administrative Agent, for the benefit of the
Secured Parties, the Liens, rights, powers and privileges purported to be created and granted under such Pledge Agreements (including a perfected first priority security interest in and Lien on the Pledged Equity covered thereby (except as otherwise
expressly provided in such Pledge Agreements or in this Agreement)) in favor of the Administrative Agent, for the benefit of the Secured Parties, or shall be asserted by the Borrower or any Subsidiary not be a valid, perfect, first priority (except
as otherwise expressly provided in this Agreement or such Pledge Agreements) security interest in or Lien on the Pledged Equity covered thereby; 
 (p) any one or more Insurance Licenses of the Borrower or any of its Regulated Insurance Companies shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by
any Governmental Authority, and such suspension, limitation, termination, non-renewal or action, either individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect; or 

(q) the Indebtedness under any obligations to make Deferred Acquisition Payments or any other subordinated Indebtedness of the Borrower or
any Subsidiary constituting Material Indebtedness, in each case shall cease (or the Borrower or an Affiliate of the Borrower shall so assert), for any reason, to be (or shall be asserted by the Borrower or any Subsidiary not to be) validly
subordinated to the Obligations as provided in agreements, if any, evidencing or relating to such subordinated Indebtedness or the Borrower or any Subsidiary shall have made a Deferred Acquisition Payment in violation of the subordination provisions
governing such Deferred Acquisition Payment; 
 then, and in every such event (other than an event with respect to the Borrower described in
clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
Obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case
of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the
occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or
equity, including all remedies provided under the UCC. 

  
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 ARTICLE VIII 
 The Administrative Agent 
 Each of the Lenders and the Issuing Bank hereby
irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the
Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the Administrative 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
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent
hereunder. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan
Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative
Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing
as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and
until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or
priority of Liens on the Pledged Equity or the existence of the Pledged Equity or (vi) or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. 
 The Administrative 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 believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), 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. 

  
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 The Administrative Agent may perform any and all its duties and exercise its rights and
powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, with the consent of the Borrower (such consent not to be unreasonably withheld), to appoint a successor; provided, that no such consent of the Borrower shall be required in the event a Default or Event of Default has occurred and is
continuing. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative 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 it was acting as Administrative Agent. 
 Each Lender acknowledges
that it has, independently and without reliance upon the Administrative 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 Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender 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. 

None of the Lenders, if any, identified in this Agreement as a Syndication Agent or Documentation Agent shall have any right, power,
obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.
Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Syndication Agent or Documentation Agent, as applicable, as it makes with respect to the Administrative Agent in the preceding
paragraph. 
 The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or
(except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and
interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 
 In its capacity as Administrative Agent, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the New York
Uniform 

  
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Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Pledge Agreements to which it is a party and to take all action contemplated by such documents. Each
Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Pledge Agreement, it being understood and agreed that such rights and remedies may be
exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Pledge Agreements. In the event that any Pledged Equity is hereafter pledged by any Person as collateral security for the Obligations, the
Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Pledged Equity in favor of the
Administrative Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Pledged Equity (i) as
described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is
required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Pledged Equity
pursuant hereto. Upon any sale or transfer of assets constituting Pledged Equity which is permitted pursuant to the terms of any Loan Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at
least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence
the release of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto upon the Pledged Equity that was sold or transferred; provided, however, that (i) the Administrative Agent shall not
be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without
recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any
Subsidiary, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Pledged Equity. 
 ARTICLE IX 
 Miscellaneous 

SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
 (i) if to the Borrower, to it at American Capital Acquisition Corporation, 59
Maiden Lane, 38th Floor, New York, NY 10038, Attention of
Michael H. Weiner, Chief Financial Officer (Telecopy No. (336) 435-403; Telephone No. (212) 380-9492; 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 10 South Dearborn Street, 7th Floor, Chicago, IL 60603-2003, Attention of Joyce P. King (Telecopy No. (888) 292-9533), with a copy to
JPMorgan Chase Bank, N.A., 10 South Dearborn Street, 9th
Floor, Chicago, IL 60603, Attention of Svetlana Skopcenko (Telecopy No. (312) 325-3190); 

  
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 (iii) if to the Issuing Bank, to it at JPMorgan Chase
Bank, N.A., JPMorgan Loan Services, 10 South Dearborn Street, 7th Floor, Chicago, IL 60603-2003, Attention of Debra Williams (Telecopy No. (312) 385-7098); and 
 (iv) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower 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. 

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter
of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender
without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly
affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or
postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.18(b) or (d) in a manner that would alter the pro rata sharing of payments
required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (vi) except as provided in clause (d) of this Section or in any Pledge
Agreement, release all or substantially all of the Pledged Equity, without the 

  
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written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank
hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be. 
 (c)
Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit
facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Revolving Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders. 

(d) The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens
granted to the Administrative Agent by the Borrower or any of its Subsidiary on any Pledged Equity (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Obligations, (ii) constituting property
being sold or disposed of if the Borrower certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without
further inquiry), (iii) constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other
disposition of such Pledged Equity in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens
(other than those expressly being released) upon (or obligations of the Borrower in respect of) all interests retained by the Borrower and its Subsidiaries, including the proceeds of any sale, all of which shall continue to constitute part of the
Pledged Equity. 
 (e) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each
Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being
referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other
entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to
become a Lender for all purposes under this Agreement and to assume all obligations of the Non Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower
shall pay to such Non Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of
termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender under Section 2.16 on the day
of such replacement had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 
 (f) Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to
cure any ambiguity, omission, mistake, defect or inconsistency. 
 SECTION 9.03 Expenses; Indemnity; Damage Waiver.
(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, 

  
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including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the
internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of one firm as
counsel for the Administrative Agent (and, in addition to such firm, any local counsel engaged in each relevant jurisdiction by such firm), one firm as counsel for the Issuing Bank (and, in addition to such firm, any local counsel engaged in each
relevant jurisdiction by such firm), and one additional firm as counsel for the Lenders (and, in addition to such firm, any local counsel engaged in each relevant jurisdiction by such firm) and additional counsel as the Administrative Agent, the
Issuing Bank or any Lender or group of Lenders reasonably determines are necessary in light of actual or potential conflicts of interest or the availability of different claims or defenses, in connection with the enforcement or protection of its
rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The Borrower shall indemnify the
Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of
(i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or
any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses 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 Indemnitee. This
Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Issuing Bank under paragraph (a) or (b) of this Section, each Lender
severally agrees to pay to the Administrative Agent or the Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case 

  
 77 

 
may be, was incurred by or asserted against the Administrative Agent or the Issuing Bank in its capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or
other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), or (ii) 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, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the
proceeds thereof. 
 (e) All amounts due under this Section shall be payable not later than fifteen (15) days after written
demand therefor. 
 SECTION 9.04 Successors and Assigns. (a) 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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five
(5) Business Days after having received notice thereof); provided, further, that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has
occurred and is continuing, any other assignee; 
 (B) the Administrative Agent; and 

(C) the Issuing Bank. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of
any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not

  
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be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default
has occurred and is continuing; 
 (B) 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, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in
respect of one Class of Commitments or Loans; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliates and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning: 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and 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. 
 (iii) Subject to acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, 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 2.15, 2.16, 2.17
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section. 
 (iv) The Administrative Agent,
acting for this purpose as an agent of the Borrower, shall maintain at one of its offices 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 Commitment of,
and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower,
the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms 

  
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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 Borrower, the Issuing Bank and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a
duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the
Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”) in all
or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain
unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank 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, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16
and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it
were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “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, Letters of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit
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 each Person

  
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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. For the avoidance of doubt,
the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge
or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION
9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any
Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or
thereof. 
 SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements
with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or 

  
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demand, provisional or final and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the
Borrower against any of and all of the Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured. The rights of each Lender under
this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09 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) The Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby 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 or, to the extent permitted by law, in such Federal court. Each of the parties 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 this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any
Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction. 

(c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION
9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting,
this Agreement. 

  
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 SECTION 9.12 Confidentiality. Each of the Administrative Agent, the Issuing Bank and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal
counsel and other advisors, in each case who need to know such Information in connection with the Loan Documents and the Transactions (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other
Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from
the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided
that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 SECTION 9.13 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
 SECTION 9.14 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts
which are treated as interest on such Loan under applicable Requirements of Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such
Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been
received by such Lender. 
 SECTION 9.15 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: 

  
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(i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower, on the one hand, and the
Lenders and their Affiliates, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates and (B) no Lender or any of its Affiliates has any obligation to the Borrower or
any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower
or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty
in connection with any aspect of any transaction contemplated hereby. 
 SECTION 9.16 Appointment for Perfection. Each
Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can
be perfected only by possession. Should any Lender (other than the Administrative Agent) obtain possession of any Pledged Equity, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request
therefor shall deliver such Pledged Equity to the Administrative Agent or otherwise deal with such Pledged Equity in accordance with the Administrative Agent’s instructions. 

SECTION 9.17 Termination of Commitments under Existing Credit Agreement. Each of the Borrower and JPMorgan Chase Bank, N.A., in
its capacity as “Lender” thereunder, hereby agrees that, as of the Effective Date, all of the commitments to extend credit under the Existing Credit Agreement will be terminated automatically and any and all required notices and notice
periods in connection with such termination are hereby waived and of no further force and effect. 
 [Signature Pages Follow]

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	AMERICAN CAPITAL ACQUISITION
	CORPORATION, as the Borrower
		
	By	 	/s/ Michael Weiner
		 	Name: Michael Weiner
		 	Title: Chief Financial Officer
	
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Issuing Bank and as Administrative Agent
		
	By	 	/s/ Hector J. Varona
		 	Name: Hector J. Varona
		 	Title: Vice President
	
	KEYBANK NATIONAL ASSOCIATION, individually as a Lender and as Syndication Agent
		
	By	 	/s/ James Cribbet
		 	Name: James Cribbet
		 	Title: Senior Vice President
	
	FIRST NIAGARA BANK, N.A., individually as a
	Lender and as Documentation Agent
		
	By	 	/s/ David Reading
		 	Name: David Reading
		 	Title: First Vice President
	
	ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
		
	By	 	/s/ Edward J. Chidiac
		 	Name: Edward J. Chidiac
		 	Title: Senior Vice President

 Signature Page to Credit Agreement 

American Capital Acquisition Corporation 

 Schedule 1.01 – Permitted Tax Incentive Financing Transactions 

Although the Borrower or a Subsidiary of the Borrower folds 50% of the Equity Interests of East Ninth & Superior, LLC and 800 Superior, LLC,
neither is a Subsidiary of the Borrower as their accounts are not consolidated with those of the Borrower and the Borrower does not Control either entity 
  

	 	•	 	 Guaranty by the Borrower of 50% of the $5,000,000 unsecured loan from the State of Ohio to East Ninth & Superior, LLC.

  

	 	•	 	 Indemnification agreement by the Borrower in favor of AmTrust Financial Services, Inc. with respect to its guaranty of four QLICI Loans in an aggregate
principal amount not to exceed $9,400,000 from CNMIF II (I), LLC to 800 Superior, LLC. 

  

	 	•	 	 Indemnification agreement by the Borrower in favor of AmTrust Financial Services, Inc. with respect to its guaranty of three QLICI Loans in an
aggregate principal amount not to exceed $10,000,000 from Key Community Development New Markets IV LLC to 800 Superior, LLC. 

  

	 	•	 	 Equity Investment by the Borrower in the amount of $3,292,000 representing 50% of the Equity Interests of East Ninth & Superior, LLC.

  

	 	•	 	 Equity Investment by Integon National Insurance Company in the amount of $1,979,779.50 representing 50% of the Equity Interests of 800 Superior, LLC.

  

	 	•	 	 Equity Investment by the Borrower in the amount of $687,960 representing 50% of the Equity Interests in 800 Superior NMTC Investment Fund II, LLLC.

  

	 	•	 	 Lease between 800 Superior, LLC and GMAC Insurance Management Corporation. 

 

	 	•	 	 All documents evidencing the foregoing. 

 SCHEDULE 2.01 
 COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
	 JPMORGAN CHASE BANK, N.A.
	  	$	25,000,000	  
	 KEYBANK NATIONAL ASSOCIATION
	  	$	25,000,000	  
	 FIRST NIAGARA BANK, N.A.
	  	$	20,000,000	  
	 ASSOCIATED BANK, NATIONAL ASSOCIATION
	  	$	20,000,000	  
	 AGGREGATE COMMITMENT
	  	$	90,000,000.00	  

 Schedule 3.11 
 Acquisition Agreements with Deferred Acquisition Payments 
 Membership Interest Purchase
Agreement by and between Robert J. Seda and GMAC Insurance Management Corporation dated as of February 16, 2012. 
 Stock Purchase
Agreement by and between Reliant Financial Group, LLC, and Access Plans, Inc. dated as of February 17, 2012. 
 Purchase Agreement by and
among GMAC Insurance Management Corporation, Byron Storms and Torrence A. Conroy relating to ClearSide General Insurance Services, LLC dated as of June 14, 2012 (“Clearside Purchase Agreement”). 

GMAC Seller Obligations (being repaid on or about the Effective Date). 

 Schedule 3.15 
 Subsidiaries 
 Part A 
 Michael Karfunkel (27.64%) and the Michael Karfunkel 2005 Grantor Retained Annuity Trust (GRAT) (72.36%) own 100% of Borrower’s outstanding common stock. Through its subsidiary, AmTrust
International Insurance, Ltd., AmTrust Financial Services, Inc. controls 53,053.66 shares of Series A Preferred stock that are convertible into 21.25% of Borrower’s common stock. 
 Part B 
  

									
	 Subsidiary
	 	Jurisdiction of
Organization/
Formation	 	 Type of

Entity
	 	 Persons holding

direct ownership
 interests in such
 Subsidiary
	 	Percentage
Ownership
	 GM Motor Club, Inc.
	 	North Carolina	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 GMAC Insurance Company Online, Inc.
	 	Missouri	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 MIC General Insurance Corporation
	 	Michigan	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 National General Assurance Company
	 	Missouri	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 National General Insurance Company
	 	Missouri	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 GMAC Insurance Management Corporation
	 	Delaware	 	 corporation
	 	 American Capital Acquisition Corporation
	 	100%
	 GMAC Insurance Marketing, Inc.
	 	Missouri	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 Integon Casualty Insurance Company
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 Integon General Insurance Corporation
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 Integon Indemnity Corporation
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 National Health Insurance Company
	 	Texas	 	 corporation
	 	 Integon Indemnity Corporation
	 	100%
	 Integon National Insurance Company
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 1100 Compton, LLC
	 	Delaware	 	 limited liability company
	 	 Integon National Insurance Company
	 	100%
	 Integon Preferred Insurance Company
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 New South Insurance Company
	 	North Carolina	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 GMACI Sales Management Corp
	 	Ohio	 	 corporation
	 	 GMAC Insurance Management Corporation
	 	100%
	 GMAC Insurance Georgia, LLC
	 	Delaware	 	 Limited liability company
	 	 National General Insurance Company

New South Insurance Company
MIC General Insurance Corporation
	 	29.75%
 15.5%
 24.875%

									
		 		 		 	 Integon Indemnity Corporation

Integon National Insurance Company Integon General Insurance Corporation
Third
party
	 	7%
 5.75%
 3.5%
  

13.625%

	 Clearside General Insurance Services, LLC
	 	California	 	 limited liability company
	 	 GMAC Insurance Management Corporation
	 	100%
	 Velapoint, LLC
	 	Washington	 	 limited liability company
	 	 GMAC Insurance Management Corporation
	 	100%
	 Reliant Financial Group, LLC
	 	Oregon	 	 limited liability company
	 	 Velapoint, LLC
	 	100%
	 America’s Health Care/Rx Plan Agency, Inc.
	 	Delaware	 	 corporation
	 	 Reliant Financial Group, LLC
	 	100%
	 Care Financial of Texas, LLC
	 	Texas	 	 limited liability company
	 	 America’s Health Care/Rx Plan Agency, Inc.
	 	100%
	 The Association Benefits Solution, LLC
	 	Delaware	 	 limited liability company
	 	 Integon Indemnity Corporation
	 	100%
	 Association of Independent Beverage Distributors, LLC
	 	Delaware	 	 limited liability company
	 	 The Association Benefits Solution, LLC
	 	100%
	 Distributor Innovations and Benefit Savings Solutions, LLC
	 	Delaware	 	 limited liability company
	 	 The Association Benefits Solution, LLC
	 	100%
	 Red Partners Operating Solutions, LLC
	 	Delaware	 	 limited liability company
	 	 The Association Benefits Solution, LLC
	 	100%
	 Alliance of Professional Service Organizations, LLC
	 	Delaware	 	 limited liability company
	 	 The Association Benefits Solution, LLC
	 	100%
	 Distributors Insurance Company PCC
	 	Delaware	 	 corporation
	 	 The Association Benefits Solution, LLC
	 	100%
	 AIBD Insurance Company IC
	 	Delaware	 	 corporation
	 	 Distributors Insurance Company PCC
	 	100%
	 Professional Services Captive Corporation IC
	 	Delaware	 	 corporation
	 	 Distributors Insurance Company PCC
	 	100%
	 GMACI Re Limited
	 	Bermuda	 	 limited liability exempted company
	 	 American Capital Acquisition Corporation
	 	100%
	 ACAC Holdings Luxembourg
	 	Luxembourg	 	 limited liability company
	 	 GMACI Re Limited
	 	100%
	 ACAC Lux RE I
	 	Luxembourg	 	 limited liability company
	 	 ACAC Holdings Luxembourg
	 	100%
	 ACAC Capital Limited
	 	Nevada	 	 corporation
	 	 GMACI Re Limited
	 	100%

									
	 ACAC (Nevis) Limited
	 	Nevada	 	 corporation
	 	 GMACI Re Limited
	 	100%
	 American Capital

Acquisition Investments, Limited
	 	Bermuda	 	 limited liability exempted company
	 	 GMACI Re Limited
	 	100% of the common stock
	 	 	 	 Integon National Insurance Company
	 	100% of the preferred stock
	 GMACI Holdings BM, Limited
	 	Bermuda	 	 limited liability exempted company
	 	 American Capital Acquisition Corporation
	 	100%
	 GMACI Reinsurance Broker Limited
	 	Bermuda	 	 limited liability exempted company
	 	 GMACI Holdings BM, Limited
	 	100%
	 GMACI Insurance Management Limited
	 	Bermuda	 	 limited liability exempted company
	 	 GMACI Holdings BM, Limited
	 	100%

 Schedule 6.01 
 Existing Indebtedness 
 Obligations of the Borrower under the ACP Re Note 

Deferred Acquisition Payment of approximately $650,000 under the Clearside Purchase Agreement 
 GMAC Seller Obligations (being repaid on or about the Effective Date) 

 Schedule 6.02 
 Existing Liens 
 None. 

 Schedule 6.04 
 Existing Investments 
 Velapoint, LLC owns 50% interest in AgentCubed, LLC 

American Capital Acquisition Investments, Ltd. owns 50% interest in AMT Capital Alpha, LLC 
 American Capital Acquisition Investments, Ltd. owns 50% interest in Tiger Capital, LLC 
 GMAC
Insurance Georgia, LLC is owned by National General Insurance Company (29.75%), New South Insurance Company (15.5%), MIC General Insurance Corporation (24.875%), Integon Indemnity Corporation (7.0%), Integon National Insurance Company (5.75%),
Integon General Insurance Corporation (3.5%) and a third party (13.625%) 

 Schedule 6.08 
 Transactions with Affiliates 
  
  

					
	 Intercompany Agreement
	  	 Parties to the Agreement
	  	 Effective
Date

	Aircraft Time Sharing Agreement	  	Amtrust Underwriters, Inc. & GMAC Insurance Management Corporation	  	3/4/2011
			
	Asset Management Agreement	  	AII Insurance Management Limited, American Capital Acquisition Corporation, and GMAC Insurance Management Corporation on behalf of Insurers	  	3/1/2010
			
	Asset Management Agreement	  	 AII Ins Management Limited, GMAC Insurance Management Corporation, Agent Alliance Insurance Company, GM Motor Club, and GMAC Insurance
Marketing, Inc.
  
 The Association Benefits Solution, LLC, Distributors
Insurance Company PCC, AIBD Insurance Company IC, Professional Services Captive Corporation IC, Association of Independent Beverage Distributors, Distributor Innovations & Benefit Savings Solutions, Red Partners Operating Solutions, Alliance of
Professional Service Organizations, ClearSide General Insurance Services, Velapoint, LLC, Reliant Financial Group, LLC, America’s Health Care/Rx Plan Agency, Inc., Care Financial of Texas, and National Health Insurance Company were added to the
agreement by signing a Joinder Agreement
	  	9/1/2011
			
	Personal & Commercial Automobile Quota Share Reinsurance Agreement	  	Integon National on behalf of participants in the Company Pool and the Subscribing Reinsurers (Maiden Insurance Company Ltd., Technology Insurance Company, Inc & ACP Re,
Ltd.)	  	3/1/2010
			
	Reinsurance Trust Agreement	  	ACP Re, Integon National Insurance Company, & JP Morgan Chase Bank	  	11/29/2010
			
	Management Services Agreement	  	 American Capital Acquisition Corporation, American Capital Acquisition Investments, Ltd, GM Motor Club, GMAC Insurance Marketing, Inc
& GMAC Insurance Management Corporation
  
 The Association Benefits
Solution, LLC, Distributors Insurance Company PCC, AIBD Insurance Company IC, Professional Services Captive Corporation IC, Association of Independent Beverage Distributors,
	  	5/19/2011

					
		  	Distributor Innovations & Benefit Savings Solutions, Red Partners Operating Solutions, Alliance of Professional Service Organizations, ClearSide General Insurance Services,
Velapoint, LLC, Reliant Financial Group, LLC, America’s Health Care/Rx Plan Agency, Inc., Care Financial of Texas, and National Health Insurance Company were added to the agreement by signing a Joinder Agreement	  	
			
	Amended & Restated Management Services Agreement	  	Integon Indemnity, Integon General, New South, Integon Preferred, Integon National, Integon Casualty, NGIC, NGAC, GMAC Online, MICG, Agent Alliance Ins Co & GMACI	  	1/1/2012
			
	Amended & Restated Reinsurance Agreement	  	Integon Indemnity, Integon General, New South, Integon Preferred, Integon National, Integon Casualty, NGIC, NGAC, GMAC Online, MICG, Agent Alliance & GMACI	  	1/1/2012
			
	Tax Allocation Agreement	  	Integon Indemnity, Integon General, New South, Integon Preferred, Integon National, Integon Casualty, NGIC, NGAC, GMAC Online, MICG, GMACI, GMAC Ins. Mktg & GMMC	  	3/1/2010
			
	Tax Allocation Agreement	  	 ACAC, ACAI, & Agent Alliance Ins Company
  

The Association Benefits Solution, LLC, Distributors Insurance Company PCC, AIBD Insurance Company IC, Professional Services Captive Corporation IC,
Association of Independent Beverage Distributors, Distributor Innovations & Benefit Savings Solutions, Red Partners Operating Solutions, Alliance of Professional Service Organizations, ClearSide General Insurance Services, Velapoint, LLC,
Reliant Financial Group, LLC, America’s Health Care/Rx Plan Agency, Inc., and Care Financial of Texas were added to the agreement by signing a Joinder Agreement
	  	9/1/2011
			
	Lease Maiden Lane – 38th Floor	  	59 Maiden Lane Associates, LLC & GMACI	  	 5/1/2010, amended on 7/30/2012

			
	Master Services Agreement	  	Amtrust North America & GMACI	  	2/22/2012
			
	Consulting and Marketing Agreement	  	Risk Services, LLC & Integon National	  	7/1/2012
			
	Reinsurance Agreement	  	Integon National & Agent Alliance Insurance Company	  	11/9/2012

 Schedule 6.09 
 Restrictions 
 Amended and Restated Certificate of Incorporation of American Capital
Acquisition Company, effective November 24, 2009 

 EXHIBIT A 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the
“Assignee”). 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 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 Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of
the Assignor’s rights and obligations in its capacity as a Lender 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 under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) 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) 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 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 pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

			
		
	 1.      Assignor:
	  	 
		
	 2.      Assignee:
	  	 
		
		  	[and is an Affiliate/Approved Fund of [identify Lender]1]
		
	 3.      Borrower(s):
	  	American Capital Acquisition Corporation
		
	 4.      Administrative Agent:
	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
		
	 5.      Credit Agreement:
	  	The Credit Agreement dated as of February 20, 2013 among American Capital Acquisition Corporation, the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent,
and the other agents parties thereto

  

	1 	Select as applicable. 

	6.	Assigned Interest: 

  

									
	 Aggregate Amount of

Commitment/Loans for all
 Lenders
	  	Amount of Commitment/
Loans Assigned	 	  	Percentage Assigned of
Commitment/Loans2	 
	 $
	  	$	 	  	  	 	%	  
	 $
	  	$	 	  	  	 	%	  
	 $
	  	$	 	  	  	 	%	  

 Effective Date:
                    , 20         [TO BE INSERTED BY ADMINISTRATIVE 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]

		
	By:	 	 
		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Title:

 Consented to and Accepted: 

 

			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent and Issuing Bank

		
	By:	 	 
		 	Title:
	
	[Consented to:]3  

AMERICAN CAPITAL ACQUISITION     CORPORATION

		
	By:	 	 
		 	Title:

  
  

	2 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 2 

 ANNEX I 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the 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 Borrower, 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 Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2 Assignee. The 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 satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (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 Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the 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. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the 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 governed by, and construed in accordance with, the law of the State of New York. 

  
 2 

 EXHIBIT B 
 OPINION OF COUNSEL FOR THE LOAN PARTIES 

 EXHIBIT C 
 LIST OF CLOSING DOCUMENTS 
 AMERICAN CAPITAL ACQUISITION CORPORATION

 CREDIT FACILITIES 
 February 20, 2013 
 LIST OF CLOSING DOCUMENTS4 

A. LOAN DOCUMENTS 
  

	1.	Credit Agreement (the “Credit Agreement”) by and among American Capital Acquisition Corporation, a Delaware corporation (the
“Borrower”), the institutions from time to time parties thereto as Lenders (the “Lenders”) and JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and the other Lenders (the
“Administrative Agent”), evidencing a revolving credit facility to the Borrower from the Lenders in an initial aggregate principal amount of $90,000,000. 

SCHEDULES 

Schedule 1.01 – Permitted Tax Incentive Financing Transactions 

Schedule 2.01 – Commitments 
 Schedule 3.11 – Acquisition Agreements with respect to Deferred Acquisition Payments 
 Schedule 3.15 – Subsidiaries 
 Schedule 6.01
– Existing Indebtedness 
 Schedule 6.02 – Existing Liens 

Schedule 6.04 – Existing Investments 
 Schedule 6.08 – Transactions with Affiliates 

Schedule 6.09 – Restrictions 
 EXHIBITS 
 Exhibit A – Form of Assignment and Assumption 

Exhibit B – Form of Opinion of Borrower’s Counsel 
 Exhibit C – List of Closing Documents 
 Exhibit D-1 – Form of
U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships) 
 Exhibit D-2 – Form of U.S. Tax Certificate
(Non-U.S. Lenders That Are Partnerships) 
 Exhibit D-3 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are
Not Partnerships) 
 Exhibit D-4 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)

 Exhibit E – Form of Pledge Agreement 
  

 

	4 	Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement. Items appearing in
bold and italics shall be prepared and/or provided by the Borrower and/or Borrower’s counsel. 

	2.	Notes executed by the Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement.

  

	3.	Pledge Agreement executed by the Borrower and each Subsidiary party thereto (collectively, the “Loan Parties”), together with pledged stock
certificates, stock powers executed in blank, pledge instructions and acknowledgments, as appropriate. 

 Schedule I – List of Pledged Stock Interests 
 Schedule II
– List of Pledged LLC Interests 
 Schedule III – List of Pledged Partnership Interests

 Schedule IV – List of Pledged Other Equity Interests 

Schedule 3.03 – List of Required Registrations, Recordations and Filings 

Schedule 3.06(a) – Certain Pledgor Information 
 Schedule 3.06(b) – Changes to Pledgor Information 
 Exhibit A
– Form of Issuer Control Agreement 
 Exhibit B – Form of Joinder Amendment 

B. CORPORATE DOCUMENTS 
  

	4.	Certificate of the Secretary or an Assistant Secretary of each Loan Party certifying (i) that there have been no changes in the Certificate of Incorporation
or other charter document of such Loan Party, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the date of the certification thereof
by such governmental entity, (ii) the By-Laws or other applicable organizational document, as attached thereto, of such Loan Party as in effect on the date of such certification, (iii) resolutions of the Board of Directors or other
governing body of such Loan Party authorizing the execution, delivery and performance of each Loan Document to which it is a party, and (iv) the names and true signatures of the incumbent officers of each Loan Party authorized to sign the Loan
Documents to which it is a party, and (in the case of the Borrower) authorized to request a Borrowing or the issuance of a Letter of Credit under the Credit Agreement. 

 

	5.	Good Standing Certificate for each Loan Party from the Secretary of State of the jurisdiction of its organization. 

C. OPINIONS 
  

	6.	Opinion of Thompson Hine LLP, counsel for the Loan Parties. 

 D. CLOSING CERTIFICATES AND MISCELLANEOUS 
  

	7.	A Certificate signed by the President, a Vice President or a Financial Officer of the Borrower certifying the following: (i) all of the representations and
warranties of the Borrower set forth in the Credit Agreement are true and correct and (ii) no Default or Event of Default has occurred and is then continuing. 

 

	8.	Subordination Agreement in respect of the ACP Re Note. 

  
 2 

 EXHIBIT D-1 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of February 20,
2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among American Capital Acquisition Corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank,
N.A., as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 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 Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or
business. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person
status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:
                    , 20[    ] 

 EXHIBIT D-2 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Lenders That Are Partnerships For
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of February 20, 2013
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among American Capital Acquisition Corporation (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.17 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
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 this Credit Agreement, neither the undersigned nor any of its
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by an IRS Form W-8BEN
from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:
                    , 20[    ] 

 EXHIBIT D-3 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 20, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among American Capital Acquisition Corporation (the “Borrower”), the Lenders party thereto and
JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant
to the provisions of Section 2.17 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 Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. 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 in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:
                    , 20[    ] 

 EXHIBIT D-4 
 FORM OF U.S. TAX CERTIFICATE 
 (For Non-U.S. Participants That Are
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of
February 20, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among American Capital Acquisition Corporation (the “Borrower”), the Lenders party thereto and
JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 
 Pursuant
to the provisions of Section 2.17 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 partners/members are
the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Lender with
IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. 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 and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:
                    , 20[    ] 

 EXHIBIT E 
 PLEDGE AGREEMENT 
 dated as of February 20, 2013 

by and among 
 AMERICAN CAPITAL ACQUISITION CORPORATION, 
 GMAC INSURANCE MANAGEMENT
CORPORATION 
 and 
 CERTAIN OF THEIR RESPECTIVE SUBSIDIARIES PARTY HERETO, 
 as Pledgors,

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

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  
	THE SECURITY INTERESTS	  
			
	Section 1.01	  	Terms Defined in the Credit Agreement	  	 	1	  
	Section 1.02	  	Terms Defined in the UCC	  	 	1	  
	Section 1.03	  	Additional Definitions	  	 	2	  
	Section 1.04	  	Terms Generally	  	 	8	  
	
	ARTICLE II	  
	THE SECURITY INTERESTS	  
			
	Section 2.01	  	Grant of Security Interests	  	 	8	  
	Section 2.02	  	Security Interests Absolute	  	 	9	  
	Section 2.03	  	Continuing Liability of the Pledgors	  	 	10	  
	Section 2.04	  	Filing Authorization	  	 	10	  
	Section 2.05	  	Continuing Security Interests	  	 	10	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES	  
			
	Section 3.01	  	Title to Collateral	  	 	11	  
	Section 3.02	  	Power to Transfer	  	 	11	  
	Section 3.03	  	Validity, Perfection and Priority of Security Interests	  	 	11	  
	Section 3.04	  	Collateral	  	 	11	  
	Section 3.05	  	No Consents	  	 	12	  
	Section 3.06	  	Pledgor Information	  	 	12	  
	
	ARTICLE IV	  
	COVENANTS	  
			
	Section 4.01	  	Delivery of Collateral	  	 	13	  
	Section 4.02	  	Additional Collateral	  	 	13	  
	Section 4.03	  	Disposition of Collateral	  	 	14	  
	Section 4.04	  	Change of Name, Identity, Structure or Location	  	 	14	  
	Section 4.05	  	UCC Article 8	  	 	14	  
	Section 4.06	  	Further Actions	  	 	14	  
	Section 4.07	  	Information Regarding Collateral	  	 	15	  
	Section 4.08	  	Protect Collateral	  	 	15	  
	
	ARTICLE V	  
	DISTRIBUTIONS ON COLLATERAL; VOTING; CERTAIN PROVISIONS CONCERNING	  
	PLEDGED EQUITY INTERESTS	  
			
	Section 5.01	  	Right to Receive Distributions on Collateral; Voting	  	 	15	  
	Section 5.02	  	Certain Agreements of Pledgors As Issuers and Holders of Pledged Equity Interests	  	 	17	  

					
	ARTICLE VI
	GENERAL AUTHORITY; REMEDIES
			
	Section 6.01	  	General Authority	  	18
	Section 6.02	  	Remedies upon Event of Default	  	18
	Section 6.03	  	Securities Act	  	19
	Section 6.04	  	Other Rights of the Administrative Agent	  	20
	Section 6.05	  	Limitation on Duty of Administrative Agent in Respect of Collateral	  	21
	Section 6.06	  	Waiver and Estoppel	  	21
	Section 6.07	  	Application of Proceeds	  	22
	
	ARTICLE VII
	MISCELLANEOUS
			
	Section 7.01	  	Notices	  	22
	Section 7.02	  	No Waivers; Non-Exclusive Remedies	  	22
	Section 7.03	  	Compensation and Expenses of the Administrative Agent; Indemnification	  	23
	Section 7.04	  	Amendments and Waivers	  	25
	Section 7.05	  	Successors and Assigns; Assignments	  	25
	Section 7.06	  	Governing Law	  	25
	Section 7.07	  	Severability	  	26
	Section 7.08	  	Counterparts; Integration; Effectiveness	  	26
	Section 7.09	  	Additional Pledgors	  	26
	Section 7.10	  	Termination	  	27
	Section 7.11	  	Obligations Absolute	  	27

 Schedules: 
  

					
	 Schedule I
	 	–	  	    List of Pledged Stock Interests
	 Schedule II
	 	–	  	    List of Pledged LLC Interests
	 Schedule III
	 	–	  	    List of Pledged Partnership Interests
	 Schedule IV
	 	–	  	    List of Pledged Other Equity Interests
	 Schedule 3.03
	 	–	  	    List of Required Registrations, Recordations and Filings
	 Schedule 3.06(a)
	 	–	  	    Certain Pledgor Information
	 Schedule 3.06(b)    
	 	–	  	    Changes to Pledgor Information
			
	Exhibits:	 		  	
			
	 Exhibit A
	 	–	  	    Form of Issuer Control Agreement
	 Exhibit B
	 	–	  	    Form of Joinder Agreement

  
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 PLEDGE AGREEMENT 

This PLEDGE AGREEMENT (this “Agreement), dated as of February 20, 2013, by and among AMERICAN CAPITAL ACQUISITION
CORPORATION, a Delaware corporation (the “Borrower”), GMAC INSURANCE MANAGEMENT CORPORATION, a Delaware corporation and a Subsidiary of the Borrower (“GMAC Insurance Management Corporation”), and the other
Subsidiaries from time to time party hereto pursuant to a Joinder Agreement (as defined below) (the “Additional Subsidiaries”, and together with the Borrower and GMAC Insurance Management Corporation, the
“Pledgors”, and each a “Pledgor”), and JPMORGAN CHASE BANK, N.A., as contractual representative (together with any of its successors and assigns, the “Administrative Agent”) for itself and for the
Secured Parties (as defined in the Credit Agreement identified below). 
 RECITALS 

WHEREAS, the Borrower and the Administrative Agent have entered into the Credit Agreement, dated as of the date hereof (as amended,
amended and restated, modified or supplemented from time to time, the “Credit Agreement”) by and between the Borrower, the financial institutions party thereto as Lenders from time to time and the Administrative Agent; 

WHEREAS, it is a condition precedent to the obligations of the Borrower under the Credit Agreement that each Pledgor execute and deliver
the applicable Loan Documents, including this Agreement; 
 WHEREAS, the Borrower and each other Pledgor will receive
substantial benefits from the credit facility provided for under the Credit Agreement and the other Loan Documents and each is, therefore, willing to enter into this Agreement; and 

WHEREAS, this Agreement is given by each Pledgor in favor of the Administrative Agent, for the benefit of the Secured Parties, to secure
the payment and performance of the Secured Obligations (as defined herein). 
 NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 THE SECURITY INTERESTS 

Section 1.01 Terms Defined in the Credit Agreement. Capitalized terms defined in the Credit Agreement
and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 
 Section 1.02
Terms Defined in the UCC. Unless otherwise defined herein or in the Credit Agreement or the context otherwise requires, the following terms, together with any uncapitalized terms used herein which are defined in the UCC (as
defined below), have the respective meanings provided in the UCC: (i) Certificated Security; (ii) Investment Property; (iii) Payment Intangibles; (iv) Proceeds; (v) Securities Intermediary; (vi) Security;
(vii) Security Certificate; and (viii) Uncertificated Security. 

 Section 1.03 Additional Definitions. Terms defined in the
introductory section hereof have the respective meanings set forth therein. The following additional terms, as used herein, have the following respective meanings: 
 “Additional Subsidiaries” has the meaning set forth in the introductory paragraph hereof. 
 “Administrative Agent” has the meaning specified in the introductory paragraph hereof. 
 “Applicable Insurance Regulations” means, with respect to each Regulated Insurance Company, the applicable statutes, rules, and regulations of, and administrative and judicial precedents
or authorities promulgated by, the Applicable Insurance Regulatory Authorities that pertain to any Sale Transfer of any Equity Interests of such Regulated Insurance Company. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof. 
 “Collateral” has the meaning set forth in Section 2.01. 
 “Delivery” and the corresponding term “Delivered” when used with respect to Collateral means: 

(i) in the case of Collateral constituting Certificated Securities, transfer thereof to the Administrative Agent or its
nominee or custodian by physical delivery to the Administrative Agent or its nominee or custodian, such Collateral to be in suitable form for transfer by delivery, and accompanied by undated instruments of transfer or assignment duly executed in
blank; 
 (ii) in the case of Collateral constituting Uncertificated Securities, (A) registration thereof on
the books and records of the issuer thereof in the name of the Administrative Agent or its nominee or custodian (who may not be a Securities Intermediary) or (B) the execution and delivery by the issuer thereof of an effective agreement,
substantially in the form of Exhibit A hereto (each an “Issuer Control Agreement”), pursuant to which such issuer agrees that it will comply with instructions originated by the Administrative Agent or such nominee or
custodian without further consent of the registered owner of such Collateral or any other Person; 
 (iii) in the
case of Pledged Equity Interests which do not constitute Securities, (A) compliance with the provisions of clause (i) above for each such item of Collateral which is represented by a certificate and (B) compliance with the
provisions of clause (ii) above for each such item of Collateral which is not evidenced by a certificate; and 
 (iv) in the case of cash, transfer thereof to the Administrative Agent or its nominee or custodian by physical delivery to the Administrative Agent or its nominee or custodian; 

and in each case and in any other cases, such additional or alternative or other procedures as may be reasonably appropriate to grant control of, or
otherwise perfect a security interest in, any Collateral in favor of the Administrative Agent or its nominee or custodian, consistent with changes in applicable Law or regulations or the interpretation thereof. 

“Discharge of Secured Obligations” means (i) the expiration or termination of the Commitments and (ii) the
payment and satisfaction in full in cash of all Secured Obligations. 

  
 2 

 “Excluded Property” means, collectively, all Equity Interests of each
Person that satisfies each of the following criteria: any Person that is (i) not a Subsidiary that is a Regulated Insurance Company, (ii) not a Material Subsidiary that is a Domestic Subsidiary and (iii) not a Material Subsidiary that
is a First Tier Foreign Subsidiary. 
 “Federal Securities Laws” has the meaning specified in
Section 6.03. 
 “General Intangibles” means all “general intangibles” (as defined in the
UCC), including, without limitation, (i) all Payment Intangibles and other obligations and indebtedness owing to any Pledgor in respect of Collateral and (ii) all interests in limited liability companies and/or partnerships which interests
do not constitute Securities. 
 “GMAC Insurance Management Corporation” has the meaning set forth in the
introductory paragraph hereof. 
 “Insolvency Proceeding” means (i) any voluntary or involuntary case or
proceeding under any Debtor Relief Law with respect to any Loan Party, (ii) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case
or proceeding with respect to any Loan Party or with respect to a material portion of their respective assets, (iii) any liquidation, dissolution, reorganization or winding up of any Loan Party whether voluntary or involuntary and whether or
not involving insolvency or bankruptcy or (iv) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Loan Party. 
 “Issuer Control Agreement” has the meaning set forth in the definition of “Delivery”. 
 “Joinder Agreement” means an agreement substantially in the form of Exhibit B hereto. 
 “Law” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretations or administration thereof, and all applicable administrative orders, directives, requests, licenses, approvals, certificates, notifications, registrations, exemptions, authorizations and
permits of, and agreements with, any Governmental Authority. 
 “Loan Parties” means, collectively, each
Pledgor and the Borrower. 
 “Permitted Liens” means the Liens in favor of the Administrative Agent, for the
benefit of the Secured Parties. 
 “Pledged Equity Collateral” means, collectively, the Pledged Stock
Collateral, the Pledged LLC Collateral, the Pledged Partnership Collateral and the Pledged Other Equity Collateral; provided, however, that Pledged Equity Collateral shall not include any Excluded Property. 

“Pledged Equity Interests” means, collectively, the Pledged Stock Interests, the Pledged LLC Interests, the Pledged
Partnership Interests and the Pledged Other Equity Interests; provided, however, that Pledged Equity Interests shall not include any Excluded Property. 
 “Pledged LLC Collateral” means, with respect to each Pledgor: 
 (i) (A) all interests in any limited liability company, including membership interests, and each series or class thereof (including, without limitation, all limited liability

  
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company interests described on Schedule II (as such Schedule may be amended, supplemented or modified from time to time)) now owned or hereafter owned or acquired by such Pledgor and
(B) all additional or substitute interests in any limited liability company and any series or class thereof from time to time issued to or otherwise acquired by such Pledgor in any manner in respect of any of the foregoing (all of the foregoing
in clauses (A) and (B) above are collectively referred to as the “Pledged LLC Interests”); provided, however, that Pledged LLC Interests shall not include any Excluded Property; 

(ii) all certificates representing any of the Pledged LLC Interests; 

(iii) all dividends, distributions, cash, instruments, options, warrants, securities, returns of capital or principal,
income, interest, profits and other property and proceeds from time to time received or receivable or otherwise made upon or distributed in respect of or in exchange for any or all of such Pledged LLC Interests; 

(iv) all right, title and interest of such Pledgor in each limited liability company to which any Pledged LLC Interest
relates, including, without limitation: 
 (A) all interests of such Pledgor in the capital of such limited
liability company and in all profits, losses and assets, whether tangible or intangible and whether real, personal or mixed, of such limited liability company, and all other distributions to which such Pledgor shall at any time be entitled in
respect of such Pledged LLC Interests; 
 (B) all other payments due or to become due to such Pledgor in respect
of Pledged LLC Interests, whether under any limited liability company agreement or operating agreement or otherwise and whether as contractual obligations, damages, insurance proceeds or otherwise; 

(C) all of such Pledgor’s claims, rights, powers, privileges, authority, options, security interests, liens and
remedies, if any, under any limited liability company agreement or operating agreement, or at Law or otherwise in respect of such Pledged LLC Interests; 
 (D) all present and future claims, if any, of such Pledgor against any such limited liability company for moneys loaned or advanced, for services rendered or otherwise; and 

(E) all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at Law to
exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Pledged LLC Interests, including any power to terminate, cancel or modify any limited liability company agreement or operating
agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Pledged LLC Interests and any such limited liability company, to make determinations, to exercise any election
(including, without limitation, election of remedies) or option to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or give receipt for any of the
foregoing or for any assets of any such limited liability company, to enforce or execute any checks or other instruments or orders, to file any claims and to take any other action in connection with any of the foregoing; 

  
 4 

 and, in each case to the extent not otherwise included in the foregoing, all cash and non-cash Proceeds
thereof. 
 “Pledged Other Equity Collateral” means, with respect to each Pledgor: 

(i) (A) all equity or other ownership interests of any Person (including any joint venture) (herein referred to as the
“Other Entity”) (other than Pledged LLC Interests, Pledged Partnership Interests or Pledged Stock Interests) and each series or class thereof (including, without limitation, all equity and other ownership interests described on
Schedule IV hereto (as such Schedule may be amended, supplemented or modified from time to time)) now owned or hereafter owned or acquired by such Pledgor and (B) all additional or substitute equity or other ownership interests and
any series or class thereof from time to time issued to or otherwise acquired by such Pledgor in any manner in respect of any of the foregoing (all of the foregoing in clauses (A) and (B) above are collectively referred to as the
“Pledged Other Equity Interests”); provided, however, that Pledged Other Equity Interests shall not include any Excluded Property; 

(ii) all certificates representing any of the Pledged Other Equity Interests; 

(iii) all dividends, distributions, cash, instruments, options, warrants, securities, returns of capital or principal,
income, interest, profits and other property and proceeds from time to time received or receivable or otherwise made upon or distributed in respect of or in exchange for any or all of such Pledged Other Equity Interests; 

(iv) all right, title and interest of such Pledgor in each Other Entity to which any Pledged Other Equity Interest
relates, including, without limitation: 
 (A) all interests of such Pledgor in the capital of such Person and in
all profits, losses and assets, whether tangible or intangible and whether real, personal or mixed, of such Other Entity, and all other distributions to which such Pledgor shall at any time be entitled in respect of such Pledged Other Equity
Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Pledged Other Equity
Interests, whether under the operating agreement, any other agreement pertaining to the company or otherwise and whether as contractual obligations, damages, insurance proceeds or otherwise; 

(C) all of such Pledgor’s claims, rights, powers, privileges, authority, options, security interests, liens and
remedies, if any, under the Organizational Documents pertaining to such Other Entity or, or at Law or otherwise in respect of such Pledged Other Equity Interests; 

(D) all present and future claims, if any, of such Pledgor against such Other Entity for moneys loaned or advanced, for
services rendered or otherwise; and 
 (E) all of such Pledgor’s rights under the Organizational Documents
of such Other Entity or at Law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Pledged Other Equity Interests, including any power to terminate, cancel or modify such
Organizational Documents or, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Pledged Other Equity Interests and 

  
 5 

 
any such Other Entity, to make determinations, to exercise any election (including, without limitation, election of remedies) or option to give or receive any notice, consent, amendment, waiver
or approval, together with full power and authority to demand, receive, enforce, collect or give receipt for any of the foregoing or for any assets of any such Other Entity, to enforce or execute any checks or other instruments or orders, to file
any claims and to take any other action in connection with any of the foregoing. 
 and, in each case to the extent not otherwise included in
the foregoing, all cash and non-cash Proceeds thereof. 
 “Pledged Partnership Collateral” means, with respect
to each Pledgor: 
 (i) (A) all partnership interests and each series or class thereof (including, without
limitation, all partnership interests described on Schedule III (as such Schedule may be amended, supplemented or modified from time to time)) now owned or hereafter owned or acquired by such Pledgor and (B) all additional or
substitute partnership interests and any series or class thereof from time to time issued to or otherwise acquired by such Pledgor in any manner in respect of any of the foregoing (all of the foregoing in clauses (A) and (B) above are
collectively referred to as the “Pledged Partnership Interests”); provided, however, that Pledged Partnership Interests shall not include any Excluded Property; 

(ii) all certificates representing any of the Pledged Partnership Interests; 

(iii) all dividends, distributions, cash, instruments, options, warrants, securities, returns of capital or principal,
income, interest, profits and other property and proceeds from time to time received or receivable or otherwise made upon or distributed in respect of or in exchange for any or all of such Pledged Partnership Interests; 

(iv) all right, title and interest of such Pledgor in each partnership to which any Pledged Partnership Interest relates,
including, without limitation: 
 (A) all interests of such Pledgor in the capital of such partnership and in all
profits, losses and assets, whether tangible or intangible and whether real, personal or mixed, of such partnership, and all other distributions to which such Pledgor shall at any time be entitled in respect of such Pledged Partnership Interests;

 (B) all other payments due or to become due to such Pledgor in respect of Pledged Partnership Interests,
whether under any partnership agreement or otherwise and whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of such Pledgor’s claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership agreement, or at Law or otherwise in respect of
such Pledged Partnership Interests; 
 (D) all present and future claims, if any, of such Pledgor against any
such partnership for moneys loaned or advanced, for services rendered or otherwise; and 
 (E) all of such
Pledgor’s rights under any partnership agreement or at Law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Pledged Partnership Interests, including any

  
 6 

 
power to terminate, cancel or modify any partnership agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such
Pledged Partnership Interests and any such partnership, to make determinations, to exercise any election (including, without limitation, election of remedies) or option to give or receive any notice, consent, amendment, waiver or approval, together
with full power and authority to demand, receive, enforce, collect or give receipt for any of the foregoing or for any assets of any such partnership, to enforce or execute any checks or other instruments or orders, to file any claims and to take
any other action in connection with any of the foregoing; 
 and in each case to the extent not otherwise included in the foregoing, all cash
and non-cash Proceeds thereof. 
 “Pledged Stock Collateral” means, with respect to each Pledgor: 

(i) (A) all shares of capital stock and other Securities and each series or class thereof (including, without limitation,
all shares of capital stock and Securities described on Schedule I (as such Schedule may be amended, supplemented or modified from time to time)), now owned or hereafter owned or acquired by such Pledgor and (B) all additional or
substitute shares of capital stock or other equity interests of any class or series of any issuer from time to time issued to or otherwise acquired by such Pledgor in any manner in respect of any of the foregoing (all of the foregoing in
clauses (A) and (B) above are collectively referred to as the “Pledged Stock Interests”); provided, however, that Pledged Stock Interests shall not include any Excluded Property; 

(ii) all certificates representing any of the Pledged Stock Interests; 

(iii) all dividends, distributions, cash, instruments, options, warrants, securities, returns of capital or principal,
income, interest, profits and other property and proceeds from time to time received or receivable or otherwise made upon or distributed in respect of or in exchange for any or all of such Pledged Stock Interests; 

and in each case to the extent not otherwise included in the foregoing, all cash and non-cash proceeds thereof. 

“Pledgor” and “Pledgors” has the meaning set forth in the introductory paragraph hereof. 

“Sale Transfer” means, with respect to any asset, any transfer, sale, or assignment of such asset. Solely for purposes
of this definition, “Sale Transfer” shall not include any grant or assignment of a Lien on, or any pledge of, such asset as collateral security. 
 “Secured Obligations” means all the Obligations (including any interest, fees and other amounts that accrues after the commencement by or against any Loan Party of any Insolvency
Proceeding naming such Loan Party as the debtor in such Insolvency Proceeding and any amounts that would otherwise become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a)
(and any successor provision thereof), now existing or hereafter arising, whether voluntary or involuntary and whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether recovery upon such
Obligations may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any Debtor Relief Law. 

“Securities Act of 1933” means the Securities Act of 1933, as amended. 

  
 7 

 “Security Interests” means the pledge and collateral assignment of the
Collateral made, and the security interests in the Collateral granted, under this Agreement. 
 “Subsidiary
Pledgor” means any Subsidiary of the Borrower that is a Pledgor hereunder. 
 “Supporting Obligation”
has the meaning set forth in the UCC. 
 “UCC” means the Uniform Commercial Code as in effect from time to time
in the State of New York; provided that if by reason of mandatory provisions of Law, the perfection, the effect of perfection or non-perfection or the priority of the Security Interests in any Collateral is governed by the Uniform Commercial
Code as in effect from time to time in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of
perfection or non-perfection or priority. 
 Section 1.04 Terms Generally.
Sections 1.01 (other than the definition of “UCC”) and 1.03 of the Credit Agreement are incorporated herein, mutatis mutandis, as if a part hereof and shall be applicable to this Agreement. 

ARTICLE II 

THE SECURITY INTERESTS 
 Section 2.01 Grant of Security Interests. To secure the payment and performance in full of all Secured Obligations, each Pledgor hereby grants to the Administrative Agent,
for the benefit of the Administrative Agent and the Secured Parties, a security interest in, and each Pledgor hereby pledges and collaterally assigns to the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties,
all of such Pledgor’s right, title and interest in, to and under the following, whether now owned or existing or hereafter acquired, created or arising, whether tangible or intangible, and regardless of where located (all of which are
collectively referred to as the “Collateral”): 
 (i) all Pledged Equity Collateral; 

(ii) all Investment Property, General Intangibles, Payment Intangibles, contract rights and certificates evidencing,
constituting or representing any of the Pledged Equity Collateral; 
 (iii) all Supporting Obligations in respect
of any of the Pledged Equity Collateral; 
 (iv) all books, records and other documentation of such Pledgor
relating to any of the Pledged Equity Collateral; and 
 (v) all Proceeds of each of the foregoing and all
substitutions and replacements of each of the foregoing; 
 provided, however, that the Collateral shall not include (i) any
Excluded Property and (ii) with respect to each Affected Foreign Subsidiary of any Pledgor, the applicable Pledged Equity Interests thereof having voting power in excess of 65% of the voting power of all classes of such Pledged Equity
Interests; provided further that no pledge of the Equity Interests of a First Tier Foreign Subsidiary shall be required hereunder to the extent such pledge is prohibited by applicable Law. 

  
 8 

 Section 2.02 Security Interests Absolute. All rights of the
Administrative Agent and the other Secured Parties, all security interests hereunder and all obligations of each Pledgor hereunder are unconditional and absolute and independent and separate from any other security for or guaranty of the Secured
Obligations, whether executed by such Pledgor, any other Loan Party or any other Person. Without limiting the generality of the foregoing, the obligations of each Pledgor hereunder shall not be released, discharged or otherwise affected or impaired
by: 
 (i) any extension, renewal, settlement, compromise, acceleration, waiver or release in respect of any
obligation of any other Loan Party under any Loan Document or any other agreement or instrument evidencing or securing any Secured Obligation, by operation of Law or otherwise; 

(ii) any change in the manner, place, time or terms of payment of any Secured Obligation or any other amendment,
supplement or modification to any Loan Document (other than this Agreement) or any other agreement or instrument evidencing or securing any Secured Obligation; 
 (iii) any release, non-perfection or invalidity of any direct or indirect security for any Secured Obligation, any sale, exchange, surrender, realization upon, offset against or other action in respect of
any direct or indirect security for any Secured Obligation or any release of any other obligor or Loan Parties in respect of any Secured Obligation; 
 (iv) any change in the existence, structure or ownership of any Loan Party, or any insolvency, bankruptcy, reorganization, arrangement, readjustment, composition, liquidation or other similar proceeding
affecting any other Loan Party or its assets or any resulting disallowance, release or discharge of all or any portion of any Secured Obligation; 
 (v) the existence of any claim, set-off or other right which any Loan Party may have at any time against any other Loan Party, the Administrative Agent or any other Person, whether in connection herewith
or any unrelated transaction; 
 (vi) any invalidity or unenforceability relating to or against any other Loan
Party for any reason of any Loan Document or any other agreement or instrument evidencing or securing any Secured Obligation or any provision of applicable Law or regulation purporting to prohibit the payment by any other Loan Party of any Secured
Obligation; 
 (vii) any failure by the Administrative Agent or any other Secured Party: (A) to file or
enforce a claim against any Loan Party or its estate (in a bankruptcy or other proceeding); (B) to give notice of the existence, creation or incurrence by any Loan Party of any new or additional indebtedness or obligation under or with respect
to the Secured Obligations; (C) to commence any action against any Loan Party; (D) to disclose to any Loan Party any facts which such Administrative Agent or such Secured Party may now or hereafter know with regard to any Loan Party; or
(E) to proceed with due diligence in the collection, protection or realization upon any collateral securing the Secured Obligations; 
 (viii) any direction as to application of payment by any other Loan Party or any other Person; 
 (ix) any subordination by the Administrative Agent or any other Secured Party of the payment of any of the Secured Obligations to the payment of any other liability (whether matured or unmatured) of any
Loan Party to its creditors; 

  
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 (x) any act or failure to act by the Administrative Agent or any other
Secured Party under this Agreement or otherwise which may deprive any Loan Party of any right to subrogation, contribution or reimbursement against any other Loan Party or any right to recover full indemnity for any payments made by such Loan Party
in respect of the Secured Obligations; or 
 (xi) any other act or omission to act or delay of any kind by any
Loan Party or the Administrative Agent or any other Secured Party or any other Person or any other circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of any Loan Party’s
obligations hereunder, except that a Loan Party may assert the defense of Discharge of Secured Obligations. 
 Each Pledgor has
irrevocably and unconditionally delivered this Agreement to the Administrative Agent, and the failure by any other Person to sign this Agreement or a pledge agreement similar to this Agreement or otherwise shall not discharge the obligations of any
Pledgor hereunder. 
 This Agreement shall remain fully enforceable against each Pledgor irrespective of any defenses that any
other Loan Party may have or assert in respect of the Secured Obligations, including, without limitation, failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury, except
that a Pledgor may assert the defense of Discharge of Secured Obligations. 
 Section 2.03 Continuing Liability
of the Pledgors. The Security Interests are granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of any Loan Party with
respect to any of the Collateral or any transaction in connection therewith. 
 Section 2.04 Filing
Authorization. 
 (a) Each Pledgor hereby irrevocably authorizes the Administrative Agent to file at any time and from
time to time in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment
relating to the Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, and (ii) any financing or continuation statements or other
documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Collateral. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the
Administrative Agent promptly upon request by the Administrative Agent. 
 (b) Each Pledgor ratifies and authorizes the filing by
the Administrative Agent of any financing statements filed prior to the date hereof. 
 Section 2.05 Continuing
Security Interests. This Agreement shall create a continuing security interest in and lien on the Collateral and shall remain in full force and effect until terminated in accordance with Section 7.10. Each of the Pledgors agrees
that its obligations hereunder and the Security Interests shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be
restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 

  
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 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Each Pledgor represents and warrants that:

 Section 3.01 Title to Collateral. Such Pledgor is the legal, record and beneficial owner of, and has
good and marketable title to, all of the Collateral pledged by it hereunder, free and clear of any Liens other than the Permitted Liens. Other than financing statements or other similar or equivalent documents or instruments with respect to the
Security Interests and Permitted Liens, no financing statement, mortgage, security agreement or similar or equivalent document or instrument covering all or any part of the Collateral is on file or of record in any jurisdiction in which such filing
or recording would be effective to perfect a Lien on such Collateral. No Collateral is in the possession or control of any Person asserting any claim thereto or security interest therein, except that the Administrative Agent or its nominee or
custodian may have possession and/or control of the Collateral as contemplated hereby or by the other Loan Documents. 

Section 3.02 Power to Transfer. Such Pledgor has rights in or the power to transfer rights in the Pledged
Collateral; provided, that any Sale Transfer of any of the Pledged Equity Interests of any Regulated Insurance Company shall be subject to the Applicable Insurance Regulations. 

Section 3.03 Validity, Perfection and Priority of Security Interests. The Security Interests constitute valid
security interests under the UCC securing the Secured Obligations. Other than with respect to the Pledged Equity Interests of any First-Tier Foreign Subsidiary, upon Delivery of all certificates representing the Pledged Equity Collateral to the
Administrative Agent in accordance with the provisions hereof and due filing of UCC financing statements stating that the same covers the Collateral in the Office of the Secretary of State (or similar office as appropriate) of the state of
organization of each Pledgor, the Security Interests shall constitute perfected security interests in all right, title and interest of such Pledgor in the Collateral (subject to the requirements of Section 9-315 of the UCC with respect to any
proceeds of Collateral and to the further requirement that additional steps may be necessary to perfect the Security Interests in dividends or other distributions in kind), in each case prior to all other Liens and rights of others therein except
for Permitted Liens, and, to the extent control of such Collateral may be obtained pursuant to Article 8 and/or Article 9 of the UCC, the Administrative Agent will have control of the Collateral subject to no adverse claims of any Person.
Except as set forth on Schedule 3.03, on and as of the date hereof no registration, recordation or filing with any Governmental Authority is required in connection with the execution and delivery of this Agreement or necessary for the
validity or enforceability hereof or for the perfection of the Security Interests. The Security Interests are prior to all Liens on the Collateral other than Permitted Liens. 
 Section 3.04 Collateral. 
 (a) Schedules I,
II, III and IV hereto (as such Schedules may be amended, supplemented or modified from time to time by delivery of any such amended, supplemented or modified Schedule certified by a Responsible Officer of the Borrower) set forth
(i) all of the Pledged Equity Interests owned by such Pledgor, respectively, (ii) the name and jurisdiction of organization of, and the ownership interest (including percentage owned and number of shares, units or other equity interests)
of such Pledgor in the Pledged Equity Interests issued by each of such Pledgor’s direct Subsidiaries which are required to be included in the Collateral and pledged hereunder and (iii) all other Pledged Equity Interests directly owned by
such Pledgor that are required to be included in the Collateral and pledged hereunder. Such Pledgor holds all such Collateral directly (i.e., not through a Subsidiary, Securities Intermediary or any other Person). 

  
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 (b) All Collateral consisting of Pledged Equity Interests has been duly authorized and
validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights of any Person. 
 (c)
Except as set forth on Schedules I, II, III and IV, all Collateral consisting of Pledged Equity Interests constitutes 100% of the issued and outstanding shares of capital stock or membership interests, partnership
interests or other equity or ownership interests of the respective issuers thereof. 
 (d) Except as set forth on
Schedules I, II, III and IV hereto: (i) no issuer of Collateral has outstanding any security convertible into or exchangeable for any shares of its capital stock or any of its membership interests, partnership
interests or other equity or ownership interests or any warrant, option, convertible security, instrument or other interest entitling the holder thereof to acquire any such shares or interests or any security convertible into or exchangeable for
such shares or interests; (ii) there are no voting trusts, stockholder agreements, proxies or other agreements in effect with respect to the voting or transfer of such shares of its capital stock or any of its membership interests, partnership
interests or other equity or ownership interests; (iii) there are no Liens or agreements, arrangements or obligations to create or give any Lien relating to any such shares of capital stock or any such membership interests, partnership
interests or other equity or ownership interests, other than the Security Interests; and (iv) except for any Applicable Insurance Regulations and any applicable federal securities laws and blue sky laws and similar laws with respect to
First-Tier Foreign Subsidiaries as in effect in their jurisdiction of organization, there are no restrictions on the transferability of any Pledged Equity Interests to the Administrative Agent or with respect to the foreclosure, transfer or
disposition thereof by the Administrative Agent or any other Secured Party. 
 (e) No Pledgor is now or will become a party to or
otherwise bound by any agreement, other than this Agreement and the other Loan Documents, which restricts in any adverse manner the rights of the Administrative Agent or any other present or future holder of any Collateral with respect thereto.

 Section 3.05 No Consents. No consent of any other Person (including, without limitation, any
stockholder or creditor of such Pledgor or any of its Subsidiaries) and no order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any Governmental Authority is required to be
obtained by such Pledgor in connection with the execution, delivery or performance of this Agreement, or in connection with the exercise of the rights and remedies of the Administrative Agent and the other Secured Parties pursuant to this Agreement,
except as may be required to perfect the Security Interests or in connection with the disposition of the Collateral by Laws affecting the offering and sale of securities generally and except for approvals required pursuant to the Applicable
Insurance Regulations in connection with any Sale Transfer of any Pledged Equity Interests of any Regulated Insurance Company. 

Section 3.06 Pledgor Information. 
 (a) Schedule 3.06(a) sets forth under the appropriate headings: (i) the full legal name of such Pledgor; (ii) all trade names or other names under which such Pledgor currently
conducts business; (iii) the type of organization of such Pledgor; (iv) the sole jurisdiction of organization of such Pledgor; (v) its organizational identification number, if any; and (vi) the addresses where the chief executive
office and its places of business are located. All books and records concerning such Pledgor’s Collateral are located at its chief executive office at the address set forth on Schedule 3.06(a). 

  
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 (b) Except as provided on Schedule 3.06(b), such Pledgor has not changed its
name, jurisdiction of organization, chief executive office or sole place of business or its corporate or organizational structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) and has not done business under any
other name, in each case, within the past five (5) years. 
 (c) Such Pledgor has not, within the last five (5) years,
become bound (whether as a result of merger or otherwise) as debtor under a security agreement, pledge agreement or other collateral document entered into by another Person, which has not heretofore been terminated other than this Agreement.

 ARTICLE IV 
 COVENANTS 
 Each Pledgor covenants and agrees with the Administrative Agent
that, until the Discharge of Secured Obligations, each Pledgor will comply with the following: 
 Section 4.01
Delivery of Collateral. 
 (a) All Proceeds of Collateral shall be Delivered to and held by or on behalf of the
Administrative Agent, and all certificates or instruments representing Collateral shall be delivered to and held by or on behalf of the Administrative Agent, together with undated instruments of transfer or assignment duly executed in blank (or an
endorsement duly executed in blank); provided that, so long as no Event of Default shall have occurred and be continuing, each Pledgor may retain any Collateral which it is otherwise entitled to receive and retain pursuant to
Section 5.01. The Administrative Agent shall have the right upon the occurrence and during the continuance of any Event of Default, and upon notice to the applicable Pledgor, to cause any or all of the Collateral to be transferred of
record into the name of the Administrative Agent or its nominee. All Collateral delivered hereunder (including pursuant to the immediately preceding sentence) shall be accompanied by any required transfer tax stamps. 

(b) Notwithstanding anything herein to the contrary, each Pledgor agrees that all Pledged Equity Interests (other than with respect to the
Pledged Equity Interests of First-Tier Foreign Subsidiaries to the extent not otherwise certificated) shall be evidenced by certificates of ownership and, to the extent that any such Pledged Equity Interest is not so evidenced, then the applicable
Pledgor shall immediately cause such Pledged Equity Interests to become certificated and (if applicable) take such actions as are required pursuant to Section 4.05, and then, once certificated, shall cause such certificate(s) to be
immediately delivered to the Administrative Agent or its nominee or custodian. 
 Section 4.02 Additional
Collateral. 
 (a) Such Pledgor will cause each issuer of the Collateral that is a Subsidiary of such Pledgor not to
issue any stock, other securities, limited liability company membership interests, partnership interests, or other equity interests or instruments in addition to or in substitution for the Pledged Equity Interests issued by such issuer (in each case
to the extent that such items constitute Collateral), except to such Pledgor. 
 (b) In the event that (a) Pledgor obtains
any Pledged Equity Interests of any Person or (b) any issuer of Collateral at any time issues any additional or substitute stock, other securities, limited liability company membership interests, partnership interests, joint venture interests
or other equity or ownership interests or instruments to such Pledgor, in each case, that do not constitute Excluded Property, then, in each case, such Pledgor will accept the same in trust for the benefit of the Administrative Agent and the other
Secured Parties and will, within three (3) Business Days (i) Deliver all such items (including 

  
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any additional or new or substitute Pledged Equity Interests and any certificates and any instruments) (in each case to the extent that such items represents or constitutes Collateral) to the
Administrative Agent to hold as Collateral hereunder, and (ii) deliver to the Administrative Agent a certificate executed by an authorized officer of such Pledgor describing such Pledged Equity Interests, attaching such supplements to
Schedules I through IV hereto as are necessary to cause such Schedules to be complete and accurate at such time and certifying that such Pledged Equity Interests have been duly pledged to the Administrative Agent hereunder. Each Pledgor
hereby authorizes the Administrative Agent to attach each such supplement to this Agreement and agrees that all Pledged Equity Interests listed on any such supplement delivered to the Administrative Agent shall for all purposes hereunder be
considered Collateral. 
 Section 4.03 Disposition of Collateral. Such Pledgor will not (a) sell,
exchange, assign or otherwise Dispose of, or grant any option with respect to, any Collateral (nor permit any of the foregoing to occur) or (b) create or suffer to exist any Lien on any Collateral (nor permit any of the foregoing to occur),
except, in each case with respect to clauses (a) and (b) above, as expressly permitted under the Credit Agreement. 

Section 4.04 Change of Name, Identity, Structure or Location. Such Pledgor shall give prompt written notice to the
Administrative Agent (and in any event not later than 15 days prior to any change described below in this Section 4.04) of: (i) any change in the location of such Pledgor’s chief executive office or principal place of
business; (ii) any change in the location of books and records pertaining to the Collateral owned by such Pledgor; (iii) any change in such Pledgor’s name; (iv) any changes in such Pledgor’s identity or structure in any
manner which might make any financing statement filed hereunder incorrect or misleading; (v) any change in such Pledgor’s jurisdiction of organization; and (vi) any change in such Pledgor’s registration as an organization (or any
new such registration). 
 Section 4.05 UCC Article 8. Such Pledgor will take all actions necessary to
cause the limited liability company agreement, operating agreement, partnership agreement or similar governing document of each issuer of Pledged Equity Interests to provide specifically at all times that: (i) each Pledged Equity Interest is a
security and shall be governed by Article 8 of the applicable UCC; (ii) each certificate representing a Pledged Equity Interest shall bear a legend to the effect that such membership, partnership or other interest (as applicable) is a
security and is governed by Article 8 of the applicable UCC; and (iii) no consent of any member, manager, partner or other Person shall be a condition to the admission as a member or partner, as applicable, of the issuer of any transferee
(including the Administrative Agent) that acquires ownership of any Pledged Equity Interest as a result of the exercise by the Administrative Agent of any remedy hereunder or under applicable law. 

Section 4.06 Further Actions. 
 (a) Such Pledgor shall execute and deliver to the Administrative Agent, as the Administrative Agent may reasonably request, and each Pledgor hereby authorizes the Administrative Agent to file (with or
without such Pledgor’s signature), at any time and from time to time, all amendments to financing statements, assignments, continuation financing statements, termination statements, and other documents and instruments, in form reasonably
satisfactory to the Administrative Agent, to effect a transfer of a perfected first priority lien on and security interest in and pledge of the Collateral owned by such Pledgor to the Administrative Agent, for the benefit of the Secured Parties,
pursuant to the UCC and to continue perfected, maintain the priority of or provide notice of the security interest of the Administrative Agent in the Collateral. Each Pledgor will cooperate with the Administrative Agent in obtaining control (as
defined in the UCC) of the Collateral consisting of Investment Property if requested by the Administrative Agent. All of the foregoing shall be at the sole cost and expense of the Pledgors. 

  
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 (b) Without limiting the foregoing, such Pledgor shall, from time to time at its expense,
take such further actions, and execute and/or deliver to the Administrative Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Administrative Agent may in its reasonable
judgment deem necessary or appropriate in order to create, perfect, preserve and protect the security interest in the Collateral owned by such Pledgor as provided herein and the rights and interests granted to the Administrative Agent hereunder, to
carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Administrative Agent’s security interest in the Collateral or permit the Administrative Agent to exercise and enforce its
rights, powers and remedies hereunder with respect to any Collateral owned by such Pledgor, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in
effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of control agreements, all in form and substance reasonably satisfactory to the Administrative Agent and in such offices wherever required
by Law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Collateral owned by such Pledgor as provided herein and to preserve the other rights and interests granted to the Administrative Agent
hereunder, as against third parties, with respect to the Collateral owned by such Pledgor. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
 Section 4.07 Information Regarding Collateral. Such Pledgor will, promptly upon request, provide to the Administrative Agent all information and evidence it may reasonably
request concerning the Collateral to enable the Administrative Agent to enforce the provisions of this Agreement. 

Section 4.08 Protect Collateral. Such Pledgor will warrant and defend the rights and title herein granted onto
the Administrative Agent, on behalf of the Secured Parties, in and to the Collateral (and all right, title and interest represented by the Collateral) against the claims and demands (other than Permitted Liens) of all Persons whomsoever. 

ARTICLE V 

DISTRIBUTIONS ON COLLATERAL; VOTING; CERTAIN PROVISIONS CONCERNING 

PLEDGED EQUITY INTERESTS 
 Section 5.01 Right to Receive Distributions on Collateral; Voting. 
 (a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all voting, management, administration and other consensual rights pertaining to the Collateral or any part thereof for any purpose not inconsistent
with the terms of this Agreement and the other Loan Documents; provided, however, that no Pledgor shall in any event exercise or refrain from exercising any such rights in any manner if such action would violate or be inconsistent with
any of the terms of this Agreement, any other Loan Document, or would have the effect of impairing the position or interests of the Administrative Agent hereunder or thereunder, or could reasonably be expected to have a Material Adverse Effect.

 (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof,
any and all dividends, interest, principal, distributions, cash, instruments, property and other payments and distributions paid on, or made upon or in respect of, the Collateral, but only if and to the extent that such dividends, interest,
distributions, principal, cash, instruments, property, payments and distributions are paid, made or distributed in accordance with the terms and conditions of the Credit Agreement, the other Loan Documents

  
 15 

 
and applicable Laws; provided, however, that, to the extent not constituting Excluded Property, any and all: 

(A) dividends, interest and other payments and distributions paid or payable, in each case, other than in cash in respect
of, and instruments and other noncash property received, receivable or otherwise distributed in respect of, or in exchange for, or in redemption of, any Collateral; 

(B) dividends, interest and other payments and distributions paid or payable, in each case, other than in cash in respect
of, and instruments and other noncash property received, receivable or otherwise distributed in respect of, or in exchange for, any Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of
capital, capital surplus or paid-in-surplus; 
 (C) stock, securities, limited liability company interests, partnership interests, other equity or ownership interests, promissory notes or other instruments or property paid, received or distributed in
respect of any Pledged Equity Interests by way of share-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 
 (D) stock, securities, limited liability company interests, partnership interests, other equity or ownership interests, promissory notes or other instruments or noncash property paid, received or
distributed in respect of the Collateral by reason of any consolidation, merger, exchange of shares, exchange for Pledge Equity Interests or any part thereof, redemption thereof, conveyance of assets, liquidation or similar reorganization;

 shall be promptly (and in any event within three (3) Business Days) Delivered to the Administrative Agent or its nominee
or custodian to hold as Collateral hereunder and shall, if received by any Pledgor, be received in trust for the benefit of the Administrative Agent and the other Secured Parties, be segregated from the other property or, if applicable, funds of
such Pledgor and shall be promptly (and in any event within two (2) Business Days) Delivered, in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent) to the Administrative Agent or
its nominee or custodian to hold as Collateral. 
 (iii) The Administrative Agent shall, upon receiving a written
request from any Pledgor accompanied by a certificate signed by an authorized officer of such Pledgor stating that no Event of Default has occurred and is continuing, execute and deliver (or cause to be executed and delivered) to such Pledgor or as
specified in such request all proxies, powers of attorney, consents, ratifications and waivers and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and other rights which it is
entitled to exercise pursuant to Section 5.01(a)(i) and to receive the dividends, interest, principal, distributions, cash, instruments, property or other payments or distributions which it is authorized to receive and retain pursuant to
Section 5.01(a)(ii) in respect of any of the Collateral which is registered in the name of the Administrative Agent or its nominee. 
 (b) Upon the occurrence and during the continuance of any Event of Default: 

  
 16 

 (i) All rights of each Pledgor to exercise the voting, management,
administration and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 5.01(a)(i) shall immediately cease, and, subject to the Applicable Insurance Regulations, all such rights shall thereupon
become vested in the Administrative Agent, who shall thereupon have the sole right to exercise such voting and other consensual rights, and such Pledgor shall take all actions as may be necessary or appropriate to effect such right of the
Administrative Agent. 
 (ii) All rights of each Pledgor to receive the dividends, interest, principal,
distributions, cash, instruments, property and other payments and distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.01(a)(ii) shall immediately cease, and, subject to the Applicable
Insurance Regulations, all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have the sole right to receive and hold as Collateral such dividends, interest, principal, distributions, cash, instruments,
property and other payments and distributions. 
 (c) All dividends, interest, principal, distributions, cash, instruments,
property and other payments and distributions which are received by any Pledgor contrary to the provisions of Section 5.01(b)(ii) shall be received in trust for the benefit of the Administrative Agent and the other Secured Parties, shall
be segregated from other property or funds of such Pledgor and shall immediately be Delivered or otherwise paid over or delivered to the Administrative Agent as Collateral in the same form as so received (with any necessary endorsement). 

(d) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Administrative Agent appropriate
instruments as the Administrative Agent may request in order to permit the Administrative Agent to exercise the voting, management, administration and other consensual rights which it may be entitled to exercise pursuant to
Section 5.2(b)(i) and to receive all dividends, interest, principal, distributions, cash, instruments, property and other payments and distributions which it may be entitled to receive under Section 5.2(b)(ii). 

Section 5.02 Certain Agreements of Pledgors As Issuers and Holders of Pledged Equity Interests. 

(a) In the case of each Pledgor which is an issuer of any Collateral, such Pledgor agrees to be bound by the terms of this Agreement
relating to the Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the
case of each Pledgor which is a partner, member or shareholder, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the
pledge by each other Pledgor, pursuant to the terms hereof, of the Collateral in such partnership, limited liability company or other entity and, upon the occurrence and during the continuance of any Event of Default, to the transfer of such
Collateral to the Administrative Agent or its nominee or custodian and to the substitution of the Administrative Agent or its nominee or custodian as a substituted partner, member or shareholder in such partnership, limited liability company or
other entity with all the rights, powers and duties of a general partner, limited partner, member or shareholder, as the case may be. 
 ARTICLE VI 
 GENERAL AUTHORITY; REMEDIES 

  
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 Section 6.01 General Authority. Each Pledgor hereby
irrevocably appoints the Administrative Agent and any officer or agent thereof as its true and lawful attorney-in-fact, with full power of substitution, in the name of such Pledgor, Administrative Agent or otherwise, for the sole use and benefit of
the Administrative Agent, but at such Pledgor’s expense, to the extent permitted by Law, to exercise at any time and from time to time while an Event of Default has occurred and is continuing, all or any of the following powers with respect to
all or any of the Collateral; such power, being coupled with an interest and is irrevocable until the Discharge of Secured Obligations: 
 (i) to take any and all reasonably appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Agreement; 

(ii) to receive, take, indorse, assign and deliver any and all checks, notes, drafts, acceptances, documents and other
negotiable and non-negotiable instruments taken or received by such Pledgor as, or in connection with, the Collateral; 
 (iii) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due on or by virtue of any Collateral; 

(iv) to commence, settle, compromise, compound, prosecute, defend or adjust any claim, suit, action or proceeding with
respect to, or in connection with, the Collateral; 
 (v) to sell, transfer, assign or otherwise deal in or with
the Collateral or the Proceeds thereof, as fully and effectually as if the Administrative Agent were the absolute owner thereof; 
 (vi) to extend the time of payment of any or all of the Collateral and to make any allowance and other adjustments with respect thereto; 

(vii) to vote all or any part of the Pledged Equity Interests (whether or not transferred into the name of the
Administrative Agent) and give all consents, waivers and ratifications in respect of the Collateral; and 

(viii) to do, at its option, but at the expense of the Pledgors, at any time or from time to time, all acts and things
which the Administrative Agent deems reasonably necessary to protect or preserve the Collateral and to realize upon the Collateral. 
 Section 6.02 Remedies upon Event of Default. 
 (a) If any
Event of Default has occurred and is continuing, the Administrative Agent may, in addition to all other rights and remedies granted to it in this Agreement and in any other agreement securing, evidencing or relating to the Secured Obligations
(including, without limitation, the right to give instructions or a notice of sole control to an issuer subject to an Issuer Control Agreement): (i) exercise all rights and remedies of a secured party under the UCC (whether or not in effect in
the jurisdiction where such rights are exercised) and, in addition, (ii) without demand of performance or other demand or notice of any kind (except as herein provided or as may be required by mandatory provisions of Law) to or upon any Pledgor
or any other Person (all of which demands and/or notices are hereby waived by each Pledgor), (A) apply all cash, if any, then held by it as Collateral as specified in Section 6.07 and (B) if there shall be no such cash or if
such cash shall be insufficient to pay all the Secured Obligations in full or cannot be so applied for any reason or if the Administrative Agent determines to do so, collect, receive, appropriate and realize upon the Collateral and/or sell, assign,
give 

  
 18 

 
an option or options to purchase or otherwise dispose of and deliver the Collateral (or contract to do so) or any part thereof in one or more parcels (which need not be in round lots) at public
or private sale or at broker’s board or on any securities exchange, at any office of the Administrative Agent or elsewhere in such manner as is commercially reasonable and as the Administrative Agent may deem best, for cash, on credit or
for future delivery, without assumption of any credit risk and at such price or prices as the Administrative Agent may deem reasonably satisfactory. 
 (b) If any Event of Default has occurred and is continuing, the Administrative Agent shall give each Pledgor not less than 10 days’ prior notice of the time and place of any sale or other
intended disposition of any of the Collateral, except any Collateral which threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any such notice shall (i) in the case of a public sale, state the time
and place fixed for such sale, (ii) in the case of a sale at a broker’s board or on a securities exchange, state the board or exchange at which such sale is to be made and the day on which the Collateral, or the portion thereof being sold,
will first be offered for sale, (iii) in the case of a private sale, state the day after which such sale may be consummated, (iv) contain the information specified in Section 9-613 of the UCC, (v) be authenticated and
(vi) be sent to the parties required to be notified pursuant to Section 9-611(c) of the UCC; provided that, if the Administrative Agent fails to comply with this sentence in any respect, its liability for such failure shall be
limited to the liability (if any) imposed on it as a matter of Law under the UCC. The Administrative Agent and each Pledgor agree that such notice constitutes reasonable notification within the meaning of Section 9-611 of the UCC. Except as
otherwise provided herein, each Pledgor hereby waives, to the extent permitted by applicable Law, notice and judicial hearing in connection with the Administrative Agent’s taking possession or disposition of any of the Collateral. 

(c) The Administrative Agent may be the purchaser of any or all of the Collateral so sold at any public sale (or, if the Collateral is of
a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, at any private sale). Each Pledgor will execute and deliver such documents and take such other action as the
Administrative Agent deems necessary or reasonably advisable in order that any such sale may be made in compliance with Law. Upon any such sale, the Administrative Agent shall have the right to deliver, assign and transfer to the purchaser thereof
the Collateral so sold. Each purchaser at any such sale shall hold the Collateral so sold to it absolutely and free from any claim or right of whatsoever kind. Any such public sale shall be held at such time or times within ordinary bankers hours
and at such place or places as the Administrative Agent may fix in the notice of such sale. At any such sale, the Collateral may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may determine. The Administrative
Agent shall not be obligated to make any such sale pursuant to any such notice. The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at
the time and place fixed for the sale, and such sale may be made at any time or place to which the same may be so adjourned without further notice. In the case of any sale of all or any part of the Collateral on credit or for future delivery, the
Collateral so sold may be retained by the Administrative Agent until the selling price is paid by the purchaser thereof, but the Administrative Agent shall not incur any liability in the case of the failure of such purchaser to take up and pay for
the Collateral so sold and, in the case of any such failure, such Collateral may again be sold upon like notice. 
 (d) The
Administrative Agent shall have no obligation to marshal any of the Collateral. 
 Section 6.03 Securities
Act. In view of the position of the Pledgors in relation to the Collateral, or because of other present or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute
hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being herein called the 

  
 19 

 
“Federal Securities Laws”) with respect to any disposition of the Collateral permitted hereunder. Each Pledgor understands that compliance with the Federal Securities Laws might
very strictly limit the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Collateral, and might also limit the extent to which or the manner in which any subsequent
transferee of any Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Collateral under applicable blue sky or other
state securities laws or similar Law analogous in purpose or effect. Without limiting the generality of the foregoing, the provisions of this Section 6.03 would apply if, for example, the Administrative Agent were to place all or any
part of the Collateral for private placement by an investment banking firm, or if such investment banking firm purchased all or any part of the Collateral for its own account, or if the Administrative Agent placed all or any part of the Collateral
privately with a purchaser or purchasers. 
 Accordingly, each Pledgor expressly agrees that the Administrative Agent is
authorized, in connection with any sale of any Collateral, if it deems it advisable so to do, (i) to restrict the prospective bidders on or purchasers of any of the Collateral to a limited number of sophisticated investors who will represent
and agree that they are purchasing for their own account for investment and not with a view to the distribution or sale of any of such Collateral, (ii) to cause to be placed on certificates for any or all of the Collateral or on any other
securities pledged hereunder a legend to the effect that such security has not been registered under the Securities Act of 1933 and may not be disposed of in violation of the provision of said Act and (iii) to impose such other limitations or
conditions in connection with any such sale as the Administrative Agent deems necessary or advisable in order to comply with said Act or any other Law. Each Pledgor covenants and agrees that it will execute and deliver such documents and take such
other action as the Administrative Agent deems necessary or reasonably advisable in order that any such sale may be made in compliance with the Securities Act of 1933 and all other applicable Laws. Each Pledgor acknowledges and agrees that such
limitations may result in prices and other terms less favorable to the seller than if such limitations were not imposed, and, notwithstanding such limitations, agrees that any such sale shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of such sale being private, it being the agreement of the Pledgors and the Administrative Agent that the provisions of this Section 6.03 will apply notwithstanding the existence of a public or private
market upon which the quotations or sales prices may exceed substantially the price at which the Administrative Agent sells the Collateral. The Administrative Agent shall be under no obligation to delay a sale of any Collateral for a period of time
necessary to permit the issuer of any securities contained therein to register such securities under the Federal Securities Laws, or under applicable state securities laws, even if the issuer would agree to do so. 

Section 6.04 Other Rights of the Administrative Agent. 

(a) If any Event of Default has occurred and is continuing, the Administrative Agent, instead of exercising the power of sale conferred
upon it pursuant to Section 6.02, may exercise any rights and remedies at law and/or in equity, and may proceed by a suit or suits at Law or in equity to foreclose the Security Interests and sell the Collateral, or any portion thereof,
under a judgment or decree of a court or courts of competent jurisdiction, and may in addition institute and maintain such suits and proceedings as the Administrative Agent may deem appropriate to protect and enforce the rights vested in it by this
Agreement. 
 (b) If any Event of Default has occurred and is continuing, the Administrative Agent shall, to the extent permitted
by applicable Law, without notice to any Pledgor or any party claiming through any Pledgor, without regard to the solvency or insolvency at such time of any Person then liable for the payment of any of the Secured Obligations, without regard to the
then value of the Collateral and without requiring any bond from any complainant in such proceedings, be entitled as a matter of right to 

  
 20 

 
the appointment of a receiver or receivers (who may be the Administrative Agent) of the Collateral or any part thereof, and of the profits, revenues and other income thereof, pending such
proceedings, with such powers as the court making such appointment shall confer, and to the entry of an order directing that the profits, revenues and other income of the property constituting the whole or any part of the Collateral be segregated,
sequestered and impounded for the benefit of the Administrative Agent, and each Pledgor irrevocably consents to the appointment of such receiver or receivers and to the entry of such order. 

Section 6.05 Limitation on Duty of Administrative Agent in Respect of Collateral. Beyond the exercise of reasonable
care in the custody thereof, the Administrative Agent shall not have any duty to exercise any rights or take any steps to preserve the rights of any Pledgor in the Collateral in its possession or control or in the possession or control of any agent
or bailee or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto, nor shall the Administrative Agent be liable to any Pledgor or any other Person for failure to meet any obligation
imposed by Section 9-207 of the UCC or any successor provision. Each Pledgor agrees to the extent it may lawfully do so that the Administrative Agent shall at no time be required to, nor shall the Administrative Agent be liable to any Pledgor
for any failure to, account separately to any Pledgor for amounts received or applied by the Administrative Agent from time to time in respect of the Collateral pursuant to the terms of this Agreement. Without limiting the foregoing, the
Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession or control if the Collateral is accorded treatment substantially equal to that which the Administrative Agent
accords its own property, and (i) shall not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the act or omission of any agent or bailee selected by the
Administrative Agent in good faith (absent gross negligence and willful misconduct) or (ii) shall not have any duty or responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters. 

Section 6.06 Waiver and Estoppel. 
 (a) Each Pledgor agrees, to the extent it may lawfully do so, that it will not at any time in any manner whatsoever claim or take the benefit or advantage of, any appraisal, valuation, stay, extension,
moratorium, turnover or redemption Law, or any Law permitting it to direct the order in which the Collateral shall be sold, now or at any time hereafter in force which may delay, prevent or otherwise affect the performance or enforcement of this
Agreement, and each Pledgor hereby waives all benefit or advantage of all such Laws to the extent permitted by Law. 
 (b) Each
Pledgor, to the extent it may lawfully do so, on behalf of itself and all who claim through or under it, including without limitation any and all subsequent creditors, vendees, assignees and lienors, waives and releases all rights to demand or to
have any marshalling of the Collateral upon any sale, whether made under any power of sale granted herein or pursuant to judicial proceedings or under any foreclosure or any enforcement of this Agreement, and consents and agrees that all of the
Collateral may at any such sale be offered and sold as an entirety. 
 (c) Each Pledgor waives, to the extent permitted by
applicable Law, presentment, demand, protest, promptness, diligence, and any notice of any kind (except the notices expressly required hereunder or in the other Loan Documents) in connection with this Agreement and any action taken by the
Administrative Agent with respect to the Collateral. 

  
 21 

 (d) Each Pledgor waives, to the extent permitted by Law, all claims, damages and demands
against the Administrative Agent arising out of the repossession, retention, sale or application of proceeds of any sale of the Collateral. 
 (e) Each Pledgor waives, to the extent permitted by Law, and agrees not to assert any right to require the Administrative Agent to proceed against any other Pledgor, any guarantor or any other Person, to
proceed against or exhaust any collateral or other security held for the Secured Obligations (except to the extent required by applicable Law), to give notice of or institute any public or private sale, foreclosure, or other disposition of any
collateral or security for the Secured Obligations, including to comply with applicable provisions of the UCC or any equivalent provision of any other applicable Law in connection with the sale, foreclosure, or other disposition of any collateral or
to pursue any other right, remedy, power or privilege of the Administrative Agent whatsoever, or give any Pledgor any other notice with respect to the foregoing, except, in each case as expressly required hereunder or in the other Loan Documents.

 (f) Each Subsidiary Pledgor waives, to the extent permitted by law, all suretyship rights and defenses. 

Section 6.07 Application of Proceeds. The proceeds of any sale of, or other realization upon, all or any part of the
Collateral by or on behalf of the Administrative Agent (including any proceeds received and held pursuant to Section 5.01) shall be applied as provided in Section 2.18(b) of the Credit Agreement. It is understood that the
Borrower shall remain liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the amount of the Secured Obligations. 
 ARTICLE VII 
 MISCELLANEOUS 

Section 7.01 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for
hereunder shall be given in accordance with Section 9.01 of the Credit Agreement, and with respect to GMAC Insurance Management Corporation at the address set forth below: 

GMAC Insurance Management Corporation 
 500 West
5th Street 

Winston-Salem, NC 27101-2728 
 Attention: Chief Financial Officer 
 Facsimile No: (336) 435-0403 

Section 7.02 No Waivers; Non-Exclusive Remedies. No failure or delay on the part of the Administrative Agent to
exercise, no course of dealing with respect to, and no delay in exercising, any right, power or privilege under this Agreement or any other Loan Document or any other document or agreement contemplated hereby or thereby and no course of dealing
between the Administrative Agent and any of the Pledgors shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or privilege hereunder or under any Loan Document preclude any other or further exercise
thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies provided herein and in the other Loan Documents are cumulative and are not exclusive of any other remedies provided by Law. Without
limiting the foregoing, nothing in this Agreement shall impair the right of the Administrative Agent to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of any of the Secured
Obligations. Each Pledgor agrees, to the fullest extent it may effectively do so under applicable Law, that any holder of a 

  
 22 

 
participation in any Secured Obligation, whether or not acquired pursuant to the terms of any applicable Loan Document, may exercise rights of set-off or counterclaim or other rights with respect
to such participation as fully as if such holder of a participation were a direct creditor of the Pledgor in the amount of such participation. 
 Section 7.03 Compensation and Expenses of the Administrative Agent; Indemnification. 
 (a) Expenses. The Pledgors, jointly and severally, agree (i) to pay or reimburse the Administrative Agent for all reasonable out-of-pocket costs and expenses incurred in connection with the
preparation, negotiation and execution of this Agreement and any amendment, waiver, consent or other modification of the provisions hereof (whether or not the transactions contemplated hereby are consummated), and the consummation of the
transactions contemplated hereby, including all fees, disbursements and other charges of counsel for the Administrative Agent, (ii) to pay or reimburse the Administrative Agent and the other Secured Parties for all taxes which the
Administrative Agent or such other Secured Party may be required to pay by reason of the security interests granted in the Collateral (including any applicable transfer taxes) or to free any of the Collateral from the lien thereof and (iii) to
pay or reimburse the Administrative Agent and the other Secured Parties for all out-of-pocket costs and expenses incurred in connection with the enforcement, attempted enforcement, collection or preservation of any rights and remedies under this
Agreement (including all such costs and expenses incurred during any “workout”, negotiations or restructuring in respect of the Secured Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Laws),
including all reasonable fees, charges and disbursements of any counsel (including the allocated charges of internal counsel); provided, however, that the Pledgors’ obligations under this Section 7.03(a) to pay fees,
disbursements and other charges of counsel for the Administrative Agent and the other Secured Parties shall be limited to fees, disbursements and other charges of (A) one firm as counsel for the Administrative Agent and (B) one additional
firm as counsel for the other Secured Parties, (C) if necessary, one special counsel for the Administrative Agent for each relevant specialty and one local or foreign counsel for the Administrative Agent in each applicable jurisdiction and
(D) additional counsel as the Administrative Agent or any Secured Party or group of Secured Parties reasonably determines are necessary in light of actual or potential conflicts of interest or the availability of different claims or defenses,
in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section. 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 Administrative Agent and the other Secured Parties and the costs of independent public accountants and other outside experts retained by or on behalf of the
Administrative Agent. The agreements in this Section 7.03(a) shall survive the Discharge of Secured Obligations. 

(b) Protection of Collateral. If any Pledgor fails to comply with the provisions of any Loan Document, such that the value of any
Collateral or the validity, perfection, rank or value of the Security Interests are thereby diminished or put at risk, the Administrative Agent may, but shall not be required to, effect such compliance on behalf of such Pledgor, and the Pledgors
shall reimburse the Administrative Agent for the costs thereof within ten (10) days of receipt of a reasonably detailed written invoice therefor. Any and all excise, property, sales and use taxes imposed by any state, federal or local authority
on any of the Collateral, or in respect of the sale or other disposition thereof shall be borne and paid by the Pledgors. If any Pledgor fails to promptly pay any portion thereof when due, the Administrative Agent may, at its option, but shall not
be required to, pay the same and the Pledgors agree to reimburse the Administrative Agent therefor on demand. All sums so paid or incurred by the Administrative Agent for any of the foregoing and any and all other sums for which any Pledgor may
become liable hereunder and all costs and expenses (including attorneys’ fees, legal expenses and court costs) reasonably incurred by the Administrative Agent in enforcing or protecting the Security Interests or

  
 23 

 
any of their rights or remedies under this Agreement, shall, together with interest thereon until paid at the rate applicable to interest at the highest rate applicable under the Loan Documents
in respect of overdue obligations, be additional Secured Obligations. 
 (c) Indemnification. Each Pledgor, jointly and
severally, agrees to indemnify, save and hold harmless each Indemnitee from and against: (i) any and all claims, demands, actions or causes of action that may at any time (including at any time following the Discharge of Secured Obligations or
the replacement of the Administrative Agent) be asserted or imposed against any Indemnitee, arising out of or in any way relating to or arising out of the ownership, purchasing, delivery, control, acceptance, financing, possession, sale, return or
other disposition of the Collateral, any violation of Laws or any tort or contract claim; (ii) any administrative or investigative proceeding by any Governmental Authority arising out of or related to a claim, demand, action or cause of action
described in clause (i) above; and (iii) any and all liabilities (including liabilities under indemnities), losses, penalties, damages, costs and expenses (including fees, disbursements and other charges of counsel) that any Indemnitee
suffers or incurs as a result of the assertion of any foregoing claim, demand, action or cause of action or proceeding, or as a result of the preparation of any defense in connection with any foregoing claim, demand, action or cause of action or
proceeding, in all cases, and whether or not an Indemnitee is a party to such claim, demand, action or cause of action, or proceeding; provided that no Indemnitee shall be entitled to indemnification for any such claim, demand, action, cause
of action, proceeding, liabilities, losses, penalties, damages, costs or expenses to the extent such claim, demand, action, cause of action, proceeding, liabilities, losses, penalties, damages, costs or expenses is determined by a court of competent
jurisdiction in a final non-appealable judgment to have been caused directly by such Indemnitee’s own gross negligence or willful misconduct; provided, further, that the Pledgors’
obligation under this Section 7.03(c) to pay fees, disbursements and other charges of counsel shall be limited to fees, disbursements and charges of (A) one counsel to the Administrative Agent and one counsel to the other
Indemnitees taken as a whole, (B) in the case of any actual or potential conflict of interest, one counsel for such affected Indemnitee or group of Indemnitees, (C) if necessary, one special counsel for each relevant specialty, and
(D) if necessary, one local or foreign counsel in each applicable jurisdiction. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 7.03(c) applies, such indemnity shall be
effective whether or not such investigation, litigation or proceeding is brought by any Pledgor, its directors, shareholders or creditors or an Indemnitee or any other Person or any Indemnitee is otherwise a party thereto and whether or not the
transactions contemplated hereby are consummated. 
 (d) Damage Waiver. To the extent permitted by applicable Law, no
Pledgor shall assert, and hereby waives, any claim against any Indemnitee, 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, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, the Loans or the use of the proceeds of the Loans. 

(e) Payment of Amounts Due. All amounts due under this Section 7.03 shall be payable not later than fifteen
(15) days after written demand therefor, which demand shall be accompanied by supporting documentation for such amounts. 

(f) Survival. Without prejudice to the survival of any other agreement of the Pledgors hereunder and under the other Loan
Documents, the agreements and obligations of the Pledgors contained in this Section 7.03 shall survive the Discharge of Secured Obligations and the termination of this Agreement. 

  
 24 

 Section 7.04 Amendments and Waivers. No provision of this Agreement may
be waived, amended, supplemented or modified except pursuant to an agreement or agreements in writing entered into by each Pledgor and the Administrative Agent; provided, however, that the addition or release of any Pledgor hereunder
shall not constitute an amendment, change, discharge, termination or waiver affecting any Pledgor other than the Pledgor so added or released and it being further understood and agreed that any supplement to Schedules I through IV hereto
delivered pursuant to Section 4.02 shall not require the consent of any Pledgor or the Administrative Agent. No waiver of any term, covenant or provision of this Agreement shall be effective unless given in writing by the Administrative
Agent. Any amendment, modification or supplement of or to, or any waiver of, any provision of this Agreement in each case (if so given in accordance with the forgoing in this subsection) shall be effective only in the specific instance and for the
specific purpose for which made or given. 
 Section 7.05 Successors and Assigns; Assignments. This Agreement
shall be binding upon and inure to the benefit of each Pledgor, the Administrative Agent and their respective successors and assigns. No Pledgor may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties
hereunder without the prior express written consent of the Administrative Agent. Any such purported assignment, transfer, hypothecation or other conveyance by any Pledgor without the prior express written consent of the Administrative Agent shall be
null and void. In the event of an assignment of all or any of the Obligations, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. 

Section 7.06 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. (a) THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS, OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

(b) Each Pledgor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive 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 appellate court from any thereof, in any action or proceeding arising out of or relating to any
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby 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 or, to the extent permitted by law, in such Federal court. Each of the parties 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 this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or
any other Loan Document against any Pledgor or its properties in the courts of any jurisdiction. 
 (c) Each Pledgor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any court referred to in the first sentence of paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents
to service of process in the manner provided for notices in Section 9.01 of the Credit Agreement. Nothing in this Agreement or any 

  
 25 

 
other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(e) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 7.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction. 
 Section 7.08 Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the Loan
Documents and any separate letter agreements with respect to fees payable to the Administrative Agent and the other Secured Parties constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any
and all previous agreements and understandings, oral or written, relating to the subject matter hereof Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 Section 7.09 Additional Pledgors. It is understood and agreed that any New
Subsidiary that is required by Section 5.11 of the Credit Agreement to execute a counterpart of this Agreement after the date hereof shall automatically become a Pledgor hereunder with the same force and effect as if originally named as
a Pledgor hereunder by executing a Joinder Agreement and delivering the same to the Administrative Agent. Concurrently with the execution and delivery of such Joinder Agreement, such New Subsidiary shall take all such actions and deliver to the
Administrative Agent all such certificates, instruments, documents and agreements as such New Subsidiary would have been required to deliver to the Administrative Agent on or prior to the date of this Agreement had such New Subsidiary been a party
hereto on the date of this Agreement, including those required pursuant to Section 5.11 of the Credit Agreement. Such additional materials shall include, among other things, supplements to Schedules I, II, III
and IV hereto (which Schedules shall thereupon automatically be amended and supplemented to include all information contained in such supplements) such that, after giving effect to the Joinder Agreement of such New Subsidiary, each of
Schedules I, II, III and IV hereto is true, complete and correct with respect to such New Subsidiary as of the effective date of such Joinder Agreement. The execution and delivery of any such Joinder Agreement, and
the amendment and supplementation of the Schedules hereto as provided in the immediately preceding sentence, shall not require the consent of any other Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full
force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. 

  
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 Section 7.10 Termination. When the Discharge of Secured Obligations shall
occur, the Security Interests shall terminate. Upon any such termination of the Security Interests, the Administrative Agent will, promptly after request by the Pledgors, and at the sole cost and expense of any Pledgor, execute and deliver to the
applicable Pledgor such documents as such Pledgor shall reasonably request to evidence the termination of the Security Interests. Any such documents shall be without recourse to or warranty by the Administrative Agent. 

Section 7.11 Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional
irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Credit
Agreement or any other Loan Document, or any other agreement or instrument relating thereto; 
 (iii) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement or any other Loan Document or any other
agreement or instrument relating thereto; 
 (iv) any pledge, exchange, release or non-perfection of any other
collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, the Credit Agreement or any other Loan Document except as specifically set forth in a waiver
granted pursuant to the provisions of Section 7.04; or 
 (vi) any other circumstances which might
otherwise constitute a defense available to, or a discharge of, any Pledgor other than Discharge of Secured Obligations. 

[Signature Pages Follow] 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

			
	PLEDGORS:
	
	AMERICAN CAPITAL ACQUISITION CORPORATION
		
	By	 	  

		 	Name:
		 	Title:
	
	GMAC INSURANCE MANAGEMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	INTEGON INDEMNITY CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature to Pledge Agreement] 

 
			
	ADMINISTRATIVE AGENT:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 [Signature to Pledge Agreement] 

 EXHIBIT A 
 to Pledge Agreement 
 FORM OF ISSUER CONTROL AGREEMENT 

This CONTROL AGREEMENT, dated as of [            ],
20[            ] (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this “Control
Agreement”), by and among [PLEDGOR NAME], a [            ] (the “Pledgor”), JPMORGAN CHASE BANK, N.A., as administrative agent (together with its successor or
assigns, the “Administrative Agent”), and [ISSUER NAME], a [            ] (together with its successors, the “Issuer”). 

Reference is made to that certain Pledge Agreement, dated as of February 20, 2013 (as the same may be amended, amended and restated,
supplemented or modified from time to time, the “Pledge Agreement”), by and among the Pledgor, the other pledgors party thereto, and the Administrative Agent, under which the Pledgor [will pledge] [has pledged] to the Administrative
Agent, on behalf of the Secured Parties, and [will grant] [has granted] a security interest in favor of the Administrative Agent, on behalf of the Secured Parties, in, all right, title and interest of the Pledgor in, to and under any and all
(i) Pledged LLC Interests, (ii) Pledged Partnership Interests and (iii) Pledged Other Equity Interests, in each case issued from time to time by the Issuer, whether now existing or hereafter from time to time acquired by the Pledgor
(all of such Pledged LLC Interests, Pledged Partnership Interests and Pledged Other Equity Interests being herein collectively referred to as the “Pledged Interests”) to secure the payment and performance of the Secured Obligations.
Capitalized terms defined or otherwise used in the Pledge Agreement and not otherwise defined herein have, as used herein, the respective meanings provided for therein. 
 The Pledgor desires that the Issuer enter into this Agreement to perfect the security interest of the Administrative Agent, on behalf of the Secured Parties, in the Pledged Interests, to vest in the
Administrative Agent control of the Pledged Interests and to provide for the rights of the parties under this Control Agreement. 
 Accordingly, the parties hereto agree as follows: 
 Section 1. Control
by the Administrative Agent. The Pledgor hereby irrevocably agrees that, for so long as this Control Agreement remains in effect, the Administrative Agent shall have exclusive control (within the meaning of Section 8-106 of the UCC) of
the Pledged Interests. In furtherance of such agreement, the Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, (i) to comply with any and all instructions (within the meaning of
Section 8-102(a)(12) of the UCC) originated by the Administrative Agent regarding any or all of the Pledged Interests without further consent by the Pledgor or any other Person, and (ii) subject to the provisions of Section 2
hereof, (A) not to comply with any instructions regarding any or all of the Pledged Interests originated by any Person other than the Administrative Agent or a court of competent jurisdiction and (B) to distribute as instructed by the
Administrative Agent redemptions, dividends, interest, principal, distributions, cash, instruments, property and other payments and distributions from time to time paid, made or distributed with respect to any Pledged Interests. In the case of any
conflict between any instruction originated by the Administrative Agent and any instruction originated by any other Person, the Issuer shall comply only with the instruction originated by the Administrative Agent. 

  
 Exhibit A-4

 Section 2. Maintenance of Pledged Interests. In addition
to, and not in lieu of, the obligation of the Issuer to honor instructions and entitlement orders as agreed in Section 1 hereof, the Issuer and the Administrative Agent agree as follows: 

(a) Subject to the rights of the Pledgor described herein, the Issuer agrees that, from and after the date hereof, the Pledged Interests
shall be under the exclusive dominion and control of the Administrative Agent. 
 (b) Upon notice by the Administrative Agent,
the Issuer shall notify the Pledgor that the Pledged Interests are subject to the sole control of the Administrative Agent and, thereafter, the Issuer will not accept any direction or instructions with respect to the Pledged Interests from any
Person other than the Administrative Agent, unless otherwise ordered by a court of competent jurisdiction. 
 (c) Until such time
as the Issuer receives a notice of sole control delivered by the Administrative Agent in accordance with Section 2(b) hereof, the Pledgor may exercise all voting rights pertaining to the Pledged Interests. 

(d) Until such time as the Issuer receives a notice of sole control delivered by the Administrative Agent in accordance with
Section 2(b) hereof, the Pledgor may direct the Issuer with respect to the distribution of redemptions, dividends, interest, principal, distributions, cash, instruments, property, and other payments and distributions on Pledged
Interests. 
 Section 3. No Liability of Issuer. This Control Agreement shall not subject the
Issuer to any obligation or liability except as expressly set forth herein. In particular, the Issuer need not investigate whether the Administrative Agent is entitled under the Pledge Agreement or otherwise to give an instruction or notice of sole
control. 
 Section 4. Representations and Warranties of the Issuer. The Issuer hereby
represents and warrants that: 
 (a) Except for the claims and interests of the Administrative Agent, the other Secured Parties
and the Pledgor in the Pledged Interests, the Issuer does not know of any claim to, or interest in, any Pledged Interests. If any Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against any Pledged Interest, the Issuer will promptly notify the Administrative Agent and the Pledgor thereof. 
 (b) The security interest of the Administrative Agent in the Pledged Interests has been registered on the books and records of the Issuer. 

(c) There are no other agreements entered into between the Issuer and the Pledgor with respect to the Pledged Interests, and the Issuer
has not entered into, and until the termination of this Control Agreement will not enter into, any agreement with any other Person relating to the Pledged Interests pursuant to which it has agreed or will agree to comply with instructions originated
by such other Person. 
 (d) This Control Agreement constitutes a valid and binding agreement of the Issuer, enforceable against
the Issuer in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law. 

  
 Exhibit A-5

 (e) The pledge by the Pledgor of, and the granting by the Pledgor of a security interest in,
the Pledged Interests to the Administrative Agent, on behalf of the Secured Parties, does not violate the charter, by-laws, partnership agreement, operating agreement or any other agreement governing the Issuer or the Pledged Interests. 

(f) Pledged Interests are fully-paid and nonassessable. 
 Section 5. Notices. All notices, requests or other communications to any party hereunder shall be in writing (including facsimile transmission or similar writing) and
shall be given to such party: 
  

	 	(i)	in the case of the Administrative Agent, at: 

 JPMorgan Chase Bank, N.A. 
 10 S. Dearborn, 9th floor

 Chicago, IL 60603 
 Attention: Svetlana Skopcenko 
 Facsimile No.: (312) 386-7632

 Telephone No.: (312) 325-3190 

E-Mail Address: Svetlana.Skopcenko@chase.com 

 

	 	(ii)	in the case of the Pledgor, at: 

 [Name of Pledgor] 
 [Address] 

Attention: 
 Facsimile No.: 
 Telephone No.: 

E-Mail Address: 
  

	 	(iii)	in the case of the Issuer, at: 

 [Name of Issuer] 
 [Address] 

Attention: 
 Facsimile No.: 
 Telephone No.: 

E-Mail Address: 

Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number
specified in this paragraph and confirmation of receipt is received, (ii) if given by mail, 48 hours after such communication is deposited, certified mail, return receipt requested, in the mails with appropriate first class postage prepaid,
addressed as aforesaid or (iii) if given by other means, when delivered at the address specified in this paragraph. Rejection or refusal to accept, or the inability to deliver because of a changed address of which no notice was given shall not
affect the validity of notice given in accordance with this paragraph. 
 Section 6. Conflict with Other
Agreements. In the event of any conflict between this Control Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into, the terms of this Control Agreement shall prevail. 

  
 Exhibit A-6

 Section 7. Amendments and Waivers. Any provision of this
Control Agreement may be amended, changed, discharged, terminated or waived if, but only if, such amendment, change, discharge, termination or waiver is in writing and is signed by the Administrative Agent, the Issuer and the Pledgor. 

Section 8. Successors and Assigns. This Control Agreement shall be binding upon each of the parties hereto and inure to
the benefit of the Administrative Agent and its successors and assigns. In the event of an assignment of all or any of the Secured Obligations, the rights hereunder, to the extent applicable to the Indebtedness so assigned, may be transferred with
such Indebtedness. 
 Section 9. Governing Law. This Control Agreement shall be construed in accordance with,
and governed by, the law of the State of New York, without regard to principles of conflict of laws, other than Section 5-1401 of the General Obligations Law of the State of New York. 

Section 10. Severability. 
 (a) All rights, remedies and powers provided in this Control Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of Law, and all the
provisions of this Control Agreement are intended to be subject to all applicable mandatory provisions of Law which may be controlling and be limited to the extent necessary so that they will not render this Control Agreement invalid, unenforceable
in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable Law. 
 (b) If
any provision hereof is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by Law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in
favor of the Administrative Agent in order to carry out the intentions of the parties hereto as nearly as may be possible; and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provisions in any other jurisdiction. 
 Section 11. Counterparts;
Effectiveness. This Control Agreement may be executed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Control
Agreement shall become effective when the Administrative Agent shall have received counterparts hereof executed by itself, the Issuer and the Pledgor. This Control Agreement may be transmitted and/or signed by facsimile or “PDF” file and
if so transmitted or signed shall, subject to requirements of Law, have the same force and effect as a manually signed original and shall be binding on the Administrative Agent, the Issuer and the Pledgor. 

[Signature Pages Follow] 

  
 Exhibit A-7

 IN WITNESS WHEREOF, the parties hereto have caused this Control Agreement to be duly
executed by their respective authorized officers as of the day and year first written above. 
  

							
	PLEDGOR:	 		 	[PLEDGOR NAME]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 Exhibit A-8

							
	ADMINISTRATIVE AGENT:	 		 	 JPMORGAN CHASE BANK, N.A., as
 Administrative Agent

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 Exhibit A-9

							
	ISSUER:	 		 	[ISSUER NAME]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 Exhibit A-10

 EXHIBIT B 
 to Pledge Agreement 
 FORM OF JOINDER AGREEMENT 

[Name of New Subsidiary] 
 [Address of New Subsidiary] 

                       
                         , 20     
 JPMorgan Chase Bank, N.A. 
 10 S. Dearborn, 9th floor 

Chicago, IL 60603 
 Attention: Svetlana Skopcenko

 Ladies and Gentlemen: 
 Reference is made to the Pledge Agreement, dated as of February 20, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Pledge
Agreement”; unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Pledge Agreement), by American Capital Acquisition Corporation, a Delaware corporation (the “Borrower”),
GMAC Insurance Management Corporation, a Delaware corporation and a Subsidiary of the Borrower (“GMAC Insurance Management Corporation”), and each other Subsidiary of the Borrower who may from time be a party thereto, and JPMorgan
Chase Bank, N.A., as administrative agent (the “Administrative Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Pledge Agreement. The New Pledgor acknowledges it
has received a copy of the Pledge Agreement and that it has read and understands the terms thereof. 
 This Joinder Agreement
supplements the Pledge Agreement and is delivered by the undersigned, [            ], a [            ] (the “New
Pledgor”), pursuant to Section 7.09 of the Pledge Agreement. 
 The New Pledgor hereby agrees to be bound
as a Pledgor to the Pledge Agreement by all of the terms, covenants and conditions set forth in the Pledge Agreement to the same extent that it would have been bound if it had been a signatory to the Pledge Agreement on the date of the Pledge
Agreement. The Pledgor hereby agrees that each reference to a “Pledgor” or “Pledgors” or “Loan Party” or “Loan Parties” in the Pledge Agreement and the other Loan Documents shall include the Pledgor. Without
limiting the generality of the foregoing, the New Pledgor hereby (i) grants to the Administrative Agent, on behalf of the Secured Parties, a security interest in, and hereby pledges and collaterally assigns to the Administrative Agent, on
behalf of the Secured Parties, all of its right, title and interest in, to and under the Collateral, as security for the due and punctual payment and performance in full of all Secured Obligations, and (ii) expressly assumes all obligations and
liabilities of a Pledgor under the Pledge Agreement. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the covenants applicable to the Pledgors contained in the Pledge Agreement. 

Annexed hereto are supplements to each of the schedules to the Pledge Agreement with respect to the New Pledgor. Such supplements shall
be deemed to be part of the Pledge Agreement. 
 This Joinder Agreement and any amendments, waivers, consents or supplements
hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of 

 
which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 

THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAWS, OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 
 [Signature
Page Follows] 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first written above. 
  

			
	[NAME OF NEW PLEDGOR]
		
	By:	 	  

		 	Name:
		 	Title:

 AGREED TO AND ACCEPTED 
 AS OF THE DATE ABOVE FIRST WRITTEN BY: 
  

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

		
	By:	 	  

		 	Name:
		 	Title:

 [Schedules to be attached]

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