Document:

EX-4.4

 Exhibit 4.4 

FBR & CO., 

Issuer 
 And 

                       
                   , 
 Trustee 

 
  

INDENTURE 
  

 
 Dated as of
                     
 Debt
Securities 

 Table of Contents 

 

							
	ARTICLE 1	  
	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 Section 1.1
	    	 Definitions
	  	 	1	  
		    	 Act
	  	 	2	  
		    	 Affiliate
	  	 	2	  
		    	 Authenticating Agent
	  	 	2	  
		    	 Authorized Newspaper
	  	 	2	  
		    	 Authorized Officer
	  	 	2	  
		    	 Bankruptcy Law
	  	 	2	  
		    	 Board of Directors
	  	 	2	  
		    	 Board Resolution
	  	 	2	  
		    	 Business Day
	  	 	2	  
		    	 Capital Stock
	  	 	2	  
		    	 Commission
	  	 	3	  
		    	 Common Stock
	  	 	3	  
		    	 Company
	  	 	3	  
		    	 Company Request and Company Order
	  	 	3	  
		    	 Conversion Event
	  	 	3	  
		    	 Corporate Trust Office
	  	 	3	  
		    	 Corporation
	  	 	3	  
		    	 Currency
	  	 	3	  
		    	 CUSIP number
	  	 	3	  
		    	 Custodian
	  	 	3	  
		    	 Defaulted Interest
	  	 	3	  
		    	 Dollars or $
	  	 	3	  
		    	 Event of Default
	  	 	4	  
		    	 Foreign Currency
	  	 	4	  
		    	 Government Obligations
	  	 	4	  
		    	 Holder
	  	 	4	  
		    	 Indebtedness
	  	 	4	  
		    	 Indenture
	  	 	4	  
		    	 Independent Public Accountants
	  	 	4	  
		    	 Indexed Security
	  	 	5	  
		    	 Interest
	  	 	5	  
		    	 Interest Payment Date
	  	 	5	  
		    	 Judgment Currency
	  	 	5	  
		    	 Maturity
	  	 	5	  
		    	 New York Banking Day
	  	 	5	  
		    	 Office or Agency
	  	 	5	  
		    	 Officer’s Certificate
	  	 	5	  
		    	 Opinion of Counsel
	  	 	5	  
		    	 Original Issue Discount Security
	  	 	5	  
		    	 Outstanding
	  	 	5	  

  
 -ii- 

							
		    	 Paying Agent
	  	 	7	  
		    	 Permitted Liens
	  	 	7	  
		    	 Person
	  	 	7	  
		    	 Place of Payment
	  	 	7	  
		    	 Predecessor Security
	  	 	7	  
		    	 Preferred Stock
	  	 	7	  
		    	 Principal Subsidiaries
	  	 	7	  
		    	 Redemption Date
	  	 	7	  
		    	 Redemption Price
	  	 	7	  
		    	 Registered Security
	  	 	7	  
		    	 Regular Record Date
	  	 	7	  
		    	 Required Currency
	  	 	7	  
		    	 Responsible Officer
	  	 	7	  
		    	 Security
	  	 	8	  
		    	 Securities
	  	 	8	  
		    	 Security Register
	  	 	8	  
		    	 Security Registrar
	  	 	8	  
		    	 Special Record Date
	  	 	8	  
		    	 Stated Maturity
	  	 	8	  
		    	 Subsidiary
	  	 	8	  
		    	 Trust Indenture Act
	  	 	8	  
		    	 Trustee
	  	 	8	  
		    	 United States
	  	 	9	  
		    	 U.S. Depository or Depository
	  	 	9	  
		    	 U.S. Depository
	  	 	9	  
		    	 Vice President
	  	 	9	  
		    	 Voting Securities
	  	 	9	  
	 Section 1.2
	    	 Compliance Certificates and Opinions
	  	 	9	  
	 Section 1.3
	    	 Form of Documents Delivered to Trustee
	  	 	10	  
	 Section 1.4
	    	 Acts of Holders
	  	 	10	  
	 Section 1.5
	    	 Notices, etc. to Trustee and Company
	  	 	12	  
	 Section 1.6
	    	 Notice to Holders of Securities; Waiver
	  	 	12	  
	 Section 1.7
	    	 Language of Notices
	  	 	13	  
	 Section 1.8
	    	 Conflict with Trust Indenture Act
	  	 	13	  
	 Section 1.9
	    	 Effect of Headings and Table of Contents
	  	 	13	  
	 Section 1.10
	    	 Successors and Assigns
	  	 	13	  
	 Section 1.11
	    	 Separability Clause
	  	 	14	  
	 Section 1.12
	    	 Benefits of Indenture
	  	 	14	  
	 Section 1.13
	    	 Governing Law
	  	 	14	  
	 Section 1.14
	    	 Legal Holidays
	  	 	14	  
	 Section 1.15
	    	 Counterparts
	  	 	14	  
	 Section 1.16
	    	 Judgment Currency
	  	 	14	  
	 Section 1.17
	    	 No Security Interest Created
	  	 	15	  
	 Section 1.18
	    	 Limitation on Individual Liability
	  	 	15	  

  
 -iii- 

							
	ARTICLE 2	  
	
	SECURITIES FORMS	  
			
	 Section 2.1
	    	 Forms Generally
	  	 	16	  
	 Section 2.2
	    	 Form of Trustee’s Certificate of Authentication
	  	 	16	  
	 Section 2.3
	    	 Securities in Global Form
	  	 	16	  
	
	ARTICLE 3	  
	
	THE SECURITIES	  
			
	 Section 3.1
	    	 Amount Unlimited; Issuable in Series
	  	 	17	  
	 Section 3.2
	    	 Currency; Denominations
	  	 	20	  
	 Section 3.3
	    	 Execution, Authentication, Delivery and Dating
	  	 	20	  
	 Section 3.4
	    	 Temporary Securities
	  	 	22	  
	 Section 3.5
	    	 Registration, Transfer and Exchange
	  	 	22	  
	 Section 3.6
	    	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	25	  
	 Section 3.7
	    	 Payment of Interest; Rights to Interest Preserved
	  	 	26	  
	 Section 3.8
	    	 Persons Deemed Owners
	  	 	28	  
	 Section 3.9
	    	 Cancellation
	  	 	28	  
	 Section 3.10
	    	 Computation of Interest
	  	 	28	  
	
	ARTICLE 4	  
	
	SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 4.1
	    	 Satisfaction and Discharge
	  	 	28	  
	 Section 4.2
	    	 Defeasance and Covenant Defeasance
	  	 	30	  
	 Section 4.3
	    	 Application of Trust Money
	  	 	33	  
	 Section 4.4
	    	 Reinstatement
	  	 	33	  
	
	ARTICLE 5	  
	
	REMEDIES	  
			
	 Section 5.1
	    	 Events of Default
	  	 	34	  
	 Section 5.2
	    	 Acceleration of Maturity; Rescission and Annulment
	  	 	36	  
	 Section 5.3
	    	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	37	  
	 Section 5.4
	    	 Trustee May File Proofs of Claim
	  	 	37	  
	 Section 5.5
	    	 Trustee May Enforce Claims without Possession of Securities or Coupons
	  	 	38	  
	 Section 5.6
	    	 Application of Money Collected
	  	 	38	  
	 Section 5.7
	    	 Limitations on Suits
	  	 	39	  
	 Section 5.8
	    	 Unconditional Right of Holders to Receive Principal and any Premium and Interest
	  	 	40	  
	 Section 5.9
	    	 Restoration of Rights and Remedies
	  	 	40	  

  
 -iv- 

							
	 Section 5.10
	    	 Rights and Remedies Cumulative
	  	 	40	  
	 Section 5.11
	    	 Delay or Omission Not Waiver
	  	 	40	  
	 Section 5.12
	    	 Control by Holders of Securities
	  	 	40	  
	 Section 5.13
	    	 Waiver of Past Defaults
	  	 	41	  
	 Section 5.14
	    	 Waiver of Usury, Stay or Extension Laws
	  	 	41	  
	 Section 5.15
	    	 Undertaking for Costs
	  	 	41	  
	
	ARTICLE 6	  
	
	THE TRUSTEE	  
			
	 Section 6.1
	    	 Certain Rights of Trustee
	  	 	42	  
	 Section 6.2
	    	 Notice of Defaults
	  	 	43	  
	 Section 6.3
	    	 Not Responsible for Recitals or Issuance of Securities
	  	 	44	  
	 Section 6.4
	    	 May Hold Securities
	  	 	44	  
	 Section 6.5
	    	 Money Held in Trust
	  	 	44	  
	 Section 6.6
	    	 Compensation and Reimbursement
	  	 	44	  
	 Section 6.7
	    	 Corporate Trustee Required; Eligibility
	  	 	45	  
	 Section 6.8
	    	 Resignation and Removal; Appointment of Successor
	  	 	45	  
	 Section 6.9
	    	 Acceptance of Appointment by Successor
	  	 	47	  
	 Section 6.10
	    	 Merger, Conversion, Consolidation or Succession to Business
	  	 	48	  
	 Section 6.11
	    	 Appointment of Authenticating Agent
	  	 	48	  
	 Section 6.12
	    	 Appointment of Attorney-in-Fact
	  	 	50	  
	
	ARTICLE 7	  
	
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	  
			
	 Section 7.1
	    	 Company to Furnish Trustee Names and Addresses of Holders
	  	 	51	  
	 Section 7.2
	    	 Preservation of Information; Communications to Holders
	  	 	51	  
	 Section 7.3
	    	 Reports by Trustee
	  	 	51	  
	 Section 7.4
	    	 Reports by Company
	  	 	52	  
	
	ARTICLE 8	  
	
	CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES	  
			
	 Section 8.1
	    	 Company May Consolidate, Etc., Only on Certain Terms
	  	 	52	  
	 Section 8.2
	    	 Successor Person Substituted for Company
	  	 	53	  
	
	ARTICLE 9	  
	
	SUPPLEMENTAL INDENTURES	  
			
	 Section 9.1
	    	 Supplemental Indentures without Consent of Holders
	  	 	53	  
	 Section 9.2
	    	 Supplemental Indentures with Consent of Holders
	  	 	54	  
	 Section 9.3
	    	 Execution of Supplemental Indentures
	  	 	56	  
	 Section 9.4
	    	 Effect of Supplemental Indentures
	  	 	56	  

  
 -v- 

							
	 Section 9.5
	    	 Reference in Securities to Supplemental Indentures
	  	 	56	  
	 Section 9.6
	    	 Conformity with Trust Indenture Act
	  	 	56	  
	 Section 9.7
	    	 Notice of Supplemental Indenture
	  	 	57	  
	
	ARTICLE 10	  
	
	COVENANTS	  
			
	 Section 10.1
	    	 Payment of Principal, any Premium, Interest
	  	 	57	  
	 Section 10.2
	    	 Maintenance of Office or Agency
	  	 	57	  
	 Section 10.3
	    	 Money for Securities Payments to Be Held in Trust
	  	 	58	  
	 Section 10.4
	    	 Limitations on Pledges and Liens
	  	 	59	  
	 Section 10.5
	    	 Corporate Existence
	  	 	59	  
	 Section 10.6
	    	 Waiver of Certain Covenants
	  	 	59	  
	 Section 10.7
	    	 Company Statement as to Compliance; Notice of Certain Defaults
	  	 	60	  
	
	ARTICLE 11	  
	
	REDEMPTION OF SECURITIES	  
			
	 Section 11.1
	    	 Applicability of Article
	  	 	60	  
	 Section 11.2
	    	 Election to Redeem; Notice to Trustee
	  	 	60	  
	 Section 11.3
	    	 Selection by Trustee of Securities to be Redeemed
	  	 	60	  
	 Section 11.4
	    	 Notice of Redemption
	  	 	61	  
	 Section 11.5
	    	 Deposit of Redemption Price
	  	 	62	  
	 Section 11.6
	    	 Securities Payable on Redemption Date
	  	 	62	  
	 Section 11.7
	    	 Securities Redeemed in Part
	  	 	63	  
	 Section 11.8
	    	 Cancellation and Destruction of Securities
	  	 	63	  
	
	ARTICLE 12	  
	
	SINKING FUNDS	  
			
	 Section 12.1
	    	 Applicability of Article
	  	 	63	  
	 Section 12.2
	    	 Satisfaction of Sinking Fund Payments with Securities
	  	 	64	  
	 Section 12.3
	    	 Redemption of Securities for Sinking Fund
	  	 	64	  
	
	ARTICLE 13	  
	
	REPAYMENT AT THE OPTION OF HOLDERS	  
			
	 Section 13.1
	    	 Applicability of Article
	  	 	65	  
	
	ARTICLE 14	  
	
	SECURITIES IN FOREIGN CURRENCIES	  
			
	 Section 14.1
	    	 Applicability of Article
	  	 	65	  

  
 -vi- 

							
	ARTICLE 15	  
	
	MEETINGS OF HOLDERS OF SECURITIES	  
			
	 Section 15.1
	    	 Purposes for Which Meetings May Be Called
	  	 	66	  
	 Section 15.2
	    	 Call, Notice and Place of Meetings
	  	 	66	  
	 Section 15.3
	    	 Persons Entitled to Vote at Meetings
	  	 	66	  
	 Section 15.4
	    	 Quorum; Action
	  	 	66	  
	 Section 15.5
	    	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	67	  
	 Section 15.6
	    	 Counting Votes and Recording Action of Meetings
	  	 	68	  
	 Section 15.7
	    	 Preservation of Rights of Trustee and Holders
	  	 	68	  

  
 -vii- 

 INDENTURE, dated as
                     of (the “Indenture”), between FBR & Co., a corporation duly organized and existing under the laws of
the Commonwealth of Virginia (the “Company”) and                      , as trustee (the “Trustee”). 

RECITALS 
 The Company may
provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness (the “Securities”), to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to
have such other provisions as shall be fixed as hereinafter provided. 
 The Company has duly authorized the execution and delivery of this
Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities
and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually
covenanted, declared and agreed by and between the parties hereto, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof as follows: 

ARTICLE 1 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1 Definitions. 

Except as otherwise specified with respect to any Securities issued pursuant to Section 3.1, and except as otherwise expressly provided
in or pursuant to this Indenture, or unless the context otherwise requires, for all purposes of this Indenture: 
 (1) the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

(2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation
required or permitted hereunder shall mean such accounting principles as are generally accepted at the date or time of such computation; 

 (4) the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or
both,” not “either A or B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in those
Articles. 
 “Act,” when used with respect to any Holders, has the meaning specified in Section 1.4. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the
Trustee to authenticate Securities of one or more series. 
 “Authorized Officer” means, when used with respect to the
Company, the Chairman of the Board of Directors, a Vice Chairman, the President, the Chief Executive Officer, the Chief Financial Officer, any Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the
Company. 
 “Bankruptcy Law” has the meaning specified in Section 5.1(6). 

“Board of Directors” means the board of directors of the Company or any committee of that board duly authorized to act
generally or in any particular respect for the Company hereunder. 
 “Board Resolution” means a copy of one or more
resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee. 

“Business Day,” with respect to any Place of Payment or other location, means any day other than a Saturday, Sunday or other
day on which banking institutions in such Place of Payment or other location are authorized or obligated by law, regulation or executive order to close. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such equity. 

  
 -2- 

 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time. 
 “Common Stock” in respect of any Corporation means Capital Stock of any class
or classes (however designated) which has no preference as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not subject to redemption by
such Corporation. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person, and any other obligor upon the Securities. 

“Company Request and Company Order” mean, respectively, a written request or order, as the case may be, signed in the name of
the Company by an Authorized Officer, and delivered to the Trustee. 
 “Conversion Event” means the cessation of use of
(i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking
community or (ii) any currency unit or composite currency for the purposes for which it was established. 
 “Corporate Trust
Office” means the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at
                    . 

“Corporation” means corporations and limited liability companies and, except for purposes of Article 8, associations,
companies and business trusts. 
 “Currency,” with respect to any payment, deposit or other transfer in respect of the
principal of or any premium or interest on any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with
respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 

“CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Ratings Service,
CUSIP Service Bureau. 
 “Custodian” has the meaning specified in Section 5.1(6). 

“Defaulted Interest” has the meaning specified in Section 3.7. 

“Dollars or $” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United
States of America. 

  
 -3- 

 “Event of Default” has the meaning specified in Section 5.1. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued
by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“Government Obligations” means securities which are (i) direct obligations of the United States of America or the other
government or governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security shall be payable, in each case where the payment or payments thereunder are supported by the full faith and credit of
such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case where the timely payment
or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable at the
option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount
with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by
such depository receipt. 
 “Holder,” in the case of any Registered Security, means the Person in whose name such Security
is registered in the Security Register. 
 “Indebtedness,” with respect to Section 5.1(5), has the meaning specified
in Section 5.1(5). 
 “Indenture” means this instrument as it may from time to time be supplemented or amended by one
or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument, and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section 3.1 (as such terms and provisions may be amended pursuant to the applicable provisions hereof).

 “Independent Public Accountants” means accountants or a firm of accountants that, with respect to the Company and any
other obligor under the Securities, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent public
accountants regularly retained by the Company or who may be other independent public accountants. Such accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to this Indenture
or certificates required to be provided hereunder. 

  
 -4- 

 “Indexed Security” means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 

“Interest” means interest payable after Maturity with respect to any Original Issue Discount Security which, by its terms,
bears interest only after Maturity. 
 “Interest Payment Date,” with respect to any Security, means the Stated Maturity of
an installment of interest on such Security. 
 “Judgment Currency” has the meaning specified in Section 1.16. 

“Maturity,” with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and includes the
Redemption Date. 
 “New York Banking Day” has the meaning specified in Section 1.16. 

“Office or Agency” with respect to any Securities, means an office or agency of the Company maintained or designated in a
Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.2 or, to the extent designated or required by Section 10.2
in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officer’s Certificate” means a
certificate signed by any of the Chairman, Vice Chairman, President, Chief Executive Officer, any Vice President, the Chief Financial Officer, Treasurer, an Assistant Treasurer, the Secretary, or an Assistant Secretary of the Company, and delivered
to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the
Company or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture which provides for declaration of an
amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities
theretofore authenticated and delivered under this Indenture, except: 
  

	 	(a)	any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; 

  
 -5- 

	 	(b)	any such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; 

  

	 	(c)	any such Security with respect to which the Company has effected defeasance and/or covenant defeasance pursuant to the terms hereof, except to the extent provided in Section 4.2; 

 

	 	(d)	any such Security which has been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been
presented to the Trustee proof satisfactory to it that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Company; and 

 

	 	(e)	any such Security converted or exchanged as contemplated by this Indenture into other securities of the Company or another issuer, if the terms of such Security provide for such conversion or exchange pursuant to
Section 3.1; 

 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or shall
have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted in making such
determination and that shall be deemed Outstanding for such purposes shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the principal
amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes 

  
 -6- 

 
to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the
Securities or an Affiliate of the Company or such other obligor. 
 “Paying Agent” means any Person authorized by the
Company to pay the principal of, or any premium or interest on, any Security on behalf of the Company. 
 “Permitted Liens”
has the meaning specified in Section 10.4. 
 “Person” means any individual, Corporation, partnership, joint venture,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment,” with respect to any Security, means the place or places where the principal of, or any premium or interest on, such Security is payable as provided in or pursuant to this Indenture or such Security. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same
indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security. 

“Preferred Stock” in respect of any Corporation means Capital Stock of any class or classes (however designated) which is
preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares of Capital Stock of any other class of such Corporation. 

“Principal Subsidiaries” has the meaning specified in Section 10.4. 

“Redemption Date” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture or such Security. 
 “Redemption Price” with respect to any Security or portion thereof to be
redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or such Security. 

“Registered Security” means any Security in the form established pursuant to Section 2.1 which is registered in a
Security Register. 
 “Regular Record Date” for the interest payable on any Registered Security on any Interest Payment
Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the “Regular Record Date”. 

“Required Currency” has the meaning specified in Section 1.16. 

“Responsible Officer” means any officer within the corporate trust office of the Trustee, which may include the chairman and
vice chairman of the board of directors, the president, the chairman of the executive committee of the board of directors, the chairman of the trust 

  
 -7- 

 
committee, every vice president or officer senior thereto, every assistant vice president, the secretary, every assistant secretary, the treasurer, every assistant treasurer, every trust officer,
every assistant trust officer, and every other officer and assistant officer of the Trustee customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his knowledge of, and familiarity with, a particular subject. 
 “Security” or
“Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time
there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as
to which such Person is not Trustee. 
 “Security Register” and “Security Registrar” have the respective
meanings specified in Section 3.5. 
 “Special Record Date” for the payment of any Defaulted Interest on any
Registered Security means a date fixed by the Company pursuant to Section 3.7. 
 “Stated Maturity,” with respect to
any Security or any installment of principal thereof or interest thereon, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or
interest is, due and payable. 
 “Subsidiary” means with respect to the Company, such Person which, at the time of
determination, more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is owned or controlled, directly or indirectly, by (i) the Company and/or (ii) one or more Subsidiaries of the Company; provided, however, that the term Subsidiary shall not include any Person, if the earnings of such
Person are not consolidated with the financial statements of the Company in accordance with the requirements of GAAP. 
 “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time
to time or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the case may be. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder; provided, however,
that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of such series. 

  
 -8- 

 “United States,” except as otherwise provided in or pursuant to this Indenture
or any Security, means the United States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

“U.S. Depository or Depository,” means, with respect to any Security issuable or issued in the form of one or more global
Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository,” or “Depository,” shall mean, with respect to
any Securities, the qualifying entity that has been appointed with respect to such Securities. 
 “Vice President,” when
used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “Vice President”. 

“Voting Securities,” has the meaning specified in Section 10.4. 

Section 1.2 Compliance Certificates and Opinions. 

Except as otherwise expressly provided in this Indenture and except in connection with the execution and delivery of this Indenture, upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(1) a statement that the individual signing such certificate or opinion has read such condition or covenant and the definitions
herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of
such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4) a statement as to whether, in the opinion of such individual, such condition or covenant has been complied with. 

  
 -9- 

 Section 1.3 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, provided that such officer, after reasonable inquiry, has no reason to believe and does not believe that the
Opinion of Counsel with respect to the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Company, stating that the information with respect to such factual matters is in the possession of the Company, provided that such counsel, after reasonable inquiry, has no reason to believe and does not believe that
the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 

Section 1.4 Acts of Holders. 

(1) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company and any
agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.6. 

Without limiting the generality of this Section 1.4, unless otherwise provided in or pursuant to this Indenture, a Holder, including a
U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this
Indenture to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any such global Security through such U.S. Depository’s
standing instructions and customary practices. 

  
 -10- 

 The Company shall fix a record date for the purpose of determining the Persons who are beneficial
owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such
Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not such Holders remain Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other Act shall be valid or effective if made, given or taken more than 90 days after such record date. 

(2) The fact and date of the execution by any Person of any such instrument or writing referred to in this Section 1.4 may
be proved in any reasonable manner; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(3) The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the
commencement and the date of the termination of holding the same, shall be proved by the Security Register. 
 (4)
[Reserved.] 
 (5) If the Company shall solicit from the Holders of any Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date,
but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement
or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

(6) Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any
Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security. 

  
 -11- 

 Section 1.5 Notices, etc. to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 

(2) the Company, by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company, addressed to the attention of its Treasurer, with a copy to the attention of its General Counsel, at the address of its principal office specified herein or
at any other address previously furnished in writing to the Trustee by the Company. 
 Section 1.6 Notice to Holders of Securities;
Waiver. 
 Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders
of Securities of any event, such notice shall be sufficiently given to Holders of Registered Securities if sent by electronic mail in pdf format or delivered by commercial courier service or mailed by first-class mail, postage prepaid, to each
Holder of a Registered Security affected by such event, at its address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Any notice or
communication to the Trustee shall be deemed delivered upon receipt. 
 In any case where notice to Holders of Registered Securities is
given, neither the failure to provide such notice, nor any defect in any notice, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities. Any notice that is
provided in the manner herein provided, shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
as provided, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 

  
 -12- 

 All communications hereunder will be in writing and will be mailed, delivered or telegraphed and
confirmed to the party receiving such communication at its address indicated below: 
  

					
	If to the Company:
	
	 FBR & Co.

	 1001 Nineteenth Street North

	 Arlington, VA 22209

	 Attention: Treasurer and General Counsel

	
	If to the Trustee:
			
		 	  
	  	
		 	  
	  	
		 	  
	  	

 The Company or the Trustee by written notice to each other may designate additional or different addresses for
subsequent notices or communications. 
 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any
Security provides for notice of any event to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depository (or its designee) pursuant to the standing instructions from Depository or its
designee. 
 Section 1.7 Language of Notices. 

Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the
English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 1.8 Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon
by Section 318(c) thereof, such required provision shall control. 
 Section 1.9 Effect of Headings and Table of Contents.

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 Section 1.10 Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

  
 -13- 

 Section 1.11 Separability Clause. 

In case any provision in this Indenture, any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.12 Benefits of Indenture. 

Nothing in this Indenture, any Security, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13 Governing Law. 

THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 Section 1.14 Legal Holidays. 

Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or
Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture, any Security other than a provision in any Security that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, and such Securities need not be
converted or exchanged on such date, but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment, and no interest shall accrue on the amount payable on
such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day, except that if such next succeeding
Business Day is in the next succeeding calendar year, such payment may be made, and such Securities may be converted or exchanged, on the immediately preceding Business Day (in the case of each of the foregoing, with the same force and effect as if
made on such Interest Payment Date or at such Stated Maturity or Maturity or on such last day for conversion or exchange, as the case may be). 

Section 1.15 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute but one and
the same instrument. 
 Section 1.16 Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the 

  
 -14- 

 
sum due in respect of the principal of, or premium or interest, if any (the “Required Currency”), into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the requisite amount of the Required Currency with the Judgment Currency on the
New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any
recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by
which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or
executive order to be closed. 
 Section 1.17 No Security Interest Created. 

Subject to the provisions of Section 10.4, nothing in this Indenture or in any Securities, express or implied, shall be construed to
constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of the Company or its Subsidiaries is or may be located. 

Section 1.18 Limitation on Individual Liability. 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall
attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all
such rights and claims against, every such incorporator, shareholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Security. 

  
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 ARTICLE 2 

SECURITIES FORMS 

Section 2.1 Forms Generally. 

Each Registered Security and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this Indenture or any indenture
supplemental hereto and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Security as evidenced by their
execution of such Security , or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Securities may be listed. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable in registered form without
coupons and shall not be issuable upon the exercise of warrants. 
 Definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities, as evidenced by their execution of
such Securities. 
 Section 2.2 Form of Trustee’s Certificate of Authentication. 

Subject to Section 6.11, the Trustee’s certificate of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

					
	  
	 	,
	as Trustee	 	
			
	By	 	  
	 	
		 	Authorized Officer	 	

 Section 2.3 Securities in Global Form. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall not be issuable in temporary or permanent
global form. If Securities of a series shall be issuable in global form, as specified and contemplated by Section 3.1, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all
Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of 

  
 -16- 

 
Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any
increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered
pursuant to Section 3.3 or 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and redeliver, in each case at the Company’s expense, any Security in
permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.3 or 3.4 has been, or simultaneously is, delivered, any
instructions by the Company with respect to a Security in global form shall be in writing but need not be accompanied by or contained in an Officer’s Certificate and need not be accompanied by an Opinion of Counsel. 

Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to this Indenture or any Securities, payment of
principal of, any premium and interest on, any Security (i) in temporary form shall be made to the Person or Persons specified therein, and (ii) in global form and registered in the name of a Depository or its nominee shall be made to the
Depository or its nominee as the Holder of such global Security. Neither the Company nor the Trustee shall have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests
of a global Security, or for maintaining, supervising or reviewing any records relating to beneficial ownership interests, and each of the Company and the Trustee may act or refrain from acting without liability on any information provided by the
Depository. 
 Notwithstanding the provisions of Section 3.8 and except as provided in the preceding paragraph, the Company, the
Trustee and any agent of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security the Holder of such global Security in registered form. 

ARTICLE 3 
 THE
SECURITIES 
 Section 3.1 Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may be
issued in one or more series. 
 With respect to any Securities to be authenticated and delivered hereunder, there shall be established in
or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, 

(1) the title and series of such Securities, which may include medium-term notes; 

(2) the total principal amount of the series of such Securities and whether there shall be any limit upon the aggregate
principal amount of such Securities that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities of such series
pursuant to Section 3.4, 3.5, 3.6, 9.5 or 11.7); 

  
 -17- 

 (3) [Reserved.]; 

(4) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form
and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange such interests for Securities of the same series and of
like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depository or the U.S. Depository, as
the case may be, with respect to any such global Security; 
 (5) [Reserved.]; 

(6) [Reserved.]; 

(7) the date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the
principal of and premium, if any, on the Securities shall be payable; 
 (8) the Person to whom any interest on a Security
shall be payable, if other than the Person in whose name that Security is registered at the close of business on the Regular Record Date for such interest; the rate or rates at which such Securities shall bear interest, if any, which rate may be
zero in the case of certain Securities issued at an issue price representing a discount from the principal amount payable at Maturity, or the method by which such rate or rates will be determined (including, if applicable, any remarketing option or
similar method), and the date or dates from which such interest, if any, will accrue or the method by which such date or dates will be determined, and the basis upon which interest shall be calculated if other than that of a 360 day year of twelve
30-day months; 
 (9) the date or dates on which interest, if any, on such Securities shall be payable and any Regular Record
Dates applicable to the date or dates on which interest will be so payable; 
 (10) if in addition to or other than the
Borough of Manhattan, The City of New York, the place or places where the principal of or any premium or interest on such Securities shall be payable, where any of such Securities that are issued in registered form may be surrendered for
registration of, transfer or exchange, and where any such Securities may be surrendered for conversion or exchange and notices of demands to or upon the Company in respect of such Securities and this Indenture may be served, the extent to which, the
manner in which, any interest payment on a global Security on an Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 

  
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 (11) if such Securities are to be redeemable at the Company’s option, the
date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the Company’s option pursuant to any sinking fund or
otherwise; 
 (12) provisions specifying whether the Company shall be obligated to redeem, purchase or repay any of such
Securities pursuant to any sinking fund or analogous provision or at the option of any Holder of such Securities and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and
conditions upon which such Securities shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 

(13) if other than denominations of $2,000, and any integral multiples of $1,000 in excess thereof, the denominations in which
any Securities to be issued in registered form will be issuable; 
 (14) provisions specifying whether the Securities will be
convertible into other securities of the Company and/or exchangeable for Securities of the Company or other obligors and, if so, the terms and conditions upon which such Securities shall be so convertible or exchangeable; 

(15) if other than the principal amount, the portion of the principal amount (or the method by which such portion will be
determined) of such Securities that will be payable upon declaration of acceleration of the Maturity thereof pursuant to the terms of this Indenture; 

(16) if other than Dollars, the Currency of payment, including composite Currencies and Foreign Currencies, of the principal
of, any premium or interest on any of such Securities; 
 (17) if other than as provided in Section 4.2, the manner in
which the Securities of the series are to be defeased; 
 (18) provisions specifying whether the principal of, or any premium
or interest on such Securities shall be payable, at the election of the Company or a Holder of Securities, in a Currency other than that in which such Securities are stated to be payable and the date or dates on which, the period or periods within
which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate; 

(19) any index, formula or other method used to determine the amount of payments of principal of, or any premium or interest on
such Securities; 
 (20) provisions specifying whether such Securities are to be issued in the form of one or more global
Securities and, if so, the identity of the Depositary for such global Security or Securities; 

  
 -19- 

 (21) any deletions from, modifications of or additions to the Events of Default
or covenants of the Company that are contained herein with respect to such Securities; 
 (22) terms specifying whether the
provisions described below under shall be applicable to such Securities; 
 (23) terms specifying whether any of such
Securities are to be issued upon the exercise of warrants, and the time, manner and place for such Securities to be authenticated and delivered; and 

(24) any other terms of such Securities and any other deletions from or modifications or additions to this Indenture in respect
of such Securities. 
 All Securities of any one series shall be substantially identical except as to Currency of payments due thereunder,
denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to the Board
Resolution and set forth in the Officer’s Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities
shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the Officer’s Certificate or supplemental indenture and that such persons are authorized to determine,
consistent with such Officer’s Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Officer’s Certificate or supplemental indenture. All Securities of any
one series need not be issued at the same time and, unless otherwise so provided, a series may be reopened for issuances of additional Securities of such series or to establish additional terms of such series of Securities. The Company also may
issue, and the Trustee may authenticate, Securities with the same terms as previously issued Securities. 
 If any of the terms of the
Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of such
series. 
 Section 3.2 Currency; Denominations. 

Unless otherwise provided in or pursuant to this Indenture, the principal of, and any premium and interest, if any, on, the Securities shall
be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form in denominations of $2,000, and any integral multiples of $1,000 in excess thereof.
Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 

Section 3.3 Execution, Authentication, Delivery and Dating. 

Securities shall be executed on behalf of the Company by its Chairman of the Board, a Vice Chairman, its President, its Chief Executive
Officer, its Chief Financial Officer, its Treasurer or a Vice President under its corporate seal reproduced thereon and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. 

  
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 Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of
original issuance of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities to the Trustee for authentication and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 3.1 and a Company
Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the
Trust Indenture Act) shall be fully protected in relying upon, 
 (1) an Opinion of Counsel to the effect that the form or
forms and the terms of such Securities have been established in conformity with the provisions of this Indenture; and 
 (2)
an Officer’s Certificate stating that, to the best knowledge of the Persons executing such certificate, all conditions precedent to the execution, authentication and delivery of such Securities have been complied with, and no event which is, or
after notice or lapse of time would become, an Event of Default with respect to any of the Securities shall have occurred and be continuing. 

If all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an
Officer’s Certificate at the time of issuance of each Security, but such Opinion of Counsel and Officer’s Certificate, with appropriate modifications, shall be delivered at or before the time of issuance of the first Security of such
series. After any such first delivery, any separate written request by an Authorized Officer of the Company or any person designated in writing by an Authorized Officer that the Trustee authenticate and deliver Securities of such series for original
issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with and that no Event of Default with
respect to any of the Securities has occurred or is continuing. 
 The Trustee shall not be required to authenticate or to cause an
Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is
not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. 

  
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 Each Registered Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such
Security a certificate of authentication substantially in the form provided for in Section 2.2 or 6.11 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized officers. Such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 

Section 3.4 Temporary Securities. 

Pending the preparation of definitive Securities, the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee
shall authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Such temporary Securities may be in global form. 
 Except in the case of
temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the
preparation of definitive Securities of the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of
such temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor an equal aggregate principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture with
respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

Section 3.5 Registration, Transfer and Exchange. 

With respect to the Registered Securities of each series, if any, the Company shall cause to be kept a register (each such register being
herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this
Indenture or the Securities, the Trustee shall be the initial Security Registrar for each series of Securities. The Company shall have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided
that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company and shall have accepted such appointment

  
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by the Company. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register
for such series at all reasonable times. The Company shall be required to maintain a Security Registrar in each place where the principal of and premium or interest on any Security is payable. There shall be only one Security Register for each
series of Securities. 
 Upon surrender for registration of transfer of any Registered Security of any series at any Office or Agency for
such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to
this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 

At the option of the Holder, certificated Securities and the right to receive the principal, premium and interest, if any, on any certificated
Security may be transferred by a Holder by surrendering such certificate representing the certificated Securities at the Corporate Trust Office of the Trustee. Such certificate representing the certificated Securities may be reissued by the Company
or the Trustee to a new Holder or a new certificate representing the certificated Securities may be issued by the Company or the Trustee to a new Holder. 

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series
containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. Whenever any Registered Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled to receive. 

Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 

Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture, any global Security shall be exchangeable for
certificated Securities only if (i) the Depository is at any time unwilling, unable or ineligible to continue as depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so informed in
writing, (ii) subject to the rules and procedures of the Depository, the Company, in its discretion, determines not to require all of the Securities of a series to be represented by a global Security and notifies the Trustee of its decision by
executing and delivering to the Trustee a Company Order to the effect that such global Security shall be so exchangeable or (iii) an Event of Default has occurred and is continuing, the Company, the Trustee, the Registrar and the Paying Agent
shall have notified the Depository that the global Security shall be exchangeable for certificated Securities. If the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the result
of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to

  
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the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms and in aggregate principal
amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the U.S. Depository or
such other Depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other Depository, as the case may be (which instructions shall be in
writing but need not be contained in or accompanied by an Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such
purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which shall be in the form of Registered Securities. Promptly following any
such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions of the
Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record
Date for such Security and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on
the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but
shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this
Indenture. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the
Company, evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the
Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in a form satisfactory to the Company and the Security Registrar for such Security duly executed by the Holder thereof or
his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange, or redemption of
Securities, but the Company may require payment of a sum sufficient to cover any stamp tax or other governmental charge and any other reasonable expenses (including fees and expenses of the Trustee) that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4, 3.6, 9.5 or 11.7 not involving any transfer. 

  
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 Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required
(i) to register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day the Company transmits a notice of redemption of Securities of the series selected for redemption
and ending at the close of business on the day of the transmission, or (ii) to register the transfer of or exchange any Security selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed or (iii) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security
not to be so repaid. 
 Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, subject to the provisions of this Section 3.6, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

If there be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the same series
containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 
 Notwithstanding the
foregoing provisions of this Section 3.6, in case any mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section 3.6, the Company may require the payment of a sum sufficient to cover any stamp
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of such series duly issued hereunder. 

The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with respect to particular Securities or
generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

  
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 Section 3.7 Payment of Interest; Rights to Interest Preserved. 

Unless otherwise provided in or pursuant to this Indenture, any interest on any Registered Security which shall be payable, and are punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such interest. 

Unless otherwise provided in or pursuant to this Indenture, any interest on any Registered Security which shall be payable, but shall not be
punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by
virtue of having been such Holder; and such Defaulted Interest may be paid by the Company as provided in clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a
Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the Company in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held
in trust for the benefit of the Person entitled to such Defaulted Interest as in this clause provided. The Special Record Date for the payment of such Defaulted Interest shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the expense of the Company cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in the Security Register not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor
Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

(2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such payment shall be
deemed practicable by the Trustee. 

  
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 Unless otherwise provided in or pursuant to this Indenture or the Securities of any particular
series pursuant to the provisions of this Indenture, at the option of the Company, interest on Registered Securities that bear interest may be paid at the office or agency of the Company maintained for such purposes in the Borough of Manhattan, City
of New York, or by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States. 

Notwithstanding the foregoing, a holder of $1,000,000 or more in aggregate principal amount of Securities of any series of global Securities
(or its equivalent in a Foreign Currency, if the currency unit is a Foreign Currency), whether having identical or different terms and provisions, having the same interest payment dates will be entitled to receive interest payments, other than at
Maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee for the Securities of such series at least 15 days prior to the applicable Interest Payment Date. In
addition to the foregoing, a holder of $1,000,000 or more in aggregate principal amount of Securities of any series of global Securities (or its equivalent in a Foreign Currency, if the currency unit is a Foreign Currency), whether having identical
or different terms and provisions, having the same Maturity will be entitled to receive payment at Maturity by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee for
the Securities of such series at least 15 days prior to Maturity; provided, however, that such payments shall be made subject to applicable laws and regulations and only after surrender of the global Securities to the Company, the corporate trust
office or the Paying Agent, for such global Securities not later than one Business Day prior to Maturity. Any wire instructions received by the Trustee for the Securities of such series shall remain in effect until revoked by the Holder. 

Subject to the foregoing provisions of this Section and Section 3.5, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

In the case of any Registered Security of any series that is convertible into other securities of the Company or exchangeable for securities
of another issuer, which Registered Security is converted or exchanged after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to which the Stated Maturity is prior
to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more predecessor Registered Securities) is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or exchange of such Registered
Security shall not be payable. 

  
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 Section 3.8 Persons Deemed Owners. 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, and any premium or (subject to Sections 3.5 and
3.7) interest, if any, on such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the Company, the Trustee or any agent of the Company or the
Trustee shall be affected by notice to the contrary. 
 No Holder of any beneficial interest in any global Security held on its behalf by a
Depository shall have any rights under this Indenture with respect to such global Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global Security for all
purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a
global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 3.9 Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities, as well as Securities surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly
by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities held by the Trustee
shall be destroyed by the Trustee, unless by a Company Order, the Company directs their return to it. 
 Section 3.10 Computation of
Interest. 
 Except as otherwise provided in or pursuant to this Indenture or in any Security, interest on the Securities shall be
computed on the basis of a 360-day year of twelve 30-day months. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE AND COVENANT DEFEASANCE 

Section 4.1 Satisfaction and Discharge. 

Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of
Securities specified in such Company Order (except 

  
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as to any surviving rights of Securities of such series expressly provided for herein or pursuant thereto), and the Trustee, on receipt of a Company Order, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 
 (1) either

 (a) all Securities of such series theretofore authenticated and delivered (other than Securities of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, and Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

(b) all Securities of such series theretofore delivered to the Trustee for cancellation (i) have become due and payable,
or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of subclause (b)(i),
(ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, including the principal of, and any premium or interest, if any, on such Securities, to the date of such deposit (in the case of Securities which have become
due and payable) or to the Maturity thereof, as the case may be; 
 (2) the Company has paid or caused to be paid all other
sums payable hereunder by the Company with respect to the Outstanding Securities of such; and 
 (3) the Company has
delivered to the Trustee an Opinion of Counsel and an Officer’s Certificate, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.

 In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to
the Trustee under Section 6.6 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the Trustee with respect to the Securities of each
series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, and with respect to any rights to convert or exchange such Securities into securities of the Company or another issuer, shall survive. 

  
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 Section 4.2 Defeasance and Covenant Defeasance. 

(1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities of or within a series under
clause (2) of this Section 4.2 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 4.2 shall not be
applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may be specified pursuant to Section 3.1 with respect to any
Securities), shall be applicable to such Securities, and the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding
Securities upon compliance with the conditions set forth below in this Section 4.2. 
 (2) Upon the Company’s
exercise of the above option applicable to this Section 4.2(2) with respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the
date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Outstanding Securities , which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (5) of this and the other Sections of this Indenture referred to in clauses (i) and
(ii) below, and to have satisfied all of its other obligations under such Securities, and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in clause (4) of this
Section 4.2 and as more fully set forth in such clause, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities when such payments are due, and any rights of such Holder to convert such Securities
into other securities of the Company or exchange such Securities for securities another issuer, (ii) the obligations of the Company and the Trustee with respect to such Securities under Sections 3.5, 3.6, 10.2 and 10.3, and with respect to any
rights to convert such Securities into other securities of the Company or exchange such Securities for securities of another issuer, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this
Section 4.2. The Company may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option under clause (3) of this with respect to such Securities. 

(3) Upon the Company’s exercise of the option to have this Section 4.2(3) apply with respect to any Securities of or
within a series, the Company shall be released from its obligations under Sections 10.5 and 10.6, and, to the extent specified pursuant to Section 3.1(21), any other covenant applicable to such Securities, with respect to such Outstanding
Securities, on and after the date the conditions set forth in clause (4) of this 

  
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Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and such Securities and shall thereafter be deemed to be not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such
covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a default or an Event of Default under Section 5.1(4) or 5.1(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby. 
 (4) The following shall be the conditions to application of clause (2) or (3) of this
Section 4.2 to any Outstanding Securities of or within a series: 
 (a) The Company shall irrevocably have deposited or
caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.7 who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (1) an amount in Dollars or in such Foreign Currency in which such Securities are then specified as payable at
Stated Maturity, or (2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities, money in an amount, or (3) a
combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on such
Outstanding Securities at the Stated Maturity of such principal or installment of principal or premium or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the days on which
such payments are due and payable in accordance with the terms of this Indenture and of such Securities. Provided, that notwithstanding the foregoing, with respect to any Securities which shall at the time be listed for trading on the NASDAQ Global
Select Market, there shall be no deposit of funds in cash and/or in Government Obligations with the Trustee to pay the principal amount, the redemption price or any installment of interest in order to discharge the Company’s obligations in
respect of such payment if, at such time, the rules of the NASDAQ Global Select Market prohibit such deposit with the Trustee. 

  
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 (b) Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to
such Securities shall have occurred and be continuing on the date of such deposit. 
 (d) In the case of an election under
clause (2) of this Section 4.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from the U.S. Internal Revenue Service a letter ruling, or there has been published by the
U.S. Internal Revenue Service a Revenue Ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall
confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such defeasance had not occurred. 
 (e) In the case of an election under
clause (3) of this Section 4.2, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as
a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(f) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with. 

(g) Notwithstanding any other provisions of this Section 4.2(4), such defeasance or covenant defeasance shall be effected
in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1. 

(5) Unless otherwise specified in or pursuant to this Indenture or any Security, if, after a deposit referred to in
Section 4.2(4)(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.1 or the terms of such Security to receive payment in a Currency other than
that in which the deposit pursuant to Section 4.2(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which 

  
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the deposit pursuant to Section 4.2(4)(a) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium, if any), and interest, if any, on, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable
market exchange rate for such Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as feasible)
at the time of the Conversion Event. 
 The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for
purposes of this Section 4.2(5) and Section 4.3, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.2 or the principal or
interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities. 

Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon
Company Request, any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.2. 
 Section 4.3 Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.3, all money and Government Obligations (or other property as may be
provided pursuant to Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1 or 4.2 in respect of any Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities
of all sums due and to become due thereon in respect of principal (and premium, if any) and interest; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. 

Section 4.4 Reinstatement. 

(1) If the Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with
Section 4.2(4) by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture
and the Securities of the applicable series issued 

  
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hereunder shall be revived and reinstated as though no deposit has occurred pursuant to Section 4.2(4) until such time as the Trustee or Paying Agent is permitted to apply all such money or
Government Obligations in accordance with and as contemplated by Section 4.2(4). 
 (2) If the Company’s
obligations under this Indenture and the Securities of the applicable series issued hereunder shall be revived and reinstated in accordance with this Section 4.4, the Company shall be permitted, at its discretion to withdraw all or a portion of
the deposits made by the Company pursuant to Section 4.2(4). 
 (3) If the Company elects not to withdraw any of the
deposits made by the Company pursuant to Section 4.2(4), if and when the Trustee or Paying Agent is later permitted to apply all such money or Government Obligations in accordance with and as contemplated by Section 4.2(4), the rights of
the Company shall be subrogated to the rights of the Holders of the Securities of the applicable series to receive payments from the money or Government Obligations deposited by the Company pursuant to Section 4.2(4) and held by the Trustee or
Paying Agent; provided that if the Company shall have made any payment of principal or interest on the Securities of any series because of the revival and reinstatement of its obligations, which payment is not sourced from any amounts deposited by
the Company pursuant to Section 4.2(4) (such amount, in the aggregate, being referred to as the “Company Paid Amount”), the Company shall be permitted, at its discretion, to withdraw all or a portion of the deposits made by the
Company pursuant to Section 4.2(4) up to the Company Paid Amount. 
 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms of such Series pursuant to this Indenture: 

(1) default in the payment of any interest on any Security of such series when such interest becomes due and payable, and
continuance of such default for a period of 60 days (or such other period as may be established for the Securities of such series as contemplated by Section 2.3); or 

(2) default in the payment of the principal of or any premium on any Security of such series when such principal or premium
becomes due and payable at their Maturity and the continuance of such default for five days (or such other period as may be established for the Securities of such series as contemplated by Section 2.3); or 

  
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 (3) default in the deposit of any sinking fund or analogous payment when and as
due by the terms of a Security of such series; or 
 (4) default in the performance, or breach, of any covenant or agreement
of the Company in this Indenture with respect to any Security of that series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with and other than a covenant or
agreement included in this Indenture solely for the benefit of another series of Securities), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or 
 (5) [Reserved.]; or 

(6) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law that: 

(a) is for relief against the Company in an involuntary case; or 

(b) appoints a Custodian of the Company or for all or substantially all of the property of the Company; or 

(c) orders the liquidation of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days. The term “Bankruptcy Law” means title 11, U.S. Code or any
similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law. 

(7) the commencement by the Company of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization
(other than a reorganization under a foreign law that does not relate to insolvency) or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company to the entry of a decree or order for relief in
an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking
reorganization, arrangement, adjustment or composition of the Company or relief under any applicable law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee or similar official of the Company or any substantial part of the property of the Company or the making by the Company of an assignment for the benefit of creditors, or the taking of corporate action by the Company in
furtherance of any such action or the admitting in writing by the Company of its inability to pay its debts generally as they become due; or 

(8) any other Event of Default provided in or pursuant to this Indenture with respect to Securities of such series. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time Outstanding (other than an Event of Default specified in clause
(6) or (7) of Section 5.1) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal of all the Securities of such series,
or such lesser amount as may be provided for in the Securities of such series, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or
such lesser amount shall become immediately due and payable. 
 If an Event of Default specified in clause (6) or (7) of
Section 5.1 occurs, all unpaid principal of and accrued interest on the Outstanding Securities of that series (or such lesser amount as may be provided for in the Securities of such series) shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder of any Security of that series. 
 At any time after a
declaration of acceleration with respect to the Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less
than a majority in principal amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 

(a) all overdue installments of any interest on all Securities of such series, 

(b) the principal of and any premium on any Securities of such series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities, 
 (c) to the extent
that payment of such interest is lawful, interest upon overdue installments of any interest at the rate or rates borne by or provided for in such Securities, and 

(d) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.6; and 
 (2) all Events of
Default with respect to Securities of such series, other than the non-payment of the principal of, or any premium and interest, if any, on Securities of such series which shall have become due solely by such declaration of acceleration, shall have
been cured or waived as provided in Section 5.13. 

  
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 No such rescission shall affect any subsequent default or impair any right consequent thereon.

 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if a 

(1) default is made in the payment of any installment of interest on any Security when such interest shall have become due and
payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of or
any premium on any Security at its Maturity, 
 the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such
Securities, the whole amount of money then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall be legally enforceable, upon any overdue
installments of interest, and in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel and all other amounts due to the Trustee under Section 6.6. 
 If the Company shall fail to pay the money it is
required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and
unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the monies adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon such Securities, wherever situated. Every recovery of judgment in any such action or other proceeding subject to the payment of the expenses, disbursements and compensation of the Trustee, its
agents and attorneys, shall be for the ratable benefit of the Holders of such Securities that shall be the subject of such action or proceeding. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 

Section 5.4 Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the 

  
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Company or any other obligor upon the Securities of any series or the property of the Company or such other obligor or their creditors, the Trustee (irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal, premium or interest) shall be
entitled and empowered, by intervention in such proceeding or otherwise, 
 (1) to file and prove a claim for the whole
amount, or such lesser amount as may be provided for in the Securities of any applicable series, of the principal and any premium and interest in respect of the Securities and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities allowed in such judicial proceeding, and

 (2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.6. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security in any such proceeding.

 Section 5.5 Trustee May Enforce Claims without Possession of Securities. 

All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of the Securities in respect of which such judgment has
been recovered. 
 Section 5.6 Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

(1) To the payment of all amounts due the Trustee and any predecessor Trustee under Section 6.6; 

  
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 (2) To the payment of the amounts then due and unpaid upon the Securities for
principal and any premium and interest, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any premium and interest, respectively; 

(3) The balance, if any, to the Person or Persons entitled thereto. 

Section 5.7 Limitations on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has
previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series; 

(2) the Holders of a majority in principal amount outstanding of the Outstanding Securities of such series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee such indemnity as is reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 30 days after its receipt of
such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent
with such written request has been given to the Trustee during such 30-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

  
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 Section 5.8 Unconditional Right of Holders to Receive Principal and any Premium and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of, any premium and (subject to Sections 3.7 and 3.10) interest on such Security on the respective Stated Maturity or Maturities therefor specified in such Security (or, in the case of
redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder. 
 Section 5.9 Restoration of Rights and Remedies. 

If the Trustee or any Holder of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each such Holder shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent
permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 
 Section 5.12 Control by Holders of
Securities. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that 

(1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of such series,

  
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 (2) the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction, and 
 (3) such direction is not unduly prejudicial to the rights of the other Holders
of Securities of such series not joining in such action. 
 Section 5.13 Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series on behalf of the Holders of all the
Securities of such series may waive any past default hereunder with respect to such series and its consequences, except a default 

(1) in the payment of the principal of, any premium or interest on, any Security of such series, or 

(2) in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Waiver of Usury, Stay or Extension Laws. 

The Company covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company expressly waives (to
the extent that it may lawfully do so) all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 Section 5.15 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more

  
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than 10% in principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or
interest, if any, on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment, on or after the date for repayment) or for the
enforcement of the right, if any, to convert or exchange any Security into other securities in accordance with its terms. 
 ARTICLE 6

 THE TRUSTEE 

Section 6.1 Certain Rights of Trustee. 

Subject to Sections 315(a) through 315(d) of the Trust Indenture Act: 

(1) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(2) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced as provided therein) and any resolution of
the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (3) Whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad
faith on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officer’s Certificate. 
 (4) The Trustee
may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(5) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction. 
 (6) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or 

  
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document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney. 

(7) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(8) The Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (9) The Trustee shall not be
charged with knowledge of any default or Event of Default with respect to the Securities of any series unless either (1) such default or Event of Default is known, or ought reasonably to have been known, by a Responsible Officer of the Trustee
or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company or any other obligor on the Securities of any series or by any Holder of the Securities of any series. 

(10) The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 Section 6.2 Notice of Defaults. 

Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail
to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or any sinking fund or purchase fund installment with respect to, any Security of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice
is in the best interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in Sections 5.1(4) and 5.1(5) with respect to Securities of such series, no such notice to Holders
shall be given until such default shall have become an Event of Default with respect to Securities of such series. For the purpose of Sections 6.1 and 6.2, the term “default” means any event that is, or after notice or lapse of time or
both would become, an Event of Default with respect to Securities of such series. 

  
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 Section 6.3 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the
Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the
Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 6.4 May Hold Securities. 

The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Trust Indenture Act Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar,
Authenticating Agent or such other agent. 
 Section 6.5 Money Held in Trust. 

Except as provided in Section 4.3 and Section 10.3, money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed to in writing with the Company. 

Section 6.6 Compensation and Reimbursement. 

The Company agrees: 

(1) to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as the Company and the
Trustee shall from time to time agree in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including reasonable compensation and the expenses, advances and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith. 
 (3) to indemnify each of the Trustee and
any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its own part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent that any such loss, liability or expense was
due to the Trustee’s negligence or bad faith. 

  
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 As security for the performance of the obligations of the Company under this Section, the Trustee
for the Securities of any series shall have a claim prior to the Securities of such series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or
interest, if any, on Securities of such series. 
 To the extent permitted by law, any compensation or expense incurred by the Trustee after
a default specified in or pursuant to Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.6 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this Section 6.6. 

The provisions of this Section 6.6 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal
of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar. 

Section 6.7 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder that is a Corporation organized and doing business under the laws of the United States of
America, any state thereof or the District of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 6.8 Resignation and Removal; Appointment of Successor. 

(1) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.9. 
 (2) The Trustee may
resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.9 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

(3) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. 

  
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 (4) If at any time: 

(a) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act
with respect to Securities of any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 

(b) the Trustee shall cease to be eligible under Section 6.7 and shall fail to resign after written request therefor by
the Company or any such Holder, or 
 (c) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any
such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to
all Securities of such series and the appointment of a successor Trustee or Trustees. 
 (5) If the Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of such series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.9. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.9, become the successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed within three months after such appointment might have been made hereunder by the Company or the Holders of
Securities and accepted appointment in the manner required by Section 6.9, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 (6) The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series as provided herein. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office. 
 (7) In no event shall any retiring Trustee be
liable for the acts or omissions of any successor Trustee hereunder. 
 Section 6.9 Acceptance of Appointment by Successor. 

(1) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee or the Holders of at least 10% in principal amount of
the applicable series of Securities then Outstanding, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and,
subject to Section 10.3, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.6. 

(2) Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same
trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for 

  
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the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates and subject to Section 10.3 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 6.6. 

(3) Upon request of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be. 

(4) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such
successor Person shall be qualified and eligible under this Article. 
 Section 6.10 Merger, Conversion, Consolidation or Succession
to Business. 
 Any Corporation into which, the Trustee may be merged or converted or with which it may be consolidated, or any
Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the
parties hereto, provided, that such Corporation shall be otherwise qualified and eligible under this Section. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.11 Appointment of Authenticating Agent. 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of Securities, and
which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to Section 3.6, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. 

  
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 Each Authenticating Agent must be acceptable to the Company and, except as provided in or
pursuant to this Indenture, shall at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to
act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall provide written notice to all Holders of
Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section. 
 The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this
Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.6. 

If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	  
	 	,
	as Trustee

 
			
		
	By	 	  

		 	As Authenticating Agent
		
	By	 	  

		 	Authorized Officer

  
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 If all of the Securities of any series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested
in writing (which writing need not be accompanied by or contained in an Officer’s Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities. 
 Section 6.12 Appointment of Attorney-in-Fact. 

The Trustee for each series of Securities is hereby appointed, and each and every Holder of Securities of such series, by receiving and
holding the same, shall be conclusively deemed to have appointed such Trustee, the true and lawful attorney-in-fact of such Holder, with authority to make or file (whether or not the Company shall be in default in respect of the payment of the
principal of, or premium or interest, if any, on any of the Securities of such series), in its own name as trustee of an express trust or otherwise as it shall deem advisable, in any receivership, insolvency, liquidation, bankruptcy, reorganization,
or other judicial proceedings relative to the Company or any other obligor upon such Securities or to their respective creditors or property, any and all claims, proofs of claim, proofs of debt, petitions, consents, other papers and documents, and
amendments of any thereof, as may be necessary or advisable in order to have the claims of the Trustee and of the Holders of such Securities allowed in any such proceeding and to collect and receive any moneys or other property payable or
deliverable on any such claim, and to execute and deliver any and all other papers and documents and to do and perform any and all other acts and things, as it may deem necessary or advisable in order to enforce in any such proceedings any of the
claims of such Trustee and of any of such holders in respect of any of the Securities of such series; and any receiver, assignee, custodian, trustee, or debtor in any such proceedings is hereby authorized, and each and every Holder of the Securities
of such series, by receiving and holding the same, shall be conclusively deemed to have authorized any such receiver, assignee, custodian, trustee, or debtor, to make any such payment or delivery to or on the order of such Trustee, and, in the event
that such Trustee shall consent to the making of such payments or deliveries directly to the Holders of the Securities of such series, to pay to such Trustee any amount due it for compensation and expenses, including counsel fees and expenses,
incurred by it down to the date of such payment or delivery; provided, however, that nothing herein contained shall be deemed to authorize or empower such Trustee to consent to or accept or adopt, on behalf of any Holder of Securities of such
series, any plan of reorganization or readjustment of the Company affecting the Securities of such series or the rights of any Holder thereof, or to authorize or empower such Trustee to vote in respect of the claim of any Holder of any Securities of
such series in any such proceedings. 

  
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 ARTICLE 7  

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. 

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee 

(1) semi-annually with respect to Securities of each series not later than
                     and                      of
the year or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses
of Holders as of the applicable date, and 
 (2) at such other times as the Trustee may request in writing, within 30 days
after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 

provided, however, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished. 

Section 7.2 Preservation of Information; Communications to Holders. 

The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee,
any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 

Section 7.3 Reports by Trustee. 

(1) Within 60 days after
                     of each year commencing with the first September 15 following the first issuance of Securities pursuant to
Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such
                     with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the
immediately preceding                      and the date of this Indenture. 

(2) The Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified
therein. 
 (3) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections
313(c) and 313(d) of the Trust Indenture Act. 

  
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 Section 7.4 Reports by Company. 

The Company covenants to comply with Section 314(a) of the Trust Indenture Act insofar as it relates to information, documentations, and
other reports which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended. 

ARTICLE 8 

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 

Section 8.1 Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as
an entirety to any Person, unless: 
 (1) the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be (i) a corporation, limited liability company, partnership or trust, (ii) shall be organized
and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and (iii) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed, by
supplemental indenture reasonably satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person (if other than the Company) formed by such consolidation or into which the Company shall have been merged or by the Person
which shall have acquired the Company’s assets; 
 (2) immediately after giving effect to such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 

(3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
 The conditions of (1)(ii) above shall not apply in the case of a corporation
or entity not organized under the laws of the United States of America, any State thereof or the District of Columbia which shall agree, in form satisfactory to the Trustee, (i) to subject itself to the jurisdiction of the United States
district court for the Southern District of New York and (ii) to indemnify and hold harmless the holders of all Securities against (A) any tax, assessment or 

  
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governmental charge imposed on such holders by a jurisdiction other than the United States or any political subdivision or taxing authority thereof or therein with respect to, and withheld on the
making of, any payment of principal or interest on such Securities and which would not have been so imposed and withheld had such consolidation, merger, sale or conveyance not been made and (B) any tax, assessment or governmental charge imposed
on or relating to, and any costs or expenses involved in, such consolidation, merger, sale or conveyance. 
 This Section shall only apply
to a merger or consolidation in which the Company is not the surviving corporation and to conveyances, leases and transfers by the Company as transferor or lessor. 

The restrictions in this Section 8.1 shall not apply to (i) the merger or consolidation of the Company with one of its affiliates,
if the Board of Directors determines in good faith that the purpose of such transaction is principally to change the Company’s State of incorporation or convert the Company’s form of organization to another form, or (ii) the merger of
the Company with or into a single direct or indirect wholly owned subsidiary. 
 Section 8.2 Successor Person Substituted for
Company. 
 Upon any consolidation or amalgamation by the Company with or merger of the Company into any other Person or any conveyance,
transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such consolidation or amalgamation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture and the Securities. 

ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.1 Supplemental Indentures without Consent of Holders. 

Without the consent of any Holders of Securities, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of
the Company contained herein and in the Securities; or 
 (2) to add to the covenants and agreements of the Company for the
benefit of the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; or 

  
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 (3) cure any ambiguity, omission, mistake, defect, error or inconsistency,
conform any provision to any provision of the description of the Securities in the registration statement or prospectus supplement pursuant to which the Securities were issued or reduce the minimum denomination of the Notes; or 

(4) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 6.9; or 
 (5) to cure any ambiguity or to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture, which shall not adversely affect the interests of the Holders of
Securities of any series then Outstanding in any material respect; or 
 (6) to establish the form or terms of Securities of
any series as permitted by Sections 2.1 and 3.1, including the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person (including the Company); or 

(7) to add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such
supplemental indenture); or 
 (8) to supplement any of the provisions of this Indenture to such extent as shall be necessary
to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series or any other
Outstanding Security in any material respect; or 
 (9) to secure payment on the Securities pursuant to Section 10.4 or
otherwise; 
 (10) to amend or supplement any provision contained herein or in any supplemental indenture, provided that no
such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding. 

Section 9.2 Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series
affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Company’s Board Resolution) and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture or of the Securities of such series; provided, however, that no such supplemental indenture, without the consent of each Holder of each Outstanding Security affected thereby, shall: 

(1) change the Stated Maturity of the principal of, or any premium or installment of interest on, any Security, or reduce the
principal amount thereof or the rate (or modify the calculation of such rate) of interest thereon, or any premium payable upon the redemption thereof or otherwise, or reduce the amount of the principal of an Original Issue Discount Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to Section 5.4, change the redemption provisions or adversely affect the
right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on, any Security is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of the Holder, on or after the date for repayment), or 

  
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 (2) reduce the percentage in principal amount of the Outstanding Securities of
any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or reduce the requirements of Section 15.4 for quorum or voting, or 
 (3)
modify any of the provisions of this Section, Section 5.13 or Section 10.6, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby, or 
 (4) make any change that adversely affects the right to convert or
exchange any Security into or for securities of the Company or other securities (whether or not issued by the Company), cash or property in accordance with its terms. 

In computing whether the Holders of the requisite principal amount of Outstanding Securities have taken action under this Indenture or under a
supplemental indenture hereto, the Company shall use: (i) for an Original Issue Discount security, the amount of the principal that would be due and payable as of that date, as if the Maturity of such Security had been accelerated due to a
default; and (ii) for a Security denominated in a Foreign Currency or Currencies, the Dollar equivalent of the outstanding principal amount as of that date, using the exchange rate in effect on the date of original issuance of such Security.

 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture, which shall have been included
expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders of Securities
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Any consent given by any Holder of a Security under this Section 9.2 shall be irrevocable
for a period of six months after the day of execution thereof, but may be revoked at any time thereafter by such Holder or by his successor in title by filing written notice of such revocation with the Trustee at its corporate trust office;
provided, however, that such consent shall not be revocable after the holders of not less than a majority in aggregate principal amount of the Securities of the series of which such Security is a part at the time Outstanding shall have consented to
such supplemental indenture. No notation on any Security of the fact of such consent shall be necessary, but any such written consent by the Holder of any Security shall be conclusive and binding on all future Holders and owners of the same Security
and of all Securities delivered in exchange therefor, unless revoked in the manner and during the period provided in this Section 9.2. 

Section 9.3 Execution of Supplemental Indentures. 

As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315 of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to the execution of such supplemental indenture have been fulfilled. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise is not reasonably acceptable to the Trustee. 

Section 9.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.5 Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series in equal aggregate principal amounts,
and such exchange shall be made without cost to the Holders. 
 Section 9.6 Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

  
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 Section 9.7 Notice of Supplemental Indenture. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to Section 9.2, the Company shall
transmit to the Holders of Outstanding Securities of any series affected thereby a notice setting forth in general terms the substance of such supplemental indenture. Failure to send such notice will not impair the validity of such supplemental
indenture. 
 ARTICLE 10 

COVENANTS 

Section 10.1 Payment of Principal, any Premium, Interest. 

The Company covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay or cause
to be paid the principal of, and any premium or interest, if any, on the Securities of such series in accordance with the terms thereof and this Indenture. When and as paid, all Securities of such series shall be cancelled and destroyed in
accordance with the Section 3.9 hereof. 
 Section 10.2 Maintenance of Office or Agency. 

The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series may be
presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange,
and where notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or
Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency.
Unless otherwise provided in or pursuant to this Indenture, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York, and initially appoint the Corporate Trust Office of the
Trustee as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency in the Borough of Manhattan, The City of New York for the Securities
of any series. 

  
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 Unless otherwise specified with respect to any Securities pursuant to Section 3.1, if and so
long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with
respect to each such series of Securities, or as so required, at least one exchange rate agent. 
 Section 10.3 Money for Securities
Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent, with respect to any series of Securities,
it shall, on or before each due date of the principal of, any premium or interest on, any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency
unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) sufficient to pay the principal or any premium or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall, no later than 11:00 am on or prior to each
due date of the principal of, any premium or interest on, any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding
paragraph) sufficient to pay the principal or any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act. 
 The Company shall cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(1) hold all sums held by it for the payment of the principal of, any premium or interest on, Securities of such series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the
making of any payment of principal, any premium or interest on, Securities of such series; and 
 (3) at any time during the
continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

  
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 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such
sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on, any Security of any series and remaining unclaimed for two years after such principal or any such premium or interest shall have become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company), unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be sent to Holders of Registered Securities of such series, or both, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notice nor shall it be later than two years after such principal and any premium or interest shall have become due and payable,
any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 10.4 [Reserved.] 

[Reserved.] 
 Section 10.5
[Reserved.]. 
 [Reserved.] 

Section 10.6 Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any term, provision or condition with respect to the Securities of any series
if, before the time for such compliance, the Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in such instance or generally shall have waived
compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. The Company shall obtain and file with the Trustee, before or after the time for such compliance, evidence of the consent of
such Holders. 

  
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 Section 10.7 Company Statement as to Compliance; Notice of Certain Defaults. 

(1) So long as any Securities are Outstanding hereunder, the Company will deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date on which Securities which are Outstanding were issued, a written statement covering the previous fiscal year, signed by two of its officers (which need not comply with Section 1.2),
stating that in the course of the performance of their duties as officers of the Company they would normally have knowledge of any default by the Company in the performance or fulfillment of any covenant, agreement or condition contained in this
Indenture, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 

(2) The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this Article 10
other than as specifically set forth in this Section 10.7. 
 ARTICLE 11 

REDEMPTION OF SECURITIES 

Section 11.1 Applicability of Article. 

Redemption of Securities of any series at the option of the Company as permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 
 Section 11.2
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of (a) less than all of the Securities of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula, Stated Maturity
and other terms, the Company shall, at least 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. 
 Section 11.3 Selection by Trustee of Securities to be Redeemed. 

If less than all of the Securities of any series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be
redeemed, the particular Securities to be redeemed shall be selected not more than 30 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the
principal amount of a Registered Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein or pursuant hereto. 

  
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 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself)
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed. 

Unless otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption
is converted into other securities of the Company or exchanged for securities of another issuer in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such
Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose
of such selection. 
 Section 11.4 Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption
Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings far the redemption of any other Securities or portion thereof. 

Any notice that is provided to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice. 
 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, 

(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount) of the particular Security or Securities to be redeemed, 
 (4) in case any Security is to
be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed, 

  
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 (5) that, on the Redemption Date, the Redemption Price shall become due and
payable upon each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(6) the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued
interest, 
 (7) that the redemption is for a sinking fund, if such is the case, 

(8) [Reserved.], 

(9) [Reserved.], 

(10) in the case of Securities of any series that are convertible into Common Stock of the Company or exchangeable for other
securities, the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence or terminate and the place or places where such Securities
may be surrendered for conversion or exchange, and 
 (11) the CUSIP, ISIN or other reference numbers of such Securities, if
any (or any other numbers used by a Depository to identify such Securities). 
 A notice of redemption published as contemplated by
Section 1.6 need not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Securities to be redeemed at
the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

Notwithstanding the foregoing, a notice of redemption may, at the Company’s option and discretion, be subject to one or more conditions
precedent. 
 Section 11.5 Deposit of Redemption Price. 

On or prior to any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant to
Section 11.4, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the applicable Currency sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued interest on, all such Securities or portions thereof
which are to be redeemed on that date. 
 Section 11.6 Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon

  
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surrender of any such Security for redemption in accordance with said notice maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with
any accrued interest to the Redemption Date; provided, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of
Section 3.7. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any
premium until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.7
Securities Redeemed in Part. 
 Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or
Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly
authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered,
the Company shall execute, and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Security in global form as shall be specified in the Company Order with respect thereto to the Trustee, without service
charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 

Section 11.8 Cancellation and Destruction of Securities. 

All Securities redeemed and paid pursuant to the provisions of this Article 11 shall be cancelled and destroyed, as provided in
Section 3.9, and, except in the case of partial redemption of any Security, no Security shall be issued under this Indenture in lieu thereof. 

ARTICLE 12 
 SINKING
FUNDS 
 Section 12.1 Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any 

  
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payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as an “optional sinking fund payment”. If provided for by
the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series and this Indenture. 
 Section 12.2 Satisfaction of Sinking Fund Payments with
Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any
series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been
released to the Company), and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash
payments pursuant to this Section 12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for
redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of
the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid
principal amount equal to the cash payment requested to be released to the Company. 
 Section 12.3 Redemption of Securities for
Sinking Fund. 
 Not less than 75 days prior to each sinking fund payment date for any series of Securities, the Company shall deliver
to the Trustee an Officer’s Certificate specifying the amount of the next, ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7. 

  
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 ARTICLE 13 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.1 Applicability of Article. 

Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance
with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.9, shall not
operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled.
Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of such Securities, and the
obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers. 

ARTICLE 14 
 SECURITIES
IN FOREIGN CURRENCIES 
 Section 14.1 Applicability of Article. 

Whenever this Indenture provides for (1) any action by, or the determination of any of the rights of, Holders of Securities of any series
in which not all of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary in the form of Security of any particular series or pursuant to this
Indenture or the Securities, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate
to the date of such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee. 

  
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 ARTICLE 15  

MEETINGS OF HOLDERS OF SECURITIES 

Section 15.1 Purposes for Which Meetings May Be Called. 

A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article, to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture or under applicable law, to be made, given or taken by Holders of Securities of such series. 

Section 15.2 Call, Notice and Place of Meetings. 

(1) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in
Section 15.1, to be held at such time and at such place in the Borough of Manhattan, The City of New York. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.6, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2) In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal amount
of the Outstanding Securities of any series or all series shall have requested the Trustee to call a meeting of the Holders of Securities of such series or all series, respectively, for any purpose specified in Section 15.1, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request (whichever
shall be required pursuant to Section 1.6) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may
determine the time and the place in the Borough of Manhattan, The City of New York. 
 Section 15.3 Persons Entitled to Vote at
Meetings. 
 To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or
more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, and any representatives of the
Company and its counsel. 
 Section 15.4 Quorum; Action. 

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of the relevant series shall constitute a
quorum for any meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed 

  
 -66- 

 
for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less
than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any reconvened meeting, such reconvened meeting may be further adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.2(1), except that such notice need be given only once not
less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum. 
 Except as limited by the proviso to Section 9.2, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however,
that, except as limited by the proviso to Section 9.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the
Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series. 
 Except as
limited by the proviso to Section 9.2, any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series,
whether or not such Holders were present or represented at the meeting. 
 Section 15.5 Determination of Voting Rights; Conduct and
Adjournment of Meetings. 
 (1) Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other proof. 

(2) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Holders of Securities as provided in Section 15.2(2), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 

  
 -67- 

 (3) At any meeting, each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of Securities of such series held or represented by him or such other amount established pursuant to Section 3.1; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(4) Any meeting of Holders of Securities of any series duly called pursuant to Section 15.2 at which a quorum is present
may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held as so adjourned without further notice. 

Section 15.6 Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman
of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes
cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 15.2
and, if applicable, Section 15.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by
the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 15.7 Preservation of Rights of Trustee and Holders. 

Nothing contained in this Article 15 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of any
or all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders of any or all series under any of the
provisions of this Indenture or of such series of Securities. 

  
 -68- 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the
date first above written. 
  

					
	FBR & CO.
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
		
	  
	 	,
	as Trustee
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	

  
 -69-EX-10.1

 Exhibit 10.1 
  

 
  

$40,000,000 
 CREDIT AGREEMENT 

dated as of September 30, 2013 

among 
 AFFIRMATIVE INSURANCE
HOLDINGS, INC., 
 as Borrower 

THE LENDERS PARTY HERETO 
 and

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 

as Administrative Agent and Collateral Agent 

CREDIT SUISSE SECURITIES (USA) LLC, 

as Sole Bookrunner and Sole Lead Arranger 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	PAGE	 
		
	ARTICLE I.	  			
		
	Definitions	  			
	SECTION 1.01.	  	 Defined Terms
	  	 	1	  
	SECTION 1.02.	  	 Terms Generally
	  	 	32	  
	SECTION 1.03.	  	 Classification of Loans and Borrowings
	  	 	33	  
	SECTION 1.04.	  	 Pro Forma Calculations
	  	 	33	  
	SECTION 1.05.	  	 Rounding
	  	 	33	  
	SECTION 1.06.	  	 Times of Day
	  	 	33	  
	SECTION 1.07.	  	 Timing of Payment or Performance
	  	 	33	  
	SECTION 1.08.	  	 Certifications
	  	 	33	  
		
	ARTICLE II.	  			
		
	The Credits	  			
			
	SECTION 2.01.	  	 Commitments
	  	 	34	  
	SECTION 2.02.	  	 Loans
	  	 	34	  
	SECTION 2.03.	  	 Borrowing Procedure
	  	 	35	  
	SECTION 2.04.	  	 Repayment of Loans; Evidence of Debt
	  	 	35	  
	SECTION 2.05.	  	 Fees
	  	 	36	  
	SECTION 2.06.	  	 Interest on Loans
	  	 	36	  
	SECTION 2.07.	  	 Default Interest
	  	 	36	  
	SECTION 2.08.	  	 Alternate Rate of Interest
	  	 	37	  
	SECTION 2.09.	  	 Termination and Reduction of Commitments
	  	 	37	  
	SECTION 2.10.	  	 Conversion and Continuation of Borrowings
	  	 	37	  
	SECTION 2.11.	  	 Repayment of Loans
	  	 	39	  
	SECTION 2.12.	  	 Prepayment
	  	 	40	  
	SECTION 2.13.	  	 Mandatory Prepayments
	  	 	40	  
	SECTION 2.14.	  	 Increased Costs
	  	 	42	  
	SECTION 2.15.	  	 Change in Legality
	  	 	43	  
	SECTION 2.16.	  	 Indemnity
	  	 	44	  
	SECTION 2.17.	  	 Pro Rata Treatment
	  	 	44	  
	SECTION 2.18.	  	 Sharing of Setoffs
	  	 	45	  
	SECTION 2.19.	  	 Payments
	  	 	45	  
	SECTION 2.20.	  	 Taxes
	  	 	46	  
	SECTION 2.21.	  	 Assignment of Loans Under Certain Circumstances; Duty to Mitigate
	  	 	50	  

							
	ARTICLE III.	  			
		
	Representations and Warranties	  			
	SECTION 3.01.	  	 Organization; Powers
	  	 	51	  
	SECTION 3.02.	  	 Authorization; No Conflicts
	  	 	52	  
	SECTION 3.03.	  	 Enforceability
	  	 	52	  
	SECTION 3.04.	  	 Governmental Approvals
	  	 	52	  
	SECTION 3.05.	  	 Financial Statements
	  	 	52	  
	SECTION 3.06.	  	 No Material Adverse Change
	  	 	53	  
	SECTION 3.07.	  	 Title to Properties
	  	 	53	  
	SECTION 3.08.	  	 Subsidiaries
	  	 	54	  
	SECTION 3.09.	  	 Litigation; Compliance with Laws
	  	 	55	  
	SECTION 3.10.	  	 Agreements
	  	 	55	  
	SECTION 3.11.	  	 Federal Reserve Regulations
	  	 	56	  
	SECTION 3.12.	  	 Investment Company Act
	  	 	56	  
	SECTION 3.13.	  	 Use of Proceeds
	  	 	56	  
	SECTION 3.14.	  	 Tax Returns
	  	 	56	  
	SECTION 3.15.	  	 No Material Misstatements
	  	 	57	  
	SECTION 3.16.	  	 Employee Benefit Plans
	  	 	57	  
	SECTION 3.17.	  	 Environmental Matters
	  	 	57	  
	SECTION 3.18.	  	 Insurance
	  	 	58	  
	SECTION 3.19.	  	 Security Documents
	  	 	58	  
	SECTION 3.20.	  	 Location of Real Property
	  	 	60	  
	SECTION 3.21.	  	 Labor Matters
	  	 	60	  
	SECTION 3.22.	  	 Liens
	  	 	60	  
	SECTION 3.23.	  	Intellectual Property	  	 	60	  
	SECTION 3.24.	  	Solvency	  	 	60	  
	SECTION 3.25.	  	Transaction Documentation	  	 	61	  
	SECTION 3.26.	  	Permits	  	 	61	  
	SECTION 3.27.	  	Reinsurance Agreements	  	 	61	  
	SECTION 3.28.	  	Senior Indebtedness	  	 	62	  
	SECTION 3.29.	  	OFAC	  	 	62	  
	SECTION 3.30.	  	Patriot Act	  	 	62	  
		
	ARTICLE IV.	  			
		
	Conditions of Lending	  			
		
	ARTICLE V.	  			
		
	Affirmative Covenants	  			
	SECTION 5.01.	  	 Existence; Businesses and Properties
	  	 	66	  
	SECTION 5.02.	  	 Insurance
	  	 	66	  
	SECTION 5.03.	  	 Taxes
	  	 	66	  

  
 ii 

							
	SECTION 5.04.	  	 Financial Statements, Reports, etc.
	  	 	67	  
	SECTION 5.05.	  	 Litigation and Other Notices
	  	 	70	  
	SECTION 5.06.	  	 Information Regarding Collateral
	  	 	70	  
	SECTION 5.07.	  	 Maintaining Records; Access to Properties and Inspections; Environmental Assessments
	  	 	71	  
	SECTION 5.08.	  	 Use of Proceeds
	  	 	72	  
	SECTION 5.09.	  	 Additional Collateral, etc.
	  	 	72	  
	SECTION 5.10.	  	 Further Assurances
	  	 	75	  
	SECTION 5.11.	  	 Interest Rate Protection
	  	 	75	  
	SECTION 5.13.	  	 Maintain Reinsurance
	  	 	75	  
	SECTION 5.14.	  	 Tax Sharing Arrangements
	  	 	75	  
	SECTION 5.15.	  	 Compliance with Laws and Agreements
	  	 	76	  
	SECTION 5.16.	  	 Deposit Accounts
	  	 	76	  
	SECTION 5.17.	  	 Retail Letter of Credit
	  	 	76	  
		
	ARTICLE VI.	  			
		
	Negative Covenants	  			
	SECTION 6.01.	  	 Indebtedness
	  	 	76	  
	SECTION 6.02.	  	 Liens
	  	 	78	  
	SECTION 6.03.	  	 Sale and Lease-Back Transactions
	  	 	80	  
	SECTION 6.04.	  	 Investments, Loans and Advances
	  	 	80	  
	SECTION 6.05.	  	 Mergers, Consolidations, Sales of Assets
	  	 	81	  
	SECTION 6.06.	  	 Restricted Payments; Restrictive Agreements
	  	 	82	  
	SECTION 6.07.	  	 Transactions with Affiliates
	  	 	83	  
	SECTION 6.08.	  	 Business of the Borrower; Limitation on Hedging Agreements
	  	 	84	  
	SECTION 6.09.	  	 Other Indebtedness; Amendments to Retail Sale Purchase Documentation
	  	 	84	  
	SECTION 6.10.	  	 Capital Expenditures
	  	 	85	  
	SECTION 6.11.	  	 Minimum Reserves
	  	 	86	  
	SECTION 6.12.	  	 Minimum EBITDA
	  	 	86	  
	SECTION 6.13.	  	 Minimum Risk-Based Capital Ratio
	  	 	86	  
	SECTION 6.14.	  	 Loss Ratio
	  	 	86	  
	SECTION 6.15.	  	 Reserved
	  	 	86	  
	SECTION 6.16.	  	 Fiscal Year
	  	 	86	  

  
 iii 

							
		
	ARTICLE VII. Events of Default	  			
		
	ARTICLE VIII.	  			
		
	The Agents	  			
		
	ARTICLE IX.	  			
		
	Miscellaneous	  			
	SECTION 9.01.	  	 Notices
	  	 	94	  
	SECTION 9.02.	  	 Survival of Agreement
	  	 	97	  
	SECTION 9.03.	  	 Binding Effect
	  	 	97	  
	SECTION 9.04.	  	 Successors and Assigns
	  	 	97	  
	SECTION 9.05.	  	 Expenses; Indemnity
	  	 	101	  
	SECTION 9.06.	  	 Right of Setoff
	  	 	103	  
	SECTION 9.07.	  	 Applicable Law
	  	 	103	  
	SECTION 9.08.	  	 Waivers; Amendment
	  	 	103	  
	SECTION 9.09.	  	 Interest Rate Limitation
	  	 	107	  
	SECTION 9.10.	  	 Entire Agreement
	  	 	107	  
	SECTION 9.11.	  	 WAIVER OF JURY TRIAL
	  	 	107	  
	SECTION 9.12.	  	 Severability
	  	 	108	  
	SECTION 9.13.	  	 Counterparts
	  	 	108	  
	SECTION 9.14.	  	 Headings
	  	 	108	  
	SECTION 9.15.	  	 Jurisdiction; Consent to Service of Process
	  	 	108	  
	SECTION 9.16.	  	 Confidentiality
	  	 	109	  

 Exhibits and Schedules 
  

			
	Exhibit A	  	Form of Administrative Questionnaire
	Exhibit B	  	Form of Affiliate Subordination Agreement
	Exhibit C	  	Form of Assignment and Assumption
	Exhibit D	  	Form of Borrowing Request
	Exhibit E	  	Form of Guarantee and Collateral Agreement
	Exhibit F	  	Form of Perfection Certificate
	Exhibit G	  	Form of U.S. Tax Compliance Certificate
		
	Schedule I	  	Commitments
	Schedule 1.01(b)	  	Subsidiary Guarantors
	Schedule 3.08 (a)	  	Subsidiaries
	Schedule 3.08(b)	  	Additional Prohibitions and Restrictions
	Schedule 3.09	  	Litigation
	Schedule 3.17	  	Environmental Matters
	Schedule 3.18	  	Insurance
	Schedule 3.19(a)	  	UCC Filing Offices
	Schedule 3.20	  	Owned Real Property
	Schedule 3.26	  	Regulated Insurance Subsidiary Permits
	Schedule 6.01	  	Existing Indebtedness
	Schedule 6.02	  	Existing Liens
	Schedule 6.04	  	Existing Investments

  
 iv 

 CREDIT AGREEMENT dated as of September 30, 2013 (this “Agreement”), among
AFFIRMATIVE INSURANCE HOLDINGS, INC., a Delaware corporation (the “Borrower”), the LENDERS from time to time party hereto, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity and together with its
successors and permitted assigns, the “Administrative Agent”) and CREDIT SUISSE SECURITIES (USA) LLC, as sole bookrunner and sole lead arranger. 

The parties hereto agree as follows: 

ARTICLE I. 
 Definitions

 SECTION 1.01. Defined Terms 

As used in this Agreement, the following terms shall have the meanings specified below: 

“2004 Debentures” shall mean the $30,928,000 aggregate principal amount of Junior Subordinated Debt Securities due 2035 issued
by Borrower to Affirmative Trust I, as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“2005 Debentures” shall mean the $25,774,000 aggregate principal amount of Junior Subordinated Debt Securities due 2035
issued by Borrower to Affirmative Trust II, as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquired Entity” shall have the
meaning set forth in the definition of Permitted Acquisition. 
 “Adjusted LIBO Rate” shall mean, with respect to any
EuroDollar Borrowing for any Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period and (b) Statutory Reserves; provided, however that notwithstanding the foregoing, the
Adjusted LIBO Rate shall at no time be less than 1.25% per annum. 
 “Administrative Agent” shall have the meaning
assigned to such term in the preamble. 
 “Administrative Agent Fees” shall have the meaning assigned to such term in
Section 2.05(b). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire substantially in the
form of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent. 

 “Affiliate” shall mean, when used 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; provided, however, that, for purposes of Section 6.07, the term
“Affiliate” shall also include any Person that directly or indirectly owns 10% or more of any class of Equity Interests of the Person specified or that is an officer or director of the Person specified. 

“Affiliate Subordination Agreement” shall mean an Affiliate Subordination Agreement substantially in the form of Exhibit B
pursuant to which intercompany obligations and advances owed by any Loan Party are subordinated to the Obligations. 
 “Affirmative
Intercompany Tax Agreement” shall have the meaning assigned to such term in Section 5.13. 
 “Affirmative Trust
I” shall mean Affirmative Insurance Holdings Statutory Trust I, a special purpose statutory Delaware business trust established by Borrower, of which Borrower holds all the common securities, which purchased from Borrower the 2004
Debentures. 
 “Affirmative Trust II” shall mean Affirmative Insurance Holdings Statutory Trust II, a special purpose
statutory Delaware business trust established by Borrower, of which Borrower holds all the common securities, which purchased from Borrower the 2005 Debentures. 

“Agents” shall have the meaning assigned to such term in Article VIII. 

“Agreement” shall have the meaning assigned to such term in the preamble. 

“A.M. Best” shall mean A.M. Best & Company, Inc. 

“Alternate Base Rate” shall mean, 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 1.00%; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate determined on such day at approximately 11 a.m. (London time) by reference to the British Bankers’ Association Interest
Settlement Rates (or by reference to any successor or substitute entity or other quotation service providing comparable quotations to such British Bankers’ Association Interest Settlement Rates) for deposits in dollars (as set forth by any
service selected by the Administrative Agent that has been nominated by the British Bankers’ Association (or any successor or substitute agency) as an authorized vendor for the purpose of displaying such rates). 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 as of the opening of business on the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate, respectively. 
 “Applicable Margin” shall mean (a) with respect to the Loans that are EuroDollar
Loans, 7.25%; and (b) with respect to Loans that are ABR Loans, 6.25%. 

  
 2 

 “Applicable Prepayment Premium” means, as of any date of determination, an
amount equal to (a) during the period of time from and after the Closing Date up to and including the date that is the first anniversary of the Closing Date, 3.00% times the principal amount of any prepayment of the Loans on such date,
(b) during the period of time after the date that is the first anniversary of the Closing Date up to and including the date that is the second anniversary of the Closing Date, 2.00% times the principal amount of any prepayment of the
Loans on such date, (c) during the period of time after the date that is the second anniversary of the Closing Date up to and including the date that is the third anniversary of the Closing Date, 1.00% times the principal amount of any
prepayment of the Loans on such date and (d) thereafter, zero. Notwithstanding the foregoing or anything to the contrary contained herein, no Applicable Prepayment Premium shall be due and owing (x) for the period commencing on the Closing
Date and ending on the 91st day after the primary syndication efforts for the Facility shall have been completed (as reasonably determined by the Arranger in consultation with the Borrower) so
long as the Loans are paid in full with the proceeds of newly incurred Indebtedness substantially concurrently with the application of the prepayment or (y) in connection with (i) any mandatory prepayment of the Loans resulting from the
events described in Sections 2.13(a) and (e) and (ii) any repayment of the Loans in accordance with Section 2.11. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” shall mean CS
Securities acting in its capacity as sole bookrunner and sole lead arranger for the Facility. 
 “Asset Sale” shall mean
the sale, lease, sub-lease, sale and leaseback, assignment, conveyance, transfer, issuance or other disposition (by way of merger, casualty, condemnation or otherwise) by the Borrower or any Subsidiary to any Person other than the Borrower or any
Subsidiary Guarantor of (a) any Equity Interests of any of the Subsidiaries or (b) any other assets of the Borrower or any of the Subsidiaries, including Equity Interests of any Person that is not a Subsidiary (other than
(i) inventory, obsolete or worn out assets, scrap and Permitted Investments, in each case disposed of in the ordinary course of business, (ii) Permitted Liens, (iii) leases, subleases, licenses or sublicenses (including with respect
to intellectual property including the provision of software under an open source license), in each case in the ordinary course of business and that do not materially interfere with the business of the Borrower and its Subsidiaries,
(iv) dispositions of property to the extent that (A) such property is exchanged for credit against the purchase price of similar replacement property or (B) the proceeds of such disposition are promptly applied to the purchase price
of such replacement property, (v) transfers of property subject to casualty or condemnation, (vi) the unwinding of any Hedging Agreement pursuant to its terms, (vii) terminations of leases, subleases, licenses and sublicenses in the
ordinary course of business) and (viii) the sale or discount by any Regulated Insurance Subsidiary without recourse and in the ordinary course of business of overdue accounts receivable arising in the ordinary course of business but only in
connection with the compromise or collection thereof consistent with customary industry practice (and not part of any bulk sale or financing transaction)). 

  
 3 

 “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in substantially the form of Exhibit C or any other form approved by the Administrative
Agent and, to the extent its consent is required, the Borrower. 
 “Authorized Control Level” shall mean “Authorized
Control Level Risk-Based Capital” as defined by the NAIC as of December 31, 1994, as such definition has been amended from time to time, and as applied in the context of the Risk-Based Capital Guidelines promulgated by the NAIC. 

“Benefit Plan” shall mean 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, 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. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States
of America. 
 “Borrower” shall have the meaning assigned to such term in the preamble. 

“Borrower Subordinated Notes” shall mean (i) the 2004 Debentures and (ii) the 2005 Debentures. 

“Borrower Trust Preferred Note Documents” shall mean each of the indentures under which each of the Borrower Subordinated
Notes is issued and all other instruments, agreements and other documents evidencing or governing each of the Borrower Subordinated Notes or providing any Guarantee or other right in respect thereof, as the same may amended, supplemented or
otherwise modified from time to time in accordance with this Agreement. 
 “Borrowing” shall mean 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” shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially
in the form of Exhibit D, or such other form as shall be approved by the Administrative Agent. 
 “Breakage Event”
shall have the meaning assigned to such term in Section 2.16. 
 “Business” shall mean the businesses of the
Borrower and its Subsidiaries limited to the provision of non-standard automobile insurance and the premium finance thereof, including businesses incidental, related, corollary thereto or a reasonable
extension thereof. 
 “Business Day” shall mean any day other than a Saturday, Sunday or day on which commercial banks in
New York City are authorized or required by law to close; provided, however, that when used in connection with a EuroDollar Loan (including with respect to all notices and determinations in connection therewith and any payments of
principal, interest or other amounts thereon), the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market. 

  
 4 

 “Capital Expenditures” shall mean, for any period, with respect to any Person,
(a) the additions to property, plant and equipment and other capital expenditures of such Person and its consolidated Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of such Person for such period
prepared in accordance with GAAP and (b) Capital Lease Obligations incurred by such Person and its consolidated Subsidiaries during such period other than: (i) to the extent permitted by this Agreement, a reinvestment of the Net Cash
Proceeds of any Asset Sale or Recovery Event, (ii) expenditures that are accounted for as capital expenditures of such Person and that actually are paid for by a third party (excluding the Borrower or any of its Subsidiaries) and for which the
Borrower or any Subsidiary has not provided or is not required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any other Person (whether before, during or after such period), (iii) the
purchase price of equipment purchased during such period to the extent the consideration therefor consists of any combination of (x) used, worn out, obsolete or surplus equipment traded in at the time of such purchase and (y) the proceeds
of a concurrent sale of used, worn out, obsolete or surplus equipment, in each case, in the ordinary course of business or (iv) any expenditure or Capital Lease Obligations arising in connection with the Electronic Data Processing Equipment and
Software Sale and Leaseback Transaction. 
 “Capital Lease Obligations” of any Person shall mean 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, and the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. For purposes of this Agreement, the amount of such obligations shall be
the capitalized amount thereof determined in accordance with GAAP consistently applied with the principles existing on the Closing Date; provided, however that, in the sole discretion of the Borrower, any obligations relating to a
lease that was accounted for by a Loan Party as an operating lease as of the Closing Date and any similar lease entered into after the Closing Date shall be accounted for as an operating lease and not a Capital Lease Obligation for all purposes
under this Agreement and the other Loan Documents. 
 “Cash Flow” shall mean, for any relevant 12 month fiscal period,
the sum, without duplication, of (i) for the Borrower, USAgencies and their respective subsidiaries (other than the Regulated Insurance Subsidiaries), Consolidated EBITDA for the relevant period, (ii) all state and federal income tax
expenses incurred by the Regulated Insurance Subsidiaries for the relevant period, and (iii) the greater of (a) combined statutory earnings for all Regulated Insurance Subsidiaries for the December 31st calendar period most recently ended prior to the relevant period, and (b) the sum of 10% of surplus of all Regulated Insurance Subsidiaries as of the last day of the December 31st calendar period most recently ended prior to the relevant period, provided that for purposes of calculating Cash Flow for any period (A) the Cash Flow of USAgencies and of any other
Acquired Entity acquired by the Borrower or any Subsidiary pursuant to a Permitted Acquisition during such period shall be included on a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence or assumption
of any Indebtedness in connection therewith occurred as of the first day of such period) and 

  
 5 

 
(B) the Cash Flow of any person or line of business sold or otherwise disposed of by the Borrower or any Subsidiary during such period for shall be excluded for such period (assuming the
consummation of such sale or other disposition and the repayment of any Indebtedness in connection therewith occurred as of the first day of such period). The preceding formula shall be adjusted on a proportionate basis for any relevant period that
is not a fiscal twelve month period. 
 “Cash Management Obligations” means obligations owed by the Borrower or any
Subsidiary in respect of any overdraft and liabilities arising from treasury, depository and Cash Management Services. 
 “Cash
Management Services” means any one or more of the following types of services or facilities provided to the Borrower or any Subsidiary by any Person: (a) ACH transactions; (b) cash management services, including, without
limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer services; (c) foreign exchange facilities; (d) credit card processing services; (e) purchase cards; and (f) credit or
debit cards. 
 “CFC” shall mean a “controlled foreign corporation” as such term is defined in Section 957
of the Code. 
 “Change in Control” shall be deemed to have occurred if (a) the Permitted Holders shall fail to own
directly or indirectly, beneficially and of record, Equity Interests representing at least the Required Minimum Percentage of the aggregate ordinary voting power and aggregate equity value represented by the issued and outstanding Equity Interests
in the Borrower, (b) any “Person” or “group” (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the date hereof) other than the Permitted
Holders shall own directly or indirectly, beneficially or of record, Equity Interests representing a greater percentage of either the aggregate ordinary voting power or the aggregate equity value represented by the issued and outstanding Equity
Interests in the Borrower then held, directly or indirectly, beneficially and of record, by the Permitted Holders, (c) a majority of the seats (other than vacant seats) on the board of directors of the Borrower shall at any time be occupied by
Persons who are not Continuing Directors, (d) the Borrower shall at any time fail to own directly or indirectly, beneficially and of record, 100% of each class of issued and outstanding Equity Interests in each of its direct wholly-owned Subsidiaries free and clear of all Liens (other than Liens permitted hereby) or (e) any change of control (or similar event, however denominated) with respect to the Borrower or any Subsidiary
shall occur under and as defined in the Subordinated Debt Documents to which the Borrower or any Subsidiary is a party. 
 “Change
in Law” shall mean the occurrence, after the date of this Agreement, 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, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental
Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or 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 or issued. 

  
 6 

 “Charges” shall have the meaning assigned to such term in Section 9.09. 

“Closing Date” shall mean September 30, 2013. 

“Closing Date Material Adverse Effect” as defined in the Retail Sale Purchase Agreement. 

“Closing Date Subordinated Credit Agreement” shall mean that certain Subordinated Credit Agreement, dated as of the Closing
Date, by and among the Borrower, the Lenders party thereto from time to time, the Subordinated Administrative Agent and the Subordinated Collateral Agent as the same may be amended, supplemented or otherwise modified from time to time in accordance
with this Agreement. 
 “Closing Date Subordinated Debt” shall mean all Indebtedness outstanding under the Subordinated
Debt Documents. 
 “Closing Date Subordinated Debt Documents” shall mean the Closing Date Subordinated Credit Agreement and
all other Loan Documents (as defined in the Closing Date Subordinated Credit Agreement) as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“Code” shall mean the Internal Revenue Code of 1986. 

“Collateral” shall mean all property and assets of the Loan Parties, now owned or hereafter acquired, upon which a Lien is
purported to be created by any Security Document; provided, that in no event shall “Collateral” include any Excluded Assets. 

“Collateral Agent” shall mean Credit Suisse AG, Cayman Islands Branch, and its successors and permitted assigns. 

“Commitment” shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Loans hereunder as set
forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender assumed its Commitment, as applicable. The initial aggregate amount of the Commitments is $40,000,000. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated Cash Interest Expense” shall mean, for any period,
Consolidated Interest Expense with respect to senior secured Indebtedness and Subordinated Debt for such period, excluding (i) any amount not payable in cash, (ii) any fees, costs or expenses associated with the consummation of the
Transactions, (iii) annual agency fees paid to the Administrative Agent, (iv) costs or expenses associated with obtaining any Hedging Agreement, (v) fees, costs or expenses associated with any Investment permitted hereunder, equity
issuance or debt issuance (in each case, whether or not consummated) and (vi) fees, costs or expenses incurred in connection with any amendment, waiver, supplement or other modification of any Loan Document. 

  
 7 

 “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for
such period plus (a) without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated Interest Expense for such period, (ii) consolidated income tax expense for such period,
(iii) all amounts attributable to depreciation and amortization for such period, (iv) any non-cash charges, write-downs, expenses or losses reducing Consolidated Net Income for such period (other than the write-down of current assets),
(v) any fees, costs and expenses related to the consummation of the Transactions, (vi) any expenses or charges (other than depreciation or amortization expense) related to any amendment or other modification of the Loans or the Loan
Documents or the Subordinated Debt or the Subordinated Debt Documents (whether or not consummated), (vii) unusual, nonrecurring or extraordinary charges or expenses in an amount not to exceed $2,000,000, (provided that to the extent that all or
any portion of the income of any person is excluded from Consolidated Net Income pursuant to the definition thereof for all or any portion of such period any amounts set forth in the preceding clauses (i) through (vii) that are
attributable to such Person shall not be included for purposes of this definition for such period or portion thereof), and minus (b) without duplication (i) all cash payments made during such period on account of reserves, restructuring
charges and other non-cash charges, write-downs, expenses or losses added to Consolidated Net Income pursuant to clause (a)(iv) above in a previous period and (ii) to the extent included in determining such Consolidated Net Income, any
extraordinary gains and all non-cash items of income for such period, all determined on a consolidated basis in accordance with GAAP; provided that for purposes of calculating Consolidated EBITDA for any period (A), the Consolidated EBITDA of
any Acquired Entity acquired by the Borrower or any Subsidiary pursuant to a Permitted Acquisition during such period shall be included on a pro forma basis for such period (assuming the consummation of such acquisition and the
incurrence or assumption of any Indebtedness in connection therewith occurred as of the first day of such period) and (B) the Consolidated EBITDA of any Person or line of business sold or otherwise disposed of by the Borrower or any Subsidiary
during such period for shall be excluded for such period (assuming the consummation of such sale or other disposition and the repayment of any Indebtedness in connection therewith occurred as of the first day of such period). 

“Consolidated Interest Expense” shall mean, for any period, the sum of (a) the interest expense (including imputed
interest expense in respect of Capital Lease Obligations and Synthetic Lease Obligations) of the Borrower and its Non-Regulated Subsidiaries for such period (including all commissions, discounts and other fees and charges owed by the Borrower and
the Non-Regulated Subsidiaries with respect to letters of credit and bankers’ acceptance financing), net of interest income, in each case determined on a consolidated basis in accordance with GAAP, plus (b) any interest and fees accrued
during such period in respect of Indebtedness of the Borrower or any Non-Regulated Subsidiary that is required to be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP, provided that for
purposes of calculating Consolidated Interest Expense for any period (A), the Consolidated Interest Expense of any Acquired Entity acquired by the Borrower or any Subsidiary pursuant to a Permitted Acquisition during such period shall be included on
a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence 

  
 8 

 
or assumption of any Indebtedness in connection therewith occurred as of the first day of such period) and (B) the Consolidated Interest Expense of any Person or line of business sold or
otherwise disposed of by the Borrower or any Non-Regulated Subsidiary in accordance with the terms of this Agreement during such period shall be excluded for such period (assuming the consummation of such sale or other disposition and the repayment
of any Indebtedness in connection therewith occurred as of the first day of such period). For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments made or received by the Borrower or any Subsidiary
with respect to interest rate Hedging Agreements. 
 “Consolidated Net Income” shall mean, for any period, the net income
or loss of the Borrower and the Non-Regulated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by the Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental
regulation applicable to such Non-Regulated Subsidiary, (b) the income or loss of any Person accrued prior to the date it becomes a Non-Regulated Subsidiary or is merged into or consolidated with the Borrower or any Non-Regulated Subsidiary or
the date that such Person’s assets are acquired by the Borrower or any Non-Regulated Subsidiary, (c) the income of any Person (other than a Non-Regulated Subsidiary) in which any other Person (other than the Borrower or a Wholly Owned
Non-Regulated Subsidiary or any director holding qualifying shares in accordance with applicable law) has an interest, except to the extent of the amount of dividends or other distributions actually paid to the Borrower or a Wholly Owned
Non-Regulated Subsidiary by such Person during such period in respect of such income and (d) any gains attributable to sales of assets out of the ordinary course of business. 

“Continuing Directors” shall mean, at any time, any member of the board of directors of Borrower who (a) was a member of
such board of directors on the Closing Date, or (b) was nominated for election or elected to such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such
nomination or election (or the Permitted Holders). 
 “Control” shall mean 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 ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto. 
 “Controlled Account” means a Deposit Account of a Loan Party which is subject to the
control of the Collateral Agent, for the benefit of the Secured Parties, in accordance with the terms of the Guarantee and Collateral Agreement. 

“Cure Expiration Date” shall have the meaning assigned to it in Article VII(o). 

“Cure Notice” shall have the meaning assigned to it in Article VII(o). 

  
 9 

 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America,
and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Default” shall mean any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would constitute an Event of Default. 
 “Deposit Account” means a
demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

“Disclosure Exceptions” shall mean documents (a) subject to attorney-client privilege or constitutes attorney
work-product, (b) subject to contractually binding confidentiality obligations owed to a third party existing prior to the date of this Agreement or confidential agreements entered into in the ordinary course of business consistent with past
practice (and not made in contemplation of this Agreement) or (c) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by applicable law. 

“Disqualified Institution” shall mean any entity identified by the Borrower in writing to the Administrative Agent prior to
the Closing Date. 
 “Dollars” or “$” shall mean lawful money of the United States of America. 

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

“Domestic Subsidiaries” shall mean all Subsidiaries incorporated, formed or organized under the laws of the United States of
America, any State thereof or the District of Columbia. 
 “Eligible Assignee” shall mean any Person, other than Borrower
or any Subsidiary or Affiliate thereof, including any Permitted Holder or any Sponsor Related Entity, that meets the requirements to be an assignee under Section 9.04(b)(iii), (v) and (vi) (subject to such consents, if any, as may be
required under Section 9.04(b)(iii)). 
 “Engagement Letter” shall mean the Engagement Letter, dated as of
September 26, 2013, by and between the Borrower and the Administrative Agent. 
 “Environmental Laws” shall mean all
former, current and future Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders (including consent orders), and agreements in each case, relating to
protection of the environment, natural resources, human health and safety or the presence, Release of, threatened Release, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage,
transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials. 

  
 10 

 “Environmental Liability” shall mean all liabilities, obligations, damages,
losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to
(a) compliance or non-compliance with 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 or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 “Environmental Permit” shall mean any Permit issued pursuant to any Environmental Law. 

“Equity Interests” shall mean shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any Person, or any obligations convertible into or exchangeable for, or giving any Person a right, option or warrant to acquire, such equity interests or such convertible or
exchangeable obligations; provided, that any instrument evidencing Indebtedness convertible or exchangeable for Capital Stock shall not be deemed to be Equity Interests, unless and until any such instruments are so converted or exchanged. 

“Equity Issuance” shall mean any issuance or sale by the Borrower of any Equity Interests of the Borrower, or the receipt by
the Borrower of any capital contribution, as applicable, except in each case for (a) any issuance of directors’ qualifying shares and (b) sales or issuances of common stock of Borrower to management or employees of the Borrower or any
Subsidiary under any employee stock option or stock purchase plan or employee Benefit Plan in existence from time to time in the ordinary course of business. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” shall mean 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” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder, with respect to a Benefit Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Benefit Plan to satisfy the “minimum funding standard” under
Section 412 and 430 of the Code or Section 302 and 303 of ERISA, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Benefit 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 Benefit Plan or the

  
 11 

 
withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Benefit Plan or Multiemployer Plan; (e) the receipt by the Borrower or any of its ERISA Affiliates
from the PBGC or a plan administrator of any notice relating to the intention to terminate any Benefit Plan or Plans or to appoint a trustee to administer any Benefit Plan; (f) the adoption of any amendment to a Benefit Plan that would require
the provision of security pursuant to Section 436(f) of the Code; (g) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates 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, or in “critical” or
“endangered” status under Section 432 of the Code and Section 305 of ERISA; (h) the occurrence of a “prohibited transaction” with respect to which the Borrower or any of the Subsidiaries is a “disqualified
Person” (within the meaning of Section 4975 of the Code) or with respect to which the Borrower or any such Subsidiary could otherwise be liable; or (i) any other event or condition with respect to a Benefit Plan or Multiemployer Plan
that could result in liability of the Borrower or any Subsidiary. “EuroDollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate. 
 “EuroDollar Loan” shall mean a Loan that bears interest at a rate
based on the definition of Adjusted LIBO Rate. 
 “Event of Default” shall have the meaning assigned to such term in
Article VII. 
 “Excess Cash Flow” shall mean, for any relevant twelve (12) month fiscal period, without
duplication, Cash Flow, less (a) the consolidated aggregate amount of all Capital Expenditures for such period, including capital payments for business expenditures and investments, such as capital lease payments, (b) consolidated state
and federal income taxes for such period, (c) Consolidated Interest Expense, (d) ordinary corporate dividends made in accordance with the terms hereof during such period and (e) cash consideration utilized for Permitted Acquisitions
during the relevant twelve (12) month fiscal period. The preceding formula shall be adjusted on a pro rata basis for any relevant period that is not a fiscal twelve (12) month period. 

“Excluded Account” means, individually or collectively as the context requires, any deposit account used for payroll, taxes
or other employee wage and benefit payments or trust or escrow deposit accounts. 
 “Excluded Assets” shall have the
meaning set forth in the Guarantee and Collateral Agreement. 
 “Excluded Foreign Subsidiaries” shall mean, at any time,
(a) any Foreign Subsidiary that is a CFC, (b) any Domestic Subsidiary of a Foreign Subsidiary that is a CFC, (c) any Domestic Subsidiary that has no material assets other than Equity Interests of one or more Foreign Subsidiaries that
are CFCs or (d) any Subsidiary that is prohibited by applicable law from guaranteeing the Obligations. 

  
 12 

 Excluded Subsidiaries” means collectively, Excluded Foreign Subsidiaries, each TruPS
Business Trust, each Real Estate Subsidiary, each Regulated Insurance Subsidiary, each Qualified Insurance Holding Company, each Immaterial Subsidiary and each Subsidiary that is prohibited by applicable law, rule or regulation or, to the extent
that such obligation would prevent the granting of such Guarantee, by any contractual obligation existing on the Closing Date or existing at the time of acquisition thereof from Guaranteeing the Loans (to the extent such contractual obligation was
not created in contemplation of such acquisition) or which would require governmental (including regulatory) consent, approval, license or authorization to provide a Guarantee (unless such consent, approval, license or authorization has been
received). 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be
withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), (ii) imposed by the United States or
(iii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan (other than pursuant to an assignment request by the Borrower under Section 2.21) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending
office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.20 and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Credit Facility” shall mean that certain Credit Agreement, dated as of January 31, 2007, by and among the
Borrower, the lenders party thereto and US Bank, National Association (as successor to Credit Suisse, Cayman Islands Branch), as administrative agent for such lenders. 

“Existing TruPS Business Trusts” shall mean Affirmative Trust I and Affirmative Trust II. 

“Extended Loans” shall have the meaning assigned to such term in Section 9.08(c)(ii). 

“Extending Lender” shall have the meaning assigned to such term in Section 9.08(c)(ii). 

“Extension” shall have the meaning assigned to such term in Section 9.08(c). 

“Extension Offer” shall have the meaning assigned to such term in Section 9.08(c). 

“Extraordinary Receipts” means any Net Cash Proceeds received by any Loan Party or any of their respective Subsidiaries not
in the ordinary course of business (and not consisting of proceeds described in Section 2.13(b), (c), (d), (e) or (f) hereof), including, without limitation, (a) foreign, federal, state or local income tax refunds,
(b) pension plan reversions, (c) proceeds of 

  
 13 

 
insurance to the extent not constituting a Recovery Event, (d) judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action or litigation, and
(e) condemnation awards (and payments in lieu thereof) to the extent not constituting a Recovery Event. 
 “Facility”
means the Commitments and the Loans made hereunder. 
 “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), any current or future regulations or official interpretations thereof and any agreements entered into pursuant
to Section 1471(b)(1) of the Code. 
 “Federal Funds Effective Rate” shall mean, for any day, the weighted average 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 of the quotations for the day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Fee Letter” shall mean the Fee Letter dated as of September 30, 2013, among the Borrower, CS and CS Securities. 

“Fees” shall mean the fees payable under the Engagement Letter and the Fee Letter. 

“Financial Officer” of any Person shall mean the chief financial officer, principal accounting officer, treasurer or
controller of such Person. 
 “Financial Reinsurance Agreement” shall mean a reinsurance agreement covering any transaction
in which any Regulated Insurance Subsidiary cedes business that does not meet the conditions for reinsurance accounting as provided by the Financial Accounting Standards Board in Statement of Financial Accounting Standards No. 113, as the same
may be revised, replaced, or supplemented from time to time. 
 “Foreign Lender” means a Lender that is not a U.S. Person.

 “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary. 

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

“GAAP” shall mean generally accepted accounting principles in the United States. 

“Governmental Authority” shall mean the government of the United States of America or any other nation, or of 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 (including any supra-national bodies such as the European Union or the European Central Bank). 

  
 14 

 “Guarantee” of or by any Person (the “guarantor”) shall mean
any obligation, contingent or otherwise, of (a) the guarantor or (b) another Person (including any bank under a letter of credit) to induce the creation of which the guarantor has issued a reimbursement, counterindemnity or similar
obligation, in either case 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, contingent or otherwise, of the guarantor, direct or indirect, (i) 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 of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
of such Indebtedness or other obligation, (iii) 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, (iv) to act as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (v) to otherwise assure or hold harmless the owner of such Indebtedness or other
obligation against loss in respect thereof; provided, however, that the term “Guarantee” shall not include (x) endorsements for collection or deposit in the ordinary course of business or (y) obligations of
Regulated Insurance Subsidiaries under Insurance Contracts, Reinsurance Agreements or Retrocession Agreements and the terms “Guaranteeing” and “Guaranteed” shall have meanings correlative thereto. 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. 
 “Guarantee and Collateral
Agreement” shall mean the Guarantee and Collateral Agreement substantially in the form of Exhibit E, to be executed and delivered by the Borrower and each Subsidiary Guarantor. 

“Hazardous Materials” shall mean any petroleum (including crude oil or fraction thereof) or petroleum products or byproducts,
or any pollutant, contaminant, chemical, compound, constituent, or hazardous, toxic or other substances, materials or wastes defined, or regulated as such by, or pursuant to, any Environmental Law, or requires removal, remediation or reporting under
any Environmental Law, including asbestos, or asbestos containing material, radon or other radioactive material, polychlorinated biphenyls and urea formaldehyde insulation. 

“Hedging Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, fuel or other commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk
or value or any similar transaction or any combination of these transactions; provided, however, that no phantom stock or similar plan providing for payments and on account of services provided by current or former directors, officers,
employees or consultants of the Borrower or any Subsidiary shall be a Hedging Agreement. 

  
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 “Immaterial Subsidiary” means a Subsidiary of the Borrower that, individually or
in the aggregate with all other Immaterial Subsidiaries so designated by the Borrower, (a) accounted for less than 2.5% of Consolidated EBITDA of the Borrower for the most recently completed fiscal quarter with respect to which, financial
statements have been, or are required to have been, delivered by the Borrower on or before the date as of which any such determination is made, as reflected in such financial statements, and (b) has assets which represent less than 2.5% of the
Total Assets (as defined by GAAP) of the Borrower as of the last day of the most recently completed fiscal quarter with respect to which, financial statements have been, or are required to have been, delivered by the Borrower on or before the date
as of which any such determination is made, as reflected in such financial statements. 
 “Indebtedness” of any Person
shall mean, 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 under conditional sale or other title retention agreements relating to property or assets acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property
or services (other than current trade accounts payable incurred in the ordinary course of business, which for the avoidance of doubt, shall mean trade payables that are no more than ninety (90) days outstanding after the earlier of (i) the
typical payment date or (ii) the required payment date), (e) all obligations of such person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity Interests in such person, (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; provided that if such Indebtedness has expressly not been assumed, the amount of such Indebtedness for purposes of this Agreement shall be the lesser of (1) the amount of such Indebtedness and (2) the fair market value of the
collateral subject to such Lien, (g) all obligations of such Person under Financial Reinsurance Agreements, (h) all Guarantees by such Person of Indebtedness of others, (i) all Capital Lease Obligations or Synthetic Lease Obligations
of such Person, (j) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (k) all obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other Person (including any 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 other Person, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. For the avoidance of doubt, Indebtedness shall not include
(obligations to employees undertaken in the ordinary course and consistent with past practice under health or disability employee benefit programs not constituting obligations for borrowed money. 

“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” shall have the meaning assigned to it in Section 9.05(b). 

“IRS” shall mean the United States Internal Revenue Service. 

  
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 “Indemnified Liabilities” shall have the meaning assigned to it in Section
9.05(b). 
 “Indemnitee” shall have the meaning assigned to such term in Section 9.05. 

“Information” shall have the meaning assigned to such term in Section 9.16. 

“Installment Agreement” shall mean an agreement or arrangement (however evidenced) pursuant to which a policyholder agrees to
pay a Regulated Insurance Subsidiary the premium cost on an insurance policy at a future date in one or more installments, together with a service charge. 

“Insurance Business” shall mean one or more aspects of the business of (a) selling, issuing or underwriting non-standard personal auto insurance and (b) selling or issuing reinsurance substantially related to the foregoing. 

“Insurance Contract” shall mean any insurance contract or policy issued by a Regulated Insurance Subsidiary (but shall not
include any Reinsurance Agreement or Retrocession Agreement). 
 “Insurance Regulators” shall mean, with respect to any
Regulated Insurance Subsidiary, the Governmental Authority, insurance department or similar administrative authority or agency located in (a) each state in which such Regulated Insurance Subsidiary is domiciled or (b) to the extent
asserting regulatory jurisdiction over such Regulated Insurance Subsidiary, the Governmental Authority, insurance department, authority or agency in each state in which such Regulated Insurance Subsidiary is licensed, shall include any federal
insurance regulatory department, authority or agency that may be created and that asserts regulatory jurisdiction over such Regulated Insurance Subsidiary. 

“Intellectual Property Collateral” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

 “Intellectual Property Security Agreement” shall mean all Intellectual Property Security Agreements to be executed and
delivered by the Loan Parties, each substantially in the applicable form required by the Guarantee and Collateral Agreement. 

“Intercreditor and Subordination Agreement” shall mean that certain Intercreditor and Subordination Agreement, dated as of
the Closing Date, by and between the Collateral Agent and the Subordinated Collateral Agent. 
 “Interest Payment Date”
shall mean (a) with respect to any ABR Loan, the last Business Day of each fiscal month 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 one month’s duration, each day that would have been an Interest Payment Date had successive Interest Periods of one month’s duration been applicable to such Borrowing.

  
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 “Interest Period” shall mean, 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 1, 2, 3 or 6 months thereafter, as the Borrower may elect; provided, however, that (a) 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 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, (b) any Interest Period 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 and (c) no Interest Period with respect to any portion of any Loans shall extend beyond the Maturity Date. Interest shall accrue from and including the first
day of an Interest Period to but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing. 
 “Investments” shall have the meaning assigned to such term in
Section 6.04. 
 “Lenders” shall mean (a) the Persons listed on the signature pages hereto and (b) any
Person that has become a party hereto pursuant to an Assignment and Assumption. For the avoidance of doubt, (i) none of Borrower, its Subsidiaries or any respective Affiliate thereof, including any Permitted Holder or any Sponsor Related
Entity, shall be permitted to be a Lender hereunder and (ii) no Disqualified Institution shall be a Lender hereunder. 

“Leverage Ratio” shall mean, on any date, the ratio of (a) Total Debt (other than Subordinated Debt and any unsecured
Indebtedness) on such date to (b) Cash Flow for the period of four consecutive fiscal quarters most recently ended on or prior to such date, taken as one accounting period. 

“LIBO Rate” shall mean, with respect to any EuroDollar Borrowing for any Interest Period, the rate per annum determined by
the Administrative Agent at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such Interest Period by reference to the British Bankers’ Association Interest Settlement Rates (or by
reference to any successor or substitute entity or other quotation service providing comparable quotations to such British Bankers’ Association Interest Settlement Rates) for deposits in dollars (as set forth by the Bloomberg Information
Service or any successor thereto or any other service selected by the Administrative Agent which has been nominated by the British Bankers’ Association (or any successor or substitute agency)as an authorized information vendor for the purpose
of displaying such rates) for a period equal to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the
interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at which deposits in Dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by
the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period. 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge,
hypothecation, encumbrance, collateral assignment, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any 

  
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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” shall mean this Agreement, the Intercreditor and Subordination Agreement and the Security Documents. 

“Loan Parties” shall mean the Borrower and each Subsidiary Guarantor. 

“Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section 2.01. 

“Loss Adjustment Expense” shall mean costs and expenses incurred by the Borrower or its Subsidiaries in connection with the
investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a claim or loss, or alleged loss. 
 “Loss
Ratio” means the ratio of gross loss and Loss Adjustment Expense to gross earned premiums for the period of four (4) consecutive fiscal quarters most recently ended on or prior to the test date, taken as one accounting period. The Loss
Ratio shall be measured on an accident year basis, which includes only the gross loss and Loss Adjustment Expense in respect of losses that occur during the period being reported on. 

“Margin Stock” shall have the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” shall mean shall mean a material adverse condition or material adverse change in or materially
affecting (a) the business, assets, liabilities, operations or financial condition of the Borrower and the Subsidiaries, taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights and remedies of the
Administrative Agent, the Collateral Agent or the Secured Parties thereunder; provided that solely for purposes of the representations and warranties given on and as of the Closing Date, “Material Adverse Effect” shall mean a
Closing Date Material Adverse Effect. 
 “Material Indebtedness” shall mean Indebtedness (other than the Loans), or
obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower or the Subsidiaries in an aggregate principal amount exceeding $2,500,000. For purposes of determining Material Indebtedness, the “principal
amount” of the obligations of the Borrower or any Subsidiary in respect of any Hedging 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 Hedging Agreement were terminated at such time. 
 “Material Real Property” shall mean all Real Property
owned in fee by any Loan Party that, together with any improvements thereon, individually has a fair market value of at least $5,000,000. 

“Maturity Date” shall mean March 30, 2016; provided, that such date may be extended in accordance with
Section 9.08. 

  
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 “Maximum Rate” shall have the meaning assigned to such term in
Section 9.09. 
 “Minimum Extension Condition” shall have the meaning assigned to it in Section 9.08. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgaged Properties” shall mean, initially, each parcel of real property and the improvements thereto owned by a Loan Party
and specified on Schedule 1.01(a), and shall include each other parcel of real property and improvements thereto with respect to which a Mortgage is granted pursuant to Section 5.09 or 5.10. 

“Mortgages” shall mean the fee mortgages or deeds of trust, assignments of leases and rents and other security documents
granting a Lien on any Mortgaged Property to secure the Obligations, in form and substance reasonably satisfactory to the Agents and the Borrower. 

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

“NAIC” shall mean the National Association of Insurance Commissioners or any successor organization thereto. 

“Net Cash Proceeds” shall mean (a) with respect to any Asset Sale, Recovery Event or Extraordinary Receipts, the
proceeds thereof in the form of cash and Permitted Investments (including any such proceeds subsequently received (as and when received) in respect of noncash consideration initially received), net of (i) in respect of Asset Sales,
Extraordinary Receipts or Recovery Events, reasonable out-of-pocket expenses (including reasonable and customary broker’s fees or commissions, legal fees, transfer and similar taxes incurred by the Borrower and the Subsidiaries in connection
therewith and the Borrower’s good faith estimate of taxes paid or payable in connection with such sale, after taking into account any available tax credits or deductions and any tax sharing arrangements) that are payable to non-Affiliates of
the Borrower (other than transaction bonuses paid to management of the Borrower and its Subsidiaries in connection with the Transactions), (ii) in respect of Asset Sales, amounts provided as a reserve, in accordance with GAAP, against any
liabilities under any indemnification obligations or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net
Cash Proceeds), (iii) in respect of Asset Sales, Extraordinary Receipts or Recovery Events, the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness which is secured by the asset sold in such Asset Sale
and which is required to be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset), (iv) in respect of Asset Sales, Extraordinary Receipts or Recovery Events, any funded escrow established pursuant
to the documents evidencing any such transaction to secure any indemnification obligations or adjustments to the purchase price, contingent payments or make whole payments associated therewith (provided that to the extent that any amounts are
released from such escrow to the Borrower or a Subsidiary, such amounts net of any related expenses shall constitute Net Cash Proceeds); and (v) in respect of Asset Sales, Extraordinary Receipts or Recovery Events, any reserve for adjustment in
respect of (1) the sale price of such asset or assets established in accordance with GAAP and (2) any liabilities 

  
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associated with such asset or assets and retained by the Borrower or any of its Subsidiaries after such sale or other Disposition thereof, including without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided, however, that, in respect of Asset Sales in an amount not to
exceed $100,000 in any fiscal year and Recovery Events, if (x) the Borrower shall deliver a certificate of a Financial Officer of the Borrower to the Administrative Agent at the time of receipt thereof setting forth the Borrower’s intent
to reinvest such proceeds in productive assets of a kind then used or usable in the business of the Borrower and the Subsidiaries within 180 days of receipt of such proceeds and (y) no Default or Event of Default shall have occurred and shall
be continuing at the time of such certificate or at the proposed time of the application of such proceeds, such proceeds shall not constitute Net Cash Proceeds except to the extent not so used at the end of such
180-day period, at which time such proceeds shall be deemed to be Net Cash Proceeds and (b) with respect to any issuance or disposition of Indebtedness or any Equity Issuance, the cash proceeds thereof,
net of all taxes paid or payable and reasonable and customary fees, commissions, costs and other expenses incurred by the Borrower and the Subsidiaries in connection therewith that are payable to non-Affiliates of the Borrower. 

“Non-Regulated Subsidiaries” shall mean the Subsidiaries of the Borrower that are not Regulated Insurance Subsidiaries. 

“Obligations” shall mean all obligations defined as “Obligations” in the Guarantee and Collateral Agreement and the
other Security Documents; provided that the “Obligations” shall in all events exclude Excluded Swap Obligations (as defined in the Guarantee and Collateral Agreement). 

“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 Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the 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 pursuant to an assignment request by the Borrower under Section 2.21). 

“Participant” has the meaning assigned to such term in Section 9.04(d). 

“Participant Register” has the meaning specified in Section 9.04(d). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 

  
 21 

 “Perfection Certificate” shall mean the Pre-Closing UCC Diligence Certificate
substantially in the form of Exhibit F or any other form approved by the Collateral Agent. 
 “Permits” shall mean any and
all franchises, licenses, leases, permits, approvals, notifications, certifications, registrations, authorizations, exemptions, qualifications, easements, rights of way, Liens and other rights, privileges and approvals required under any Requirement
of Law. 
 “Permitted Acquisition” shall mean the acquisition by the Borrower or any Subsidiary of all or substantially all
the assets of a person or line of business of such person, or all of the Equity Interests of a person (referred to herein as the “Acquired Entity”); provided that (a) the Acquired Entity shall be a going concern and shall be in
a similar line of business as that of the Borrower and the Subsidiaries as conducted during the current and most recently concluded calendar year; (b) at the time of such transaction (i) both before and after giving effect thereto, no
Event of Default or Default shall have occurred and be continuing; and (B) the Borrower would be in compliance with the covenants set forth in Sections 6.11 through 6.14, in each case as of the most recently completed period ending prior to
such transaction for which the financial statements and certificates required by Section 5.04(a) or 5.04(b) were required to be delivered or for which comparable financial statements have been filed with the SEC, after giving pro forma effect
to such transaction and to any other event occurring after such period as to which pro forma recalculation is appropriate (including any other transaction described in this definition occurring after such period) as if such transaction (and the
occurrence or assumption of any Indebtedness in connection therewith) had occurred as of the first day of such period; (b) the Borrower and the Subsidiaries shall not incur or assume any Indebtedness in connection with such acquisition, except
as permitted by Section 6.01; and (c) the Borrower shall comply, and shall cause the Acquired Entity to comply, with the applicable provisions of Sections 5.09 and 5.10 and the Security Documents. 

“Permitted Holders” shall mean JC Flowers I L.P., JC Flowers II L.P., JC Flowers II-A L.P., JC Flowers II-B L.P., JC
Flowers & Co., LLC and any other affiliated investment funds which are managed or controlled thereby or an Affiliate thereof in the ordinary course of business and pursuant to written agreements (including, without limitation, pursuant to
the organizational documents of such Persons). 
 “Permitted Investments” shall mean: 

(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 270 days 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; 

  
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 (c) investments in certificates of deposit, banker’s acceptances and time
deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Administrative Agent or any domestic office of any commercial bank
organized under the laws of the United States of America or any State thereof that 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 30 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria of clause (c) above; 
 (e)
investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (a) through
(d) above; and 
 (f) other short-term investments utilized by Foreign
Subsidiaries in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing. 

“Permitted Liens” shall mean Liens permitted pursuant to Section 6.02. 

“Permitted Refinancing Indebtedness” shall mean Indebtedness issued or incurred (including by means of the extension or
renewal of existing Indebtedness) to refinance, refund, extend, renew or replace existing Indebtedness (“Refinanced Indebtedness”); provided that (a) the principal amount of such refinancing, refunding, extending,
renewing or replacing Indebtedness is not greater than the principal amount of such Refinanced Indebtedness plus the amount of any premiums or penalties and accrued and unpaid interest paid thereon and reasonable fees and expenses, in each case
associated with such refinancing, refunding, extension, renewal or replacement, (b) such refinancing, refunding, extending, renewing or replacing Indebtedness has a final maturity that is no sooner than, and a Weighted Average Life to Maturity
that is no shorter than, such Refinanced Indebtedness, (c) if such Refinanced Indebtedness or any Guarantees thereof are subordinated to the Obligations, such refinancing, refunding, extending, renewing or replacing Indebtedness and any
Guarantees thereof remain so subordinated on terms no less favorable to the Lenders, (d) the obligors in respect of such Refinanced Indebtedness immediately prior to such refinancing, refunding, extending, renewing or replacing are the only
obligors on such refinancing, refunding extending, renewing or replacing Indebtedness and (e) such refinancing, refunding, extending, renewing or replacing Indebtedness contains covenants and events of default and is benefited by Guarantees, if
any, which, taken as a whole, are determined in good faith by a Financial Officer of the Borrower to be no less favorable to the Borrower or the applicable Subsidiary and the Lenders in any material respect than the covenants and events of default
or Guarantees, if any, in respect of such Refinanced Indebtedness. 
 “Person” shall mean any natural person, corporation,
trust, business trust, joint venture, joint stock company, association, company, limited liability company, partnership, Governmental Authority or other entity. 

  
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 “Pledged Collateral” shall have the meaning assigned to such term in the
Guarantee and Collateral Agreement. 
 “Pledged Securities” shall have the meaning assigned to such term in the Guarantee
and Collateral Agreement. 
 “Prime Rate” shall mean the rate of interest per annum announced from time to time by Credit
Suisse AG, Cayman Islands Branch as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective as of the opening of business on the date such change is announced as being effective. The Prime
Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. 
 “Projections”
shall have the meaning assigned such term in clause (m) of Article IV. 
 “Qualified Counterparty” has the meaning
assigned to such term in the Guarantee and Collateral Agreement. 
 “Qualified Insurance Holding Company” means each
Subsidiary of the Borrower that (x) is an entity which has as its only assets (a) the direct ownership of the Equity Interests of one or more Regulated Insurance Subsidiaries, (b) any de minimis assets related to such Regulated
Insurance Subsidiaries and (c) any cash or other distributions from any such Regulated Insurance Subsidiary prior to prompt further distribution of such cash or distribution, subject to the Requirements of Law, if any, to the Qualified
Insurance Holding Company’s parent, and (y) is subject to a Requirement of Law which, in the reasonable judgment of the Borrower and upon advice of counsel, prohibits, restricts or otherwise places limitations upon the ability of the
Collateral Agent, for the benefit of the Secured Parties, being granted a perfected first priority security interest in the Equity Interests in such Subsidiary as if such Subsidiary were a Regulated Insurance Subsidiary, in each case, if, only to
the extent and only for so long as such Requirement of Law remains in effect; provided that the Collateral Agent, for the benefit of the Secured Parties, shall have been granted a perfected first priority security interest in the Equity
Interests in a wholly-owned Subsidiary of the Borrower (i) that at all times owns and controls 100% of the Equity Interests in each such Qualified Insurance Holding Company, (ii) is not itself a Qualified Insurance Holding Company,
(iii) is and remains a Guarantor hereunder and (iv) has otherwise complied with its obligations under Section 5.09. 

“Qualified Reinsurance Agreement” shall mean any Reinsurance Agreement entered into by any Regulated Insurance Subsidiary of
the Borrower with a counterparty constituting a Qualified Reinsurance Counterparty, which such agreement is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant
annual statement or quarterly statement at the time prepared. 
 “Qualified Reinsurance Counterparty” shall mean
(a) any Regulated Insurance Subsidiary of the Borrower and (b) any other Person having a rating of “B++” or better by A.M. Best, in each case to whom any Regulated Insurance Subsidiary has ceded liability pursuant to a Qualified
Reinsurance Agreement; provided that following any downgrade by A.M. Best of any Person constituting a Qualified Reinsurance Counterparty pursuant to the foregoing clause (b), such Person shall cease to be a Qualified Reinsurance Counterparty
only after a period of 30 consecutive days following the date of such downgrade in which such Person is not upgraded to a rating of “B++” or better. 

  
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 “Real Estate Subsidiary” shall mean the Subsidiary formed by one or more
Regulated Insurance Subsidiaries for the purpose of holding the Specified Property. 
 “Real Estate Subsidiary Financing”
shall mean up to $15,000,000 in aggregate principal amount of Indebtedness of the Real Estate Subsidiary and/or any Regulated Insurance Subsidiary, which shall be secured solely by the Specified Property, and including any renewals, extensions or
refinancings thereof (but not increases in the aggregate principal amount thereof in excess of $15,000,000 plus an amount equal to accrued interest, fees, premiums, costs and expenses incurred in connection therewith); provided, that in all cases
(a) such Real Estate Subsidiary Financing shall not be guaranteed by any Loan Party; and (b) such Real Estate Subsidiary Financing shall not be secured by any Lien other than a Real Estate Subsidiary Lien. 

“Real Estate Subsidiary Lien” shall mean a Lien that secures the Real Estate Subsidiary Financing, encumbering only the
Specified Property and any leases and rents with respect to the lease currently existing on the Specified Property on the Closing Date. 

“Real Property” shall mean all real property owned or leased from time to time by the Borrower and the Subsidiaries. 

“Recipient” means (a) the Administrative Agent or (b) any Lender, as applicable. 

“Recovery Event” shall mean any settlement of or payment in respect of any property or casualty insurance claim or any taking
under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of the Borrower or any Subsidiary. 

“Register” shall have the meaning assigned to such term in Section 9.04(c). 

“Regulated Insurance Subsidiaries” shall mean collectively, Affirmative Insurance Company, an Illinois corporation,
Affirmative Insurance Company of Michigan, a Michigan corporation, USDirect, USCasualty and any Subsidiary of the Borrower, formed or acquired after the Closing Date, which is authorized or admitted to carry on or transact Insurance Business in any
jurisdiction, is regulated by an Insurance Regulator, and is required by any Insurance Regulator to file an annual statement in the form prescribed by NAIC for an insurance company; provided that for purposes of determining the
Borrower’s compliance with Section 6.14 of this Agreement, with effect as of the Closing Date, US Direct shall not be deemed to be a Regulated Insurance Subsidiary for so long, as measured for any four fiscal-quarter period for
which the financial statements are required to be delivered pursuant to Section 5.04, its gross written premium for such period is less than or equal to $250,000; provided further that a Person otherwise constituting a
Regulated Insurance Subsidiary shall not be deemed to be a Regulated Insurance Subsidiary for purposes of determining the Borrower’s compliance with Section 6.14 of this Agreement if and only for so long as (i) the entirety of
such Person’s insurance liabilities are fully assumed pursuant to one or more Qualified Reinsurance Agreements and (ii) such Person otherwise remains subject to Section 6.14. 

  
 25 

 “Regulation T” shall mean Regulation T of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” shall mean Regulation U
of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Reinsurance Agreement” shall mean any agreement, contract, treaty or other
arrangement whereby one or more insurers, as reinsurers, assume liabilities under insurance policies or agreements issued by another insurance or reinsurance company or companies. 

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective
partners, directors, officers, trustees, employees, administrators, managers, agents, representatives and advisors of such Person and such Person’s Affiliates. 

“Release” shall mean any release, spill, seepage, emission, leaking, pumping, injection, pouring, emptying, deposit,
disposal, discharge, dispersal, dumping, escaping, leaching, or migration into, onto or through the environment or within or upon any building, structure or facility. 

“Required Lenders” shall mean, at any time, Lenders having Loans representing at least a majority of the sum of all Loans
outstanding at such time. 
 “Required Minimum EBITDA” shall mean (a) for the fiscal quarter ending December 31,
2013 (i) if the Risk-Based Capital Ratio for any Regulated Insurance Subsidiary (determined on an individual basis) is equal to or greater than 375% as of the last day of such fiscal quarter, $2,000,000 or (ii) if the Risk-Based Capital
Ratio for any Regulated Insurance Subsidiary (determined on an individual basis) is less than 375% as of the last day of such fiscal quarter, $2,500,000 and (b) for the fiscal quarter ending March 31, 2014 and each fiscal quarter
thereafter (i) if the Risk-Based Capital Ratio for any Regulated Insurance Subsidiary (determined on an individual basis) is equal to or greater than 375% as of the last day of such fiscal quarter, $2,500,000 or (ii) if the Risk-Based
Capital Ratio for any Regulated Insurance Subsidiary (determined on an individual basis) is less than 375% as of the last day of such fiscal quarter, $3,000,000. 

“Required Minimum Percentage” shall mean 30%; provided that the Required Minimum Percentage shall decrease to a
revised Required Minimum Percentage of no lower than 15% if, and for so long (and only for so long as) the Permitted Holders continue to appoint and control the greater of three (3) or a majority of the seats (other than vacant seats) on the
board of directors of the Borrower; provided further that such decrease shall be limited to the percentage of the Permitted Holders’ ownership dilution caused solely by the issuance of Equity Interests of the Borrower and not, for the
avoidance of doubt, by the sale, transfer or other assignment of any Equity Interests of the Borrower by Permitted Holders to Persons that are not Permitted Holders. 

“Required Prepayment Percentage” shall mean (a) in the case of any deferred consideration or released escrow amounts,
100%; (b) in the case of any Asset Sale or Recovery Event, 100%; (c) in the case of any Equity Issuance, 50%; (d) in the case of any issuance or other incurrence of Indebtedness, 100%; (e) in the case of any Excess Cash Flow,
50%; and (f) in the case of Extraordinary Receipts, 100%. 

  
 26 

 “Required Reserves” shall mean the minimum statutory reserve required by the
Illinois Department of Insurance. 
 “Requirement of Law” shall mean as to any Person, the governing documents of such
Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Real Property or Personal property or to which such
Person or any of its property of any nature is subject. 
 “Resignation Effective Date” shall have the meaning assigned to
it in Article VIII. 
 “Restricted Indebtedness” shall mean Indebtedness of any Loan Party, the payment, prepayment,
repurchase or defeasance of which is restricted under Section 6.09(b). 
 “Restricted Payment” shall mean any dividend
or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, defeasance, retirement, acquisition, cancellation or termination of any Equity Interests in Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in
Borrower or any Subsidiary. 
 “Retail Letter of Credit” shall mean the letter of credit described in Section 1.08
(f) of the Retail Sale Purchase Agreement. 
 “Retail Sale” shall mean the sale of the Retail Business (as defined in
the Retail Sale Purchase Agreement) by the Borrower and the other sellers party to the Retail Sale Purchase Agreement. 
 “Retail
Sale Purchase Agreement” shall mean that certain Stock and Asset Purchase Agreement, dated as of September 16, 2013, by and among the Borrower, Affirmative Services, Inc. and USAgencies Management Services, Inc., as sellers, and Confie
Insurance Group Holdings, Inc. and Confie Seguros Holding II Co., as buyers. 
 “Retail Sale Purchase Documentation” shall
mean, collectively, the Retail Sale Purchase Agreement and all schedules, exhibits, annexes and amendments thereto and all side letters and agreements setting forth the terms thereof or entered into in connection therewith. 

“Retained Equity Proceeds” shall mean an amount equal to the Net Cash Proceeds of any Equity Issuance not required to be
applied to prepayment of the Loans pursuant to Section 2.13(c). 
 “Retrocession Agreement” shall mean any agreement,
contract, treaty or other arrangement whereby one or more insurers or reinsurers, as retrocessionaires, assume liabilities of reinsurers under a Reinsurance Agreement or other retrocessionaires under another Retrocession Agreement. 

  
 27 

 “Risk-Based Capital Ratio” shall mean, for any Regulated Insurance Subsidiary,
the ratio (expressed as a percentage), at any time, of the Total Adjusted Capital of such Regulated Insurance Subsidiary to the Authorized Control Level of such Regulated Insurance Subsidiary. 

“S&P” shall mean Standard & Poor’s Ratings Group, Inc. 

“SAP” shall mean the statutory accounting and reporting practices prescribed or permitted by the insurance laws or Insurance
Regulator (or other similar Governmental Authority) with respect to each Regulated Insurance Subsidiary. 
 “SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Secured
Parties” shall have the meaning assigned to such term in the Guarantee and Collateral Agreement. 
 “Security
Documents” shall mean the Guarantee and Collateral Agreement, the Mortgages, the Intellectual Property Security Agreements and each of the other security agreements, pledges, mortgages, consents and other instruments and documents executed
and delivered pursuant to any of the foregoing or pursuant to Section 5.09 or Section 5.10. 
 “Senior
Indebtedness” shall have the meaning assigned to it in Section 3.28. 
 “Solvent” shall mean (a) the fair
value of the assets (on a going concern basis) of the Loan Parties (together with their Subsidiaries), taken as a whole, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value (on a
going concern basis) of the property of the Loan Parties (together with their Subsidiaries), taken as a whole, will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Loan Parties (together with their Subsidiaries), taken as a whole, will be able to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured in the ordinary course of business; and (d) the Loan Parties (together with their Subsidiaries), taken as a whole, will not have unreasonably small capital with which to
conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date. The amount of contingent liabilities at any time shall be computed as the amount that, in light of all the
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Specified Asset Sale” shall have the meaning given to it in Section 2.13. 

“Specified Debt Issuance” shall have the meaning given to it in Section 2.13, 

“Specified Equity Contribution” shall have the meaning assigned to it in Article VII(o). 

  
 28 

 “Specified Hedge Agreement” has the meaning assigned to such term in the
Guarantee and Collateral Agreement. 
 “Specified Property” shall mean that certain parcel of owned real estate located at
1500 Main Street, Baton Rouge, Louisiana 70802 (including all fixtures, appurtenances, and any assignment of leases and rents). 

“Sponsor Related Entity” shall mean any affiliate of a Permitted Holder (other than Borrower and its Subsidiaries). 

“Statutory Reserves” shall mean 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 and any other banking authority,
domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in 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 or any comparable regulation. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Administrative Agent” shall mean JCF AFFM Debt Holdings, L.P., in its capacity as administrative agent under
the Closing Date Subordinated Credit Agreement, and its successors and permitted assigns. 
 “Subordinated Collateral
Agent” shall mean JCF AFFM Debt Holdings, L.P., in its capacity as collateral agent under the Closing Date Subordinated Credit Agreement, and its successors and permitted assigns. 

“Subordinated Debt” shall mean all Indebtedness outstanding under the Subordinated Debt Documents. 

“Subordinated Debt Documents” shall mean the USAgencies Trust Preferred Note Documents, the Borrower Trust Preferred Note
Documents and the Closing Date Subordinated Debt Documents. 
 “Subsidiary” shall mean, with respect to any Person (herein
referred to as the “parent”), any corporation, partnership, limited liability company, 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 more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held, or (b) that is, at the time any determination is made, 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” shall mean any Subsidiary of any Loan Party. 

  
 29 

 “Subsidiary Guarantor” shall mean, initially, each Subsidiary specified on
Schedule 1.01(b) and, at any time thereafter, shall include each other Subsidiary that is not an Excluded Subsidiary. 
 “Synthetic
Lease Obligations” shall mean all monetary obligations of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease or (b) an agreement for the use or possession of any property (whether real, Personal or
mixed) creating obligations which do not appear on the balance sheet of such Person, but which, upon the insolvency or bankruptcy of such Person, would be characterized as Indebtedness of such Person (without regard to accounting treatment). 

“Synthetic Purchase Agreement” shall mean any swap, derivative or other agreement or combination of agreements pursuant to
which the Borrower or any Subsidiary is or may become obligated to make (a) any payment in connection with a purchase by any third party from a Person other than the Borrower or any Subsidiary of any Equity Interest or Restricted Indebtedness
or (b) any payment (other than on account of a permitted purchase or payment by it of any Equity Interest or Restricted Indebtedness) the amount of which is determined by reference to the price or value at any time of any Equity Interest or
Restricted Indebtedness; provided that no phantom stock or similar plan providing for payments only to current or former directors, officers or employees of the Borrower or the Subsidiaries (or to their heirs or estates) shall be deemed to be
a Synthetic Purchase Agreement. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Adjusted Capital” shall mean “Total Adjusted Capital” as defined by the NAIC as of December 31, 1994,
as such definition has been amended from time to time, and as applied in the context of the Risk-Based Capital Guidelines promulgated by the NAIC. 

“Total Debt” shall mean, at any time, the aggregate amount of Indebtedness of the Borrower and the Subsidiaries outstanding
at such time, in the amount that would be reflected on a balance sheet prepared at such time on a consolidated basis in accordance with GAAP. 

“Trade Date” shall have the meaning assigned to it in Section 9.04(b)(i). 

“Transactions” shall mean, collectively, (a) the obtaining by the Borrower of the term loan facility provided for by
this Agreement, the incurrence of the Indebtedness hereunder and the use of proceeds thereof, (b) the repayment by the Borrower of all amounts outstanding under the Existing Credit Facility, the termination of the Existing Credit Facility and
the release of all Liens and guarantees granted in respect thereof, in each case in a manner reasonably satisfactory to the Administrative Agent, (c) the obtaining by the Borrower of the Closing Date Subordinated Debt, (d) the Retail Sale
and (e) the payment of fees, costs and expenses incurred in connection with any of the foregoing. 
 “TruPS” shall
mean trust preferred securities issued to investors by a wholly-owned Subsidiary of the Borrower formed as a business trust (each a “TruPS Business Trust”) pursuant to organizational and charter documents substantially similar to
those of the Existing TruPS 

  
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Business Trusts, in exchange for an investment of funds by such investors, which funds in turn are loaned by such TruPS Business Trust to the Borrower in exchange for the issuance by the Borrower
of Indebtedness in the form of a debenture or similar instrument to such TruPS Business Trust (each a “TruPS Instrument”) and which otherwise contains provisions substantially similar to those set forth in the Subordinated Debt
outstanding. 
 “TruPS Business Trust” has the meaning given such term in the definition of TruPS. 

“TruPS Instrument” has the meaning given such term in the definition of TruPS. 

“Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or
on the Loans comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the Alternate Base Rate. 

“UCC” shall mean the Uniform Commercial Code. 

“USAgencies” shall mean USAgencies L.L.C., a Louisiana limited liability company and its Subsidiaries. 

“USAgencies Indenture” shall mean the Indenture, dated as of March 29, 2005, by and among USAgencies and JPMorgan Chase
Bank, National Association, as trustee, (as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement) the obligations of which shall be assumed by the Borrower in connection with the
consummation of the transactions contemplated by the Retail Sale Purchase Documentation. 
 “USAgencies Subordinated Notes”
shall mean USAgencies’s Floating Rate Subordinate Notes due 2035 in the aggregate amount of $20,000,000 issued pursuant to the USAgencies Indenture, the obligations of which shall be assumed by the Borrower in connection with consummation of
the transactions contemplated by the Retail Sale Purchase Documentation. 
 “USAgencies Trust Preferred Note Documents”
shall mean the USAgencies Indenture and all other instruments, agreements and other documents evidencing or governing the USAgencies Subordinated Notes or providing any Guarantee or other right in respect thereof, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with this Agreement. 
 “USCasualty” shall mean
USAgencies Casualty Insurance Company, Inc., a Louisiana corporation. 
 “USDirect” shall mean USAgencies Direct Insurance
Company, Inc., a New York corporation. 
 “U.S. Person” means any Person that is a “United States Person” as
defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term
in Section 2.20(f). 

  
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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at
any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such
Indebtedness. 
 “Wholly Owned Subsidiary”, when used in reference to a Subsidiary of any Person, shall mean a Subsidiary
of such Person of which securities (except for directors’ qualifying shares) or other ownership interests representing 100% of the Equity Interests are, at the time any determination is being made, owned, controlled or held by such Person or
one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person; a reference to a Subsidiary as Wholly Owned shall mean any Wholly Owned Subsidiary of the Borrower. 

“Withdrawal Liability” shall mean 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 any Loan Party and the Administrative Agent. 
 SECTION 1.02. Terms Generally 

The definitions in Section 1.01 shall apply equally to both 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”, and words of similar import, shall not be limiting and 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 words “asset” and “property” shall be construed as having
the same meaning and effect and to refer to any and all rights and interests in tangible and intangible assets and properties of any kind whatsoever, whether real, Personal or mixed, including cash, securities, Equity Interests, accounts and
contract rights. 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 of this Agreement unless the
context shall otherwise require. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.
Except as otherwise expressly provided herein, (a) any definition of, or reference to, any Loan Document or any other agreement, instrument or document in this Agreement shall mean such Loan Document or other agreement, instrument or document
as amended, restated, supplemented, modified, refinanced, extended, renewed, replaced or restructured from time to time (subject to any restrictions on such amendments, restatements, supplements, modifications, refinancings, extensions, renewals,
replacements or restructuring set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns and, in the case of any Governmental Authority, any other Governmental
Authority that shall have succeeded to any or all of the functions thereof, (c) any reference to any law or regulation herein shall, unless 

  
 32 

 
otherwise specified, shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law from time to time, (d) 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 (e) the term “knowledge” or “aware” in respect of any Loan Party
or Subsidiary shall mean the knowledge of a Financial Officer of a Loan Party, and (f) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, however,
that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article VI or any related definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement on the
operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI or any related definition for such purpose), then the Borrower’s compliance with such covenant shall be
determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. 

SECTION 1.03. Classification of Loans and Borrowings 

For purposes of this Agreement, Loans and Borrowings may be classified and referred to by Type (e.g., a “EuroDollar
Loan”). 
 SECTION 1.04. Pro Forma Calculations 

All pro forma calculations permitted or required to be made by the Borrower or any Subsidiary pursuant to this Agreement shall
include only those adjustments that would be permitted or required by Regulation S-X under the Securities Act of 1933, as amended, together with those adjustments that (a) have been certified by a Financial Officer of the Borrower as having
been prepared in good faith based upon reasonable assumptions and (b) are based on reasonably detailed written assumptions. 

SECTION 1.05. Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or
required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which
such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

SECTION 1.06. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to New York
time (daylight or standard, as applicable). 
 SECTION 1.07. Timing of Payment or Performance. Unless otherwise expressly
provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to the
immediately succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be. 

  
 33 

 SECTION 1.08. Certifications. All certifications to be made hereunder by an
officer or representative of a Loan Party shall be made by such person in his or her capacity solely as an officer or a representative of such Loan Party, on such Loan Party’s behalf and not in such Person’s individual capacity. 

ARTICLE II. 
 The Credits

 SECTION 2.01. Commitments 

Subject to the terms and conditions hereof and relying upon the representations and warranties set forth herein, each Lender agrees, severally
and not jointly, to make a Loan to the Borrower on the Closing Date in a principal amount not to exceed its Commitment. Amounts paid or prepaid in respect of Loans may not be reborrowed. 

SECTION 2.02. Loans (a) The Loans comprising any Borrowing shall be in an aggregate principal amount that is an integral
multiple of $250,000 and not less than $500,000. 
 (b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised
entirely of ABR Loans or EuroDollar Loans as the Borrower may request pursuant to Section 2.03; provided that no Borrowings may be converted into or continued as a EuroDollar Borrowing having an Interest Period in excess of one month
prior to the date which is 30 days after the Closing Date. Each Lender may at its option make any EuroDollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; 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. Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall
not be entitled to request any Borrowing that, if made, would result in more than four EuroDollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether
they commence on the same date, shall be considered separate Borrowings. 
 (c) Each Lender shall make each Loan to be made by it
hereunder on the Closing Date by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 11:00 a.m. New York City time, and the Administrative Agent shall promptly credit
the amounts so received to an account in the name of the Borrower, and designated by the Borrower in the applicable Borrowing Request or, if the Borrowing on the Closing Date shall not occur because any condition precedent herein specified shall not
have been met (or waived), return the amounts so received to the respective Lenders. 
 (d) Unless the Administrative Agent shall have
received notice from a Lender prior to the Closing Date that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion
available to the Administrative Agent on the Closing Date in accordance with paragraph (c) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on the Closing Date a
corresponding amount. If the 

  
 34 

 
Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative Agent on the Closing Date, such
Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower to but excluding the
date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing or (ii) in the case of such Lender, a rate determined by the
Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such
corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement. 

SECTION 2.03. Borrowing Procedure 

In order to request a Borrowing, the Borrower shall hand deliver or fax (or request telephonically with prompt hand delivery or fax made
thereafter) to the Administrative Agent a duly completed Borrowing Request (a) in the case of a EuroDollar Borrowing, not later than 12:00 (noon), New York City time, one Business Day before a proposed Borrowing and (b) in the case of
an ABR Borrowing, not later than 12:00 (noon), New York City time, on the day of a proposed Borrowing. Each Borrowing Request shall be irrevocable, signed by or on behalf of the Borrower and shall specify the following information: (i) whether
such Borrowing is to be a EuroDollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) in respect of the Closing Date only, the number and location of the account to which funds are to be
disbursed (which shall be an account that complies with the requirements of Section 2.02(c)); (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a EuroDollar Borrowing, the initial Interest Period with respect
thereto; provided, however, that, notwithstanding any contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no election as to the Type of
Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any EuroDollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. The Administrative Agent shall promptly advise the applicable Lenders of the notice given on the Closing Date in accordance with this Section 2.03 (and the contents thereof), and of each
Lender’s portion of the requested Borrowing on the Closing Date. 
 SECTION 2.04. 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 principal
amount of each Loan of such Lender made to the Borrower as provided in Section 2.11.
 (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 to the Borrower from time to time, including the amounts of principal and interest payable and
paid to such Lender from time to time under this Agreement. 

  
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 (c) The Administrative Agent shall maintain accounts in which it will record (i) the
amount of each Loan made hereunder, the 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 the sum received by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof. Such accounts shall be available for review by the Borrower from time to time at reasonable
times and upon reasonable request. 
 (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of
this Section 2.04 shall be conclusive evidence (absent manifest error) of the existence and amounts of the obligations therein recorded; provided, however, 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 obligations of the Borrower to repay the Loans made to the Borrower in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall promptly
execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form and substance reasonably acceptable to the Administrative Agent. Notwithstanding any other provision of this Agreement, in the event
any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented by one or more
promissory notes payable to the payee named therein or its registered assigns. 
 SECTION 2.05. Fees 

The Borrower agrees to pay to the Administrative Agent the fees in the amounts and at the times from time to time agreed in writing by the
Borrower pursuant to each of the Engagement Letter and the Fee Letter. 
 SECTION 2.06. Interest on Loans 

(a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall bear interest (computed on the
basis of the actual number of days elapsed over a year of 360 days at all times) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin in effect from time to time. 

(b) Subject to the provisions of Section 2.07, the Loans comprising each EuroDollar Borrowing shall bear interest (computed on the
basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin in effect from time to time. 

(c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan and shall be payable in cash. The
applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

  
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 SECTION 2.07. Default Interest 

If the Borrower shall default in the payment of the principal of or interest on any Loan or any other amount becoming due hereunder or under
any other Loan Document, by acceleration or otherwise, the Borrower shall on demand from time to time pay interest, to the extent permitted by law, on such defaulted amount to but excluding the date of actual payment (after as well as before
judgment) (a) in the case of overdue principal, at the rate otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in all other cases, at a rate per annum (computed on the basis of the actual
number of days elapsed over a year of 360 days at all times) equal to the rate that would be applicable to an ABR Loan plus 2.00% per annum. 

SECTION 2.08. Alternate Rate of Interest 

In the event, and on each occasion, that prior to the commencement of any Interest Period for a EuroDollar Borrowing (a) the
Administrative Agent shall have determined that adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for such Interest Period or (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO
Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period, the Administrative Agent shall, as soon as practicable
thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any such determination, until the Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving rise
to such notice no longer exist, (i) any request by the Borrower for a EuroDollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing and (ii) any Interest Period election that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a EuroDollar Borrowing shall be ineffective. Each determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error. 

SECTION 2.09. Termination and Reduction of Commitments (a) Upon at least three Business Days’ prior irrevocable written
(including electronic mail) or fax notice (or telephone notice promptly confirmed by written or fax notice) to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce,
the Commitments; provided, however, that each partial reduction of the Commitments shall be in an integral multiple of $250,000 and in a minimum amount of $500,000. 

(b) Each reduction in the Commitments hereunder shall be made ratably amount the Lenders in accordance with their Pro Rata Percentages. 

SECTION 2.10. Conversion and Continuation of Borrowings 

(a) The Borrower shall have the right at any time upon prior irrevocable notice to the Administrative Agent (x) not later than
12:00 (noon), New York City time, one Business Day prior to conversion, to convert any EuroDollar Borrowing of the Borrower into an ABR Borrowing, (y) not later than 12:00 (noon), New York City time, three Business Days prior to conversion
or continuation, to convert any ABR Borrowing of the Borrower into a EuroDollar Borrowing or to continue any EuroDollar Borrowing of the Borrower as a EuroDollar Borrowing 

  
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for an additional Interest Period and (z) not later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert the Interest Period with respect to any
EuroDollar Borrowing of the Borrower to another permissible Interest Period, subject in each case to the following: 
 (i)
each conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing; 

(ii) if less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting
Borrowing shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type; 

(iii) each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender
the new Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued interest on any EuroDollar Loan (or portion thereof) being converted
shall be paid by the Borrower at the time of conversion; 
 (iv) if any EuroDollar Borrowing is converted at a time other
than the end of the Interest Period applicable thereto, the Borrower shall pay, promptly following written demand, any amounts due to the Lenders pursuant to Section 2.16; 

(v) any portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued
as a EuroDollar Borrowing; 
 (vi) any portion of a EuroDollar Borrowing that cannot be converted into or continued as a
EuroDollar Borrowing by reason of the immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; 

(vii) no Interest Period may be selected for any EuroDollar Borrowing that would end later than a Repayment Date occurring on
or after the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the EuroDollar Borrowings with an Interest Period ending on or prior to such Repayment Date and the (B) ABR
Borrowings would not be at least equal to the principal amount of Borrowings to be paid on such Repayment Date; and 
 (viii)
after the occurrence and during the continuance of a Default or an Event of Default, no outstanding Loan may be converted into, or continued as, a EuroDollar Loan. 

(b) Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the
identity and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted to or continued as a EuroDollar Borrowing or an ABR Borrowing, (iii) if such notice requests

  
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 a conversion, the date of such conversion (which shall be a Business Day) and (iv) if such Borrowing is to
be converted to or continued as a EuroDollar Borrowing, the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a EuroDollar Borrowing, the Borrower shall
be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent shall promptly advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lender’s portion of any converted or
continued Borrowing. If the Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this
Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted into an ABR Borrowing. 

SECTION 2.11. Repayment of Loans 

(a) On the dates set forth below, or if any such date is not a Business Day, the immediately preceding Business Day (each such date being
called a “Repayment Date”), the Borrower shall pay to the Administrative Agent, for the account of the Lenders, a principal amount of the Loans (as adjusted from time to time pursuant to Sections 2.11(b), 2.12 and 2.13(g)) equal to
the amount set forth below for such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment: 
  

					
	 Repayment Date
	  	Amount	 
	 December 31, 2013
	  	$	2,000,000	  
	 March 31, 2014
	  	$	2,000,000	  
	 June 30, 2014
	  	$	2,000,000	  
	 September 30, 2014
	  	$	2,000,000	  
	 December 31, 2014
	  	$	3,500,000	  
	 March 31, 2015
	  	$	3,500,000	  
	 June 30, 2015
	  	$	3,500,000	  
	 September 30, 2015
	  	$	3,500,000	  
	 December 31, 2015
	  	$	4,500,000	  
	 Maturity Date
	  	$	13,500,000	  

 (b) In the event and on each occasion that any Commitments shall be reduced or shall expire or terminate other
than as a result of the making of a Loan, the installments payable on each Repayment Date shall be reduced pro rata by an aggregate amount equal to the amount of such reduction, expiration or termination. 

  
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 (c) To the extent not previously paid, all Loans shall be due and payable on the Maturity
Date, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment. 
 (d) All
repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium or penalty. 

SECTION 2.12. Prepayment 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three
Business Days’ prior written (including electronic mail) or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of EuroDollar Loans, or written (including electronic mail) or fax notice (or telephone notice
promptly confirmed by written or fax notice) at least one Business Day prior to the date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each partial
prepayment shall be in an amount that is an integral multiple of $250,000 and not less than $500,000. 
 (b) Optional prepayments of
Loans shall be applied as directed by the Borrower and in the absence of such direction, in direct order of maturity against the remaining scheduled installments of principal due in respect of the Loans. 

(c) Each notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be
prepaid, shall be irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein. All prepayments under this Section 2.12 shall be subject to Section 2.16. All prepayments under
this Section 2.12 shall be accompanied by (i) accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment and (ii) the Applicable Prepayment Premium, if any, payable in connection with such
prepayment of the Loans. 
 SECTION 2.13. Mandatory Prepayments 

(a) Not later than the fifth Business Day following the receipt by the Borrower or any of its Non-Regulated Subsidiaries of any cash
deferred consideration (other than working capital adjustments of up to $3,800,000) or released escrow amounts under the Retail Sale Purchase Agreement, the Borrower shall apply the Required Prepayment Percentage of such deferred consideration or
released escrow amounts to prepay the outstanding principal amount of the Loans. 
 (b) Not later than the fifth Business Day following
the completion of any Asset Sale (other than, subject to clause (a) above, the Retail Sale) or the occurrence of any Recovery Event, in each case by the Borrower or any Subsidiary thereof, the Borrower shall apply the Required Payment
Percentage of the Net Cash Proceeds received with respect thereto to prepay the outstanding principal amount of the Loans. 

  
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 (c) Not later than the fifth Business Day following the occurrence of an Equity Issuance,
the Borrower shall apply the Required Prepayment Percentage of the Net Cash Proceeds therefrom to prepay the outstanding principal amount of the Loans. 

(d) In the event that any Loan Party or any Subsidiary of a Loan Party shall receive Net Cash Proceeds from the issuance or other
incurrence of Indebtedness of any Loan Party or any Subsidiary of a Loan Party (other than Indebtedness permitted pursuant to Section 6.01), the Borrower shall, substantially simultaneously with (and in any event not later than the fifth
Business Day next following) the receipt of such Net Cash Proceeds by such Loan Party or such Subsidiary, apply an amount equal to the Required Prepayment Percentage of such Net Cash Proceeds to prepay the outstanding principal amount of the Loans.
For the avoidance of doubt, this paragraph (d) in no event or circumstances shall be interpreted to permit the Borrower to incur any Indebtedness that is not permitted under Section 6.01. 

(e) No later than the earlier of (i) 90 days after the end of each fiscal year of the Borrower, commencing with the fiscal year
ending on December 31, 2013 and (ii) the date upon which the financial statements with respect to such period are delivered pursuant to Section 5.04(a), the Borrower shall prepay the outstanding principal amount of the Loans in an
amount equal to (x) the amount the Required Prepayment Percentage of Excess Cash Flow for the fiscal year then ended (or, for the fiscal year ending on December 31, 2013, for the period commencing on October 1, 2013 and ending on
December 31, 2013), plus (y) 75% of any Distribution made by any Regulated Insurance Subsidiary to the Borrower or any Subsidiary (other than a Regulated Insurance Subsidiary) during the fiscal year then ended (or, for the fiscal year
ending on December 31, 2013, for the period commencing on October 1, 2013 and ending on December 31, 2013), less (z) an amount equal to the aggregate amount of all permanent repayments of the Loans (other than mandatory
prepayments of Loans under Section 2.13 hereof) made by the Borrower and the Subsidiaries during such fiscal year (or, for the fiscal year ending on December 31, 2013, for the period commencing on October 1, 2013 and ending on
December 31, 2013), but only to the extent that such prepayments by their terms cannot be reborrowed or redrawn and do not occur in connection with a refinancing of all or any portion of such Indebtedness. 

(f) Not later than the fifth Business Day following receipt by the Borrower or any Subsidiary of any Extraordinary Receipts (other than
Extraordinary Receipts received by a Regulated Insurance Subsidiary which do not exceed $500,000), the Borrower shall apply the Required Prepayment Percentage of the Net Cash Proceeds received with respect thereto to prepay the outstanding principal
amount of the Loans; provided, that, with respect to the receipt of any Extraordinary Receipts by a Regulated Insurance Subsidiary, any prepayment pursuant this Section 2.13(f) shall be subject to applicable Requirements of Law and the receipt
of approvals from any Governmental Authority, if any, and Borrower shall use commercially reasonable efforts to obtain such approvals so long as there is a reasonable expectation of receiving such approvals. 

(g) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.13,
(i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount of such prepayment and (ii) to the extent practicable, at least three Business Days prior written notice of
such prepayment (other than any prepayment with respect to Section 2.13(e) above). Each notice of prepayment 

  
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shall specify the prepayment date and the principal amount to be prepaid. All prepayment amounts (other than prepayments with respect to Section 2.13(a) above) will be applied on a pro rata
basis to the remaining scheduled installments of principal of the Loans, regardless of Type. All prepayment amounts with respect to Section 2.13(a) above will be applied first to the next six remaining scheduled installments of principal
of the Loans in direct order of maturity, regardless of Type, and second on a pro rata basis to the remaining scheduled installments of principal of the Loans, regardless of Type. All prepayments under this Section 2.13 shall be subject
to Section 2.16 and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment. All prepayments under Sections 2.13(b), (c), (d) and (f) shall be accompanied by
the Applicable Prepayment Premium, if any, payable in connection with such prepayment of the Loans. 
 (h) Notwithstanding anything to the
contrary contained above in this Section 2.13, to the extent that (i) funds for any prepayment otherwise required to be made pursuant to the terms of Section 2.13(b) are only available to the Borrower through dividend payments to the
Borrower from one or more Regulated Insurance Subsidiaries, (ii) such dividend payments cannot be made at such time within the ordinary dividend-paying capacity of such Regulated Insurance Subsidiary or Subsidiaries and, accordingly, require
specific affirmative regulatory approval for the payment of extraordinary dividends and (iii) after due written application or request, such approval for the payment of extraordinary dividends is not obtained by such Regulated Insurance
Subsidiary, upon certification by the Borrower to the Administrative Agent to such effect (together with, in the case of an application or request for regulatory approval, copies of all documents submitted, and all written responses received, in
connection therewith), the Borrower shall not, to such extent, be required to make such prepayment for so long as (but only for so long as) such dividend payments may not, for such reasons, be made, provided that promptly upon any such restrictions
no longer being applicable, any such accrued prepayments that would be delinquent but for the foregoing provisions shall be made with the proceeds of any dividends or other distributions no longer subject to such restrictions. 

SECTION 2.14. Increased Costs 

(a) Generally. 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 or participated in by, any Lender (except any reserve requirement reflected in the Adjusted LIBO Rate), 

(ii) 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, or 
 (iii) impose on any Lender or the London interbank market any other condition affecting this
Agreement or Loans made by such Lender; 

  
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 and the result of any of the foregoing shall be to increase the unreimbursed cost to such Lender or such other
Recipient of making, converting to, continuing or maintaining any Loan, or to reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, promptly
following written request of such Lender or other Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for
such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender determines that any Change in
Law affecting such Lender or any lending office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or
on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change
in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy) by an amount deemed in good faith by such Lender to be material, then from time to time promptly
following written demand the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s or holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate (in reasonable detail) of a Lender setting forth the amount or amounts necessary
to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.14 and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be under any obligation to
compensate any Lender under paragraph (a) or (b) above for increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if such Lender knew or could reasonably have been expected to know
of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions; provided further that
the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such 180-day period. The protection of this Section shall be available to each Lender
regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed. 

SECTION 2.15. Change in Legality 

(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or
maintain any EuroDollar Loan or to give effect to its obligations as contemplated hereby with respect to any EuroDollar Loan, then, by written notice to the Borrower and to the Administrative Agent: 

  
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 (i) such Lender may declare that EuroDollar Loans will not thereafter (for the
duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Loans will not thereafter (for such duration) be converted into EuroDollar Loans), whereupon any request for a EuroDollar
Borrowing (or to convert an ABR Borrowing to a EuroDollar Borrowing or to continue a EuroDollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as
such for an additional Interest Period or to convert a EuroDollar Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and 

(ii) such Lender may require that all outstanding EuroDollar Loans made by it be converted to ABR Loans, in which event all
such EuroDollar Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below. 
 In
the event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the EuroDollar Loans that would have been made by such Lender or the
converted EuroDollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such EuroDollar Loans. Any such conversion of a EuroDollar Loan under (i) above shall
be subject to Section 2.16. 
 (b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be
effective as to each EuroDollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such EuroDollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower. 

SECTION 2.16. Indemnity 

The Borrower shall indemnify each Lender against any loss or expense that such Lender may sustain or incur as a consequence of (a) any
event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being deemed to receive any amount on account of the principal of any EuroDollar Loan prior to the end of
the Interest Period in effect therefor, (ii) except as set forth in Section 2.15 the conversion of any EuroDollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any EuroDollar Loan, in each case other than on
the last day of the Interest Period in effect therefor or (iii) any EuroDollar Loan to be made by such Lender (including any EuroDollar Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after
notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this clause (a) being called a “Breakage Event”) or (b) any default in the making of any payment or prepayment required
to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of such
Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in
redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be
delivered to the Borrower and shall be conclusive absent manifest error. 

  
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 SECTION 2.17. Pro Rata Treatment 

Except as required under Sections 2.13 and 2.15 or otherwise herein (including in any Extension), each Borrowing, each payment or prepayment of
principal of any Borrowing, each payment of interest on the Loans and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in accordance with their respective
applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lender’s portion of any Borrowing
to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole Dollar amount. 

SECTION 2.18. Sharing of Setoffs 

Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against the Borrower or any
other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable
bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the unpaid principal portion of its Loans shall be proportionately less
than the unpaid principal portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the
Loans of such other Lender, so that the aggregate unpaid principal amount of the Loans and participations in Loans held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Loans then outstanding as the
principal amount of its Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or counterclaim or other
event; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or
adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding a participation
in a Loan deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had made a
Loan directly to the Borrower in the amount of such participation. 
 SECTION 2.19. Payments 

(a) The Borrower shall make each payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder and
under any other Loan Document not later than 12:00 (noon), New York City time, on the date when due in immediately available Dollars, without setoff, defense or counterclaim. Any amounts received after such time on any

  
 45 

 
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. Each such payment shall
be made to an account designated by the Administrative Agent unless otherwise required herein. The Administrative Agent shall promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender. 

(b) Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any Fees
or other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case
be included in the computation of interest or Fees, if applicable. 
 SECTION 2.20. Taxes 

(a) Defined Terms. For purposes of this Section 2.20, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section 2.20) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in
accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 30 days
after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.20) payable or paid by such Recipient or required to be
withheld or deducted from a payment to such Recipient and any reasonable out-of-pocket 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. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. 

  
 46 

 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Loan Parties 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) Evidence of Payments. As soon as reasonably
practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.20, such Loan Party 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. 

(g) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender, under this Agreement (or, in the case of any Participant, on or before the date such
Participant purchases the related participation), and from time to time thereafter, 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 withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by applicable 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 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 2.20(g)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding tax; 

  
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 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (i) in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of 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 (y) 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; 

(ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the
Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to
the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (D) 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
Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative 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 Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(h) 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 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 2.20 with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including 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 over pursuant to this
paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to
the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party
or any other Person. 
 (i) Survival. Each party’s obligations under this Section 2.20 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under the Loan Documents. 

  
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 SECTION 2.21. Assignment of Loans Under Certain Circumstances; Duty to Mitigate

 (a) In the event (i) any Lender delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any
Lender delivers a notice described in Section 2.15, (iii) the Loan Parties are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.20 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 2.21(b), (iv) any Lender is in default of its obligations under this Agreement, (v) any
Lender does not consent to a proposed amendment, modification or waiver of this Agreement requested by the Borrower which requires the consent of all of the Lenders or all of the Lenders under the Facility to become effective (and which is approved
by at least the Required Lenders), (vi) any Lender refuses an Extension Notice or (vii) any Lender does not consent to a proposed amendment, modification or waiver of this Agreement requested by the Borrower which requires the consent of
all of the Lenders to become effective (or the consent of all directly and/or adversely Lenders) (and which is approved by at least the Required Lenders, or in the case of directly and/or adversely affected Lenders, at least a majority of such
Lenders), the Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender and the Administrative Agent, (I) require such Lender to
transfer and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this Agreement to an assignee that shall assume such assigned obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided (v) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction,
(w) solely with respect to replacements of Lenders pursuant to clauses (i), (ii) or (iii) of this Section 2.21, the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld or delayed, (x) the Borrower or such assignee shall have paid to the affected Lender in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the
outstanding Loans of such Lender plus all Fees and other amounts accrued for the account of such Lender hereunder (including any amounts under Section 2.14 and with respect to a replacement pursuant to clauses (i), (ii), (iii) and
(v) of Section 2.16) and (y) in the case of any replacements of Lenders pursuant to clause (vi) of this Section 2.21, the applicable assignee shall have consented to the applicable amendment, waiver or consent;
provided further that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation under Section 2.14 or notice under Section 2.15 or the amounts paid
pursuant to Section 2.20, as the case may be, cease to cause such Lender to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in
Section 2.15, or cease to result in amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such Lender pursuant to paragraph (b) below), or if such Lender shall waive its right to
claim further compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances
or event, as the case may be, then such Lender shall not thereafter be required to make any such transfer and assignment hereunder. In connection with any such replacement, if the replaced Lender does not execute and deliver to the Administrative
Agent a duly completed Assignment and Assumption reflecting such replacement within five Business Days of the date on which the replacement Lender executes and delivers such Assignment and Assumption to the replaced Lender, then such replaced Lender
shall be deemed to have executed and delivered such Assignment and Assumption. 

  
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 (b) If (i) any Lender shall request compensation under Section 2.14, (ii) any
Lender delivers a notice described in Section 2.15 or (iii) the Loan Parties are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.20, then such Lender shall use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or
regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and transfer its
obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would reduce
amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such filing or assignment, delegation and transfer.

 ARTICLE III. 

Representations and Warranties 

The Borrower represents and warrants to the Administrative Agent, the Collateral Agent and each of the Lenders that: 

SECTION 3.01. Organization; Powers 

The Borrower and each Subsidiary (a) is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction
of its organization or formation, (b) has all requisite corporate or limited liability company power and authority, and the legal right, to own and operate its property and assets, to lease the property it operates as lessee and to carry on its
business as now conducted and as proposed to be conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required (except where failure to do so could not reasonably be expected
to have a Material Adverse Effect) and (d) has the corporate or limited liability company power and authority, and the legal right, to execute, deliver and perform its obligations under this Agreement, each of the other Loan Documents, the
Retail Sale Purchase Agreement and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party, including, in the case of the Borrower, to borrow hereunder, in the case of each Loan Party, to grant the Liens
contemplated to be granted by it under the Security Documents and, in the case of each Subsidiary Guarantor, to Guarantee the Obligations as contemplated by the Guarantee and Collateral Agreement. 

  
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 SECTION 3.02. Authorization; No Conflicts 

The Transactions (a) have been duly authorized by all requisite corporate, partnership or limited liability company and, if required,
stockholder, partner or member action and (b) will not (i) violate (A) any (I) provision of law, statute, rule or regulation, or (II) of the certificate or articles of incorporation or other constitutive documents or by-laws of
the Borrower or any Subsidiary, (B) any order of any Governmental Authority or arbitrator or (C) any provision of any indenture, agreement or other instrument to which the Borrower or any Subsidiary is a party or by which any of them or
any of their property is or may be bound (except to the extent such violation could not reasonably be expected to result in a Material Adverse Effect), (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse
of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument or (iii) result in the creation or
imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any Subsidiary (other than Liens created under the Security Documents or as permitted by this Agreement). 

SECTION 3.03. Enforceability 

This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document when executed and delivered
by each Loan Party party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party 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. 

SECTION 3.04. Governmental Approvals 

No action, consent or approval of, registration or filing with, Permit from, notice to, or any other action by, any Governmental Authority is
or will be required in connection with the Transactions, except for (a) the filing of UCC financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office, (b) recordation of the
Mortgages, if any, or (c) such as have been made or obtained and are in full force and effect, other than, in the case of each of the foregoing, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse
Effect or which are not material to the consummation of the Transactions. 
 SECTION 3.05. Financial Statements 

(a) The Borrower has heretofore furnished to the Lenders the consolidated balance sheets and related statements of income,
stockholder’s equity and cash flows of each of the Borrower as of and for the fiscal years ended December 31, 2012, December 31, 2011 and December 31, 2010 audited by and accompanied by the opinion of KPMG, independent
public accountants. Such financial statements present fairly in all material respects the financial condition and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods. Such
balance sheets and the notes thereto disclose all material liabilities, direct or contingent or USAgencies, the Borrower and each of their consolidated Subsidiaries as of the dates thereof. Such financial statements were prepared in accordance with
GAAP applied on a consistent basis. 

  
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 (b) The Borrower has heretofore delivered to the Lenders the Projections, prepared giving
effect to the Transactions as if they had occurred. The Projections (i) have been prepared in good faith by the Borrower, based on the assumptions believed by the Borrower on the Closing Date to be reasonable, (ii) are based on the best
information available to the Borrower after due inquiry as of the date of delivery thereof, (iii) accurately reflect all material adjustments required to be made to give effect to the Transactions and (iv) present fairly in all material
respects on a pro forma basis the estimated consolidated financial position of the Borrower and its consolidated Subsidiaries as of such date and for such period, assuming that the Transactions had actually occurred at such date or at the beginning
of such period, as the case may be; provided, that such Projections (x) are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance may be given that any particular
Projections will be achieved, that actual results may differ and that such differences may be material and (y) are not a guarantee of performance. 

SECTION 3.06. No Material Adverse Change 

No event, change or condition has occurred since the Closing Date that has caused, or could reasonably be expected to cause, a Material Adverse
Effect. 
 SECTION 3.07. Title to Properties 

(a) Each of the Borrower and each Subsidiary has good and valid title to, or valid leasehold interests in, all its material properties and
assets (including, good and marketable title to, or valid leasehold interests in all its Material Real Property), except for minor defects in title that, in the aggregate, are not substantial in amount and do not materially detract from the value of
the property subject thereto and do not interfere in any material respect with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes. Each parcel of Real Property is free from
material structural defects and all building systems contained therein are in good working order and condition, ordinary wear and tear excepted, suitable for the purposes for which they are currently being used. No portion of the Real Property has
suffered any material damage by fire or other casualty loss that has not heretofore been completely repaired and restored to its original condition. Each parcel of Real Property and the current use thereof complies with all applicable laws
(including building and zoning ordinances and codes) and with all insurance requirements; the Borrower is not a non-conforming user of any Real Property. 

(b) None of the Borrower or any of the Subsidiaries has received any notice of, nor has any knowledge of, any pending or contemplated
condemnation proceeding affecting the Real Properties or any sale or disposition thereof in lieu of condemnation. 
 (c) None of the
Borrower or any of the Subsidiaries is obligated under any right of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Real Property or any interest therein. 

(d) There are no pending or, to the knowledge of the Borrower, proposed special or other assessments for public improvements or otherwise
affecting any material portion of the owned Real Property, nor are there any contemplated improvements to such owned Real 

  
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Property that may result in such special or other assessments. The Borrower has not suffered, permitted or initiated the joint assessment of any owned Real Property with any other real property
constituting a separate tax lot. Each owned parcel of Real Property is comprised of one or more parcels, each of which constitutes a separate tax lot and none of which constitutes a portion of any other tax lot. 

(e) The Borrower has obtained all permits, licenses, variances and certificates required by applicable law to be obtained and necessary to
the use and operation of each parcel of Real Property, except where the failure to have such permit, license, certificate or variance would not prohibit the use of such parcel of Real Property as it is currently being used. The use being made of
each parcel of Real Property conforms with the certificate of occupancy and/or such other permits, licenses, variances and certificates for such Real Property and any other restrictions, covenants or conditions affecting such Real Property, except
for any such nonconformity that could not reasonably be expected to be enjoined or to result in material fines. 
 (f) each parcel of
Real Property has adequate rights of access to public ways to permit the Real Property to be used for its intended purpose, and is served by installed, operating and adequate water, electric, gas, telephone, sewer, sanitary sewer and storm drain
facilities; (ii) all public utilities necessary to the continued use and enjoyment of each parcel of Real Property as used and enjoyed on the Closing Date are located in the public right-of-way abutting the premises, and all such utilities are
connected so as to serve such Real Property without passing over other Property except for land of the utility company providing such utility service or, in the case of leased Real Property, contiguous land owned by the lessor of such leased Real
Property; (iii) each parcel of Real Property, including each leased parcel, has adequate available parking to meet legal and operating requirements; (iv) all roads necessary for the full utilization of each parcel of Real Property for its
current purpose have been completed and dedicated to public use and accepted by all governmental authorities or are the subject of access easements for the benefit of such Real Property; (v) no building or structure constituting Real Property
or any appurtenance thereto or equipment thereon, or the use, operation or maintenance thereof, violates any restrictive covenant or encroaches on any easement or on any property owned by others, which violation or encroachment interferes with the
use or could materially adversely affect the value of such building, structure or appurtenance or which encroachment is necessary for the operation of the business at any Real Property; and (vi) all buildings, structures, appurtenances and
equipment necessary for the use of each parcel of Real Property for the purpose for which it is currently being used are located on the real property encumbered by such Mortgage. 

SECTION 3.08. Subsidiaries 

(a) Schedule 3.08(a) sets forth as of the Closing Date a list of all Subsidiaries, after giving effect to the Retail Sale, including
each Subsidiary’s exact legal name (as reflected in such Subsidiary’s certificate or articles of incorporation or other constitutive documents) and jurisdiction of incorporation or formation and the percentage ownership interest of the
Borrower (direct or indirect) therein, and identifies each Subsidiary that is Loan Party. The shares of capital stock or other Equity Interests so indicated on Schedule 3.08(a) are fully paid and non-assessable (if applicable) and are owned by the
Borrower, directly or indirectly, free and clear of all Liens (other than Liens created under the Security Documents and the Closing Date Subordinated Debt Documents). 

  
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 (b) As of the Closing Date, there are no restrictions on any Regulated Insurance Subsidiary
which prohibit or otherwise restrict the ability of any Regulated Insurance Subsidiary to (i) pay dividends or make other distributions or pay any Indebtedness owed to the Borrower or any Subsidiary, (ii) make loans or advances to the
Borrower or any Subsidiary, (iii) transfer any of its properties or assets to the Borrower or any Subsidiary, (iv) guarantee the Obligations, other than prohibitions or restrictions existing under or by reason of (A) customary
nonassignment provisions entered into in the ordinary course of business and consistent with past practices and (B) purchase money obligations for property acquired in the ordinary course of business, so long as such obligations are permitted
under this Agreement, (v) dividend or distribute to the Borrower or any Subsidiary amounts equal to all state and federal income tax expenses incurred by the Regulated Insurance Subsidiaries, or (vi) conduct business in the ordinary course
in the jurisdictions in which such Regulated Insurance Subsidiary conducts its Insurance Business, including, without limitation, as set forth on Schedule 3.26, other than, in the case of each of clause (i) through clause (vi), prohibitions or
restrictions existing under or by reason of (A) this Agreement, the other Loan Documents or the Subordinated Debt Documents, (B) Requirements of Law or (C) as set forth on Schedule 3.08(b). 

SECTION 3.09. Litigation; Compliance with Laws 

(a) There are no actions, investigations, suits or proceedings at law or in equity or by or before any arbitrator or Governmental
Authority now pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any Subsidiary or any business, property or rights of any such Person (i) that involve any Loan Document or the Transactions or
(ii) except as set forth on Schedule 3.09, 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. 
 (b) None of the Borrower or any of the Subsidiaries or any of their respective material properties or assets is in
violation of, nor will the continued operation of their material properties and assets as currently conducted violate, any Requirement of Law where such violation or default, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. 
 SECTION 3.10. Agreements 

(a) None of the Borrower or any of the Subsidiaries is a party to any agreement or instrument, or subject to any corporate restriction,
that, individually or in the aggregate, has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (b) None
of the Borrower or any of the Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it
or any of its properties or assets are or may be bound where such default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

  
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 SECTION 3.11. Federal Reserve Regulations 

(a) None of the Borrower or any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of buying or carrying Margin Stock. 
 (b) No part of the proceeds of any Loan will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, for purchasing or carrying Margin Stock or for the purpose of purchasing, carrying or trading in any securities under such circumstances as to involve the Borrower in a
violation of Regulation X or to involve any broker or dealer in a violation of Regulation T. No Indebtedness being reduced or retired out of the proceeds of any Loans was or will be incurred for the purpose of purchasing or carrying any Margin
Stock. Following the application of the proceeds of the Loans, Margin Stock will not constitute more than 25% of the value of the assets of the Borrower and the Subsidiaries. None of the transactions contemplated by this Agreement will violate or
result in the violation of any of the provisions of the Regulations of the Board, including Regulation T, U or X. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a
statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 

SECTION 3.12. Investment Company Act 

None of the Borrower or any of the Subsidiaries is an “investment company” as defined in, or subject to regulation under the
Investment Company Act of 1940, as amended. 
 SECTION 3.13. Use of Proceeds 

The Borrower will use the proceeds of the Loans to repay in full the obligations under the Existing Credit Facility, to pay fees, costs and
expenses related to the Transactions and to provide for the on-going working capital needs and general corporate purposes of the Borrower and its Subsidiaries. 

SECTION 3.14. Tax Returns 

Each of the Borrower and each of the Subsidiaries has timely filed or timely caused to be filed (after giving effect to all extensions) all
federal, material state, material local and material foreign tax returns or materials required to have been filed by it and all such tax returns are correct and complete in all material respects. (a) Each of the Borrower and each of the
Subsidiaries has timely paid or timely caused to be paid (after giving effect to all extensions) all Taxes due and payable by it and all assessments received by it, except Taxes that are being contested in good faith by appropriate proceedings and
for which the Borrower or such Subsidiary as applicable, shall have set aside on its books adequate reserves in accordance with GAAP, (b) each of the Borrower and each of the Subsidiaries has made adequate provision in accordance with GAAP for
all Taxes not yet due and payable and (c) no Tax Lien has been filed, except Tax Liens that are being contested in good faith by appropriate proceedings, and to the knowledge of the Borrower and each of its Subsidiaries, no claim is being
asserted with respect to any tax, except, in the case clauses (a), (b) and (c) with respect to such taxes and Liens could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.15. No Material Misstatements 

No written information, report, historical financial statement, exhibit or schedule furnished by or on behalf of the Borrower or any Subsidiary
to the Arranger, the Administrative Agent or any Lender for use in connection with the transactions contemplated by the Loan Documents or in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto, when
taken as a whole (and as supplemented or modified), contained, contains or will contain any material misstatement of fact or omitted, omits or will omit 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, are or will be made, not misleading, in each case excluding general market or industry data; provided that to the extent any such information, report, financial statement, exhibit or schedule
was based upon or constitutes a forecast, estimate, budget, forward looking statement or projection, the Borrower represents only that it acted in good faith and utilized assumptions believed by it to be reasonable at the time; provided, that such
projections (x) are subject to significance uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance may be given that any particular projections will be achieved, that actual results may differ
and that such differences may be material and (y) are not a guarantee of performance. 
 SECTION 3.16. Employee Benefit
Plans 
 Each of the Borrower and each of its ERISA Affiliates is in compliance in all material respects with the applicable provisions
of ERISA and the Code and the regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in
material liability of the Borrower or any of its ERISA Affiliates. The present value of all benefit liabilities under each Benefit Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not,
as of the last annual valuation date applicable thereto, exceed by more than $1,000,000 the fair market value of the assets of such Benefit Plan, and the present value of all benefit liabilities of all underfunded Benefit Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the last annual valuation dates applicable thereto, exceed by more than $1,000,000 the fair market value of the assets of all such underfunded
Benefit Plans. 
 SECTION 3.17. Environmental Matters 

(a) Except as set forth in Schedule 3.17 and 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, none of the Borrower or any of the Subsidiaries: 
 (i)
has failed to comply with any Environmental Law or to take, in a timely manner, all actions necessary to obtain, maintain, renew and comply with any Environmental Permit, and all such Environmental Permits are in full force and effect and not
subject to any administrative or judicial appeal; 
 (ii) has become a party to any governmental, administrative or judicial
proceeding commenced pursuant to any Environmental Law or possesses knowledge of any such proceeding that has been threatened under Environmental Law; 

  
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 (iii) has received notice of, become subject to, or is aware of any facts or
circumstances that could form the basis for, any Environmental Liability other than those which have been fully and finally resolved and for which no obligations remain outstanding; 

(iv) possesses knowledge that any Mortgaged Property, if any, (A) is subject to any Lien, restriction on ownership,
occupancy, use or transferability imposed pursuant to Environmental Law or (B) contains or previously contained Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in any Environmental
Liability; 
 (v) possesses knowledge that there has been a Release or threat of Release of Hazardous Materials at or from
the Mortgaged Properties, if any, (or from any facilities or other properties formerly owned, leased or operated by the Borrower or any of the Subsidiaries) in violation of, or in amounts or in a manner that could give rise to liability under, any
Environmental Law; 
 (vi) has generated, treated, stored, transported, or Released Hazardous Materials from the Mortgaged
Properties (or from any facilities or other properties formerly owned, leased or operated by the Borrower or any of the Subsidiaries) in violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law;

 (vii) is aware of any facts, circumstances, conditions or occurrences in respect of any of the facilities and properties
owned, leased or operated that could (A) form the basis of any action, suit, claim or other judicial or administrative proceeding relating to liability under or noncompliance with Environmental Law on the part of the Borrower or any of the
Subsidiaries or (B) or interfere with or prevent continued compliance with Environmental Laws by the Borrower or the Subsidiaries; or 

(viii) has pursuant to any order, decree, judgment or agreement by which it is bound or has assumed the Environmental Liability
for any Person. 
 SECTION 3.18. Insurance 

Schedule 3.18 sets forth a true, complete and correct description of all insurance maintained by or on behalf of the Borrower and the
Subsidiaries as of the Closing Date. As of the Closing Date, such insurance is in full force and effect and all premiums have been duly paid (to the extent earned, due and payable). The Borrower and the Subsidiaries are insured by financially sound
and reputable insurers and such insurance is in such amounts and covering such risks and liabilities (and with such deductibles, retentions and exclusions) as are in accordance with normal and prudent industry practice. 

SECTION 3.19. Security Documents 

(a) The Guarantee and Collateral Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured
Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds thereof (subject to 

  
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(i) applicable bankruptcy, insolvency, reorganization, moratorium or other Laws relating to or affecting creditors’ rights and remedies generally from time to time in effect and subject to
capital maintenance rules and general principles of equity, regardless of whether considered in a proceeding in equity or at law, (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by
the Loan Parties in favor of the Collateral Agent and (iii) the effect of foreign Laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries and intercompany Indebtedness owed by such Foreign
Subsidiaries) and (i) in the case of the Pledged Collateral, upon the earlier of (A) when such Pledged Collateral is delivered to the Collateral Agent and (B) when financing statements in appropriate form are filed in the offices
specified on Schedule 3.19(a) (and applicable fees are paid) and (ii) in the case of all other Collateral described therein (other than Intellectual Property Collateral), when financing statements in appropriate form are filed in the offices
specified on Schedule 3.19(a) or other actions described on Schedule 3.19(a) are taken, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Secured Parties
in such Collateral and proceeds thereof, as security for the Obligations, in each case prior and superior to the rights of any other Person (other than Pledged Securities, with respect to Liens expressly permitted by Section 6.02). 

(b) Each Intellectual Property Security Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the
Secured Parties, a legal, valid, binding and enforceable security interest in the Intellectual Property Collateral described therein and proceeds thereof (subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium or other
Laws relating to or affecting creditors’ rights and remedies generally from time to time in effect and subject to capital maintenance rules and general principles of equity, regardless of whether considered in a proceeding in equity or at law,
(ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and (iii) the effect of foreign Laws, rules and regulations as they relate
to pledges, if any, of Equity Interests in Foreign Subsidiaries and intercompany Indebtedness owed by such Foreign Subsidiaries). When each Intellectual Property Security Agreement is filed in the United States Patent and Trademark Office and the
United States Copyright Office, respectively, together with financing statements in appropriate form filed in the offices specified in Schedule 3.19(a) (and the applicable fees are paid), such Intellectual Property Security Agreement shall
constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in the Intellectual Property Collateral that is described in the Intellectual Property Security Agreement and proceeds thereof,
as security for the Obligations, in each case prior and superior in right to any other Person (except with respect to Liens expressly permitted by Section 6.02) (it being understood that subsequent recordings in the United States Patent and
Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks, trademark applications and copyrights acquired by the grantors after the date hereof). Notwithstanding anything to the contrary in
this Agreement, any reference in this Agreement to the concept of “perfection” as used with respect to Collateral consisting of Intellectual Property, shall mean perfection solely to the extent contemplated by the Guarantee and Collateral
Agreement. 
 (c) Each of the Mortgages, if any, is effective to create in favor of the Collateral Agent, for the ratable benefit of the
Secured Parties, a legal, valid, binding and enforceable Lien on, and security interest in, all of the Loan Parties’ right, title and interest in and to the 

  
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Mortgaged Property, if any, thereunder and proceeds thereof, and when the Mortgages, if any. are filed in the offices specified on Schedule 3.19(c), each such Mortgage, if any, shall
constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereof in such Mortgaged Property, if any, and proceeds thereof, as security for the Obligations, in each case prior and superior in right
to any other person (except with respect to Liens expressly permitted by Section 6.02). 
 SECTION 3.20. Location of Real
Property 
 Schedule 3.20 lists completely and correctly as of the Closing Date all owned Real Property and the addresses thereof
indicating for each parcel whether it is owned or leased. The Borrower and the Subsidiaries own in fee or have valid leasehold interests in, as the case may be, all the real property set forth on Schedule 3.20. 

SECTION 3.21. Labor Matters 

As of the Closing Date, there are no strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending or, to the knowledge of the
Borrower, threatened. Except to the extent any of the following could not reasonably be expected to have a Material Adverse Effect, (a) the hours worked by and payments made to employees of the Borrower and the Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters and (b) payments due from the Borrower or any Subsidiary, or for which any claim may be made against the Borrower
or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower or such Subsidiary. The consummation of the Transactions will not give rise to
any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which the Borrower or any Subsidiary is bound. 

SECTION 3.22. Liens. There are no Liens of any nature whatsoever on any of the properties or assets of the Borrower or any of
the Subsidiaries (other than Liens expressly permitted by Section 6.02). 
 SECTION 3.23. Intellectual Property. Each
of the Borrower and each of the Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and the 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 3.24. Solvency 

Immediately after the consummation of the Transactions to occur on the Closing Date and immediately following the making of the Loans and after
giving effect to the application of the proceeds of the Loans, the Loan Parties (taken as a whole with their respective Subsidiaries) are Solvent. 

  
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 SECTION 3.25. Transaction Documentation. The Retail Sale Purchase Agreement and
related documents listed on Schedule 3.25 constitutes all of the material agreements, instruments and undertakings to which the Borrower or any of the Subsidiaries is bound or by which any of their respective property or assets is bound or affected
relating to, or arising out of, the Acquisition. None of such material agreements, instruments or undertakings has been amended, supplemented or otherwise modified in any manner materially adverse to the Agent or the Lenders, and all such material
agreements, instruments and undertakings are in full force and effect. Neither of the Borrower or, to the best of the Borrower’s knowledge, the purchaser thereunder is in default under the Retail Sale Purchase Agreement as of the Closing Date
and neither of the Borrower or, to the best of the Borrower’s knowledge, USAgencies has the right to terminate the Retail Sale and Purchase Agreement. 

SECTION 3.26. Permits. 

(a) Each Loan Party has obtained and holds all Permits required in respect of all Real Property and for any other property otherwise
operated by or on behalf of, or for the benefit of, such person and for the operation of each of its businesses as presently conducted and as proposed to be conducted, (b) all such Permits are in full force and effect, and each Loan Party has
performed and observed all requirements of such Permits, (c) no event has occurred that allows or results in, or after notice or lapse of time would allow or result in, revocation or termination by the issuer thereof or in any other impairment
of the rights of the holder of any such Permit, (d) no such Permits contain any restrictions, either individually or in the aggregate, that are materially burdensome to any Loan Party, or to the operation of any of its businesses or any
property owned, leased or otherwise operated by such person and (e) the Borrower has no knowledge or reason to believe that any Governmental Authority is considering limiting, suspending, revoking or renewing on materially burdensome terms any
such Permit. Schedule 3.26 lists, with respect to each Regulated Insurance Subsidiary, as of the Closing Date, all of the jurisdictions in which such Regulated Insurance Subsidiary holds Permits (including, without limitation Permits from Insurance
Regulators and any other Permits necessary to transact Insurance Business), and indicates (i) the line or lines of insurance in which each such Regulated Insurance Subsidiary is permitted to be engaged with respect to each license therein
listed. (ii) the expiration of such license, and (iii) the status of any renewal thereof. 

SECTION 3.27. Reinsurance Agreements 

There are no material liabilities outstanding as of the Closing Date under any Reinsurance Agreement. Each Reinsurance Agreement is in full
force and effect (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Requirements of Law relating to or affecting creditors’ rights and remedies generally from time to time in effect and subject to capital
maintenance rules and general principles of equity, regardless of whether considered in a proceeding in equity or at law). No Regulated Insurance Subsidiary or any other party is in breach of or default under any such Reinsurance Agreement, except
any such breach or default which could not reasonably be expected to have a Material Adverse Effect. Borrower has no reason to believe that the financial condition of any other party to any such Reinsurance Agreement is impaired such that a default
thereunder by such party could reasonable be anticipated and expected to have a Material Adverse Effect. Each Reinsurance Agreement is qualified under all applicable Requirements of Law to receive the statutory credit assigned to

  
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such Reinsurance Agreement in the relevant annual statement or quarterly statement at the time prepared. Each Person to whom any Regulated Insurance Subsidiary has ceded any material liability
pursuant to any Reinsurance Agreement on the Closing Date (other than any such Person that is the Borrower or a Subsidiary thereof in respect of which no such representation shall be required) has a rating of “B++” or better by A.M. Best.

 SECTION 3.28. Senior Indebtedness. 

All Obligations of the Borrower and each of its Subsidiaries constitute “Senior Indebtedness” under the Subordinated Debt.

 SECTION 3.29. OFAC. 

None of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer, agent, employee or Affiliate of
the Borrower or any Subsidiary (i) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) to the knowledge of the Borrower, engages in any dealings or transactions prohibited by Section 2 of such executive order, or
is otherwise associated with any such Person in any manner violative of Section 2, or (iii) is a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S.
Department of Treasury’s Office of Foreign Assets Control (“OFAC”) regulation or executive order. The Borrower will not directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds to any
Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 

SECTION 3.30. Patriot Act. 

The Borrower and each Subsidiary is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each
of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And Strengthening
America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001) and (iii) the United States Foreign Corrupt Practices Act of 1977, as amended. No part of the proceeds of the Loans will be used,
directly or indirectly, for any payments to any of governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
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 ARTICLE IV. 

Conditions of Lending 

The obligations of the Lenders to make Loans hereunder are subject to the satisfaction (or waiver) of the following conditions: 

(a) The Administrative Agent shall have received a notice of Borrowing as required by Section 2.03 (or such notice
shall have been deemed given in accordance with Section 2.03). 
 (b) Collateral Agent shall have received
endorsements naming Collateral Agent, for the benefit of the Secured Parties, (i) on fire and extended coverage policies maintained with respect to any Collateral as an additional insured or loss payee on behalf of the Secured Parties, as
applicable, and (ii) on commercial general liability policies as an additional insured. 
 (c) At the time of and
immediately after the making of the Loans, no Event of Default or Default shall have occurred and be continuing. 

(d) The Administrative Agent shall have received, on behalf of itself and the Lenders, in a form reasonably satisfactory
to it, a customary written opinion of (i) Kirkland & Ellis LLP, counsel for the Borrower and the Subsidiaries, and (ii) each special and local counsel to the Borrower and the Subsidiaries as the Administrative Agent may reasonably
request, in each case (A) dated the Closing Date, (B) addressed to the Administrative Agent and the Lenders and (C) covering such matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably
request and which are customary for transactions of the type contemplated herein, and the Borrower and the Subsidiaries hereby request such counsel to deliver such opinions. 

(e) The Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation or other
formation documents, including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of each Loan Party as of a recent date,
from such Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws, operating agreement or
similar document of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions
duly adopted by the Board of Directors, managers or members, as applicable, of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party, in the case of the Borrower, the borrowings
hereunder, in the case of each Loan Party, the granting of the Liens contemplated to be granted by it under the Security Documents and, in the case of each Subsidiary Guarantor, the Guaranteeing of the Obligations as contemplated by the Guarantee
and Collateral Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of such Loan Party have not
been amended since the date of the last amendment provided to the Administrative Agent and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on
behalf of such Loan Party; and (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to (ii) above. 

  
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 (f) The Administrative Agent shall have received a certificate, dated the
Closing Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (c) and (q) of this Article IV. 

(g) The Administrative Agent shall have received (i) this Agreement, executed and delivered by a duly authorized
officer of the Borrower, (ii) the Guarantee and Collateral Agreement, executed and delivered by a duly authorized officer of each of the Borrower and each Subsidiary Guarantor, (iii) the Fee Letter and Engagement Letter, duly executed and
delivered by an authorized officer of the Borrower, (iv) if requested by any Lender pursuant to Section 2.04, a promissory note or notes conforming to the requirements of such Section and executed and delivered by a duly authorized officer
of the Borrower, and (v) the material Closing Date Subordinated Debt Documents and the Intercreditor and Subordination Agreement, in each case in a form reasonably acceptable to the Administrative Agent and duly executed and delivered by the
parties thereto. 
 (h) The Collateral Agent, for the ratable benefit of the Secured Parties, shall have been granted on
the Closing Date first priority perfected Liens on the Collateral (subject, in the case of all Collateral other than Pledged Securities, to Permitted Liens). The Pledged Collateral shall have been duly and validly pledged under the Guarantee and
Collateral Agreement to the Collateral Agent, for the ratable benefit of the Secured Parties, and certificates representing such Pledged Collateral, accompanied by instruments of transfer and stock powers endorsed in blank, shall be in the actual
possession of the Collateral Agent. 
 (i) The Collateral Agent shall have received a duly executed Perfection
Certificate dated on or prior to the Closing Date. The Collateral Agent shall have received the results of a recent Lien and judgment search in the jurisdiction of organization of each of the Borrower and those of the Subsidiaries that shall be
Subsidiary Guarantors, and such search shall reveal no Liens on any of the assets of the Borrower or any of such Subsidiaries, except Permitted Liens and except for Liens to be discharged on or prior to the Closing Date pursuant to documentation
reasonably satisfactory to the Collateral Agent. 
 (j) All conditions precedent to the consummation of the Retail Sale
under the Retail Sale Purchase Agreement shall have been satisfied substantially contemporaneously with the closing under this Agreement (unless otherwise waived with the approval of the Administrative Agent) and the Retail Sale shall have been
consummated substantially contemporaneously with the closing under this Agreement in accordance in all material respects with the terms of the Retail Sale Purchase Agreement; and no material changes shall have been made to the Retail Sale Purchase
Agreement disclosed to the Agent under the Commitment Letter without the prior written consent of the Administrative Agent (it being agreed that any decreases in the purchase price for the Retail Sale, deferred consideration for the Retail Sale or
escrow amounts under the Retail Sale Purchase Agreement, changes to the mechanics of release such deferred consideration or escrow amounts and material changes to the terms of the transition services agreement and distribution agreement executed in
connection with the Retail Sale Purchase Agreement shall be deemed to be material under this clause (j)). 

  
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 (k) The Borrower shall have substantially contemporaneously repaid all
amounts outstanding under the Existing Credit Facility. The Administrative Agent shall have received reasonably satisfactory evidence that (i) the Existing Credit Facility shall have been terminated (or substantially contemporaneously with the
occurrence of the Closing Date shall be terminated), all amounts then due and payable or to become due and payable (other than obligations not yet having been requested) thereunder shall have been paid in full and all commitments and reimbursement
obligations thereunder shall have been terminated and (ii) reasonably satisfactory arrangements shall have been made for the termination of all Liens granted in connection therewith, in each case on terms and conditions satisfactory to the
Administrative Agent. The Borrower shall substantially contemporaneously received $10,000,000 in gross cash proceeds from its incurrence of the Closing Date Subordinated Debt. 

(l) The Administrative Agent shall have received (i) the financial statements described in Section 3.05 and
(ii) U.S. GAAP unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Borrower for (A) the fiscal quarter ended June 30, 2013 and (B) monthly and year to date
financial statements for July 31, 2013 and, if the Closing Date occurs after September 30, 2013, August 31, 2013, all in form reasonably satisfactory to the Administrative Agent (it being agreed that such financial statements
shall be deemed reasonably satisfactory to the Administrative Agent if provided in the same format and with the same detail as the historical financial statements delivered to the lenders under the Existing Credit Facility). 

(m) The Administrative Agent shall have received projections of the Borrower and its Subsidiaries for the years 2013
through 2016 (the “Projections”). 
 (n) The Administrative Agent shall have received a certificate
from the chief financial officer of the Borrower certifying that the Loan Parties (together with their Subsidiaries), after giving effect to the Transactions and the other transactions contemplated hereby, are Solvent. 

(o) All material governmental, regulatory and third party consents and approvals with respect to the Transactions and the
other transactions contemplated hereby to the extent required shall have been obtained, all applicable appeal periods shall have expired and there shall be no litigation, governmental, administrative or judicial action, actual or threatened in
writing, that could reasonably be expected to restrain, prevent or impose materially burdensome conditions on the Transactions or the other transactions contemplated hereby. 

(p) The Administrative Agent shall have received all documentation and other information required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. Patriot Act. 

(q) The representations and warranties set forth in the Loan Documents shall be true and correct in all material respects.

  
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 ARTICLE V. 

Affirmative Covenants 

The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the principal of and
interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than contingent obligations not due and owing) shall have been paid in full, the Borrower will, and will cause each of the Subsidiaries to: 

SECTION 5.01. Existence; Businesses and Properties 

(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as
otherwise expressly permitted under Section 6.05. 
 (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, 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; comply in all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted; comply with the
terms of, or enforce its rights under, each material lease of real property and each other material agreement so as to not permit any material uncured default on its part to exist thereunder, and except where the failure to do so could not have a
material impact on the Borrower and its Subsidiaries taken as a whole; and at all times maintain and preserve all property material to the conduct of such business and keep such property in good repair, working order and condition (except in respect
of ordinary wear and tear and casualty and condemnation) 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. 
 SECTION 5.02. Insurance 

Keep its insurable properties adequately insured at all times by financially sound and reputable insurers; maintain such other reasonably
satisfactory insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), including fire and other risks insured against by extended coverage, as is prudent in the reasonable business judgment of the
Borrower, including public liability insurance against claims for Personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it and maintain such other
insurance as may be required by law. 
 SECTION 5.03. Taxes 

Pay and discharge promptly when due all material 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 material claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien (other than a

  
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Lien permitted by Section 6.02 of this Agreement) upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with
respect to any such tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and the Borrower or the applicable Subsidiary shall have set aside on its books adequate
reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested obligation, tax, assessment or charge and enforcement of a Lien. 

SECTION 5.04. Financial Statements, Reports, etc 

In the case of the Borrower, furnish to the Administrative Agent who will deliver to each Lender: 

(a) (i) within 90 days after the end of each fiscal year, its consolidated balance sheet and related statements of income,
stockholders’ equity and cash flows showing the financial condition of the Borrower and its consolidated Subsidiaries as of the close of such fiscal year and the results of its operations and the operations of such Subsidiaries during such
year, together with comparative figures for the most recent budget delivered to the Administrative Agent under Section 5.04(f), all audited by KPMG or other independent public accountants of recognized national standing or such other
independent registered public accounting firm reasonably acceptable to the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned) and accompanied by an opinion of such accountants (which shall not be qualified in
any material respect other than solely as a result of a current maturity of the Loans) to the effect that such consolidated financial statements fairly present 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; and (ii) within 60 days (or, in the case of any audited statements and risk-based capital reports required to be delivered pursuant
to this clause (ii), 180 days) after the close of each fiscal year of each Regulated Insurance Subsidiary, the annual statement of such Regulated Insurance Subsidiary (prepared in accordance with SAP) for such fiscal year and as filed with the
Insurance Regulators of the state in which such Regulated Insurance Subsidiary is domiciled (together with any certifications or statements of such Regulated Insurance Subsidiary relating to such annual statement and any audited statements and
risk-based capital reports, in each case which are required by such Insurance Regulators); 
 (b) (i) within 45 days after the
end of each of the first three fiscal quarters of each fiscal year, its consolidated balance sheet and related statements of income, stockholders’ equity and cash flows showing the financial condition of the Borrower and its consolidated
Subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in
the most recent budget delivered to the Administrative Agent under Section 5.04(f), all certified by one of its Financial Officers as fairly presenting 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, subject to normal year-end audit adjustments and the absence of footnotes; and (ii) within 60 days after the close of each of the first
three quarterly accounting periods in each fiscal year of each Regulated Insurance Subsidiary, quarterly financial statements of such 

  
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Regulated Insurance Company (prepared in accordance with SAP) for such quarterly accounting period as filed with the Insurance Regulators of the state in which such Regulated Insurance Subsidiary
is domiciled (together with any certifications or statements of such Regulated Insurance Subsidiary relating to such quarterly financial statements which are required by such Insurance Regulators); 

(c) within 30 days after the end of the first two fiscal months of each fiscal quarter, its consolidated balance sheet and related
statements of income and cash flows showing the financial condition of the Borrower and its consolidated Subsidiaries during such fiscal month and the then elapsed portion of the fiscal year, all certified by one of its Financial Officers as fairly
presenting 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, subject to normal year-end audit
adjustments and the absence of footnotes; 
 (d) concurrently with any delivery of financial statements under paragraph (a) or
(b) above, (i) a certificate of the Financial Officer certifying such statements (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent
thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the covenants contained in
Sections 6.11, 6.12, 6.13 and 6.14, and, in the case of a certificate delivered with the financial statements required by paragraph (a) above, setting forth the Borrower’s calculation of Excess Cash Flow; 

(e) concurrently with any delivery of financial statements under paragraph (a) above, a certificate of the accounting firm that
reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Event of Default or Default with respect to Sections 6.11, 6.12, 6.13 or 6.14 (which certificate
may be limited to the extent required by generally accepted accounting rules or guidelines); 
 (f) within 90 days after the end of
each fiscal year of the Borrower, a detailed consolidated quarterly budget for the fiscal year following such fiscal year then ended (including a projected consolidated and consolidating balance sheet, income statement and related statements of
projected operations and cash flows as of the end of and for such following fiscal year and setting forth the assumptions used for purposes of preparing such budget) and, promptly when available, any significant revisions of such budget; 

(g) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Borrower or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed generally to its shareholders, as the case may
be; 
 (h) promptly after the receipt thereof by the Borrower or any of the Subsidiaries, a copy of any final “management
letter” (whether in final or draft form) received by any such Person from its certified public accountants and the management’s response thereto (subject to any confidentiality restrictions); 

  
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 (i) promptly following receipt or as promptly as reasonably practicable following the
request of the Administrative Agent or the Required Lenders, a report prepared by an independent actuarial consulting firm of recognized professional standing reasonably satisfactory to the Administrative Agent and the Required Lenders reviewing the
adequacy of reserves of each Regulated Insurance Subsidiary determined in accordance with SAP, which firm shall be provided access to or copies of all reserve analyses and valuations relating to the insurance business of each Regulated Insurance
Subsidiary in the possession of or available to the Borrower or its Subsidiaries; provided that no request may be made pursuant to this clause (i) unless there shall have occurred and be continuing an Event of Default; 

(j) promptly (i) after receipt thereof, copies of all regular and periodic reports of examinations (including, without limitation,
triennial examinations and annual risk adjusted capital reports) of any Regulated Insurance Subsidiary, delivered to such Person by any Insurance Regulators, insurance commission or similar regulatory authority, (ii) after receipt thereof,
written notice of any assertion by any Insurance Regulators or any governmental agency or agencies substituted therefor, as to a violation of any Requirement of Law by any Regulated Insurance Subsidiary which could reasonably be expected to have a
Material Adverse Effect, (iii) after receipt thereof, a copy of any notice of termination, cancellation or recapture of any Reinsurance Agreement or Retrocession Agreement to which a Regulated Insurance Subsidiary is a party to the extent such
termination or cancellation is likely to have a Material Adverse Effect, (iv) after receipt thereof, copies of any notice of actual suspension, termination or revocation of any material license of any Regulated Insurance Subsidiary by any
Insurance Regulators, including any request by an Insurance Regulators which commits a Regulated Insurance Subsidiary to take or refrain from taking any action or which otherwise affects the authority of such Regulated Insurance Subsidiary to
conduct its business and (v) an in any event within 30 Business Days after Borrower or any of its Subsidiaries obtains knowledge thereof, notice of any actual changes in the insurance Requirements of Laws enacted in any state in which any
Regulated Insurance Subsidiary is domiciled which would reasonably be expected to have a Material Adverse Effect; 
 (k) concurrently
with any delivery of financial statements under paragraph (a) or (b) above, (i) in connection with the termination of each Reinsurance Agreement and Retrocession Agreement (other than with respect to any such agreement with the
Borrower or any Subsidiary thereof), a copy of the slip or other document, agreement or correspondence with each reinsurer, retrocessionaire, reinsurance broker or agent which will amend, restate or supersede such terminating Reinsurance Agreement
or Retrocession Agreement, and (ii) in connection with the execution of any Reinsurance Agreement and Retrocession Agreement, a copy of each such Reinsurance Agreement and Retrocession Agreement (other than with respect to any such agreement
with the Borrower or any Subsidiary thereof), certified to be complete and correct by an authorized signatory of the Regulated Insurance Subsidiary a party to such agreement acceptable to the Administrative Agent; 

(l) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a copy of (i) each A.M. Best
report, if any, with respect to Borrower of any of its Subsidiaries, and (ii) all written correspondence from A.M. Best to Borrower or any of its Subsidiaries the contents of which (A) relate to a probable downgrade of the A.M. Best rating
of any Regulated Insurance Subsidiary or (B) describe or relate to a circumstance that would reasonably be expected to have a Material Adverse Effect; 

  
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 (m) promptly, from time to time, such other information regarding the operations, business
affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request (provided that nothing in this clause (n) shall require the
Borrower or its Subsidiaries to provide information subject to Disclosure Exceptions); and 
 (n) within 10 days of delivery of
financial statements under paragraph (a) or (b) above, management’s discussion and analysis of the important operational and financial developments during such fiscal year or fiscal quarter, as applicable, consistent with the
Borrower’s historical practice. 
 SECTION 5.05. Litigation and Other Notices 

Furnish to the Administrative Agent (who will deliver to each Lender) prompt written notice of the following: 

(a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be
taken with respect thereto; 
 (b) the filing or commencement of, or any threat or notice of intention of any Person to file or
commence, any action, suit or proceeding, whether at law or in equity or by or before any arbitrator or Governmental Authority, against the Borrower or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event described in clause (b) of the definition thereof or any other 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 the Subsidiaries in an aggregate amount exceeding $2,500,000; and 

(d) any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. 

SECTION 5.06. Information Regarding Collateral 

(a) Furnish to each of the Administrative Agent and the Collateral Agent prompt written notice of any change (i) in any Loan
Party’s legal name, (ii) in the location of any Loan Party’s chief executive office, its principal place of business, any office in which it maintains books or records relating to Collateral owned by it, (iii) in any Loan
Party’s identity or corporate structure or (iv) in any Loan Party’s Federal Taxpayer Identification Number. The Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made
under the UCC or otherwise and all other actions have been taken that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. The
Borrower also agrees promptly to notify each of the Administrative Agent and the Collateral Agent if any material portion of the Collateral is damaged or destroyed. 

  
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 (b) In the case of the Borrower, each year, at the time of delivery of the annual financial
statements with respect to the preceding fiscal year pursuant to Section 5.04(a), deliver to the Administrative Agent a certificate of a Financial Officer setting forth the information required pursuant to Section I of the Perfection
Certificate or confirming that there has been no change in such information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section. 

SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Environmental Assessments 

(a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law
are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect
the financial records and the properties of the Borrower, as the case may be, or any of its Subsidiaries at reasonable times and as reasonably requested, and to make extracts from and copies of such financial records, and permit any representatives
designated by the Administrative Agent or any Lender to discuss the affairs, finances and condition of the Borrower, as the case may be, or any of its Subsidiaries with the officers thereof and independent accountants therefor; provided that
a member of management of the applicable Loan Party shall be afforded a reasonable opportunity to be present at any meeting with such accountants; provided further, that so long as no Default or Event of Default has occurred and is
continuing, there shall be no more than three visits in the aggregate by the Administrative Agent, Lenders, or their representatives per calendar year (or such additional number of visits as any of the Administrative Agent or Lenders may reasonably
request provided such additional visits are coordinated with the Administrative Agent so as to reasonably minimize the burden imposed on each Loan Party and its Subsidiaries) and such visits shall be limited to normal business hours. 

(b) In the event that the Administrative Agent or any Lender shall have reason to believe that Hazardous Materials have been Released on
or from any facility of the Borrower or the Subsidiaries or that any such property or facility is not being operated in material compliance with applicable Environmental Law, the Administrative Agent may, at its election and after reasonable advance
notice to the Borrower, retain an independent engineer or other qualified environmental consultant to evaluate whether Hazardous Materials are present in the soil, groundwater, or surface water at such facility or whether the facilities or
properties are being operated and maintained in material compliance with applicable Environmental Laws. Such environmental assessments may include detailed visual inspections of the facility, including any and all storage areas, storage tanks,
drains, dry wells and leaching areas, and the taking of soil samples, surface water samples and groundwater samples as well as such other reasonable investigations or analyses as are necessary. The scope of any such environmental assessments under
this paragraph shall be within the reasonable discretion of the Administrative Agent. The Borrower shall, and shall cause each of the Subsidiaries to, cooperate in the performance of any such environmental assessment and permit any such engineer or
consultant designated by the Administrative Agent to have full access to each property or facility at reasonable times and after reasonable advance notice to the Borrower of the plans to conduct such an environmental assessment. All environmental
assessments conducted pursuant to this paragraph shall be at the Borrower’s sole cost and expense. 

  
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 SECTION 5.08. Use of Proceeds 

Use the proceeds of the Loans only for the purposes set forth in Section 3.13. 

SECTION 5.09. Additional Collateral, etc. 

(a) With respect to any Collateral acquired after the Closing Date (other than any Collateral described in paragraphs (b), (c),
(d) (e) or (f) of this Section) as to which the Collateral Agent, for the benefit of the Secured Parties, does not have a first priority perfected security interest, promptly (and, in any event, within 15 Business Days following the
date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other Security Documents as the Collateral Agent deems necessary or
advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) subject to the terms of the Security Documents, take all actions necessary or advisable to grant to, or continue
on behalf of, the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such Collateral (subject to, in the case of all Collateral other than Pledged Securities, Permitted Liens), including the
filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent or the Collateral Agent. 

(b) With respect to any fee interest in any Collateral consisting of Material Real Property acquired after the Closing Date by the
Borrower or any other Loan Party, promptly (and, in any event, within 30 days following the date of such acquisition) (i) execute and deliver a first priority (subject to, in the case of all Collateral other than Pledged Securities, Permitted
Liens) Mortgage in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with title and
extended coverage insurance in an amount at least equal to the purchase price of such Material Real Property (or such other amount as the Administrative Agent shall reasonably specify), available Surveys, and if applicable, flood insurance, all in
form and substance reasonably satisfactory to the Collateral Agent, (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent and (iv) promptly following the Administrative Agent’s request, provide a copy of, the
consultant’s reports, environmental site assessments or other documents, if any, relied upon by the Borrower or any other Loan Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a
form or type or in a quantity or location that could reasonably be expected to result in a material Environmental Liability. 
 (c) With
respect to any Subsidiary (other than an Excluded Foreign Subsidiary, the Real Estate Subsidiary, any Regulated Insurance Subsidiary, any Qualified Insurance Holding Company, or any TruPS Business Trust or any other Excluded Subsidiary) created or
acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary, the Real Estate Subsidiary or a Regulated Insurance Subsidiary or ceases to meet the
requirement of being a Qualified Insurance 

  
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Holding Company or a TruPS Business Trust at any time after the Closing Date) by the Borrower or any of the Subsidiaries, promptly (and, in any event, within 15 Business Days following such
creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary
or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Borrower or any of the Loan Parties,
(ii) deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Loan Party, as the case
may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and the Intellectual Property Security Agreements and (B) to take such actions
necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject, in the case of all Collateral other than Pledged Securities, to Permitted Liens) in the
Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the
United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Intellectual Property Security Agreement or by law or as may be requested by the
Administrative Agent or the Collateral Agent and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form
and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. 
 (d) With respect to any
Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower or any of its Domestic Subsidiaries, promptly (and, in any event, within 15 Business Days following such creation or the date of such acquisition)
(i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable in order to grant to the
Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is owned by the Borrower or any of its Domestic Subsidiaries (provided
that in no event shall more than 65% of the total outstanding voting Equity Interests in any such new Excluded Foreign Subsidiary be required to be so pledged), (ii) if certificated, deliver to the Collateral Agent the certificates representing
such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of a Loan Party, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative
Agent or the Collateral Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. 

(e) With respect to any Regulated Insurance Subsidiary, or TruPS Business Trust created or acquired after the Closing Date by the Borrower
or any of its Domestic Subsidiaries, promptly (and, in any event, within 15 Business Days following such creation or the date of such 

  
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acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent or the
Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Regulated Insurance Subsidiary, or
TruPS Business Trust that is owned by a Loan Party; provided that such security interest shall remain limited by and subject to any and all Requirements of Law as further set forth in the Guarantee and Collateral Agreement,
(ii) if certificated, deliver to the Collateral Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Loan Party, as the case may be,
and take such other action as may be necessary, or, in the opinion of the Administrative Agent or the Collateral Agent, desirable to perfect the security interest of the Collateral Agent thereon and (iii) if requested by the Administrative
Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the
Collateral Agent. 
 (f) With respect to any Qualified Insurance Holding Company created or acquired after the Closing Date by the
Borrower or any of the Subsidiaries, promptly (and, in any event, within 15 Business Days following such creation or the date of such acquisition) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments to
the Guarantee and Collateral Agreement as the Administrative Agent or the Collateral Agent deems necessary or advisable in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest
in the Equity Interests in such new Qualified Insurance Holding Company that is owned by the Borrower or any of its Domestic Subsidiaries; provided that such security interest shall remain limited by and subject to any and all Requirements of
Law as further set forth in the Guarantee and Collateral Agreement, (ii) if certificated, deliver to the Collateral Agent the certificates, if any, representing such Equity Interests, together with undated stock powers, in blank, executed and
delivered by a duly authorized officer of the Loan Party, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement (and provide Guarantees of the Obligations) and the Intellectual
Property Security Agreements and (B) to take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest (subject, in the case of all Collateral
other than Pledged Securities, to Permitted Liens) in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to such new Subsidiary, including the recording of instruments in
the United States Patent and Trademark Office and the United States Copyright Office and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, the Intellectual Property Security
Agreement or by law or as may be requested by the Administrative Agent or the Collateral Agent and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent and the Collateral Agent legal opinions relating to the
matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Collateral Agent. 

The Administrative Agent in its reasonable discretion may grant extensions of time for the creation or perfection of security interests in,
and Mortgages on, or obtaining of title insurance or taking other actions with respect to, particular assets (including extensions beyond the Closing Date) or any other compliance with the requirements of this Section 5.09 and

  
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Section 5.10 where it and the Borrower reasonably determine that the creation or perfection of security interests and Mortgages on, or obtaining of title insurance or taking other actions,
or any other compliance with the requirements of this definition cannot be accomplished without undue delay, burden or expense by the time or times at which it would otherwise be required by this Agreement or the Security Documents. 

SECTION 5.10. Further Assurances 

Subject to the terms herein and in the other Loan Documents, from time to time duly authorize, execute and deliver, or cause to be duly
authorized, executed and delivered, such additional instruments, certificates, financing statements, agreements or documents, and take all such actions (including filing UCC and other financing statements), as the Administrative Agent or the
Collateral Agent may reasonably request, for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent, the Collateral
Agent and the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other property or assets hereafter acquired by the Borrower or any
Subsidiary which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent, the Collateral Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the
other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Borrower will promptly execute and deliver, or will cause the prompt execution and delivery of, all applications,
certifications, instruments and other documents and papers that the Administrative Agent, the Collateral Agent or such Lender may be required to obtain from the Borrower or any of the Subsidiaries for such governmental consent, approval, recording,
qualification or authorization. 
 SECTION 5.11. Interest Rate Protection. The Borrower shall ensure that for at least 2
years following the Closing Date no less than 25% of the Borrower’s long-term Indebtedness (excluding the Subordinated Debt) effectively bears interest at a fixed rate, either by its terms or through the Borrower entering into, as promptly as
practicable (and in any event no later than the 120th day after the Closing Date), Hedging Agreements reasonably acceptable to the Administrative Agent. 

SECTION 5.13. Maintain Reinsurance. 

Maintain such quota-share reinsurance as is prudent in the reasonable business judgment of the Borrower. 

SECTION 5.14. Tax Sharing Arrangements. 

(a) With respect to Borrower and its Subsidiaries, maintain and act in accordance with that certain Intercompany Tax Allocation Agreement (as
amended, modified and supplemented as of the Closing Date, the “Affirmative Intercompany Tax Agreement”), effective as of January 1, 2004, by and among Borrower and each of the Subsidiaries listed on the signature pages
thereto, and shall not amend, modify or terminate the Affirmative Intercompany Tax Agreement in any way materially adverse to the Lenders without the prior written consent of the Required Lenders. 

  
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 (b) Other than the Affirmative Intercompany Tax Agreement, the Borrower and its Subsidiaries
are not a party to any tax sharing, tax allocation or similar agreement and shall not enter into any such agreement without the prior written consent of the Required Lenders. 

SECTION 5.15. Compliance with Laws and Agreements 

Comply with all Requirements of Law, any indenture or other agreement or instrument evidencing Indebtedness and the Retail Sale Purchase
Documentation, except to the extent that failure to comply therewith could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.16. Deposit Accounts 

Within 45 days after the Closing Date (or such later date as agreed by the Administrative Agent), cause each Deposit Account established or
maintained by a Loan Party (other than any Excluded Account) to be a Controlled Account. 
 SECTION 5.17. Retail Letter of
Credit. (a) Furnish to the Administrative Agent written notice of any occurrence, within 3 Business Days of such occurrence, of the Borrower having a right to cause the Retail Letter of Credit to be drawn upon. 

(b) After any occurrence of the Borrower having a right to cause the Retail Letter of Credit to be drawn upon, the Borrower shall, upon receipt
of written notice from the Administrative Agent, issue a draw request to the escrow agent in the full amount it is permitted to request to draw on such date. 

ARTICLE VI. 
 Negative
Covenants 
 The Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the
principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than continent obligations not due and owing) have been paid in full, the Borrower will not, nor will it cause or permit any of
the Subsidiaries to: 
 SECTION 6.01. Indebtedness 

Incur, create, assume or permit to exist any Indebtedness, except: 

(a) Indebtedness existing on the date hereof and set forth in Schedule 6.01 (including any unused commitments) and any Permitted
Refinancing Indebtedness in respect of any such Indebtedness; 
 (b) Indebtedness created hereunder and under the other Loan
Documents; 

  
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 (c) unsecured intercompany Indebtedness of the Borrower and the Subsidiaries to the extent
permitted by Section 6.04(a) so long as such Indebtedness is subordinated to the Obligations pursuant to an Affiliate Subordination Agreement to the extent required by Section 6.04; 

(d) Capital Lease Obligations and other purchase money indebtedness of Borrower or any Subsidiary Guarantor in an aggregate principal
amount not exceeding $5,000,000 at any time outstanding; 
 (e) Indebtedness of the Borrower and the Subsidiary Guarantors under the
Closing Date Subordinated Debt in an aggregate principal amount not to exceed $11,500,000 (plus any capitalized interest and fees paid in accordance with the terms of the Closing Date Subordinated Debt Documents); provided that such Indebtedness
shall remain subject at all times to the Intercreditor and Subordination Agreement; 
 (f) Indebtedness under performance bonds or with
respect to workers’ compensation claims, in each case incurred in the ordinary course of business; 
 (g) Indebtedness arising from
Cash Management Obligations and the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness
is promptly covered by the Borrower or any Subsidiary; 
 (h) Hedging Agreements or hedging arrangements that are entered into in the
ordinary course of business and consistent with prudent business practice to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities or to hedge against
fluctuations in interest rates or currency incurred in the ordinary course of business and consistent with prudent business practice; provided that in each case such agreements or arrangements shall not have been entered into for speculation
purposes; 
 (i) Customary indemnity obligations for the benefit of a purchaser in connection with the disposition of assets otherwise
permitted by this Agreement (excluding for the avoidance of doubt, Indebtedness for borrowed money or Guarantees of the payment of borrowed money, whether in the form of a note or otherwise); 

(j) Indebtedness consisting of promissory notes issued to future, present or former officers, directors and employees, members of
management, or consultants of the Borrower (or any direct or indirect parent) or any of its Subsidiaries or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower, to the extent
the applicable Restricted Payment is permitted hereunder); 
 (k) Guarantees by the Borrower or any Subsidiary in respect of
Indebtedness of the Borrower or any Subsidiary otherwise permitted hereunder; provided that if the Indebtedness being Guaranteed is subordinated to the Obligations under the Loan Documents, such Guarantee shall be subordinated to the
Guarantee of the Obligations under the Loan Documents on terms at least as favorable (taken as a whole) (as reasonably determined in good faith by the Borrower) to the Lenders as those contained in the subordination provisions of such Indebtedness;

  
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 (l) without duplication of any other Indebtedness, non-cash accruals of interest, accretion
or amortization of original issue discount and/or pay-in-kind interest to the extent such Indebtedness is permitted hereunder; and 

(m) other Indebtedness of the Borrower or the Subsidiary Guarantors in an aggregate principal amount not exceeding $5,000,000 at any time
outstanding. 
 SECTION 6.02. Liens 

Create, incur, assume or permit to exist any Lien on any property or assets (including Equity Interests or other securities of any Person,
including any Subsidiary) now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except: 

(a) Liens on property or assets of the Borrower and the Subsidiary Guarantors existing on the date hereof (including after-acquired
property that is affixed or incorporated into the property covered by such Lien and proceeds and products thereof) and set forth in Schedule 6.02; provided that such Liens shall secure only those obligations which they secure on the date
hereof and refinancings, extensions, renewals and replacements thereof permitted hereunder; 
 (b) any Lien created under the Loan
Documents; 
 (c) Liens for taxes not yet due, which are being contested in compliance with Section 5.03 or otherwise not required
to be paid pursuant to Section 5.03; 
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business and securing obligations that are not due and payable or which are being contested in compliance with Section 5.03; 

(e) Pledges and deposits incurred in the ordinary course of business in compliance with workmen’s compensation, unemployment
insurance and other social security laws or regulations; 
 (f) Deposits to (i) secure the performance of bids, trade contracts
(other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; (ii) secure
liabilities for payment of liability insurance or for reimbursement or indemnification obligations of insurance carriers; (iii) satisfy escrow obligations under reinsurance agreements; and (iv) satisfy statutory obligations to grant Liens
in favor of any Insurance Regulator imposed by such Insurance Regulator, in the case of clauses (ii), (iii) and (iv) if and only (A) to the extent granted by any Regulated Insurance Subsidiary in the course of its customary and
ordinary Business and (B) in any event limited to an amount not to exceed, in the aggregate at any time outstanding, $5,000,000 plus any other amounts required under Requirements of Law; 

(g) zoning restrictions, easements, rights-of-way, restrictions on use of real property and other similar encumbrances incurred in the
ordinary course of business which, in the aggregate, do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of the Subsidiary Guarantors or the ability
of the Borrower or any of the Subsidiary Guarantors to utilize such property for its intended purpose; 

  
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 (h) purchase money security interests in real property, improvements thereto or other fixed
or capital assets hereafter acquired (or, in the case of improvements, constructed) by the Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by Section 6.01, (ii) such security
interests are incurred, and the Indebtedness secured thereby is created, within 90 days after such acquisition (or construction) and (iii) such security interests do not apply to any other property or assets of the Borrower or any
Subsidiary Guarantors; 
 (i) judgment Liens securing judgments not constituting an Event of Default under Article VII; 

(j) (i) any interest or title of a lessor or sublessor under any lease entered into by the Borrower or any of the Subsidiary Guarantor in
the ordinary course of business and covering only the assets so leased and (ii) leases, licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not (A) interfere in any material respect with
the business of the Borrower and other Loan Parties (taken as a whole) or (B) secure any Indebtedness for borrowed money; 

(k) Liens on cash deposits and other funds maintained with a depositary institution, in each case arising in the ordinary course of
business by virtue of any statutory or common law provision relating to banker’s liens; provided that (A) the applicable deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the
Borrower or the Subsidiary Guarantors in excess of those set forth in regulations promulgated by the Board and (B) the applicable deposit account is not intended by the Borrower or any of the Subsidiary Guarantor to provide collateral or
security to the applicable depositary institution or any other Person; 
 (l) Liens deemed to exist in connection with Investments in
repurchase agreements permitted under Section 6.04; 
 (m) Liens arising from precautionary uniform commercial code financing
statements regarding operating leases not constituting Indebtedness or consignments; 
 (n) Liens securing the Obligations (as defined in the
Closing Date Subordinated Credit Agreement); provided such Liens shall remain subject to the Intercreditor and Subordination Agreement; 

(o) the Real Estate Subsidiary Lien; and 

(p) Liens securing obligations in an amount not to exceed $2,000,000 at anytime outstanding. 

  
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 SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement,
directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal or mixed, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property
which it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless (a) the sale of such property is permitted by Section 6.05 and (b) any Capital Lease Obligations or Liens arising
in connection therewith are permitted by Sections 6.01 and 6.02, respectively. 
 SECTION 6.04. Investments, Loans and
Advances 
 Purchase, hold or acquire any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any
loans or advances or capital contributions to, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing, “Investments”), except: 

(a) (i) Investments by the Borrower and the Subsidiaries existing on the date hereof in the Borrower and the Subsidiaries and
(ii) additional Investments by the Borrower and the Subsidiaries (x) in the Borrower or a Subsidiary Guarantor; provided that (A) any Equity Interests held by a Loan Party shall be pledged pursuant to the Guarantee and
Collateral Agreement (subject to the limitation referred to in Sections 5.09(c), (d) and (e) in the case of any Excluded Foreign Subsidiary, the Real Estate Subsidiary or Regulated Insurance Subsidiary), and
(B) if such Investment shall be in the form of a loan or advance to a Subsidiary Guarantor, such loan or advance shall be unsecured and subordinated to the Obligations pursuant to an Affiliate Subordination Agreement and, if such loan or
advance shall be made by a Loan Party, it shall be evidenced by a promissory note pledged to the Collateral Agent for the ratable benefit of the Secured Parties in accordance with the Guarantee and Collateral Agreement; 

(b) (i) Permitted Investments by the Borrower and its Subsidiaries (other than Regulated Insurance Subsidiaries) and
(ii) Investments by Regulated Insurance Subsidiaries to the extent permitted under applicable Requirements of Law; 

(c) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business or upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(d) Investments existing on the date hereof and set forth on Schedule 6.04; 

(e) extensions of trade credit in the ordinary course of business and Investments in the ordinary course of business consisting of
endorsements for collection or deposit; 
 (f) Investments made as a result of the receipt of non-cash consideration from a sale,
transfer or other disposition of any asset in compliance with Section 6.05; 
 (g) intercompany loans and advances to Borrower to
the extent that the Subsidiaries may pay dividends to the Borrower pursuant to Section 6.06 (and in lieu of paying such dividends); provided that such intercompany loans and advances (i) shall be made for the purposes, and shall be subject
to all the applicable limitations set forth in, Section 6.06 and (ii) shall be unsecured and subordinated to the Obligations pursuant to an Affiliate Subordination Agreement; 

  
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 (h) Investments by the Borrower or any Subsidiary in (i) assets that were Cash
Equivalents when such Investment was made and (ii) deposit accounts and securities accounts opened in the ordinary course of business (so long as the assets credited to such accounts constitute Cash Equivalents); 

(i) loans or advances to officers, directors, members of management, and employees of the Borrower or any Subsidiary (i) in an
aggregate amount not to exceed $1,000,000 at any time outstanding for business-related travel, entertainment, relocation and analogous ordinary business purposes, or (ii) in connection with such Person’s purchase of Equity Interests of
Borrower in an aggregate amount not to exceed $1,000,000 at any time outstanding; 
 (k) Investments in hedge agreements permitted by
Section 6.01; 
 (l) Investments consisting of promissory notes issued by any Loan Party to future, present or former officers,
directors and employees, members of management, or consultants of the Borrower or any of its Subsidiaries or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower (or any direct
or indirect parent), to the extent the applicable Restricted Payment is permitted by Section 6.06; 
 (m) Investments consisting
of the Transactions or otherwise made in accordance with and as contemplated by the Retail Sale Purchase Agreement; 
 (n) Permitted
Acquisitions; 
 (o) Investments in an amount not to exceed $5,000,000 at any time plus the Retained Equity Proceeds; and 

(p) Investments to the extent constituting Indebtedness, fundamental changes, dispositions, and Restricted Payments permitted by
Section 6.01, Section 6.03, Section 6.05 and Section 6.06, respectively. 
 SECTION 6.05. Mergers,
Consolidations, Sales of Assets 
 (a) Merge into or consolidate with any other Person, or permit any other Person to merge into or
consolidate with it, or liquidate or dissolve, or consummate an Asset Sale (other than Restricted Payments permitted under Section 6.06 to the extent constituting dispositions), except for (i) any Regulated Insurance Subsidiary may
(x) enter into any Insurance Contract, Reinsurance Agreement or Retrocession Agreement in the ordinary course of business in accordance with its normal underwriting, indemnity and retention policies, provided that any counterparty to any such
Reinsurance Agreement or Retrocession Agreement shall have an A.M. Best financial strength rating of B++ (or equivalent rating level if A.M. Best changes its ratings methodology or designations) or better, unless such counterparty’s obligations
under such Reinsurance Agreement or Retrocession Agreement are collateralized by irrevocable letters of credit and/or a trust or similar arrangement containing cash and/or marketable securities with an average quality rating of B++ (or its
equivalent) or better of which the applicable Regulated Insurance Subsidiary is the beneficiary, and (y) dispose of any assets in its investment portfolio, (ii) if at the time thereof and immediately after giving effect thereto no Event of
Default or Default shall have occurred and be continuing, (1) the merger or consolidation of any Wholly 

  
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Owned Subsidiary into or with the Borrower in a transaction in which the Borrower is the surviving corporation and (2) the merger or consolidation of any Wholly Owned Subsidiary (other than
any Regulated Insurance Subsidiary) into or with any other Wholly Owned Subsidiary (other than any Regulated Insurance Subsidiary) in a transaction in which the surviving entity is a Wholly Owned Subsidiary and no Person other than the Borrower or a
Wholly Owned Subsidiary receives any consideration (provided that if any party to any such transaction is (A) a Loan Party, the surviving entity of such transaction shall be a Loan Party and (B) a Domestic Subsidiary, the surviving
entity of such transaction shall be a Domestic Subsidiary), (iii) any Wholly Owned Regulated Insurance Subsidiary may merge into or consolidate with any other Wholly Owned Regulated Insurance Subsidiary, (iv) any Subsidiary that is not a
Loan Party may merge or consolidate with or into any other Subsidiary that is not a Loan Party. 
 (b) Engage in any Asset Sale
otherwise permitted under paragraph (a) above unless (i) such Asset Sale is for consideration at least 80% of which is cash (and no portion of the remaining consideration shall be in the form of Indebtedness of the Borrower or any
Subsidiary), (ii) such consideration is at least equal to the fair market value of the assets being sold, transferred, leased or disposed of, and (iii) the fair market value of all assets sold, transferred, leased or disposed of pursuant
to this paragraph (b)(x) shall not exceed $1,000,000 in the aggregate. 
 Notwithstanding anything to the contrary contained
herein, the Borrower or any Subsidiary may consummate (i) any Asset Sale otherwise permitted under paragraph (a) above in which the non-cash portion of the consideration for such Asset Sale is in the form of Indebtedness of the applicable
purchaser made in favor of the Borrower or any Subsidiary and exceeds 20% of the total consideration for such Asset Sale solely to the extent such non-cash portion does not exceed $1,000,000 and (ii) the Retail Sale. 

SECTION 6.06. Restricted Payments; Restrictive Agreements 

(a) Declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase
Agreement), or incur any obligation (contingent or otherwise) to do so; provided, however, that (i) any Subsidiary may declare and pay dividends or make other distributions ratably to its equity holders, (ii) Borrower may
declare and pay dividends to holders of a class of Equity Interests payable solely in Equity Interests of such class of Equity Interests held by such holders, (iii) the Borrower and the Subsidiaries may make Restricted Payments necessary to
consummate (x) the Transactions, (y) working capital adjustments or purchase price adjustments payable pursuant to the Retail Sale Purchase Agreement and (z) the payment of indemnity, other similar obligations and any other payments
under the Retail Sale Purchase Agreement, (iv) Restricted Payments (x) to pay withholding or similar Taxes payable by any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors,
executors, administrators, heirs, legatees or distributees of any of the foregoing) in connection with the exercise of stock options or warrants by such Person and (y) to repurchase Equity Interests in consideration of such payments (including
deemed repurchases in connection with the exercise of stock options), (v) Restricted Payments in respect of fractional shares, (vi) so long as (A) no Default or Event of Default shall have occurred or be continuing or would result
therefrom and (B) the Leverage Ratio is less than 

  
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or equal to 1.0 to 1.0 before and after giving effect to such dividend or customary distribution, the Borrower may declare and pay dividends or make other customary distributions ratably to its
equity holders consistent with past practice and (vii) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may repurchase its Equity Interests owned by employees, directors,
officers and consultants of the Borrower or the Subsidiaries or make payments to employees directors, officers and consultants of the Borrower or the Subsidiaries upon termination of employment in connection with the exercise of stock options, stock
appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans or in connection with the death, termination or disability of such employees directors, officers and consultants in an aggregate
amount not to exceed $1,500,000 in any fiscal year. 
 (b) Enter into, incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon (i) 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 (ii) the ability of any Subsidiary to pay dividends or
other distributions with respect to any of its Equity Interests 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 (A) the
foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document and documents executed in connection with the Real Estate Subsidiary Financing, (B) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of a Subsidiary or assets pending such sale, provided such restrictions and conditions apply only to the Subsidiary or assets, as applicable, that is to be sold and such sale is
permitted hereunder, (C) the foregoing shall not apply to restrictions and conditions imposed on any Subsidiary that is not a Loan Party by the terms of any Indebtedness of such Subsidiary permitted to be incurred hereunder, (D) clause
(i) 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, (E) the foregoing shall not apply to restrictions or conditions imposed by the US Agencies Trust Preferred Note Documents or the Borrower Trust Preferred Note Documents, (F) the foregoing shall not apply to restrictions or
conditions imposed by the Closing Date Subordinated Debt Documents, (G) the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment or sublease thereof and (H) the foregoing shall not
apply to customary restrictions in leases, subleases, licenses or asset sale agreements and other similar contracts otherwise permitted hereby so long as such restrictions may relate to the assets subject thereto. 

SECTION 6.07. Transactions with Affiliates 

Except for transactions by or among Loan Parties, sell or transfer any property or assets to, or purchase or acquire any property or assets
from, or otherwise engage in any other transactions with, any of its Affiliates, except that (a) the Borrower or any Subsidiary may engage in any of the foregoing transactions in the ordinary course of business 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, (b) Restricted Payments may be made to the extent provided in Section 6.06, (c) the
incurrence by the Borrower of the Closing Date Subordinated Debt and the other Subordinated Debt and the execution, delivery and 

  
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performance by each Loan Party of the Closing Date Subordinated Debt Documents and the other Subordinated Debt Documents to which it is party, (d) transactions among Loan Parties or any
entity that becomes a Loan Party as a result of such transaction and (e) the payment of fees, costs and expenses in connection with, and the consummation of, the Transactions and the Retail Sale Purchase Agreement (including, without
limitation, all fees, costs, and expenses payable under the Closing Date Subordinated Debt Documents to the administrative agent and lenders thereunder in accordance with the Intercreditor and Subordination Agreement. 

SECTION 6.08. Business of the Borrower; Limitation on Hedging Agreements 

(a) With respect to Borrower, engage in any business activities or have any assets or liabilities other than (a) its ownership of the
Equity Interests in its direct wholly-owned Subsidiaries (and indirect Subsidiaries) and activities incidental thereto, (b) activities necessary or advisable to consummate the Transactions and Retail
Sale, (c) corporate maintenance activities (including the payment of taxes and similar administrative expenses associated with being a holding company), (d) performance of its obligations under the Subordinated Debt, the Loan Documents and
other permitted Indebtedness, (e) making any public offering of its common stock or any other issuance of its Equity Interests not prohibited by Article VI, (f) participation in tax, accounting and other administrative matters as a member
of the consolidated group of Borrower and its Subsidiaries, (g) providing indemnification to officers and directors, (h) engaging in activities incidental or reasonably related to the foregoing, and (i) engaging in any transaction
that the Borrower is otherwise expressly permitted to enter into or consummate under this Article VI. 
 (b) Enter into any Hedging
Agreement other than (a) any such agreement or arrangement entered into in the ordinary course of business and consistent with prudent business practice to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the
conduct of its business or the management of its liabilities or (b) any such agreement entered into to hedge against fluctuations in interest rates or currency incurred in the ordinary course of business and consistent with prudent business
practice; provided that in each case such agreements or arrangements shall not have been entered into for speculation purposes. 

SECTION 6.09. Other Indebtedness; Amendments to Retail Sale Purchase Documentation. 

(a) Other Indebtedness and Agreements; Amendments to Acquisition Documentation. (a) Permit any waiver, supplement, modification,
amendment, termination or release of any indenture, instrument or agreement pursuant to which the Subordinated Debt or any other Material Indebtedness of the Borrower or any of the Subsidiaries is outstanding if (i) in the case of the Closing
Date Subordinated Debt, such waiver, supplement, modification, amendment, termination or release is not permitted under the Intercreditor and Subordination Agreement or (ii) in the case of the other Subordinated Debt or Material Indebtedness,
the effect of such waiver, supplement, modification, amendment, termination or release would materially increase the obligations of the obligor or confer additional material rights on the holder of such Indebtedness in a manner materially adverse to
the Borrower or any of the Subsidiaries or the Lenders. 

  
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 (b) (i) Make any distribution, whether in cash, property, securities or a combination
thereof, other than regular scheduled payments of principal and interest as and when due (to the extent not prohibited by applicable subordination provisions), in respect of, or pay, or offer or commit to pay, or directly or indirectly (including
pursuant to any Synthetic Purchase Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes, whether in cash, property, securities or a combination thereof, any Indebtedness,
except (A) the payment of the Indebtedness created hereunder, (B) refinancings of Indebtedness permitted by Section 6.01, (C) the payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness, (D) payments of intercompany Indebtedness to the extent that such intercompany Indebtedness is expressly permitted to remain outstanding pursuant to the terms of this Agreement, or (E) the
payment of Closing Date Subordinated Debt in accordance with the terms of the Intercreditor and Subordination Agreement, (ii) pay in cash any amount in respect of any Indebtedness or preferred Equity Interests that may at the obligor’s
sole option be paid in kind or in other securities or (iii) to optionally or voluntarily redeem any Indebtedness of the Borrower or any of its Subsidiaries incurred pursuant to the issuance of any TruPS and any related TruPS instrument, at any
time prior to the date that is six months after the Maturity Date; 
 (c) (i) Permit any waiver, supplement, modification, amendment,
termination or release of, or fail to enforce strictly the terms and conditions of, any of the indemnities furnished to the Borrower and Affirmative Services, Inc. pursuant to the Retail Sale Purchase Documentation such that after giving effect
thereto such indemnities shall be, taken as a whole, materially less favorable to the interests of the Borrower and Affirmative Services, Inc. or the Secured Parties with respect thereto or (ii) otherwise permit any waiver, supplement,
modification, amendment, termination or release of, or fail to enforce the terms and conditions of, any of the Retail Sale Purchase Documentation which, taken as a whole, is materially adverse to the interests of the Borrower and Affirmative
Services, Inc. or the Secured Parties without the consent of the Required Lenders; provided that it shall be agreed that (x) any decreases in the purchase price, deferred consideration or escrow amounts, (y) changes to the mechanics
of release of the deferred consideration or escrow (which would result in the deferred consideration or escrow amount being reduced or delayed) or (z) changes to the terms of the (I) Transition Services Agreement (as defined in the Retail
Sale Purchase Agreement) which impose additional obligations or duties on the Borrower and its Subsidiaries or (II) Distribution Agreement (as defined in the Retail Sale Purchase Agreement) shall be deemed materially adverse. 

SECTION 6.10. Capital Expenditures  

Permit the aggregate amount of Capital Expenditures made by the Borrower and the Subsidiaries in any fiscal year to exceed $1,750,000;
provided, however, (x) if the aggregate amount of permitted Capital Expenditures in respect of any fiscal year shall be less than the maximum amount of Capital Expenditures permitted under this Section 6.10 for such
fiscal year (before giving effect to any carryover), then an amount of such shortfall not exceeding 50% of such maximum amount may be added to the amount of Capital Expenditures permitted under this Section 6.10 for the immediately
succeeding (but not any other) fiscal year and (y) in determining whether any amount is available for carryover, the amount expended in any fiscal year shall first be deemed to be from the amount allocated to such fiscal year (before giving
effect to any carryover). 

  
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 SECTION 6.11. Minimum Reserves  

Permit the aggregate amount of reserves maintained by the Regulated Insurance Subsidiaries to be less than the Required Reserves at the end of
any fiscal year.
 SECTION 6.12. Minimum EBITDA 

Permit, as of the last day of any fiscal quarter, Consolidated EBITDA of the Borrower and its consolidated Non-Regulated Subsidiaries
(excluding, for the avoidance of doubt, the Regulated Insurance Subsidiaries and any Subsidiaries thereof) for such fiscal quarter to be less than the Required Minimum EBITDA. 

SECTION 6.13. Minimum Risk-Based Capital Ratio  

The Borrower will not permit the Risk-Based Capital Ratio for any Regulated Insurance Subsidiary determined on an individual basis calculated
as of the last day of any fiscal quarter to be less than the ratio set forth opposite such fiscal quarter below: 
  

					
	 Fiscal Quarter Ended
	  	Ratio	 
	 December 31, 2013
	  	 	300	% 
	 March 31, 2014
	  	 	300	% 
	 June 30, 2014
	  	 	375	% 
	 September 30, 2014
	  	 	350	% 
	 December 31, 2014 and the last day of each fiscal quarter thereafter (if deferred consideration in Retail Sale is
received)
	  	 	300	% 
	 December 31, 2014 and the last day of each fiscal quarter thereafter (if deferred consideration in Retail Sale is not
received)
	  	 	350	% 

 SECTION 6.14. Loss Ratio  

Borrower shall not permit the Loss Ratio of the Regulated Insurance Subsidiaries, on a consolidated basis but excluding prior period
development, calculated for the previous twelve-month period as of the last day of each fiscal quarter, to be greater than 80%. 

SECTION 6.15. Reserved. 

SECTION 6.16. Fiscal Year 

Change its fiscal year-end to a date other than December 31 (unless otherwise approved by the Administrative Agent). 

  
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 ARTICLE VII. 

Events of Default 
 In
case of the happening of any of the following events (“Events of Default”): 
 (a) any representation or warranty made
or deemed made in or in connection with any Loan Document or the Borrowings hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection
with or pursuant to any Loan Document shall prove to have been false or misleading in any material respect when so made, deemed made or furnished; 

(b) default shall be made in the payment of any principal of any Loan 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 by acceleration thereof or otherwise; 
 (c) default shall be made in the
payment of any interest on any Loan or any Fee or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a
period of five Business Days; 
 (d) default shall be made in the due observance or performance by the Borrower or any Subsidiary of any
covenant, condition or agreement contained in Section 5.01(a), 5.02, 5.05, 5.08 or 5.17 (and such default, with respect to Section 5.17, shall continue unremedied for a period of 5 Business Days) or in Article VI; 

(e) default shall be made in the due observance or performance by the Borrower or any Subsidiary of any covenant, condition or agreement
contained in any Loan Document (other than those specified in clauses (b), (c) or (d) above) and such default shall continue unremedied for a period of 30 days; 

(f) (i) the Borrower or any Subsidiary shall (i) fail to pay any principal or interest, regardless of amount, due in
respect of any Subordinated Debt or any other any Material Indebtedness, when and as the same shall become due and payable, or (ii) any other event or condition occurs that results in any Subordinated Debt or any other 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 Subordinated Debt or any other 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 clause (ii) 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; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of the Borrower or any Subsidiary, or of a substantial part of the property or assets of the Borrower or a Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other
Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment 

  
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of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or a
Subsidiary or (iii) except as otherwise permitted herein, the winding-up or liquidation of the Borrower or any Subsidiary; and such proceeding or petition shall continue undismissed for 60 consecutive days or an order or decree approving
or ordering any of the foregoing shall be entered; 
 (h) the Borrower or any Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to
the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in (g) above, (iii) 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 the property or assets of the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in
any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any organizational action for the
purpose of authorizing any of the foregoing; 
 (i) one or more final judgments for the payment of money in an aggregate amount in
excess of $2,500,000 or other judgments that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect (to the extent not covered by third party indemnities or by insurance as to which the applicable
insurance company is solvent and has not disputed coverage) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution
shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or any Subsidiary to enforce any such judgment; 

(j) an ERISA Event described in clause (b) of the definition thereof shall have occurred or any other ERISA Event shall have occurred
that, when taken together with all other such ERISA Events, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount exceeding $2,500,000; 

(k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to be in full force and effect (other than in
accordance with its terms), or any Guarantor shall deny that it has any further liability under its Guarantee (other than as a result of the discharge of such Guarantor in accordance with the terms of the Loan Documents); 

(l) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by the Borrower or any other Loan
Party not to be, a valid, perfected and, with respect to the Secured Parties, first priority (except as otherwise expressly provided in this Agreement or such Security Document) Lien on any material Collateral covered thereby, except to the extent
that any such loss of perfection or priority results from the failure of the Collateral Agent to maintain possession of certificates representing Equity Interests pledged under the Guarantee and Collateral Agreement; 

  
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 (m) (i) the Subordinated Collateral Agent shall deny that it has any further liability under
the Intercreditor and Subordination Agreement, (ii) the Intercreditor and Subordination Agreement shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void or the Subordinated
Collateral Agent shall repudiate its obligations thereunder, or (iii) the Obligations (or the Liens securing the Obligations) for any reason shall not have the priority contemplated by (A) in respect of the Closing Date Subordinated Debt,
the Intercreditor and Subordination Agreement and (B) in respect of any other Subordinated Debt, the applicable subordination provisions; 

(n) there shall have occurred a Change in Control; or 

then, and in every such event (other than an event with respect to the Borrower described in paragraph (g) or (h) above), and at any time thereafter
during the continuance of such event either or both of the following actions may be taken: the Administrative Agent, at the request of the Required Lenders shall, declare the Loans then outstanding to be forthwith due and payable in whole or in
part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall
become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any actions and exercise any remedies available to a secured party under the Security Documents or applicable law or in equity; and in any
event with respect to the Borrower described in paragraph (g) or (h) above, the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in
any other Loan Document to the contrary notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any actions and exercise any remedies available to a secured party under the Security Documents or
applicable law or in equity. 
 Notwithstanding anything to the contrary contained in Article VII, for purposes of determining whether an
Event of Default has occurred under any financial covenant set forth in Sections 6.12, any equity contribution (in the form of common equity) made to the Borrower after the last day of any fiscal quarter and on or prior to the day that is 15 days
after the day on which financial statements are required to be delivered for that fiscal quarter (the “Cure Expiration Date”) will, at the request of the Borrower (the “Cure Notice”), be included in the calculation of
EBITDA]solely for the purposes of determining compliance with such financial covenants at the end of such fiscal quarter and any subsequent period that includes such fiscal quarter (any such equity contribution, a “Specified Equity
Contribution”); provided that (a) the Borrower shall not be permitted to so request that a Specified Equity Contribution be included in the calculation of EBITDA with respect to any fiscal quarter on any more than two total occasions,
(b) no more than $5,000,000 Specified Equity Contributions will be made in the aggregate, (c) the amount of any Specified Equity Contribution and the use of proceeds therefrom will be no greater than the amount required to cause Borrower
to be in compliance 

  
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with such financial covenants, and (d) all Specified Equity Contributions and the use of proceeds therefrom will be disregarded for all other purposes under the Loan Documents (including
calculating EBITDA for purposes of determining basket levels and other items governed by reference to EBITDA) and (e) the proceeds of all Specified Equity Contributions will be applied to prepay the Loans. For purposes of this paragraph, the
term “Relevant Four Fiscal Quarter Period” shall mean, with respect to any requested Specified Equity Contribution, the four fiscal quarter period ending on (and including) the fiscal quarter in which EBITDA will be increased as a result
of such Specified Equity Contribution. 
 ARTICLE VIII. 

The Agents 
 Each of the
Lenders hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”) its
agent and authorizes the Agents to take such actions on its behalf, including the execution of the other Loan Documents, and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized by the Lenders to execute any and all documents (including releases and the Security Documents) with respect to
the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

The Person 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 the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity. Each bank serving as an 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 an 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 any of their respective Affiliates as if it were not an Agent hereunder. 

No Agent shall have any duties or obligations except those expressly set forth in the Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) no Agent shall 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 such Agent is required to exercise in writing as directed by the Required Lenders
(or such other number or percentage of 

  
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the Lenders as shall be necessary under the circumstances as provided in Section 9.08), (c) except as expressly set forth in the Loan Documents, no Agent shall have any duty to
disclose, nor shall it be liable for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries or any of their respective Affiliates that is communicated to or obtained by the bank serving as an Agent or any of its
Affiliates in any capacity; provided that the no Agent shall be required to take any action that, in its reasonable opinion or the reasonable opinion of its counsel, may expose such Agent to liability (which is not indemnified) or that is
contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law and (d) no Agent shall, except as expressly set forth herein and in the
other Loan Documents, 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 Affiliates that is communicated to or obtained by the Person serving as an Agent or any of
its Affiliates in any capacity. No Agent shall 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 or as such Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.08 and Article VII) or in the absence of its own (or its Related Parties’) gross negligence, bad faith or willful misconduct as determined by
a court of competent jurisdiction by final and nonappealable judgment. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by the Borrower or a Lender, and no Agent shall be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered
thereunder or in connection therewith, (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 Collateral or the existence of the Collateral or (vi) 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 such Agent. 
 Each Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or
other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, each Agent may presume that
such condition is satisfactory to such Lender unless such Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. Each 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. 

Each Agent may perform any and all its duties and exercise its rights and powers under any Loan Document by or through any one or more
sub-agents appointed by it (other than a Disqualified Institution). Each Agent and any such sub-agent may perform any and all its duties 

  
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and exercise its rights and powers by or through their respective Related Parties (other than a Disqualified Institution). The exculpatory provisions of the preceding paragraphs shall apply to
any such sub-agent and to the Related Parties of each Agent in such capacity and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the term facility provided for herein as well as activities as
Agent. 
 Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, each Agent may resign at any time by
notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent (not to be unreasonably withheld or delayed) of the Borrower, to appoint a successor; provided that during the
existence and continuance of an Event of Default no such consent of the Borrower shall be required. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders,
appoint a successor Agent with the prior consent (not to be unreasonably withheld or delayed) of the Borrower; provided that during the existence and continuance of an Event of Default no such consent of the Borrower shall be required.
Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. After an Agent’s resignation hereunder, the provisions of this Article and
Section 9.05 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Agent. In addition,
notwithstanding the effectiveness of a resignation by the Administrative Agent hereunder, (a) the retiring Administrative Agent may, in its sole discretion, continue to provide the services of the Administrative Agent solely with respect to
administering, collecting and delivering any payments of principal, interest, fees, premium or other amounts in respect of the Loans and maintaining the books and records relating thereto (such Administrative Agent acting in such capacity, the
“Paying Agent”), (b) the term “Administrative Agent” when used in connection with any such functions shall be deemed to mean such retiring Administrative Agent in its capacity as the Paying Agent and (c) such
retiring Administrative Agent shall, in its capacity as the Paying Agent, continue to be vested with and enjoy all of the rights and benefits of an Administrative Agent hereunder. With effect from the Resignation Effective Date, (1) the
retiring Agent shall be discharged from its duties and obligations under the Loan Documents and (2) except for any indemnity payments owed to the retiring Agent, all payments, communications and determinations provided to be made by, to or
through such Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s appointment as an Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Agent (other than any rights to indemnity payments owed to the retiring Agent), and the retiring Agent shall be discharged, to
the extent not already discharged, from all of its duties and obligations hereunder or under the other Loan Documents. 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 retiring Agent’s resignation under the Loan Documents, the provisions of this Article and Section 9.06 shall continue in effect for the benefit of such retiring Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as an Agent. The Arranger, in its capacity as such,
shall have no duties or responsibilities, and shall incur no liability, under this Agreement or any other Loan Document. 

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

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agents
(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agents shall have made any demand on the Borrower) shall be entitled and empowered
(but not obligated) by intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and
their respective agents and counsel and all other amounts earned, due and payable to the Lenders and the Agents under Sections 2.05 and 9.06 allowed in such judicial proceeding; and (b) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such
payments to the Agents and, in the event that the Agents shall consent to the making of such payments directly to the Lenders, to pay to the Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents
and their respective agents and counsel, and any other amounts due the Agents under Sections 2.05 and 9.06. 
 The Secured Parties
irrevocably authorize each Agent, at its option and in its discretion: (a) to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon payment in full of all Obligations (other than
contingent obligations), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the Loan Documents, or (iii) subject to
Section 9.08, if approved, authorized or ratified in writing by the Required Lenders; (b) to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property
that is permitted by Sections 6.02(g) and 6.02(h); (c) to release any Guarantor from its obligations under the Guaranty and each other Loan Document if such Person ceases to be a Subsidiary (or otherwise constitutes an Excluded Subsidiary) as a
result of a transaction permitted under the Loan Documents; and (d) to enter into each Security Document (including the Intercreditor and Subordination Agreement) and any customary intercreditor agreements as required herein for the benefit of
the Lenders and the other Secured Parties and the Lenders hereby agree to be bound thereby. 

  
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 Upon request by the Agents at any time, the Required Lenders will confirm in writing the
Collateral Agent’s authority to release or the Administrative Agent’s authority to subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this
Article VIII. 
 The Agents shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall any Agent be
responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 To the extent required by any
applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any other Governmental Authority asserts a claim that the
Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of
a change in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the
Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred. 

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) of this Section 9.01), 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 fax, as follows: 

(i) if to the Borrower or any other Loan Party, to the Borrower at Affirmative Insurance Holdings, Inc., Attention of Joseph
Fisher, 4450 Sojourn Drive, Suite 500, Addison, TX 75001 (Tel. No. (630) 560-7080) (Fax No. (877) 417-2261) (e-mail: joseph.fisher@affirmativeinsurance.com) and to Affirmative Insurance Holdings, Inc., Attention of Michael McClure,
4450 Sojourn Drive, Suite 500, Addison, TX 75001 (Tel. No. (630) 560-7205) (Fax No. (877) 730-6844) (e-mail: michael.mcclure@affirmativeinsurance.com) (with a copy to Attention of Michelle Kilkenney, 300 N. LaSalle St., Chicago IL
60654 (Tel. No. (312-862-2000)(Fax No. (312-862-2200) (e-mail: mkilkenney@kirkland.com); 
 (ii) if to the Administrative
Agent, to Credit Suisse AG, Cayman Islands Branch, Eleven Madison Avenue, New York, NY 10010, Attention of Agency Group (Tel No. (919) 994-6369) (Fax No. (212) 322-2291); email: agency.loanops@credit-suisse.com; 

  
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 (iii) if to the Collateral Agent, to Credit Suisse AG, Cayman Islands Branch,
Eleven Madison Avenue, 23rd Floor, New York, NY 10010, Attention of Loan Operations – Boutique Management (Tel No. (212) 538-3525); email: list.ops-collateral@credit-suisse.com;
and 
 (iv) if to a Lender, to it at its address (or fax number) set forth in the Assignment and Assumption pursuant to which
such Lender shall have become a party hereto or set forth in its Administrative Questionnaire. 
 All such notices and other communications (i) sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received or (ii) sent by fax shall be deemed to have been given when sent and when receipt has been confirmed by telephone;
provided that if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail
and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent
that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower (on behalf of the Loan Parties) 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. All such notices and other communications (i) sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, return e-mail or other written acknowledgment); provided
that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website
address therefor. 
 (c) Any party hereto may change its address or fax number for notices and other communications hereunder by notice
to the other parties hereto in accordance with the provisions hereof. 
 (d) The Borrower hereby acknowledges that (a) the
Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or
another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or
its securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public 

  
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Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect
to the Borrower or its securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.16);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be marked
“PUBLIC”, unless the Borrower notifies the Administrative Agent promptly that any such document contains material non-public information: (1) the Loan Documents and (2) notification of changes in the terms of the Facility. 

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
law, including United States Federal and state securities laws, to make reference to Communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public
information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 
 THE PLATFORM
IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS
LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY
LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)
ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO
HAVE RESULTED PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT. 

  
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 SECTION 9.02. Survival of Agreement 

All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other
documents 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, regardless of any investigation made by any such other party or on its behalf and notwithstanding that any such other party 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. The
provisions of Sections 2.14, 2.16, 2.20 and 9.05 and Article VIII shall survive and remain operative and in full force and effect regardless of the expiration or termination of this Agreement (or any provisions hereof), the consummation of the
transactions contemplated hereby, the repayment of any Loan, the invalidity or unenforceability of any provision of this Agreement or any other Loan Document or any investigation made by or on behalf of the Administrative Agent, the Collateral
Agent, the Arranger or any Lender. 
 SECTION 9.03. Binding Effect 

This Agreement shall become effective when it shall have been executed and delivered by each of the parties hereto and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto. 

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, except that neither the Borrower nor any other Loan Party (in each case, except as otherwise expressly permitted herein) may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). No Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section 9.04, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section 9.04, or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section 9.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section 9.04 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) to an Eligible Assignee; provided
that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

  
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 (A) in the case of an assignment of the entire remaining amount of the Loans at
the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section 9.04 in the aggregate or in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in paragraph (b)(i)(A)
of this Section 9.04, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $1,000,000, unless each of the Administrative Agent and, so long as no Default has occurred and is
continuing and other than in connection with the initial syndication of the Facility, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan assigned. 
 (iii) Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section 9.04 and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a
Default has occurred and is continuing at the time of such assignment, (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or (z) such assignment is in connection with the initial syndication of the Facility;
and 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required for assignments in respect of any Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Agent, manually), together with a processing and recordation fee of $3,500; provided that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
and applicable tax forms. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be made to
(x) a Disqualified Institution, or any Person who, upon becoming a Lender hereunder, would constitute a Disqualified Institution or (y) the Borrower or any Subsidiary or Affiliate thereof, including any Permitted Holder or any Sponsor
Related Entity. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural Person. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section 9.04, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, 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 Section 2.14, 2.16, 2.20 and Section 9.05 with respect to facts and
circumstances occurring prior to the effective date of such assignment. 
 (c) Register. The Administrative Agent, acting solely
for this purpose as an agent of the Borrower, shall maintain at one of its offices in New York, New York 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
principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the Collateral Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement notwithstanding notice to the contrary.
The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. This section shall be construed so that the Loans or other obligations under the Loan Documents
are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. 

(d) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative
Questionnaire and all applicable tax forms completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(iv) above, if applicable, and the written
consent of the Administrative Agent and, if required, the Borrower, to such assignment, the Administrative Agent shall promptly (i) accept such Assignment and Assumption and (ii) record the information contained therein in the Register. No
assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (d). 
 (e) [Reserved] 

(f) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a 

  
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portion of the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement (other than
amendments, modifications or waivers decreasing any fees payable hereunder or the amount of principal of or the rate at which interest is payable on the Loans, extending any scheduled principal payment date or date fixed for the payment of interest
on the Loans, increasing or extending the Commitments or releasing any Guarantor or all or any substantial part of the Collateral. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.05(c) with respect
to any payments made by such Lender to its Participant(s). 
 The Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.14, 2.16 and 2.20 (subject to the requirements and limitations therein, including the requirements under Section 2.20(g)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section 9.04; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.21 as if it were an assignee under paragraph (b) of this Section 9.04; and (B) shall not be
entitled to receive any greater payment under Sections 2.14, 2.16 or 2.20, with respect to any participation, than its participating Lender would have been entitled to receive . Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.21 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 9.05 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18 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 (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) to any Person 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 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. 
 (g) Any Lender or participant may, in connection with any
assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower furnished to such Lender by
or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by the Borrower as confidential, each such assignee or participant or proposed assignee or 

  
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participant shall execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms
no less restrictive than those applicable to the Lenders pursuant to Section 9.16. 
 (h) Certain Pledges. Any Lender may at
any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(i) The Borrower shall not assign or delegate any of its rights or duties hereunder without the prior written consent of the
Administrative Agent and each Lender, and any attempted assignment without such consent shall be null and void. 

SECTION 9.05. Expenses; Indemnity 

(a) The Borrower agrees to pay all reasonable out-of-pocket costs and expenses (subject to receipt of reasonably detailed supporting
backup documentation) incurred by the Administrative Agent and the Collateral Agent in connection with the syndication of the credit facilities provided for herein and the preparation and administration of this Agreement and the other Loan Documents
or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated) or incurred by the Administrative Agent, the Collateral Agent,
the Arranger or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents or in connection with the Loans made hereunder (in the case of legal fees and expenses, limited
to the reasonable fees, disbursements and other charges of (x) Latham & Watkins LLP, counsel for the Administrative Agent and the Collateral Agent and (y) if reasonably necessary, one local counsel in any relevant jurisdiction
and, in connection with any such enforcement or protection, the reasonable fees, disbursements and other charges of Latham & Watkins LLP or one primary counsel for the Administrative Agent and the Collateral Agent and one primary counsel
for the Lenders (taken as a whole) and, solely in the case of an actual or perceived conflict of interest, one additional counsel to each group of similarly situated affected persons). 

(b) The Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, the Arranger, each Lender and each Related Party of
any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related costs and expenses, including reasonable
counsel fees, disbursements and other charges (the “Indemnified Liabilities”), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this
Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions
contemplated thereby, (ii) the use of the proceeds of the Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto, or (iv) any actual or
alleged presence or Release of Hazardous 

  
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Materials on any property owned or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of the Subsidiaries;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related costs and expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted primarily from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee (or any of its Related Parties) and, upon such determination, any indemnification payments with respect to such
losses, claims, damages, liabilities or related costs and expenses previously received by such Indemnitee shall be subject to reimbursement by such Indemnitee) or (y) a dispute solely amongst the Indemnities (other than any claims against the
Administrative Agent in its capacity as the administrative agent, the arranger or any similar role hereunder and other than any claims arising out of any act or omission of the Borrower or any of its subsidiaries). The Borrower shall not be liable
for any settlement in connection with any Indemnified Liabilities effected without the Borrower’s written consent (which consent shall not be unreasonably withheld or delayed), but if settled with the Borrower’s written consent or if there
is a final judgment against such Indemnitee, the Borrower agrees to indemnify and hold harmless each Indemnitee from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
expenses and disbursements by reason of such settlement or judgment in accordance with the other provisions of this Section 9.05. The Borrower shall not, without the prior written consent of any Indemnitee (which consent shall not be
unreasonably withheld, delayed or conditioned), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnitee unless (A) such settlement includes an
unconditional release of such Indemnitee in form and substance reasonably satisfactory to such Indemnitee from all liability on claims that are the subject matter of such proceedings and (B) does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of such Indemnitee. In case any proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly
notify the Borrower of the commencement of any proceeding. 
 (c) To the extent that the Borrower fails to pay any amount required to be
paid by it to the Administrative Agent, the Collateral Agent or the Arranger under paragraph(a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent or the Arranger, as the case may be,
such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent or the Arranger in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined
based upon its share of the aggregate outstanding Loans. 
 (d) To the extent permitted by applicable law, the Borrower shall not
assert, and it 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 or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 

  
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 (e) The provisions of this Section 9.05 shall remain operative and in full force and
effect regardless of the expiration of the term of this Agreement, the consummation of the Transactions or the other transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, the Arranger or any Lender. All amounts due under this Section 9.05 shall be payable promptly following
written demand therefor (including documentation reasonably supporting such demand). 
 SECTION 9.06. Right of Setoff 

If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, except to the
extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) (other than Excluded Accounts) at any time held and other indebtedness at any time owing by such Lender to or for the
credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement or such other Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such
Lender may have. 
 SECTION 9.07. Applicable Law 

THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF THE STATE OF NEW YORK; PROVIDED, THAT THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN IN DETERMINING (A) THE INTERPRETATION OF A CLOSING DATE MATERIAL ADVERSE EFFECT AND WHETHER A CLOSING DATE
MATERIAL ADVERSE EFFECT HAS OCCURRED, (B) THE ACCURACY OF ANY SPECIFIED ACQUISITION AGREEMENT REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE BORROWER (OR ITS AFFILIATES) HAVE THE RIGHT (WITHOUT REGARD TO ANY NOTICE
REQUIREMENT) TO TERMINATE ITS OBLIGATIONS (OR TO REFUSE TO CONSUMMATE THE RETAIL SALE) UNDER THE RETAIL SALE PURCHASE AGREEMENT AND (C) WHETHER THE RETAIL SALE HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE RETAIL SALE PURCHASE
AGREEMENT (IN EACH CASE, WITHOUT REGARD TO THE LAWS OF ANY OTHER JURISDICTION THAT MIGHT BE APPLIED BECAUSE OF THE CONFLICTS OF LAWS PRINCIPLES OF THE STATE OF DELAWARE). 

SECTION 9.08. Waivers; Amendment 

(a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender in exercising any power or right 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

  
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or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent 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 any other Loan Document or consent to any departure by the Borrower or any other Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on
the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
 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; provided, however, that no such agreement
shall (i) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment or any part thereof, or decrease the
rate of interest on any Loan, without the prior written consent of each Lender directly and adversely affected thereby (it being understood that the waiver (or amendment to the terms of) of any mandatory prepayment of the Loans, any obligation of
the Borrower to pay interest at the default rate, or any Default or Event of Default shall not constitute such an extension of any date scheduled for the payment of principal, interest or fees or decrease thereof), (ii) increase or extend
the Commitment or decrease or extend the date for payment of any Fees of any Lender without the prior written consent of such Lender (it being understood that a waiver of any condition precedent set forth in Article IV, or the waiver of any
Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender), (iii) amend or modify the pro rata requirements of Section 2.17,
the provisions of this Section 9.08 or the definition of the term “Required Lenders,” or release substantially all the Guarantors (except to the extent permitted hereby), without the prior written consent of each Lender, or
(iv) except as permitted hereby, release all or substantially all of the Collateral without the prior 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 Collateral Agent hereunder or under any Loan Document, without the prior written consent of the Administrative Agent or the Collateral Agent, as applicable.

(b) Notwithstanding anything to the contrary contained in this Section 9.08, if at any time after the Closing Date, the Administrative
Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be
permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business
Days following receipt of notice thereof. 
 (c) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers
(each, an “Extension Offer”) made from time to time by the Borrower to all Lenders holding Loans with a like maturity date on a pro rata basis (based on the aggregate outstanding 

  
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principal amount of such respective Loans) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that
accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Loans of such tranche, and, subject to the terms hereof, otherwise modify the terms of such Loans pursuant to the terms of the relevant
Extension Offer (including, without limitation, by increasing the interest rate and/or fees payable in respect of such Loans (each, an “Extension”; and each group of Loans, in each case as so extended, as well as the original Loans
(in each case not so extended), being a separate “tranche”), so long as the following terms are satisfied (or waived): 

(i) no Event of Default shall have occurred and be continuing as of the date the Extension Offer is delivered to the Lenders;

 (ii) except as to interest rates, AHYDO payments, fees (including, without limitation, upfront fees), funding discounts,
prepayment premium, amortization, final maturity date, premium, required prepayment dates and participation in prepayments (which shall, subject to the immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and set
forth in the relevant Extension Offer, subject to acceptance by the Extended Lenders), the Loans of any Lender that agrees to an Extension with respect to such Loans owed to it (an “Extending Lender”) extended pursuant to any
Extension (“Extended Loans”) shall have substantially the same terms (or terms not materially less favorable (taken as whole) to existing Lenders or terms that are applicable only to periods after the then applicable maturity date
with respect to such tranche of Loans) as the tranche of Loans subject to such Extension Offer; 
 (iii) the final maturity
date of any Extended Loans shall be no earlier than the latest maturity date of the Loans extended thereby and at no time shall the Loans (including Extended Loans) have more than three different maturity dates; 

(iv) the Weighted Average Life to Maturity of any Extended Loans shall be no shorter than the remaining Weighted Average Life
to Maturity of the Loans extended thereby; 
 (v) any Extended Loans may participate on a pro rata basis or a less than pro
rata basis (but not greater than a pro rata basis) with non-extending tranches of Loans in any voluntary or mandatory prepayments in respect of the applicable Loans, in each case as specified in the respective Extension Offer; 

(vi) if the aggregate principal amount of Loans (calculated on the outstanding principal amount thereof) in respect of which
Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Loans offered to be extended by the Borrower pursuant to such Extension Offer, then the Loans of such Lenders shall be extended ratably
up to such maximum amount based on the respective principal amounts with respect to which such Lenders have accepted such Extension Offer; 

  
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 (vii) all documentation in respect of such Extension shall be consistent with the
foregoing; and 
 (viii) any applicable Minimum Extension Condition shall have been satisfied unless waived by the Borrower.

 With respect to all Extensions consummated by the Borrower pursuant to this Section 9.08(c), (i) such Extensions shall not
constitute voluntary or mandatory payments or prepayments for purposes of Sections 2.12 or 2.13, and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment; provided, that the Borrower may at its
election specify as a condition to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Loans of any or all
applicable tranches be tendered (a “Minimum Extension Condition”). The Lenders hereby consent to the transactions contemplated by this 9.08(c) (including, for the avoidance of doubt, payment of any interest, fees or premium in
respect of any Extended Loans on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit or conflict with any such
Extension or any other transaction contemplated by this Section 9.08(c). 
 No consent of any Lender shall be required to effectuate
any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Loans (or a portion thereof). All Extended Loans and all obligations in respect thereof shall be Obligations under this Agreement and
the other Loan Documents and secured by the Collateral on a pari passu basis with all other applicable Obligations, and shall, without limiting the foregoing, benefit equally and ratably with the other Obligations from the guarantees and security
interests created by the Loan Documents. The Lenders hereby irrevocably authorize the Agents to (and the Agents shall) enter into amendments to this Agreement and the other Loan Documents (including, without limitation, modifications to provisions
regarding pro rata payments or sharing of payments (provided, in no event shall any such modification entered into by the Agents pursuant to the foregoing authorization cause or enable any such Extension to rank senior to, or receive or share in
payments on a more favorable basis than pro rata with respect to, the other Loans)) with the Borrower (on behalf of all Loan Parties) as may be necessary or appropriate in order to establish new tranches or subtranches in respect of Loans so
extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Agents and the Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this
subsection. Without limiting the foregoing, in connection with any Extensions the applicable Loan Parties shall (at their expense) amend (and the Collateral Agent is hereby directed by the Lenders to amend) any Mortgage that has a maturity date
prior to the then latest maturity date so that such maturity date referenced therein is extended to the then latest maturity date (or such later date as may be advised by local counsel to the Collateral Agent). In connection with any Extension, the
Borrower shall provide the Administrative Agent at least ten (10) Business Days (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof (which such notice the Administrative Agent shall promptly
forward to the Lenders; provided, the Administrative Agent’s delivery to the Lenders thereof shall not constitute a condition to or requirement for the effectiveness of any such Extension or be included in the determination of such ten
(10) Business Day period), and 

  
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shall agree to such procedures (including, without limitation, regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities
hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent and the Borrower, in each case acting reasonably to accomplish the purposes of this Section 9.08(c). This Section 9.08(c) shall
supersede any other provisions of this Agreement to the contrary. 
 SECTION 9.09. 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 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 or participation in accordance with applicable 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 or participation but were not payable as a result of the operation of this Section 9.09 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 9.10. Entire Agreement 

This Agreement, the Fee Letter and the other Loan Documents constitute the entire contract between the parties relative to the subject matter
hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is
intended to confer upon any Person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Collateral Agent, the Arranger and the Lenders ) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 

SECTION 9.11. 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 RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. 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 AND THE OTHER
LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 

  
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 SECTION 9.12. Severability 

In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction) to the extent permitted by applicable law. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 9.13. Counterparts 

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, and shall become effective as provided in Section 9.03. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic
transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 9.14. 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
are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 9.15. Jurisdiction; Consent to Service of Process 

(a) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any
New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents,
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 shall affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents
against the Borrower or its properties in the courts of any jurisdiction. 

  
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 (b) Each party hereto 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 the other Loan Documents in any New York State or
Federal court. 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. 

(c) 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 will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.16. Confidentiality 

Each of the Administrative Agent, the Collateral Agent and the Lenders agrees to maintain the confidentiality of the Information, except that
Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and agents, including accountants, legal counsel and other advisors involved in the Transactions, including any numbering, administration or
settlement service providers, (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 or quasi-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 (in
which case such Person shall inform the Borrower promptly thereof to the extent lawfully permitted to do so (except with respect to any audit or examination conducted by accountants or any self-regulatory authority or governmental or regulatory
authority exercising examination or regulatory authority), (d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or
thereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section 9.16 for the benefit of the Borrower, to (i) any actual or prospective assignee of or participant in any of its rights or
obligations under this Agreement and the other Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary or any of their respective
obligations, (f) with the prior written consent of the Borrower or (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.16 or other confidentiality obligation owed to the
Borrower or its Affiliates. For the purposes of this Section, “Information” shall mean all information received from (or on behalf of) the Borrower other than any such information that was available to the Administrative Agent, the
Collateral Agent or any Lender on a nonconfidential basis prior to its disclosure by (or on behalf of) the Borrower, that to the knowledge of such Person, is not in violation of any confidentiality obligation owed the Borrower or its Affiliates;
provided, that in the case of Information received from (or on behalf of) 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 9.16 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
its own confidential information. Notwithstanding any other express or implied agreement, arrangement or understanding to the contrary, each of the parties hereto agrees that each other party hereto (and each of its employees, representatives or
agents) are permitted to disclose to any Persons, without limitation, the tax treatment and tax structure of the Loans and the other transactions 

  
 109 

 
contemplated by the Loan Documents and all materials of any kind (including opinions and tax analyses) that are provided to the Loan Parties, the Lenders, the Arranger or any Agent related to
such tax treatment and tax aspects. To the extent not inconsistent with the immediately preceding sentence, this authorization does not extend to disclosure of any other information or any other term or detail not related to the tax treatment or tax
aspects of the Loans or the transactions contemplated by the Loan Documents. 
 SECTION 9.17. Senior Indebtedness. For the
purposes of the Subordinated Debt, the Obligations of the Borrower hereunder are “Senior Indebtedness” (as defined in the Subordinated Debt Documents) and shall be senior and superior in right of payment to the obligations under the
Subordinated Debt. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

  
 110 

 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. 
  

			
	AFFIRMATIVE INSURANCE HOLDINGS, INC., as Borrower
		
	By:	 	 /s/ Michael J. McClure

		 	Name: Michael J. McClure
		 	Title: Acting Chief Executive Officer
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent
		
	By:	 	 /s/ Vipul Dhadda

		 	Name: Vipul Dhadda
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Michael Spaight

		 	Name: Michael Spaight
		 	Title: Authorized Signatory
	
	CREDIT SUISSE SECURITIES (USA) LLC, as Sole Lead Arranger and Bookrunner
		
	By:	 	 /s/ Eric Lee

		 	Name: Eric Lee
		 	Title: Authorized Signatory

 Schedule I 

Commitments 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Pro
Rata Share	 
	 Credit Suisse Loan Funding LLC
	  	$	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 Exhibit A 

ADMINISTRATIVE QUESTIONNAIRE 
  

					
	 I.      Borrower Name:
                    Affirmative Insurance Holdings, Inc.

		
	 II.     Legal Name of Lender for Signature Page:
	  	  

		
		  	  

		
	 III.   Name of Lender for any eventual tombstone:
	  	  

		
	 IV.   Legal Address:
	  	
		
	
           
	  	
		
	
           
	  	
		
	 V.     Contact Information:
	  	

  

							
	 	  	 Credit Contact
	  	 Operations Contact
	  	 Legal Contact

				
	 Name:
	  		  		  	
		  	  
	  	  
	  	  

				
	 Title:
	  		  		  	
		  	  
	  	  
	  	  

				
	 Address:
	  		  		  	
		  	  
	  	  
	  	  

				
		  		  		  	
		  	  
	  	  
	  	  

				
		  		  		  	
		  	  
	  	  
	  	  

				
	 Telephone:
	  		  		  	
		  	  
	  	  
	  	  

				
	 Facsimile:
	  		  		  	
		  	  
	  	  
	  	  

				
	 Email:
	  		  		  	
		  	  
	  	  
	  	  

		
	 VI.   Lender’s Wire Payment Instructions:
	  	
		
		  	  

	 Pay to:
	  	(Name of Lender)
		
		  	  

		  	(ABA#)	  	(City/State)
		
		  	  

		  	(Account #)	  	(Account Name)

  
 Exhibit A - 1 

 ADMINISTRATIVE QUESTIONNAIRE 

 

			
	Borrower Name:                     Affirmative Insurance Holdings, Inc.
	
	 VII. Organizational Structure:

		
	 Foreign Branch, organized under which laws
	  	  

		
		  	  

 Tax withholding Form Attached (For Foreign Buyers) 

 

	 ̈	Form W-9 

  

	 ̈	Form W-8 

  

	 ̈	Form 4224 effective: 

  

	 ̈	Form 1001 

  

	 ̈	W/Hold     % effective 

  

	 ̈	Form 4224 on file with Administrative Agent from previous current year’s transaction 

  

	VIII.	Payment Instructions: 

 Servicing 

Site: 
 Pay To: 

 

	IX.	Name of Authorized Officer:
                                     

			
		
	 Name:
	 	  

		
	 Signature:
	 	  

		
	 Date:
	 	  

  
 Exhibit A - 2 

	X.	Institutional Investor Sub-Allocations: 

  

			
		
	 Institution Legal:
	 	  

		
	 Fund Manager:
	 	  

		
	 Sub-Allocations:
	 	

  

									
					
	 Exact Legal
 Name

(for
 documentation

purposes)
	  	 Sub-
Allocation

(Indicate
US$)
	  	Direct Signer to
Credit
Agreement
(Yes / No)	  	Purchase by
Assignment
(Yes / No)	  	Date of Post
Closing
Assignment
					
	 1.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 2.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 3.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 4.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 5.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 6.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 7.
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  	
		  		  		  		  	  

 Special Instructions 
  

 
  

 
  

 
  

 

  
 Exhibit A - 3 

 Exhibit B 

AFFIRMATIVE INSURANCE HOLDINGS, INC. 

FORM OF AFFILIATE SUBORDINATION AGREEMENT 

AFFILIATE SUBORDINATION AGREEMENT dated as of [            ],
200            (this “Agreement”), among the subordinated lenders listed on Schedule 1 hereto (each a “Subordinated Lender” and collectively, the
“Subordinated Lenders”), AFFIRMATIVE INSURANCE HOLDINGS, INC.(“Borrower”) and each Subsidiary listed on Schedule 2 hereto (together with the Borrower, each a “Subordinated Borrower” and
collectively, the “Subordinated Borrowers”) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, in its capacity as administrative agent (the “Administrative Agent”) under the Credit Agreement (as defined below), for the
benefit of the Lenders (as defined in the Credit Agreement referred to below). 
 Reference is made to the Credit Agreement dated as of
September 30, 2013 (as amended, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto, the Administrative Agent, and other
parties thereto. 
 Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit
Agreement. All references to articles, sections, exhibits and schedules shall be deemed references to articles and sections of, and exhibits and schedules to, this Agreement, unless the context shall otherwise require. 

The ability under the Credit Agreement of any Subordinated Borrower to incur Indebtedness to any Subordinated Lender is conditioned upon the
execution and delivery by such Subordinated Lender and each Subordinated Borrower of an agreement in the form hereof pursuant to which such Subordinated Lender agrees to subordinate its rights with respect to the Subordinated Obligations (as defined
below) to the rights of the Senior Lenders (as defined below) under the Credit Agreement, all on the terms set forth herein. 
 Accordingly,
each Subordinated Lender, each Subordinated Borrower and the Administrative Agent, on behalf of itself and each Senior Lender (and each of their respective successors or permitted assigns), hereby agrees as follows: 

SECTION 1. Subordination. (a) Each Subordinated Lender hereby agrees that all its right, title and interest in and to the Subordinated
Obligations shall be subordinate and junior in right of payment to the rights of the Lenders and the Agents (each, as defined in the Credit Agreement and collectively, the “Senior Lenders”) in respect of the Obligations of the
Borrower arising under the Credit Agreement and the other Loan Documents, including the payment of principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Borrower or any Subsidiary whether or not a claim for post-filing interest is allowed or allowable in any such proceeding), fees, charges, expenses, indemnities, reimbursement obligations, Guarantees and all other amounts payable thereunder
or in respect thereof (collectively, the “Senior Obligations.”). For purposes 

  
 Exhibit B- 1 

 
hereof, “Subordinated Obligations” means all obligations of each Subordinated Borrower to each Subordinated Lender in respect of Indebtedness, including in respect of principal,
premium (if any), interest, fees, charges, expenses, indemnities, reimbursement obligations and other amounts payable in respect thereof. 

(b) Each Subordinated Borrower and each Subordinated Lender agrees (in each case solely with respect to the Subordinated Obligations in respect
of which it is the obligor or obligee, as the case may be, and solely with respect to each Subordinated Borrower or Subordinated Lender that is its counterparty on such Subordinated Obligations) that no payment (whether directly, by purchase,
redemption or exercise of any right of setoff or otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether in cash, securities or other property, shall be made by or on behalf of any Subordinated
Borrower or received, accepted or demanded, directly or indirectly, by or on behalf of any Subordinated Lender at any time when an Event of Default exists as defined under the Credit Agreement. 

(c) Except as otherwise permitted under the Credit Agreement, upon any distribution of the assets of any Subordinated Borrower or upon any
dissolution, winding up, liquidation or reorganization of any Subordinated Borrower, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any general assignment for the benefit of creditors
or any other marshalling of the assets and liabilities of any Subordinated Borrower, or otherwise: 
 (i) the Senior Lenders
shall first be entitled to receive indefeasible payment in full in cash of the Senior Obligations (whenever arising) (other than indemnification obligations and other contingent obligations not then due and payable) before any Subordinated Lender
shall be entitled to receive any payment on account of the Subordinated Obligations of such Subordinated Borrower, whether of principal, interest or otherwise; and 

(ii) any payment by, or on behalf of, or distribution of the assets of, such Subordinated Borrower of any kind or character,
whether in cash, securities or other property, to which any Subordinated Lender would be entitled except for the provisions of this Section 1 shall be paid or delivered by the Person making such payment or distribution (whether a trustee in
bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Administrative Agent, for the benefit of the Senior Lenders (pro rata, in accordance with the respective amounts of the Senior Obligations owed to each of the
Senior Lenders), until the indefeasible payment in full of all Senior Obligations (other than indemnification obligations and other contingent obligations not then due and payable). 

At any time when an Event of Default exists under the Credit Agreement, each Subordinated Lender agrees not to ask, demand, sue for or take or receive from
any Subordinated Borrower in cash, securities or other property or by setoff, purchase or redemption (including, without limitation, from or by way of collateral), payment of all or any part of the Subordinated Obligations and agrees that in
connection with any proceeding involving any Subordinated Borrower under any bankruptcy, insolvency, reorganization, arrangement, receivership or similar law (i) the Administrative Agent is irrevocably authorized and empowered (in its own name
or in 

  
 Exhibit B - 2 

 
the name of such Subordinated Lender or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in the preceding sentence and
give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the applicable Subordinated Obligations and enforcing any security interest or other Lien securing payment of such
Subordinated Obligations) as the Administrative Agent may deem necessary or advisable for the exercise or enforcement of any of the rights or interest of the Senior Lenders and (ii) such Subordinated Lender shall duly and promptly take such
action as the Administrative Agent may request to (A) collect amounts in respect of the applicable Subordinated Obligations for the account of the Senior Lenders and to file appropriate claims or proofs of claim in respect of such Subordinated
Obligations, (B) execute and deliver to the Administrative Agent such irrevocable powers of attorney, assignments or other instruments as the Administrative Agent may request in order to enable the Administrative Agent to enforce any and all
claims with respect to, and any security interests and other Liens securing payment of, the applicable Subordinated Obligations and (C) collect and receive any and all payments or distributions which may be payable or deliverable upon or with
respect to the applicable Subordinated Obligations. A copy of this Agreement may be filed with any court as evidence of the Senior Lenders’ right, power and authority hereunder. 

(d) In the event that any payment by, or on behalf of, or distribution of the assets of, any Subordinated Borrower of any kind or character,
whether in cash, securities or other property, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, shall be received by or on behalf of any Subordinated Lender or any Affiliate thereof at a time when such
payment is prohibited by this Agreement, such payment or distribution shall be held by such Subordinated Lender or Affiliate in trust (segregated from other property of such Subordinated Lender or Affiliate) for the benefit of, and shall promptly be
paid over to, the Administrative Agent, for the benefit of the Senior Lenders (pro rata, in accordance with the respective amounts of the Senior Obligations owed to each of the Senior Lenders), until the indefeasible payment in full in cash of all
Senior Obligations (other than indemnification obligations and other contingent obligations not then due and payable). 
 (e) Subject to the
prior indefeasible payment in full in cash of the Senior Obligations (other than indemnification obligations and other contingent obligations not then due and payable), each applicable Subordinated Lender shall be subrogated to the rights of the
Senior Lenders to receive payments or distributions in cash, securities or other property of each applicable Subordinated Borrower applicable to the Senior Obligations until all amounts owing on the Senior Obligations shall be indefeasibly paid in
full in cash, and, as between and among a Subordinated Borrower, its creditors (other than the Senior Lenders) and the applicable Subordinated Lenders, no such payment or distribution made to the Senior Lenders by virtue of this Agreement that
otherwise would have been made to any applicable Subordinated Lender shall be deemed to be a payment by the applicable Subordinated Borrower on account of the Subordinated Obligations, it being understood that the provisions of this paragraph
(e) are intended solely for the purpose of defining the relative rights of the Subordinated Lenders and the Senior Lenders. 
 (f)
Without the prior written consent of the Administrative Agent, no Subordinated Borrower shall give, or permit to be given, and no Subordinated Lender shall receive, accept or demand, (i) any security of any nature whatsoever for any
Subordinated Obligations on any 

  
 Exhibit B - 3 

 
property or assets, whether now existing or hereafter acquired, of any Subordinated Borrower or any subsidiary of any Subordinated Borrower, unless such security shall by its terms be subject to
enforcement and collection by the Administrative Agent in connection with any action in respect of enforcement or collection taken under paragraph (c) above or (ii) any Guarantee, of any nature whatsoever, by any Subordinated Borrower or
any subsidiary of any Subordinated Borrower, of any Subordinated Obligations other than any Guarantee subordinated to the Senior Obligations on terms substantially identical to (and no less favorable (taken as a whole) in any significant respect to
the Senior Lenders than) those hereof. Each Subordinated Lender agrees that all the proceeds of any such security or Guarantee shall be subject to the provisions hereof with respect to payments and other distributions in respect of the Subordinated
Obligations. 
 (g) Each Subordinated Lender and each Subordinated Borrower agrees that all Subordinated Obligations will be evidenced solely
by a single promissory note in substantially the form attached hereto as Annex 1, and that such promissory note and any and all instruments or records now or hereafter creating or evidencing the Subordinated Obligations, whether upon refunding,
extension, renewal, refinancing, replacement or otherwise, shall contain the following legend (or other legend reasonably acceptable to Administrative Agent): 

“Notwithstanding anything contained herein to the contrary, neither the principal of nor the interest on, nor any other amounts payable in
respect of, the indebtedness created or evidenced by this instrument or record shall become due or be paid or payable, except to the extent permitted under the Affiliate Subordination Agreement dated September 30, 2013, among the Subordinated
Lenders, the Subordinated Borrowers and Credit Suisse AG, Cayman Islands Branch, in its capacity as Administrative Agent, which Affiliate Subordination Agreement is incorporated herein with the same effect as if fully set forth herein.” 

(h) Each Subordinated Lender agrees that, except for claims submitted in any proceeding contemplated by Section 1(c) hereof, it will not
take any action to cause any Subordinated Obligations to become payable prior to their scheduled maturity (which, in the case of any demand notes, shall be the date demand is made thereunder) or exercise any remedies or take any action or proceeding
to enforce any Subordinated Obligation if the payment of such Subordinated Obligation is then prohibited by this Agreement, and each Subordinated Lender further agrees not to file, or to join with any other creditors of any Subordinated Borrower in
filing, any petition commencing any bankruptcy, insolvency, reorganization, arrangement or receivership proceeding or any assignment for the benefit of creditors against or in respect of such Subordinated Borrower or any other marshalling of the
assets and liabilities of such Subordinated Borrower (provided that this prohibition shall in no event be construed so as to limit any Subordinated Lender’s right to cause any Subordinated Obligations to become payable prior to their
scheduled maturity if all the outstanding Loans under the Credit Agreement have been declared due and payable prior to their scheduled maturity dates). Each Subordinated Lender further agrees, to the fullest extent permitted under applicable law,
that it shall not cause any Subordinated Borrower to file any such petition, commence any such proceeding or make any such assignment referred to above until all Senior Obligations have been indefeasibly paid in full in cash (other than
indemnification obligations and other contingent obligations not then due and payable).1 

  
 Exhibit B - 4 

 SECTION 2. Waivers and Consents. (a) Each Subordinated Lender waives (to the extent
permitted by applicable law) the right to compel that the Collateral or any other assets of property of any Subordinated Borrower or the assets of property of any guarantor of the Senior Obligations or any other Person be applied in any particular
order to discharge the Senior Obligations. Each Subordinated Lender expressly waives the right to require the Senior Lenders to proceed against any Subordinated Borrower, the Collateral or any guarantor of the Senior Obligations or any other Person,
or to pursue any other remedy in any Senior Lender’s power which such Subordinated Lender cannot pursue and which would lighten such Subordinated Lender’s burden, notwithstanding that the failure of any Senior Lender to do so may thereby
prejudice such Subordinated Lender. Each Subordinated Lender agrees that it shall not be discharged, exonerated or have its obligations hereunder to the Senior Lenders reduced by any Senior Lender’s delay in proceeding against or enforcing any
remedy against any Subordinated Borrower, the Collateral or any guarantor of the Senior Obligations or any other person; by any Senior Lender releasing any Subordinated Borrower, the Collateral or any other guarantor of the Senior Obligations or any
other person from all or any part of the Senior Obligations; or by the discharge of any Subordinated Borrower, the Collateral or any guarantor of the Senior Obligations or any other Person by an operation of law or otherwise, with or without the
intervention or omission of a Senior Lender. Any Senior Lender’s vote to accept or reject any plan of reorganization relating to any Subordinated Borrower, the Collateral, or any guarantor of the Senior Obligations or any other person, or any
Senior Lender’s receipt on account of the Senior Obligations other than the indefeasible payment in full in cash thereof of any cash securities or other property distributed in any bankruptcy, reorganization, or insolvency case, shall not
discharge, exonerate or reduce the obligations of any Subordinated Lender hereunder to the Senior Lenders. 
 (b) Each Subordinated Lender
waives (to the extent permitted by applicable law) all rights and defenses arising out of an election of remedies by the Senior Lenders, even though that election of remedies, including, without limitation, any nonjudicial foreclosure with respect
to security for the Senior Obligations, has impaired the value of such Subordinated Lender’s rights of subrogation, reimbursement or contribution against any Subordinated Borrower or any other guarantor of the Senior Obligations or any other
person. Each Subordinated Lender expressly waives (to the extent permitted by applicable law) any rights or defenses it may have by reason of protection afforded to any Subordinated Borrower or any other guarantor of the Senior Obligations or any
other person with respect to the Senior Obligations pursuant to any anti-deficiency laws or other laws of similar import which limit or discharge the principal debtor’s indebtedness upon judicial or nonjudicial foreclosure of real property or
personal property Collateral for the Senior Obligations. 
  

	1 	An LLC owner cannot agree to not file – the provision says “ to the extent permitted under applicable law” 

  
 Exhibit B - 5 

 (c) Each Subordinated Lender agrees that, without the necessity of any reservation of rights
against it, and without notice to or further assent by it, any demand for payment of any Senior Obligations made by a Senior Lender may be rescinded in whole or in part by the Senior Lender, and any Senior Obligation may be continued, and the Senior
Obligations, or the liability of the applicable Subordinated Borrower or any other guarantor or any other party upon or for any part thereof, or any Collateral or Guarantee therefor or right of offset with respect thereto, may, from time to time, in
whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered, or released by the Senior Lenders, in each case without notice to or further assent by any Subordinated Lender, which will remain bound under this
Agreement and without impairing, abridging, releasing or affecting the subordination and other agreements provided for herein. 
 (d) Each
Subordinated Lender waives (to the extent permitted by applicable law) any and all notice of the creation, renewal, extension or accrual of any of the Senior Obligations and notice of or proof of reliance by the Senior Lenders upon this Agreement.
The Senior Obligations, and any of them, shall be deemed conclusively to have been created, contracted or incurred and the consent given to create the obligations of each Subordinated Borrower in respect of the Subordinated Obligations in reliance
upon this Agreement, and all dealings between each Subordinated Borrower and the Senior Lenders shall be deemed to have been consummated in reliance upon this Agreement. Each Subordinated Lender acknowledges and agrees that the Senior Lenders have
relied upon the subordination and other agreements provided for herein in consenting to the Subordinated Obligations. Each Subordinated Lender waives notice of or proof of reliance on this Agreement and protest, demand for payment and notice of
default. 
 SECTION 3. Transfers. Each Subordinated Lender shall not sell, assign or otherwise transfer or dispose of, in whole or in
part, all or any part of the Subordinated Obligations or any interest therein to any other person (a “Transferee”) or create, incur or suffer to exist any security interest, Lien, charge or other encumbrance whatsoever upon all or
any part of the Subordinated Obligations or any interest therein in favor of any Transferee unless (i) such action is made expressly subject to this Agreement and (ii) the Transferee, expressly acknowledges to the Administrative Agent, by
a writing in form and substance reasonably satisfactory to the Administrative Agent the subordination and other agreements provided for herein and in such writing agrees to be bound by all of the terms of this Agreement, including, without
limitation, this Section 3, as if such person were a Subordinated Lender. 
 SECTION 4. Senior Obligations Unconditional. All
rights and interests of the Senior Lenders hereunder, and all agreements and obligations of the Subordinated Lenders and the Subordinated Borrowers hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of the Credit Agreement or any other Loan Document; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any amendment or
waiver or other modification, whether by course of conduct or otherwise, of, or consent to departure from, the Credit Agreement or any other Loan Document; 

  
 Exhibit B - 6 

 (c) any exchange, release or nonperfection of any Lien in any collateral, or any release,
amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of, or consent to departure from, any Guarantee of any of the Senior Obligations; or 

(d) any other circumstances that might otherwise constitute a defense available to, or a discharge of, any Subordinated Borrower in respect of
the Senior Obligations, or of the Subordinated Lender or any Subordinated Borrower in respect of this Agreement. 
 SECTION 5.
Representations and Warranties. Each Subordinated Lender represents and warrants to the Administrative Agent, for the benefit of the Senior Lenders, that: 

(a) It (a) is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its organization or
formation and (b) has the corporate or limited liability company power and authority, and the legal right, to execute, deliver and perform its obligations under this Agreement, each of the other Loan Documents each other agreement or instrument
contemplated hereby or thereby to which it is or will be a party. 
 (b) This Agreement has been duly executed and delivered by such
Subordinated Lender and constitutes a legal, valid and binding obligation of such Subordinated Lender, enforceable against it 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. 

(c) This Agreement (a) has been duly authorized by all requisite corporate, partnership or limited liability company and, if required,
stockholder, partner or member action and (b) will not (i) violate (A) any (I) provision of law, statute, rule or regulation, or (II) of the certificate or articles of incorporation or other constitutive documents or by-laws of
the Borrower or any Subsidiary or (B) any order of any Governmental Authority or arbitrator or any order, judgment or decree of any court or other agency of government binding on the Borrower or any Subsidiary except to the extent such
violation could not reasonably be expected to result in a Material Adverse Effect. 
 (d) No consent or authorization of filing with, or
other act by or in respect of, any Governmental Authority, is required in connection with the execution, delivery or performance of this Agreement, except (i) such as may be required by applicable laws governing the Insurance Business or
(ii) such as have been made or obtained and are in full force and effect, other than, in the case of each of the foregoing, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect or which are
not material to the consummation of this Agreement. 
 SECTION 6. Waiver of Claims. (a) To the maximum extent permitted by law,
each Subordinated Lender waives any claim it might have against any Senior Lender with respect to, or arising out of, any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on the part of any Senior
Lender or its directors, officers, employees, agents or Affiliates with respect to any exercise of rights or remedies under the Loan Documents or any transaction relating to the Collateral, with the exception of all such claims arising as a result
of any Senior Lender’s gross negligence, bad faith or willful misconduct. Neither the 

  
 Exhibit B - 7 

 
Senior Lenders nor any of their respective directors, officers, employees, agents or Affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral or any
Guarantee or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Subordinated Borrower or any Subordinated Lender or any other person or to take any other action
whatsoever with regard to the Security Documents, including, without limitation, the Guarantee and Collateral Agreement, or any part thereof. 

(b) Each Subordinated Lender, for itself and on behalf of its successors and permitted assigns, hereby waives (to the extent permitted by
applicable law) any and all now existing or hereafter arising rights it may have to require the Senior Lenders to marshal assets for the benefit of such Subordinated Lender, or to otherwise direct the timing, order or manner of any sale, collection
or other enforcement of the Collateral or enforcement of the Loan Documents. The Senior Lenders are under no duty or obligation, and each Subordinated Lender hereby waives any right it may have to compel the Senior Lenders, to pursue any guarantor
or other person who may be liable for the Senior Obligations, or to enforce any Lien or security interest in any Collateral. 
 (c) Each
Subordinated Lender hereby waives (to the extent permitted by applicable law) and releases all rights which a guarantor or surety with respect to the Senior Obligations could exercise. 

(d) Each Subordinated Lender hereby waives (to the extent permitted by applicable law) any duty on the part of the Senior Lenders to disclose
to it any fact known or hereafter known by the Senior Lenders relating to the operation or financial condition of any Subordinated Borrower or any guarantor of the Senior Obligations, or their respective businesses. Each Subordinated Lender enters
into this Agreement based solely upon its independent knowledge of the applicable Subordinated Borrower’s results of operations, condition (financial or otherwise) and business and the Subordinated Lender assumes full responsibility for
obtaining any further or future information with respect to the applicable Subordinated Borrower or its results of operations, condition (financial or otherwise) or business. 

SECTION 7. Further Assurances. Each Subordinated Lender and each Subordinated Borrower, at their own expense and at any time from time
to time, upon the written request of the Administrative Agent shall promptly and duly execute and deliver such further instruments and documents and take such further actions as the Administrative Agent reasonably may request for the purposes of
obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted. 
 SECTION 8. Expenses;
Indemnification. (a) Each Subordinated Borrower shall pay or reimburse the Administrative Agent and the Senior Lenders, upon demand, for all their reasonable costs and expenses in connection with the enforcement or preservation of any
rights under this Agreement, including, without limitation, reasonable fees and disbursements of counsel to the Administrative Agent and the Senior Lenders, in each case in accordance with, and subject to, Section 9.05 of the Credit Agreement.

  
 Exhibit B - 8 

 (b) The Subordinated Borrowers shall, and jointly and severally agree to, pay, indemnify, and
hold the Administrative Agent and the Senior Lenders harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions (whether sounding in contract, tort or on any other ground), judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever with respect to the failure of such Subordinated Borrower or any applicable Subordinated Lender to perform any of its obligations arising out of or relating to this Agreement, in each case
in accordance with, and subject to, Section 9.05 of the Credit Agreement; provided that such indemnity shall not, as to any such Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from primarily the gross negligence, willful misconduct or bad faith of such
Indemnitee. 
 SECTION 9. Provisions Define Relative Rights. This Agreement is intended solely for the purpose of defining the
relative rights of the Senior Lenders on the one hand and the Subordinated Lenders and the Subordinated Borrowers on the other, and no other person shall have any right, benefit or other interest under this Agreement. 

SECTION 10. Powers Coupled with an Interest. All powers, authorizations and agencies contained in this Agreement are coupled with an
interest and are irrevocable until the Senior Obligations are indefeasibly paid in full in cash. 
 SECTION 11. Notices. All notices,
requests and demands to or upon any party hereto shall be in writing and shall be given in the manner provided in Section 9.01 of the Credit Agreement. 

SECTION 12. Counterparts. This Agreement may be executed by one or more of the parties on any number of separate counterparts, each of
which shall constitute an original, but all of which taken together shall be deemed to constitute but one instrument. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic transmission shall be as
effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 13. Severability. In case any one or more of the
provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 14. Integration. This Agreement represents the agreement of the Subordinated Borrowers, the Subordinated Lenders and the Senior
Lenders with respect to the subject matter hereof and there are no promises or representations by any Subordinated Borrower, any Subordinated Lender or the Senior Lenders relative to the subject matter hereof not reflected herein. 

  
 Exhibit B - 9 

 SECTION 15. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the
terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Administrative Agent, each affected Subordinated Borrower and each affected Subordinated Lender;
provided that any provision of this Agreement may be waived by the Senior Lenders in a letter or agreement executed by the Required Lenders and each affected Subordinated Lender. 

(b) No failure to exercise, nor any delay in exercising, on the part of the Senior Lenders, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

(c) The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights
or remedies provided by law. 
 SECTION 16. Section Headings. The section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 SECTION 17.
Successors and Assigns. (a) This Agreement shall be binding upon the successors and assigns of each of the Subordinated Borrowers and each of the Subordinated Lenders and shall inure to the benefit of the Senior Lenders and their
respective successors and permitted assigns. 
 (b) Notwithstanding the provisions of Section 17(a) above, nothing herein shall be
construed to limit or relieve the obligations of any Subordinated Lender pursuant to Section 3 of this Agreement, and no Subordinated Lender shall assign its obligations hereunder to any person (except as otherwise specifically permitted under
Section 3 of this Agreement); any such assignment other than as specifically permitted under Section 3 shall be void. 

SECTION 18. Governing Law., Jurisdiction; Consent to Service of Process.
(a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 (b) Each
Subordinated Lender hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, 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 shall affect any right that the Administrative Agent, the
Collateral Agent, the Syndication Agent, the Documentation Agent, the Arranger, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against any Subordinated
Lender or its properties in the courts of any jurisdiction. 

  
 Exhibit B - 10 

 (c) Each Subordinated Lender 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 the other Loan Documents in any New York State or Federal
court. 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 Subordinated Lender hereby irrevocably consents to service of process in the manner provided for notices in Section 11 hereof.
Nothing in this Agreement, the Credit 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 19. 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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. 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 AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19. 

SECTION 20. Additional Subordinated Lenders. Upon execution and delivery by the Administrative Agent and a Subsidiary of an instrument
substantially in the form of Annex 2 attached hereto, such Subsidiary shall become a Subordinated Lender and a Subordinated Borrower hereunder with the same force and effect as if originally named as a Subordinated Lender and a Subordinated Borrower
herein. The execution and delivery of any such instrument shall not require the consent of any other Subordinated Lender or Subordinated Borrower hereunder. The rights and obligations of each Subordinated Borrower and each Subordinated Lender herein
shall remain in full force and effect notwithstanding the addition of any Subordinated Lender and Subordinated Borrower as a party to this Agreement. 

[Remainder of page intentionally left blank] 

  
 Exhibit B - 11 

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

			
	 AFFIRMATIVE INSURANCE HOLDINGS, INC.,

as Subordinated Lender and Subordinated Borrower,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [NAME OF SUBSIDIARY],
 as
Subordinated Lender and Subordinated Borrower,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Administrative Agent,

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit B - 12 

 Schedule 1 to 

Affiliate Subordination Agreement 

SUBORDINATED LENDERS 

  
 Schedule 1 - 1 

 Schedule 2 to 

Affiliate Subordination Agreement 

SUBORDINATED BORROWERS 

  
 Schedule 2 - 1 

 Annex 1 to 

Affiliate Subordination Agreement 

INTERCOMPANY SUBORDINATED DEMAND PROMISSORY NOTE 
  

			
	Note Number: 1	  	Dated: [    ], 200_

 FOR VALUE RECEIVED, Affirmative Insurance Holdings, Inc., and each of its respective subsidiaries
(collectively, the “Group Members” and each, a “Group Member”) which is a party to this intercompany subordinated demand promissory note (the “Promissory Note”) promises to pay to the order of such
other Group Member as makes loans to such Group Member (each Group Member which borrows money pursuant to this Promissory Note is referred to herein as a “Payor” and each Group Member which makes loans and advances pursuant to this
Promissory Note is referred to herein as a “Payee”), on demand, in lawful money of the United States of America, in immediately available funds and at the appropriate office of the Payee, the aggregate unpaid principal amount of all
loans and advances heretofore and hereafter made by such Payee to such Payor and any other indebtedness now or hereafter owing by such Payor to such Payee as shown either on Schedule A attached hereto (and any continuation thereof) or in the books
and records of such Payee. The failure to show any such Indebtedness or any error in showing such Indebtedness shall not affect the obligations of any Payor hereunder. Capitalized terms used herein but not otherwise defined herein shall have the
meanings given such terms in the (i) Credit Agreement dated as of September 30, 2013 (as amended, supplemented, replaced or otherwise modified from time to time, the “First Lien Credit Agreement”), among Affirmative
Insurance Holdings, Inc., the Lenders from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the “First Lien Administrative Agent”) and as collateral agent (in such
capacity, together with its successors and permitted assigns, the “First Lien Collateral Agent”), and the other parties thereto or (ii) the Second Lien Credit Agreement dated as of September 30, 2013 (as amended,
supplemented, replaced or otherwise modified from time to time, the “Second Lien Credit Agreement” and, collectively with the First Lien Credit Agreement, the “Credit Agreement”), among Affirmative Insurance
Holdings, Inc., the Lenders from time to time party thereto, JCF AFFM Debt Holdings, L.P., as administrative agent (in such capacity, the “Second Lien Administrative Agent”) and as collateral agent (in such capacity, together with
its successors and permitted assigns, the “Second Lien Collateral Agent”), and the other parties thereto. 
 The unpaid
principal amount hereof from time to time outstanding shall bear interest at a rate equal to the rate as may be agreed upon from time to time by the relevant Payor and Payee or, at the First Lien Administrative Agent’s (or, after the Discharge
of the First Lien Loan Obligations, the Second Lien Administrative Agent’s), option following the occurrence and during the continuation of an Event of Default, at the rate per annum then applicable to ABR Loans, plus 2% per annum.
Interest shall be due and payable on the last day of each month commencing after the date hereof or at such other times as may be agreed upon from time to time by the relevant Payor and Payee. Upon written demand for payment of any principal amount
hereof, accrued but unpaid interest on such principal amount shall also be due and payable. Interest shall be paid in lawful money of the United States of America and in immediately available funds. Interest shall be computed for the actual number
of days elapsed on the basis of a year consisting of 365 days. 

  
 Annex 1 - 1 

 Each Payor and any endorser of this Promissory Note hereby waives (to the extent permitted by
applicable law) presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 

This Promissory Note has been pledged by each Payee to each of the First Lien Collateral Agent, for the benefit of the Secured Parties (as
defined in the First Lien Credit Agreement) and the Second Lien Collateral Agent, for the benefit of the Secured parties (as defined in the Second Lien Credit Agreement, for the benefit of the Secured Parties, as security for such Payee’s
obligations, if any, under the applicable loan agreements, indentures or other agreements to which such Payee is a party. Each Payor acknowledges and agrees that, subject to the Intercreditor and Subordination Agreement, the First Lien
Administrative Agent, the Second Lien Administrative Agent, the other Secured Parties (as defined under each of the First Lien Credit Agreement) and the other Secured Parties (as defined in the Second Lien Credit Agreement) may exercise all the
rights of the Payees under this Promissory Note and will not be subject to any abatement, reduction, recoupment, defense, setoff or counterclaim available to such Payor. 

Notwithstanding anything contained herein to the contrary, neither the principal of nor the interest on, nor any other amounts payable in
respect of, the indebtedness created or evidenced by this instrument or record shall become due or be paid or payable, except to the extent permitted under the Affiliate Subordination Agreement dated September 30, 2013 , among the Subordinated
Lenders, the Subordinated Borrowers and Credit Suisse AG, Cayman Islands Branch, in its capacity as Administrative Agent, which Affiliate Subordination Agreement is incorporated herein with the same effect as if fully set forth herein. 

Notwithstanding anything to the contrary contained herein, in any other agreement or in any such promissory note or other instrument, this
Promissory Note (i) replaces and supersedes any and all promissory notes or other instruments which create or evidence any Subordinated Obligations made on or before the date hereof by any Group Member to any other Group Member, and
(ii) except as permitted by the Credit Agreement, without the written consent of the Administrative Agent, shall not be deemed replaced, superseded or in any way modified by any promissory note or other instrument entered into on or after the
date hereof which purports to create or evidence any loan or advance by any Group Member to any other Group Member. 
 THIS
PROMISSORY NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

From time to time after the date hereof, additional subsidiaries of the Group Members may become parties hereto by executing a counterpart
signature page to this Promissory Note (each additional ‘subsidiary, an “Additional Payor”). Upon delivery of such counterpart signature page to the Payees, notice of which is hereby waived by the other Payors, each Additional
Payor shall be a Payor and shall be as fully a party hereto as if such Additional 

  
 Annex 1 - 2 

 
Payor were an original signatory hereof. Each Payor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Payor
hereunder. This Promissory Note shall be fully effective as to any Payor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Payor hereunder. 

This Promissory Note may be executed in any number of counterparts and by different 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. 
 [Remainder
of page intentionally left blank] 

  
 Annex 1 - 3 

 IN WITNESS WHEREOF, each Payor has caused this Promissory Note to be executed and delivered by
its proper and duly authorized officer as of the date set forth above. 
  

			
	AFFIRMATIVE INSURANCE HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NAME OF SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Annex 1 - 4 

 SCHEDULE A 

TRANSACTIONS 
 ON

 INTERCOMPANY SUBORDINATED DEMAND PROMISSORY NOTE 
  

													
	 Date
	  	Name of
Payor	  	Name of
Payee	  	Amount of
Advance
This Date	  	Amount of
Principal
Paid This
Date	  	Outstanding
Principal
Balance
from Payor to
Payee This
Date	  	Notation Made
By

  
 Schedule A - 1 

 ENDORSEMENT 

FOR VALUE RECEIVED, each of the undersigned does hereby sell, assign and transfer to
                     all of its right, title and interest in and to the Intercompany Subordinated Demand Promissory Note, dated
[        ], 20     (as amended, supplemented, replaced or otherwise modified from time to time, the “Promissory Note”), made by Affirmative Insurance Holdings, Inc., and
each of its respective subsidiaries or any other person that is or becomes a party thereto, and payable to the undersigned. This endorsement is intended to be attached to the Promissory Note and, when so attached, shall constitute an endorsement
thereof. 
 The initial undersigned shall be the Group Members (as defined in the Promissory Note) party to the Affiliate Subordination
Agreement on the date of the Promissory Note. From time to time after the date thereof, additional subsidiaries of the Group Members shall become parties to the Promissory Note (each, an “Additional Payee”) and a signatory to this
endorsement by executing a counterpart signature page to the Promissory Note and to this endorsement. Upon delivery of such counterpart signature page to the Payors, notice of which is hereby waived by the other Payees, each Additional Payee shall
be a Payee and shall be as fully a Payee under the Promissory Note and a signatory to this endorsement as if such Additional Payee were an original Payee under the Promissory Note and an original signatory hereof. Each Payee expressly agrees that
its obligations arising under the Promissory Note and hereunder shall not be affected or diminished by the addition or release of any other Payee under the Promissory Note or hereunder. This endorsement shall be fully effective as to any Payee that
is or becomes a signatory hereto regardless of whether any other Person becomes or fails to become or ceases to be a Payee to the Promissory Note or hereunder. 

Dated: 
 [Remainder of page
intentionally left blank] 

  
 Endorsement - 1 

 
			
	AFFIRMATIVE INSURANCE HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NAME OF SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Endorsement - 2 

 Annex 2 to the 

Affiliate Subordination Agreement 

SUPPLEMENT NO. [ ] dated as of [            ] (this
“Supplement”), to the Affiliate Subordination Agreement dated as of [ ], 200_ (as amended, modified or supplemented, the “Affiliate Subordination Agreement”), among the subordinated lenders named therein (the
“Subordinated Lenders”), the subordinated borrowers named therein (the “Subordinated Borrowers”) and Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the “Administrative
Agent”) for the Senior Lenders. 
 A. Reference is made to the Affiliate Subordination Agreement. 

B. Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Affiliate Subordination Agreement.

 C. Each of the Subordinated Lenders and each of the Subordinated Borrowers have entered into the Affiliate Subordination Agreement in
order to induce the Senior Lenders to make loans and other extensions of credit under the Credit Agreement and the other Loan Documents. Section 20 of the Affiliate Subordination Agreement provides that subsidiaries of Affirmative Insurance
Holdings, Inc., may become Subordinated Lenders and Subordinated Borrowers under the Affiliate Subordination Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New
Subordinated Party”) is executing this Supplement to become a Subordinated Lender and a Subordinated Borrower under the Affiliate Subordination Agreement in accordance with the terms of the Credit Agreement as consideration for loans and
letters of credit previously made or issued or to be made or issued under the Credit Agreement. 
 Accordingly, the Administrative Agent and
the New Subordinated Party agree as follows: 
 SECTION 1. In accordance with Section 20 of the Affiliate Subordination Agreement, the
New Subordinated Party by its signature below becomes a Subordinated Lender and a Subordinated Borrower under the Affiliate Subordination Agreement with the same force and effect as if originally named therein as a Subordinated Lender and a
Subordinated Borrower and the New Subordinated Party hereby (a) agrees to all the terms and provisions of the Affiliate Subordination Agreement applicable to it as a Subordinated Lender and a Subordinated Borrower thereunder and
(b) represents and warrants that the representations and warranties made by it as a Subordinated Lender and a Subordinated Borrower thereunder are true and correct on and as of the date hereof except for representations and warranties which by
their terms refer to a specific date. Each reference to a “Subordinated Lender” or a “Subordinated Borrower” in the Affiliate Subordination Agreement shall be deemed to include the New Subordinated Party. The Affiliate
Subordination Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Subordinated Party represents and warrants to the
Administrative Agent and the other Senior Lenders that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency, 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. 

  
 Annex 2 - 1 

 SECTION 3. This Supplement 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 Supplement shall become effective when the Administrative Agent shall have received counterparts of
this Supplement that, when taken together, bear the signatures of the New Subordinated Party and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic transmission shall be
as effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the
Affiliate Subordination Agreement shall remain in full force and effect. 
 SECTION 5. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this
Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Affiliate Subordination Agreement shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 11 of the Affiliate
Subordination Agreement. All communications and notices hereunder to the New Subordinated Party shall be given to it at the address set forth under its signature below, with a copy to the Borrower. 

SECTION 8. The New Subordinated Party agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection
with this Supplement, including the reasonable fees, disbursements and other charges of counsel for the Administrative Agent in accordance with Section 8 of the Affiliate Subordination Agreement. 

[Remainder of page intentionally left blank] 

  
 Annex 2 - 2 

 IN WITNESS WHEREOF, the New Subordinated Party and the Administrative Agent have duly executed
this Supplement to the Affiliate Subordination Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBORDINATED PARTY],
	as New Subordinated Party
		
	By:	 	 
	Name:
	Title:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Administrative Agent,
		
	By:	 	  

	Name:
	Title:

  
 Annex 2 - 3 

 Exhibit C 

AFFIRMATIVE INSURANCE HOLDINGS, INC. 

FORM OF 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 [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are
several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective
facilities identified below (including without limitation any 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][any]
Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, 
  

	1 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 

	2 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 

	3 	Select as appropriate. 

	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 Exhibit C - 1 

 
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned
Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

							
	1.	  	Assignor[s]:	  	  
	  	
				
	2.	  	Assignee[s]:	  	  
	  	
				
		  		  	  
	  	
		
		  	 [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]

			
	3.	  	Borrower:	  	Affirmative Insurance Holdings, Inc.
			
	4.	  	Administrative	  	
		  	Agent:	  	Credit Suisse AG, Cayman Islands Branch, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of September 30, 2013, by and among the Borrower, the lenders from time to time party thereto and the Administrative Agent
				
	6.	  	Assigned Interest[s]:	  		  	

  

													
	 Assignor[s]5
	  	
Assignee[s]6
	  	Facility Assigned	  	Aggregate Amount of
Loans for all Lenders7	  	Amount of Loans
Assigned8	  	Percentage Assigned of
Loans8	 
		  		  	Term	  	$	  	$	  	 	%	  
		  		  		  	$	  	$	  	 	%	  
		  		  		  	$	  	$	  	 	%	  

  

	[7.	Trade Date:                                 ]9 

  

	5 	List each Assignor, as appropriate. 

	6 	List each Assignee, as appropriate. 

	7 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

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

  
 Exhibit C - 2 

 Effective Date:
                                 ,
20            [TO BE INSERTED BY ADMINISTRATIVE AGENT UPON RECEIPT OF THIS ASSIGNMENT AND ASSUMPTION, THE ADMINISTRATIVE QUESTIONNAIRE (SOLELY IF THE ASSIGNEE IS NOT CURRENTLY A LENDER),
THE PROCESSING AND RECORDATION FEE (IF REQUIRED AND NOT WAIVED) AND ANY OTHER DOCUMENT REQUIRED UNDER SECTION 9.04 OF THE CREDIT AGREEMENT 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[S]10
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE[S]11
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNEE]

  

	9 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date 

	10 	Add additional signature blocks as needed. Include both Approved Fund and manager making the trade (if applicable). 

	11 	Add additional signature blocks as needed. Include both Approved Fund and manager making the trade (if applicable). 

  
 Exhibit C - 3 

 
			
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit C - 4 

 [Consented to and]12 Accepted: 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent 
  

			
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Consented to:
	
	AFFIRMATIVE INSURANCE HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:]13

  

	12 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

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

  
 Exhibit C - 5 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) except as provided for in clause (a) above, 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[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and,
to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or
the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement and the other Loan Documents, and has received or has
been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.04 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis
and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent, the Arranger or any other Lender and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest and (vii) attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement and the other Loan Documents, duly completed and executed by [the][such] Assignee; (b) agrees that (i) it will, independently and
without reliance on the Administrative Agent, the Collateral Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan 

  
 Annex 1 - 1 

 
Documents are required to be performed by it as a Lender; (c) appoints and authorizes the Administrative Agent and Collateral Agent to take such action as agent on its behalf and to exercise
such powers under the Credit Agreement as are delegated to the Administrative Agent and Collateral Agent, respectively, by the terms thereof, together with such powers as are reasonably incidental thereto; (d) agrees that it will perform in
accordance with their terms all of the obligations which, by the terms of the Credit Agreement, are required to be performed by it as a Lender, (e) specifies as its lending office (and address for notices) the office set forth beneath its name
on the signature pages hereof and (f) represents and warrants that it is not a Disqualified Lender. 
 2. Payments. From and
after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and permitted 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 or PDF (or similar file) by electronic mail 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. 

  
 Annex 1 - 2 

 Exhibit D 

AFFIRMATIVE INSURANCE HOLDINGS, INC. 

FORM OF BORROWING REQUEST 
 Credit Suisse AG,
Cayman Islands Branch as 
 Administrative Agent for the Lenders referred to below, 

Eleven Madison Avenue 
 New York, NY 10010 

Attention: 
 [Date] 

Ladies and Gentlemen: 
 The undersigned,
Affirmative Insurance Holdings, Inc., (the “Borrower”), refers to the Credit Agreement dated as of September [    ], 2013 (the “Credit Agreement”), among Affirmative Insurance Holdings, Inc., the
Borrower, the Lenders from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the
“Collateral Agent”). Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives you notice pursuant to Section 2.03 of the Credit
Agreement that it requests a Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Borrowing is requested to be made: 
  

			
	(A)	  	Date of Borrowing (which is a Business Day)
                                        

		
	(B)	  	Principal Amount of Borrowing15
                                        

		
	(C)	  	Type of Borrowing16
                                        

		
	(D)	  	Interest Period and the last day thereof17
		
	(E)	  	Funds are requested to be disbursed to the Company’s account with             (Account
No.            ).

 (signature page follows) 

 

	15 	Not less than $1,000,000 and in an integral multiple of $500,000. 

	16 	Specify Eurodollar Borrowing or ABR Borrowing. 

	17 	Which shall be subject to the definition of “Interest Period” and Section 2.02 of the Credit Agreement and end not later than the Maturity Date (applicable for Eurodollar Borrowings only).

  
 Exhibit D - 1 

 The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on
the date of the related Borrowing, the conditions to lending expressly specified in Section 4.01 of the Credit Agreement have been satisfied (or waived). 

 

			
	AFFIRMATIVE INSURANCE HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Exhibit D - 2 

 Exhibit E 

FORM OF GUARANTEE AND COLLATERAL AGREEMENT 

[provided under separate cover] 

  
 Exhibit E - 1 

 Exhibit F 

FORM OF PERFECTION CERTIFICATE 

[provided under separate cover] 

  
 Exhibit F - 1 

 Exhibit G 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

EXHIBIT G-1 
 [FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of September
[            ], 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Affirmative Insurance Holdings, Inc., each
lender from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for such lenders. 

Pursuant to the provisions of Section 2.20 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 promissory 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 and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code. 
 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 G-1 - 1 

 Exhibit G 

EXHIBIT G-2 
 [FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of September
[            ], 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Affirmative Insurance Holdings, Inc., each
lender from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for such lenders. 

Pursuant to the provisions of Section 2.20 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, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. 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 PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[ ] 

  
 Exhibit G-2 - 1 

 Exhibit G 

EXHIBIT G-3 
 [FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of September
[            ], 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Affirmative Insurance Holdings, Inc., each
lender from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for such lenders. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect 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 direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is 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 PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[ ] 

  
 Exhibit G-3 - 1 

 Exhibit G 

EXHIBIT G-4 
 [FORM OF] 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of September
[            ], 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Affirmative Insurance Holdings, Inc., each
lender from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for such lenders. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect 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 direct or indirect partners/members is a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is
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 G-4 - 1 

 Schedule 1.01(b) 

Subsidiary Guarantors 
  

	
	Affirmative Management Services, Inc.
	
	Affirmative Services, Inc.
	
	Affirmative Insurance Group, Inc.
	
	Affirmative Underwriting Services, Inc.
	
	Affirmative Insurance Services, Inc.
	
	USAgencies, L.L.C.
	
	USAgencies Management Services, Inc.

 Schedule 3.08(a) 

Subsidiaries 
  

							
	 LEGAL NAME
	  	JURISDICTION OF
INCORPORATION/FORMATION	  	BORROWER’S
PERCENTAGE OF
OWNERSHIP INTEREST
IN SUBSIDIARY
(DIRECT AND
INDIRECT)	 	LOAN PARTY (Y/N)
	 Affirmative Management Services, Inc.
	  	Texas	  	100%	 	Y
	 Affirmative Services, Inc.
	  	Texas	  	100%	 	Y
	 Affirmative Insurance Group, Inc.
	  	Texas	  	100%	 	Y
	 Affirmative Insurance Company
	  	Illinois	  	100%	 	N
	 Affirmative Underwriting Services, Inc.
	  	Texas	  	100%	 	Y
	 Affirmative Insurance Services, Inc.
	  	Texas	  	100%	 	Y
	 Affirmative Insurance Company of Michigan
	  	Michigan	  	100%	 	N
	 1500 Main, L.L.C.
	  	Louisiana	  	100%	 	N
	 Affirmative Insurance Holdings Statutory Trust I
	  	Delaware	  	100%	 	N
	 Affirmative Insurance Holdings Statutory Trust II
	  	Delaware	  	100%	 	N
	 USAgencies, L.L.C.
	  	Louisiana	  	100%	 	Y
	 USAgencies Management Services, Inc.
	  	Louisiana	  	100%	 	
	 USAgencies Casualty Insurance Company, Inc.
	  	Louisiana	  	100%	 	N
	 US Agencies Direct Insurance Company
	  	New York	  	100%	 	N
	 Affirmative Real Estate Investment LLC
	  	Louisiana	  	100%	 	N

 Schedule 3.08(b) 

Additional Prohibitions and Restrictions 

Affirmative Insurance Company is legally prohibited from paying dividends or making other distributions to pay any Indebtedness owed to the Borrower or any
Subsidiary. 

 Schedule 3.09 

Litigation 
 None. 

 Schedule 3.17 

Environmental Matters 
 None. 

 Schedule 3.18 

Insurance 
  

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

	 Commercial Package
	 		 	 Zurich American

Insurance Company
	 	09/08/13-09/08/14	 	$351,053
		 		 	CPO647659100	 		 	
	 Property
	 		 		 	Taxes & Fees	 	$6,259
	 Blanket Limit
	 		 		 	Total Premium	 	$357,312
	 Personal Property
	 	$22,003,912	 		 		 	
	 Business Income & Extra Expense
	 	$22,000,000	 		 		 	
	 Earthquake (Note - each location has individual limits)
	 	$25,000,000	 		 		 	
	 Flood (Note - each location has individual limits)
	 	$25,000,000	 		 		 	
	 Deductibles:
	 	All other Perils (AOP) $10,000	 		 		 	
		 	Earthquake: $25,000	 		 		 	
		 	Flood: $50,000	 		 		 	
		 	Named Windstorm: 5% per unit of insurance	 		 		 	
	 General Liability
	 		 	 Zurich American

Insurance Company
	 	09/08/13-09/08/14	 	Included
	 General Aggregate
	 	$2,000,000	 	CPO647659100	 		 	
	 Products/Completed Operations Aggregate
	 	$2,000,000	 		 		 	
	 Each Occurrence
	 	$1,000,000	 		 		 	

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

	 Damages to Premises Rented to You (Fire Legal Liability)
	 	$1,000,000	 		 		 	
	 Medical Expense
	 	$10,000	 		 		 	
	 Personal & Advertising Injury
	 	$1,000,000	 		 		 	
	 Per location aggregate
	 	$15,000,000 cap	 		 		 	
	 Employee Benefits Liability
	 	$1,000,000	 		 		 	
	 Retro Date—07/01/11
	 	$2,000,000 - Aggregate	 		 		 	
		 	 $1,000 per occ. Deductible
	 		 		 	
	 Commercial Automobile
	 		 	Zurich American Insurance Company	 	09/08/13-09/08/14	 	Included
	 Liability - Any Auto Symbol 1
	 	$1,000,000 (CSL)	 	CPO647659100	 		 	
	 Auto Medical Payments - Owned Vehicles Symbol 2
	 	$10,000	 		 		 	
	 Uninsured/Underinsured Motorists - Owned Vehicles
	 		 		 		 	
	 Physical Damage
	 		 		 		 	
	 Comprehensive - Owned and hired vehicles symbols 2 & 8
	 	Actual cash value or Cost of Repair	 	$1,000 Deductible	 		 	
	 Collision - Owned and hired vehicles symbols 2 & 8
	 	Actual cash value or Cost of Repair	 	$1,000 Deductible	 		 	
	 Towing and Labor
	 		 		 		 	
	 Workers’ Compensation
	 		 	American Guarantee & Liability Insurance Co	 	09/08/13-09/08/14	 	$140,507

  
 7 

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

		 		 	WC647659900	 		 	
	 WC Limit
	 	Statutory	 		 	Taxes & Fees	 	$314
	 Employer’s Liability:
	 		 		 	Total Annual	 	$140,821
	 Bodily Injury by Accident
	 	$1,000,000 - Each Accident	 		 		 	
	 Bodily Injury by Disease
	 	$1,000,000 - Policy Limit	 		 		 	
	 Bodily Injury by Disease
	 	$1,000,000 - Each Employee	 		 		 	
	 Endorsements:
	 		 		 		 	
	 Voluntary Compensation and Employers Liability Coverage Endorsement
	 		 		 		 	
	 Waiver or Our Right to recover From others Endorsement Blanket
	 		 		 		 	
	 Recover From Others Endorsements Blanket, Forein Voluntary Compensation
	 		 		 		 	
	 Umbrella Liability
	 		 	Firemans Fund	 	09/08/13-09/08/14	 	$44,689
		 		 	SUO00015081698	 		 	
	 Each Occurrence
	 	$25,000,000	 		 		 	
	 General Aggregate
	 	$25,000,000	 		 		 	
	 Products/Completed Operations Aggregate
	 	$25,000,000	 		 		 	
	 Retention
	 	$0	 		 		 	

  
 8 

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

	 Directors & Officers
	 		 	XL Specialty Insurance Company	 	7/9/12-7/9/13	 	$318,720
	 Limit of Liability
	 	$10,000,000	 	ELU126283-12	 	7/9/13 to 8/8/13	 	a/p $26,135
	 Retention
	 	$1,000,000	 		 	8/8/13 to 9/8/13	 	a/p $27,091
	 Pending & Prior Preceding Date
	 	7/9/2004	 		 	9/8/13 to 10/8/13	 	a/p $26,135
	 Excess Directors & Officers—Side A
	 		 	RSUI Indemnity Company	 	7/9/12-7/9/13	 	$150,000
	 Limit of Liability
	 	$5,000,000	 	NJS647190	 	7/9/13 to 8/8/13	 	a/p $12,300
		 	(excess of $10,000,000)	 		 	8/8/13 to 9/8/13	 	a/p $12,750
		 		 		 	 9/8/13 to 10/8/13
	 	a/p $12,300
	 Professional Liability
	 		 	Indian Harbor Insurance Company (XL)	 	7/9/12-7/9/13	 	$247,500
	 Limit of Liability
	 	$5,000,000	 	ELU126289-12	 		 	$12,152 tax/fee
	 Retention
	 	$250,000	 		 	7/9/13 to 8/8/13	 	a/p $20,295
	 Pending & Prior Preceding Date
	 	7/9/2004	 		 		 	$0 tax/fee
		 		 		 	 8/8/13 to 9/8/13
	 	a/p $21,038

  
 9 

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

		 		 		 		 	$1033 tax/fee
		 		 		 	9/8/13 to 10/8/13	 	a/p $20,295
		 		 		 		 	$1027.41 tax/fee
	 Employment Practices Liability
	 		 	Greenwich Insurance Company (XL)	 	7/9/12-7/9/13	 	$98,000
	 Limit of Liability
	 	$5,000,000	 	ELU126284-12	 	7/9/13 to 8/8/13	 	a/p $8,036
	 Retention
	 	$150,000	 		 	8/8/13 to 9/8/13	 	a/p $8,330
	 Pending & Prior Preceding Date
	 	7/9/2004	 		 	9/8/13 to 10/8/13	 	a/p $8,036
	 Crime
	 		 	Indian Harbor Insurance Company (XL)	 	7/9/12-7/9/13	 	$30,000
	 Employee Dishonesty Blanket Form
	 	$5,000,000	 	ELU126288-12	 		 	$1,475 tax/fee
	 Forgery or Alteration
	 	$5,000,000	 		 	7/9/13 to 8/8/13	 	a/p $2,460
	 Theft Disappearance (Inside)
	 	$5,000,000	 		 		 	$0 tax/fee
	 Theft Disappearance (Outside)
	 	$5,000,000	 		 	8/8/13 to 9/8/13	 	a/p $2,550
	 Robbery of a Custodian Inside
	 	$5,000,000	 		 		 	$125 tax/fee
	 Robbery of a Custodian Outside
	 	$5,000,000	 		 	9/8/13 to 10/8/13	 	a/p $2,460
	 Robbery of a Custodian Safe
	 	$5,000,000	 		 		 	$121 fax/fee
	 Computer Fraud
	 	$5,000,000	 		 		 	
	 Money Orders, Counterfeit Money
	 	$5,000,000	 		 		 	

  
 10 

									
	 COVERAGE AND LOCATION
	 	 AMOUNT INSURED
	 	 COMPANY AND

POLICY NO.
	 	 TERM
	 	 PREMIUM

	 Retention
	 	$250,000	 		 		 	
	 Fiduciary
	 		 	Greenwich Insurance Company (XL)	 	7/9/12-7/9/13	 	$13,500
	 Limit of Liability
	 	$5,000,000	 	ELU126291-12	 	7/9/13 to 8/8/13	 	a/p $1,107
	 Retention
	 	$50,000	 		 	8/8/13 to 9/8/13	 	a/p $1,148
	 Pending & Prior Preceding Date
	 	7/9/2004	 		 	9/8/13 to 10/8/13	 	a/p $1,107

  
 11 

 Schedule 3.19(a) 

UCC Filing Offices 
  

					
	 LOAN PARTY
	  	 TYPE OF FILING
	  	 FILING OFFICE

	 Affirmative Insurance Holdings, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Delaware
			
	 Affirmative Management Services, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Texas
			
	 Affirmative Services, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Texas
			
	 Affirmative Insurance Group, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Texas
			
	 Affirmative Underwriting Services, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Texas
			
	 Affirmative Insurance Services, Inc.
	  	UCC-1 Financing Statement	  	Secretary of State of Texas
			
	 USAgencies, L.L.C.
	  	UCC-1 Financing Statement	  	East Baton Rouge Parish Clerk of Court, Louisiana
			
	 USAgencies Management Services, Inc.
	  	UCC-1 Financing Statement	  	East Baton Rouge Parish Clerk of Court, Louisiana
			
	 Affirmative Insurance Holdings, Inc.
	  	IP Security Agreement	  	United States Patent and Trademark Office
			
	 Affirmative Underwriting Services, Inc.
	  	IP Security Agreement	  	United States Patent and Trademark Office

 Schedule 3.20 

Owned and Leased Real Property 
  

																									
	 Name
	  	City	  	State	  	Street Address	  	Zip	 	  	Landlord	  	Tenant	 	  	Commencement	 	  	Expiration	 
	 Baton Rouge Legal
	  	Baton Rouge	  	LA	  	5420 Corporate Blvd.,
Ste 103	  	 	70808	  	  	Corporate 5420,
LLC	  	 	AMSI	  	  	 	8/1/2009	  	  	 	7/31/2014	  
									
	 Baton Rouge Office
	  	Baton Rouge	  	LA	  	7163 Florida
Boulevard	  	 	70806	  	  	Bon Carre
Business Center
II, LLC	  	 	AMSI	  	  	 
 	Unit 81: 12/2/09;
Unit 20: 1/8/10	  
  	  	 	1/7/2020	  
									
	 Burr Ridge Office
	  	Burr Ridge	  	IL	  	150 Harvester Drive,
Ste. 200	  	 	60527	  	  	BJF Estancia I,
LLC	  	 	APHI	  	  	 	3/1/2013	  	  	 
 
 
 	3rd Floor:
11/30/2016;
2nd Floor:
11/30/2021	  
  
  
  
									
	 Dallas Legal Office
	  	Dallas	  	TX	  	1201 Main Street,
Ste. 2424	  	 	75202	  	  	RAK Main
Place
Associates, LP	  	 	APHI	  	  	 	8/1/2010	  	  	 	2/29/2016	  
									
	 Addison Office
	  	Addison	  	TX	  	4450 Sojourn Drive,
Ste. 500	  	 	75001	  	  	TNPPM
Lakeview
Sojourn, LLC	  	 	APHI	  	  	 	12/1/2009	  	  	 	3/3/2015	  
									
	 Michigan Claims Office
	  	Plymouth	  	MI	  	409 Plymouth Road,
Stes. 121—123, 125,
126, 128, 129 and
202, 203	  	 	48170	  	  	Parkview
Properties, LLC	  	 	AMSI	  	  	 	4/1/2013	  	  	 	3/31/2014	  
									
	 West Monroe
	  	Chicago	  	IL	  	227 West Monroe
Street, Ste. 3880	  	 	60606	  	  	227 Monroe
Street, Inc.	  	 	APHI	  	  	 	12/1/2006	  	  	 	7/31/2016	  

 Schedule 3.25 

Regulated Insurance Subsidiary Permits 

Affirmative Insurance Company: 
  

									
	 NAIC Company Code: 42609

Domicile: Illinois
	  	 NAIC Group Code: 3596
	  	 FEIN: 34-1385465
	  	 Incorporated: 06-10-1983

	 State
	  	 Certificate Number
	  	 Original Effective Date
	  	 Amended
	  	 Authorized Lines of Business

	 Alabama
	  		  	December 16, 2004	  	September 13, 2006	  	Property; Miscellaneous Casualty, Surety Including Official Surety Bonds, Marine
					
	 Arizona
	  	1951 #M-0900222	  	October 18, 1985	  	July 16, 2001	  	Casualty without Workers’ Compensation; Property
					
	 Arkansas
	  	2603	  	August 27, 1998	  	July 16, 2001 January 2, 2007	  	Property; Casualty (Excluding Workers Compensation); Surety; Marine
					
	 California
	  	7959 (Co No: 4870-2)	  	September 29, 2004	  	February 1, 2007	  	Fire; Marine; Liability; Burglary; Automobile; Miscellaneous
					
	 Connecticut
	  		  	December 31, 1989	  	February 18, 1997 May 1, 2010 July 16, 2001	  	Worker’s Compensation Effective 05/01/2010 Existing Business Only
					
	 Florida
	  	1935	  	February 22, 1989	  	March 26, 1991	  	Fire; Allied Lines; Farmowners Multi Peril; Homeowners Multi Peril; Commercial Multi Peril; Inland Marine; Earthquake; Workers’ Compensation (deleted effective 07/13/2004); Other Liability; Private Passenger Auto
Liability; Commercial Automobile Liability; PPA Physical Damage; Commercial Auto Physical Damage; Fidelity; Surety; Glass; Burglary and Theft; Boiler and Machinery; Livestock; Industrial Fire; Industrial Extended
Coverage

									
	 Georgia
	  	2000690	  	September 25, 1989	  	July 16, 2001	  	Property; Marine and Transportation; Casualty (Including Workers’ Compensation); Surety
					
	 Idaho
	  	2488	  	May 28, 1991	  	July 16, 2001	  	Casualty, Excluding Work Comp; Surety; Marine and Transportation; Property
					
	 Illinois
	  		  	December 23, 1991	  	7/16/2001 9/13/2006	  	Class 2 (Casualty, Fidelity and Surety): Accident and Health; Vehicle; Liability; Workers’ Compensation; Burglary and Forgery; Glass; Fidelity and Surety; Miscellaneous; Other Casualty Risks; Contingent Losses; Livestock and
Domestic Animals; Legal Expense Insurance Class 3 (Fire and Marine, etc.): Fire; Elements; War, Riot and Explosion; Marine and Transportation; Vehicle; Property Damage, Sprinkler Leakage and Crop; Other Fire and Marine Risks; Contingent Losses;
Legal Expense Insurance
					
	 Indiana
	  		  	May 16, 1988	  	 January 9, 2004

February 6, 2004
 January 31,
2007
	  	Class II (Casualty): Accident and Health—Disability; Workers’ Compensation (deleted 02/06/2004); Burglary, Theft; Glass; Boiler and Machinery; Automobile; Sprinkler; Liability; Fidelity & Surety without Bail
Bonds; Miscellaneous Class III (Property): Fire, Windstorm, Hail, Loot, Riot; Sprinkler; Marine

  
 15 

									
	 Iowa
	  	2520	  	December 8, 1988	  	July 16, 2001 January 26, 2004 September 13, 2006	  	Fire; Extended coverage; Other allied lines; Homeowners multiple peril; Commercial multiple peril; Earthquake; Growing crops; Ocean marine; Inland marine; Accident only; Accident and health; Hospital and medical expense; Group
accident and health; Non-cancellable accident and health; Liability other than auto (BI); Liability other than auto (PD); Auto liability (BI); auto liability (PD); Auto physical damage; Aircraft physical damage; Fidelity; Surety; Glass; Burglary and
theft; Boiler and machinery
					
	 Kansas
	  		  	July 10, 1990	  	July 16, 2001 January 24, 2007	  	Fire; Windstorm & Hail; Extended Coverage; Optional Perils; Sprinkler Leakage; Business Interruption; Earthquake; Water Damage; Inland Marine; Rain; Automobile Physical Damage; Flood; Homeowners Policies; Automobile
Liability; General Liability; Fidelity, Surety & Forgery Bonds; Glass; Burglary, Theft & Robbery; Boiler & Machinery; Malpractice Liability; Cargo Liability

  
 16 

									
	 Kentucky
	  	301114	  	September 21, 1989	  	 July 16, 2001

January 23, 2007
	  	Property, Casualty (limited to vehicle, liability, burglary & theft, personal property floater, glass, boiler & machinery, leakage & fire extinguishing equipment, failure of certain institutions to record documents,
automobile guaranty and miscellaneous), Surety; Marine & Transportation
					
	 Louisiana
	  		  	December 24, 2008	  	November 16, 2012	  	Vehicle
					
	 Mississippi
	  	8700043	  	November 1, 1987	  		  	Fire and Allied Lines; Casualty/Liability; Fidelity; Surety; Boiler and Machinery; Plate Glass; Inland Marine; Auto Phy Damage/Liab; Guaranty
					
	 Missouri
	  	B1239782	  	January 9, 2003	  		  	Liability; Miscellaneous; Property
					
	 Nebraska
	  	510	  	December 19, 1989	  	July 16, 2001 February 12, 2004	  	Property Insurance; Glass Insurance; Burglary and Theft Insurance; Boiler and Machinery Insurance; Liability Insurance; Vehicle Insurance; Fidelity Insurance; Surety Insurance; Marine Insurance
					
	 Nevada
	  	17516	  	January 13, 2006	  	January 26, 2006 April 5, 2007	  	Casualty (Excluding Workers’ Compensation); Property
					
	 New Mexico
	  	4955	  	March 3, 2004	  	February 22, 2007	  	Property (Excluding Marine and Transportation); Casualty; Vehicle
					
	 North Carolina
	  	2936	  	December 30, 1988	  	 March 25, 1997 May 11, 1999

July 16, 2001

September 5, 2013
	  	Fire; Extended Coverage; Commercial Water Damage; Residential Water Damage; Burglary and Theft; Glass; Boiler and Machinery; Elevator; Animal; Automobile Collision; Other Collision; Automobile Personal Injury Liability; Other
Personal Injury Liability; Automobile Property Damage Liability; Other Property Damage Liability; Workmen’s Compensation & Employer’s Liability; Fidelity and Surety; Motor Vehicle and Aircraft Property Damage, Fire, Theft,
Comprehensive, Collision; Inland Marine (RESTRICTED – NO NEW BUSINESS)

  
 17 

									
	 North Dakota
	  		  	December 11, 1989	  	July 16, 2001	  	Casualty; Property
					
	 Ohio
	  		  	July 17, 1983	  		  	Accident & Health; Aircraft; Allied Lines; Boiler & Machinery; Burglary & Theft; Collectively Renewable A & H; Commercial Auto—Liability; Commercial Auto—No Fault; Commercial Auto—Phys. Damage; Credit
Accident & Health; Earthquake; Fidelity; Financial Guaranty; Fire; Glass, Group Accident & Health; Guaranteed Renewable A & H; Inland Marine; Multiple Peril—Commercial; Multiple Peril—Farmowners; Multiple Peril—Homeowners;
Noncancellable A & H; Nonrenew—State Reasons (A&H); Ocean Marine; Other Accident only; Other Liability; Private Passenger Auto—Liab.; Private Passenger Auto-Other; Private Passenger-Phys Damage; Surety; Workers
Compensation
					
	 Oklahoma
	  	0096 AMENDED	  	February 2, 1995	  	July 16, 2001 January 22, 2007	  	Property; Casualty; Vehicle
					
	 Oregon
	  	3277	  	November 23, 2005	  		  	Casualty (Excluding Workers’ Compensation)
					
	 Pennsylvania
	  		  	February 7, 1995	  		  	Auto Liability; Inland Marine and Physical Damage

  
 18 

									
	 Rhode Island
	  		  	August 22, 1998	  	March 20, 2007	  	All Lines of insurance except life, annuities, title, mortgage guaranty, financial guaranty and worker’s compensation.
					
	 South Carolina
	  	160944	  	December 3, 2003	  		  	Property; Casualty
					
	 South Dakota
	  	3371	  	December 5, 1989	  	7/16/2001 10/03/2001	  	Fire & Allied Lines; Inland & Ocean Marine; Bodily Injury (No Auto); Property Damage (No Auto); Bodily Injury (Auto); Property Damage (Auto); Physical Damage (Auto); Fidelity & Surety Bonds; Glass; Burglary & Theft;
Boiler & Machinery; Bail Bonds
					
	 Tennessee
	  		  	February 4, 1988	  	 October 30, 2001

October 25, 2004
 July 16,
2007
	  	Property; Casualty; Surety
					
	 Texas Co No: 10-095910
	  	95910 14275	  	May 11, 2004	  	January 30, 2007	  	Automobile—Liability & Physical Damage and reinsurance on all lines authorized to be written on a direct basis
					
	 Utah
	  	12881	  	March 8, 2004	  		  	Liability; Property; Vehicle Liability
					
	 Virginia
	  	42609	  	July 1, 1997	  	January 18, 2007	  	Fire; Miscellaneous Property; Farm Multiple Peril; Homeowners Multiple Peril; Commercial Multiple Peril; Inland Marine; Workers Compensation-Employer (withdrawn 07/02/2008); Liability Other Than Auto; Automobile Liability;
Automobile Physical Damage; Fidelity; Surety; Glass; Burglary and Theft; Boiler and Machinery; Water Damage
					
	 Washington
	  	2250	  	October 3, 2005	  		  	Vehicle
					
	 West Virginia
	  	1155	  	October 7, 1988	  	July 16, 2001	  	Fire; Marine; Casualty; Surety

  
 19 

									
	 Wisconsin
	  	10582	  	September 30, 1988	  	July 16, 2001	  	Fire, inland marine, and other property insurance; Liability and incidental medical expense insurance; Automobile and aircraft insurance; Fidelity insurance; Surety insurance; Miscellaneous
	
	Affirmative Insurance Company of Michigan:
				
	 NAIC Company Code: 12569

Domicile: Michigan
	  	 NAIC Group Code: 3596
	  	
FEIN: 20-4352159
	  	 Incorporated: 02-14-2006

	 State
	  	 Certificate Number
	  	 Original Effective Date
	  	 Amended
	  	 Authorized Lines of Business

	 Michigan
	  		  	May 8, 2006	  		  	Property; Automobile Insurance—Limited; Casualty: Automobile; Casualty: Liablity; Casualty: Misc—Other; Disability coverage supplemental to Auto Insurance
		
	USAgencies Casualty Insurance Company, Inc.:	  	
				
	 NAIC Company Code: 10295

Domicile: Louisiana
	  	 NAIC Group Code: 1345
	  	
FEIN: 72-1301527
	  	 Incorporated: 07/11/1995

	 State
	  	 Certificate Number
	  	 Original Effective Date
	  	 Amended
	  	 Authorized Lines of Business

	 Louisiana
	  		  	September 15, 1995	  		  	Vehicle

  
 20 

									
		
	USAgencies Direct Insurance Company:	  	
				
	 NAIC Company Code: 10413

Domicile: New York
	  	 NAIC Group Code: 1345
	  	
FEIN: 13-3571448
	  	 Incorporated: 05/07/1987

	 State
	  	 Certificate Number
	  	 Original Effective Date
	  	 Amended
	  	 Authorized Lines of Business

	 Alabama
	  	10413	  	March 19, 1997	  	August 10, 1999	  	Misc Casualty; Surety Excl Official Surety Bonds; Marine
	 Arizona
	  	1669	  	April 17, 1997	  	August 9, 1999	  	Vehicle
					
	 Illinois
	  		  		  	July 1, 2005	  	Class 2 (Casualty, Fidelity and Surety): Vehicle; Liability; Workers’ Compensation; Burglary and Forgery; Glass; Miscellaneous; Other Casualty Risks; Contingent Losses; Livestock and Domestic Animals; Legal Expense Insurance
Class 3 (Fire and Marine, etc.): Marine and Transportaion; Vehicle; Property Damage, Sprinkler Leakage and Crop; Other Fire and Marine Risks; Contingent Losses
					
	 Indiana
	  		  	November 15, 2000	  		  	Class II (Casualty): Accident and Health—Disability; Workers’ Compensation; Burglary, Theft; Glass; Boiler and Machinery; Automobile; Sprinkler; Liability; Credit; Title; Fidelity & Surety without Bail Bonds;
Miscellaneous; Legal Expenses Class III (Property): Fire, Windstorm, Hail, Loot, Riot; Crop; Sprinkler; Marine
					
	 Iowa
	  		  		  		  	Fire; Extended coverage; Other allied lines; Homeowners multiple peril (Inc. B.I.); Commercial multiple peril; Earthquake; Growing crops; Ocean Marine; Inland marine; Workers’ compensation; Liability other than auto (B.I.);
Liability other than auto (P.D.); auto liability (B.I.); auto liability (P.D.); Auto physical damage; Aircraft physical damage; Glass; Burglary and theft; Boiler and machinery

  
 21 

									
	 Kentucky
	  		  	December 16, 1996	  		  	Multiple Line—Health; Property; Surety; Casualty; Marine and transportation Insurance
					
	 Louisiana
	  		  	February 19, 2002	  		  	Vehicle
					
	 Massachusetts
	  	413792000	  	March 31, 1989	  	Surrender 1/26/2012	  	Ocean & Inland Marine
					
	 Montana
	  	4445	  	August 24, 1999	  		  	Property; Marine; Casualty (excluding Workers’ Compensation)
					
	 Nevada
	  	1719	  	September 24, 1998	  	December 31, 2000	  	Property; Casualty (excluding Workers’ Compensation)
					
	 New York
	  		  	March 31, 1989	  	August 9, 1999	  	Fire; Miscellaneous property; Water damage; Burglary and theft; Glass; Boiler and machinery; Collision; Personal injury liability; Property damage liability; Motor vehicle and aircraft physical damage; Marine and inland marine;
Marine protection and indemnity insurance
					
	 Ohio
	  		  	December 31, 1989	  		  	Allied Lines; Boiler & Machinery; Burglary & Theft; Commercial Auto-Liability; Commercial Auto-No Fault; Commercial Auto-Phys. Damage; Earthquake; Fidelity; Fire; Glass; Inland Marine; Multiple Peril-Commercial; Multiple
Peril-Farmowners; Multiple Peril-Homeowners; Ocean Marine; Other Liability; Private Passenger Auto-Liab; Private Passenger Auto-Other; Private Passenger-Physical Damage; Surety; Workers
Compensation

  
 22 

									
	 Oregon
	  	2803	  	March 31, 1989	  	August 9, 2999	  	Casualty (excluding Workers’ Compensation); Marine and Transportation
					
	 Texas
	  	12703	  	December 12, 1990	  	November 30, 2000	  	Fire; Allied Coverages; Ocean Marine; Employers’ Liability; Automobile-Liability and Physial Damage; Liability other than Automobile; Glass; Burglary & Theft; Boiler & Machinery and Reinsurance on all lines
authorized to be written on a direct basis
					
	 Washington
	  	367	  	July 1, 1958	  	Withdrawn 12/15/2009	  	Property; Marine & Transportation; Vehicle; General Casualty
					
	 Wisconsin
	  	12119	  	October 31, 1996	  	August 9, 1999	  	Fire, inland marine, and other property insurance; Ocean marine insurance; Liability and incidental medical expense insurance; Automobile and aircraft insurance; Miscellaneous

  
 23 

 Schedule 6.01 

Existing Indebtedness 
  

	1.	$4,809,496.66 4.95% Senior Secured Note due December 15, 2015 by 1500 Main, L.L.C. in favor of Wells Fargo Bank Northwest, N.A., secured by a Mortgage, Security Agreement and Assignment of Leases and Rents dated as
of March 15, 2013 in respect of certain property located at 1500 Main Street, Baton Rouge, Louisiana. 

  

	2.	Sale-Leaseback Agreement by and among Affirmative Insurance Company and Key Equipment Finance Inc. pursuant to a Master Lease Agreement (No. MEF0802) dated and effective May 7, 2010, and Lease Schedule No. 01B
dated May 20, 2010. 

 Schedule 6.02 

Existing Liens 
  

											
	 DEBTOR
	 	 JURISDICTION
	 	 SECURED
PARTY
	 	 LIEN TYPE
SEARCHED
	 	 FILING INFO
	 	 COLLATERAL

	Affirmative Insurance Holdings, Inc.	 	Delaware Secretary of State	 	Dell Financial Services, L.P.	 	UCC	 	 File No. 51175455
 Filing Date
04/15/2005
	 	All computer equipment and peripherals wherever located leased to Lessee by Lessor under Master Lease Agreement #6429829
						
		 		 		 		 	 Amend No. 20100969174
 Filing Date
03/22/2010
 Continuation
	 	
						
		 		 	Dell Financial Services L.L.C.	 		 	 Amend No. 20101110091
 Filing Date
03/31/2010
 Change Name of Secured Party
	 	
						
		 	Delaware Secretary of State	 	Cisco Systems Capital Corporation	 	UCC	 	 File No. 63705696
 Filing Date
10/24/2006
	 	Debtor’s right, title and interest in all equipment and relating insurance and records between Lessee and Lessor
						
		 		 		 		 	 Amend No. 20113454991
 Filing Date
09/08/2011
 Continuation
	 	
						
		 	Delaware Secretary of State	 	CIT Technologies Corporation	 	UCC	 	 File No. 20070422567
 Filing Date
02/01/2007
	 	All equipment and related peripherals between Lessee and Lessor
						
		 		 		 		 	 Amend No. 20120331787
 Filing Date
01/26/2012
 Continuation
	 	

											
	 DEBTOR
	 	 JURISDICTION
	 	 SECURED
PARTY
	 	 LIEN TYPE
SEARCHED
	 	 FILING INFO
	 	 COLLATERAL

		 	Delaware Secretary of State	 	Marquette Equipment Finance, LLC	 	UCC	 	 File No. 20101131824
 Filing Date
04/01/2010
	 	All equipment leased by Marquette as Lessor to Affirmative Insurance Holdings as Lessee pursuant to Lease Schedule No. 001 under Master Lease Agreement No. MEF0802
						
		 		 		 		 	 Amend No. 20101386550
 Filing Date
04/21/2010
 Restated Collateral Description
	 	
						
		 		 		 		 	 Amend No. 20101802713
 Filing Date
05/21/2010
 Termination
	 	
						
		 	Delaware Secretary of State	 	Marquette Equipment Finance, LLC	 	UCC	 	 File No. 20101386568
 Filing Date:
04/21/2010
	 	All equipment, software and personal property leased by Marquette as Lessor to Affirmative Insurance Holdings as Lessee pursuant to Lease Schedule No. 01B under Master Lease Agreement No. MEF0802
						
		 		 		 		 	 Amend No. 20102105389
 Filing Date
06/16/2010
 Termination
	 	
						
		 	Delaware Secretary of State	 	Marquette Equipment Finance, LLC	 	UCC	 	 File No. 20101423445
 Filing Date
04/23/2010
	 	Securities account held by Comerica Securities on behalf of Pledgor and those certain securities in which Pledgor grants to Marquette a security interest in the Pledged Asset under a Brokerage Account Security Agreement dated April
1, 2010
						
		 		 		 		 	 Amend No. 20101800980
 Filing Date
05/21/2010
 Termination
	 	

  
 26 

											
	 DEBTOR
	 	 JURISDICTION
	 	 SECURED
PARTY
	 	 LIEN TYPE
SEARCHED
	 	 FILING INFO
	 	 COLLATERAL

	USAgencies, L.L.C	 	Central Index, Louisiana	 	CIT Technology Financing Services, Inc.	 	UCC	 	 File No. 091138538
 Filing Date
08/05/2010
	 	Equipment
						
		 		 	CIT Finance LLC	 	UCC	 	 File No. 09-1160118
 Filing Date
07/25/2011
	 	Equipment
						
		 		 	CIT Finance LLC	 	UCC	 	 File No. 171370706
 Filing Date
11/04/2011
	 	Equipment

  
 27 

 Schedule 6.04 

Existing Investments 
  

													
	 Bank Name
	 	 Beneficiary
	 	 Bank

Account #
	 	 Account Name
	 	 Location
	 	 Contact Name
	 	 Contact Number

	Non-Restricted Securities	 		 		 		 		 		 	
							
	UBS Financial Services, Inc.	 	N/A	 	Yl 00961	 	Affirmative Insurance Company	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	UBS Financial Services, Inc.	 	N/A	 	Y1 00880	 	Affirmative Insurance Company of Michigan	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	UBS Financial Services, Inc.	 	N/A	 	Y1 02255	 	US Agencies Casualty Insurance Company	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	UBS Financial Services, Inc.	 	N/A	 	Y1 02306	 	US Agencies Direct Insurance Company	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	Comerica Bank	 	N/A	 	4085000178	 	US Agencies Direct Insurance Company	 	Detroit, MI	 	Ralph Johnston	 	313-222-9053
							
	Comerica Bank	 	N/A	 	2085001302	 	Affirmative Insurance Company of Michigan	 	Detroit, MI	 	Ralph Johnston	 	313-222-9053
							
	Comerica Bank	 	N/A	 	4085000310	 	US Agencies Direct Insurance Company	 	Detroit, MI	 	Ralph Johnston	 	313-222-9053
							
	Varadero Partners, LP	 	N/A	 	Varadero Master Fund	 	US Agencies Casualty Insurance Company	 	New York, NY	 	Li-Fen Yip	 	212-715-6812
							
	Restricted Securities	 		 		 		 		 		 	
							
	Trusts:	 		 		 		 		 		 	
							
	UBS Financial Services, Inc.	 	Old American—AAF	 	Y1 02564	 	Affirmative Insurance Company—OACM A-Affordable Trust	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	Comerica Bank	 	Old American—AAF	 	2085001384	 	Affirmative Insurance Company—OACM A-Affordable Trust	 	Detroit, MI	 	Ralph Johnston	 	313-222-9053
							
	KeyBanc Capital Markets	 	Sales Leaseback	 	210-03011-217	 	Affirmative Insurance Company	 	Bellevue, WA	 	Tim Windus	 	425-709-4364
							
	Frost National Bank	 	Vesta	 	WA570	 	Affirmative Insurance Company—Vesta AIC Trust	 	Fort Worth, TX	 	Chris Massey	 	817-420-5052

													
	Northern Trust	 	Collateral	 	3800100029	 	Affirmative Insurance Holdings, Inc.	 		 	Allen Clingler	 	312-557-7415
							
	Frost Bank	 	Collateral for Purchasing Card Program	 	710217	 	Affirmative Insurance Holdings, Inc.	 		 	Todd Coultas	 	214-515-4813
							
	American Express Bank	 	Collateral for Corporate Amex Program	 	10112654	 	Affirmative Insurance Holdings, Inc.	 		 		 	800-437-3600
							
	JP Morgan Chase	 	Pledged CD for Paymentech	 	100077314831	 	US Agencies Casualty Insurance Company	 		 	Belinda Crow	 	214-965-2654
							
	Special Deposits:	 		 		 		 		 		 	
							
	UBS Financial Services, Inc. (NV)	 	Policyholder	 	Yl 00961	 	Affirmative Insurance Company	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	UBS Financial Services, Inc. (NV)	 	Policyholder	 	Y1 02306	 	US Agencies Direct Insurance Company	 	New York, NY	 	Hank Ludwicki	 	212-821-2189
							
	US Bank (GA)	 	Policyholder	 	61-584708200	 	Affirmative Insurance Company	 	Winston-Salem, NC	 	Carol J. Millican	 	800-575-6387
							
	Capital One Bank (LA)	 	Policyholder	 	710415027	 	US Agencies Casualty Insurance Company	 	New Oleans, LA	 	Colleen McCarthy	 	504 533 3406
							
	Capital One Bank (NY)	 	Policyholder	 	769737016	 	US Agencies Direct Insurance Company	 	New Oleans, LA	 	Colleen McCarthy	 	504 533 3406
							
	Illinois National Bank (IL)	 	Policyholder	 	155	 	Affirmative Insurance Company (NAIC#42609)	 	Springfield, IL	 	Cathy Suhling	 	217-557-4639
							
	Century Bank (NM)	 	Policyholder	 	4955	 	Affirmative Insurance Company	 	Santa Fe, NM	 	Annette Martinez	 	505-995-1211
							
	US Bank (NC)	 	Policyholder	 	58-078477600	 	Affirmative Insurance Company	 	Winston-Salem, NC	 	Teressa Browning	 	919-424-6489
							
	US Bank (SC)	 	Policyholder	 	222-121060003300	 	Affirmative Insurance Company	 	Winston-Salem, NC	 	Carol J. Millican	 	800-575-6387
							
	Sun Trust Bank (VA)	 	Policyholder	 	7023549	 	Affirmative Insurance Company	 	Richmond, VA	 	Melissa Joy Wells	 	804-782-7792
							
	Union Bank	 	Policyholder	 	6737304600	 	US Agencies Direct Insurance Company	 	Arizona	 	Denise Wong	 	415-705-7326
							
	Central Bank	 	Policyholder	 	370006741	 	Affirmative Insurance Company	 	Missouri	 	Toni M. Charlton-Halbrook	 	573-751-4126
							
	JP Morgan Chase (MI)	 	Policyholder	 	341000163	 	Affirmative Insurance Company of Michigan	 	Lansing, MI	 	Sue S Kohagen	 	517-373-8161

  
 29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]