Document:

Form of Revolving Credit Agreement

 Exhibit 10.22 
 Execution Copy 
  
  
 $45,000,000 
 REVOLVING CREDIT
AGREEMENT 
 dated as of February 26, 2009 
 among 
 REGENCY ENERGY PARTNERS LP 
 as Borrower, 
 and 
 THE GUARANTORS PARTY HERETO, 
 as
Guarantors, 
 THE LENDERS PARTY HERETO, 
 and 
 GENERAL ELECTRIC CAPITAL CORPORATION, 
 as Administrative Agent 
  
  

 TABLE OF CONTENTS 
  

					
	 Section
	  	 	  	Page
	
	 Article I
 DEFINITIONS

			
	Section 1.01	  	Defined Terms	  	1
	Section 1.02	  	Terms Generally	  	16
	Section 1.03	  	Accounting Terms; GAAP	  	16
	Section 1.04	  	Resolution of Drafting Ambiguities	  	16
	
	 Article II
 THE CREDITS

			
	Section 2.01	  	Commitments	  	17
	Section 2.02	  	Loans	  	17
	Section 2.03	  	Borrowing Procedure	  	18
	Section 2.04	  	Evidence of Debt; Repayment of Loans	  	19
	Section 2.05	  	Fees	  	19
	Section 2.06	  	Interest on Loans	  	20
	Section 2.07	  	Termination and Reduction of Commitments	  	20
	Section 2.08	  	Interest Elections	  	21
	Section 2.09	  	Optional and Mandatory Prepayments of Loans	  	22
	Section 2.10	  	Alternate Rate of Interest	  	23
	Section 2.11	  	Yield Protection	  	23
	Section 2.12	  	Breakage Payments	  	24
	Section 2.13	  	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	25
	Section 2.14	  	Taxes	  	26
	Section 2.15	  	Mitigation Obligations; Replacement of Lenders	  	28
	
	 Article III
 REPRESENTATIONS AND WARRANTIES

			
	Section 3.01	  	Organization; Powers	  	29
	Section 3.02	  	Authorization; Enforceability	  	29
	Section 3.03	  	No Conflicts	  	30
	Section 3.04	  	Financial Statements	  	30
	Section 3.05	  	Properties	  	30
	Section 3.06	  	Intellectual Property	  	30
	Section 3.07	  	Subsidiaries	  	31
	Section 3.08	  	Litigation; Compliance with Laws	  	31
	Section 3.09	  	Agreements	  	31
	Section 3.10	  	Federal Reserve Regulations	  	31
	Section 3.11	  	Investment Company Act	  	31

  

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	 Section
	  	 	  	Page
	Section 3.12	  	Use of Proceeds	  	31
	Section 3.13	  	Taxes	  	32
	Section 3.14	  	No Material Misstatements	  	32
	Section 3.15	  	Labor Matters	  	32
	Section 3.16	  	Solvency	  	32
	Section 3.17	  	Employee Benefit Plans	  	33
	Section 3.18	  	Real Property	  	33
	Section 3.19	  	Insurance	  	33
	Section 3.20	  	Anti-Terrorism Law	  	33
	
	 Article IV
 CONDITIONS PRECEDENT

			
	Section 4.01	  	Conditions to the Initial Loans	  	34
	Section 4.02	  	Conditions to All Loans	  	35
	
	 Article V
 COVENANTS

			
	Section 5.01	  	Indenture Covenants	  	35
	Section 5.02	  	Amended Credit Agreement Covenants	  	36
	Section 5.03	  	Financial Information; Compliance	  	36
	Section 5.04	  	Litigation and Other Notices	  	36
	Section 5.05	  	Access to Properties and Inspections	  	36
	Section 5.06	  	Use of Proceeds	  	37
	Section 5.07	  	Additional Guarantors	  	37
	Section 5.08	  	Further Assurances	  	37
	Section 5.09	  	Notice of Effectiveness of Amendment Agreement	  	37
	Section 5.10	  	Anti-Terrorism Law; Anti-Money Laundering	  	37
	Section 5.11	  	Embargoed Person	  	38
	
	 Article VI
 GUARANTEE

			
	Section 6.01	  	The Guarantee	  	38
	Section 6.02	  	Obligations Unconditional	  	39
	Section 6.03	  	Reinstatement	  	40
	Section 6.04	  	Subrogation; Subordination	  	40
	Section 6.05	  	Remedies	  	40
	Section 6.06	  	Instrument for the Payment of Money	  	40
	Section 6.07	  	Continuing Guarantee	  	41
	Section 6.08	  	General Limitation on Guarantee Obligations	  	41
	Section 6.09	  	Release of Guarantors	  	41

  

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	 Section
	  	 	  	Page
	
	 Article VII
 EVENTS OF DEFAULT

			
	Section 7.01	  	Events of Default	  	41
	Section 7.02	  	Rescission	  	43
	
	 Article VIII
 THE ADMINISTRATIVE AGENT

			
	Section 8.01	  	Appointment and Authority	  	44
	Section 8.02	  	Rights as a Lender	  	44
	Section 8.03	  	Exculpatory Provisions	  	44
	Section 8.04	  	Reliance by Administrative Agent	  	45
	Section 8.05	  	Delegation of Duties	  	45
	Section 8.06	  	Resignation of Administrative Agent	  	46
	Section 8.07	  	Non-Reliance on Administrative Agent and Other Lenders	  	46
	
	 Article IX
 MISCELLANEOUS

			
	Section 9.01	  	Notices	  	47
	Section 9.02	  	Waivers; Amendment	  	49
	Section 9.03	  	Expenses; Indemnity; Damage Waiver	  	51
	Section 9.04	  	Successors and Assigns	  	53
	Section 9.05	  	Survival of Agreement	  	55
	Section 9.06	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	55
	Section 9.07	  	Severability	  	56
	Section 9.08	  	Right of Setoff	  	56
	Section 9.09	  	Governing Law; Jurisdiction; Consent to Service of Process	  	56
	Section 9.10	  	Waiver of Jury Trial	  	57
	Section 9.11	  	Headings	  	57
	Section 9.12	  	Treatment of Certain Information; Confidentiality	  	57
	Section 9.13	  	USA PATRIOT Act Notice	  	58
	Section 9.14	  	Interest Rate Limitation	  	58
	Section 9.15	  	Obligations Absolute	  	59

  

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	SCHEDULES
		
	Schedule 1.01(a)	 	Guarantors
	Schedule 3.07(a)	 	Subsidiaries and Organizational Chart

			
		
	EXHIBITS	 	
		
	Exhibit A	 	Form of Administrative Questionnaire
	Exhibit B	 	Form of Assignment and Assumption
	Exhibit C	 	Form of Borrowing Request
	Exhibit D	 	Form of Interest Election Request
	Exhibit E	 	Form of Joinder Agreement
	Exhibit F	 	Form of Closing Checklist
	Exhibit G	 	Form of Note
	Exhibit H	 	Form of Non-Bank Certificate

  

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 REVOLVING CREDIT AGREEMENT 
 This REVOLVING CREDIT AGREEMENT (this “Agreement”) dated as of February 26, 2009, among REGENCY ENERGY PARTNERS LP, a Delaware
limited partnership (including any successor-in-interest, “Borrower”), the Guarantors (such term and each other capitalized term used but not defined where used having the meaning given to it in Section 1.01), the
Lenders, and GENERAL ELECTRIC CAPITAL CORPORATION, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 WITNESSETH: 
 WHEREAS, the Borrower has requested and the Lenders have agreed to make available to
the Borrower a revolving credit facility upon and subject to the terms and conditions set forth herein to fund the Pre-Closing Expenditures. 
 NOW, THEREFORE, the parties hereto hereby agree that in consideration of the mutual agreements, provisions and covenants contained herein as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
 “ABR”, when used in reference to any Loan, is used when such Loan is bearing interest at a rate determined by reference to the Alternate
Base Rate. 
 “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Loan for any Interest Period, (a) an
interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) determined by the Administrative Agent to be equal to the LIBO Rate for such Eurodollar Loan in effect for such Interest Period divided by (b) 1 minus the
Statutory Reserves (if any) for such Eurodollar Loan for such Interest Period. 
 “Administrative Agent” shall have the
meaning assigned to such term in the preamble hereto and includes each other person appointed as the successor pursuant to Article VIII. 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in substantially the form of Exhibit A. 
 “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. 
 “Agent Fees” shall have the meaning assigned to such term in Section 2.05(b). 
 “Agreement” shall have the meaning assigned to such term in the preamble hereto. 

 “Alternate Base Rate” shall mean, for any day, a rate per annum (rounded upward, if
necessary, to the nearest 1/100th of 1%) equal to the greater of (a) the Federal Funds Effective Rate in effect on such day plus 0.50% and (b) the Adjusted LIBO Rate for a borrowing with a one-month Interest Period plus 1.50%
.. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the (i) Federal Funds Effective Rate or (ii) the Adjusted LIBO Rate, in each case, for any
reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the Alternate Base Rate shall be determined without regard to (x) clause (b) of
the preceding sentence in the case of clause (i) in this sentence and (y) clause (c) of the preceding sentence in the case of clause (ii) in this sentence, in each case, until the circumstances giving rise to such inability no
longer exist. Any change in the Alternate Base Rate due to a change in the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Federal Funds Effective Rate or the Adjusted LIBO Rate,
respectively. 
 “Amended Credit Agreement” shall mean that certain Fourth Amended and Restated Credit Agreement dated as of
August 15, 2006, as amended by a first amendment dated as of June 15, 2007, as further amended by a second amendment dated as of June 29, 2007, as further amended by a third amendment dated as of September 28, 2007, as further
amended by a fourth amendment dated as of January 15, 2008, as further amended by a fifth amendment dated as of February 13, 2008 and as further amended by a sixth amendment and waiver dated as of May 9, 2008, by and among Regency Gas
Services, Borrower, the guarantors party thereto, Wachovia Bank, National Association, as administrative agent, collateral agent, swingline lender and issuing bank and the lenders and other parties thereto. 
 “Amendment Agreement” shall mean that certain Amendment No. 7 to the Amended Credit Agreement, dated as of the Effective Date,
among Regency Gas Services, Wachovia Bank, National Association, as administrative agent, and the lenders party thereto. 
 “Amendment Effective Date” shall mean the date upon which the conditions to effectiveness of the Amendment Agreement set forth in Section 2 thereof are satisfied or waived in accordance with the terms thereof.

 “Anti-Terrorism Laws” shall have the meaning assigned to such term in Section 3.20. 
 “Applicable Margin” shall mean: (a) with respect to an ABR Loan (i) from the Effective Date to the last day of the third
calendar month immediately thereafter, three percent (3.00%) per annum and (ii) from the first day of the fourth calendar month immediately following the Effective Date, ten percent (10.00%) per annum; and (b) with respect to a
Eurodollar Loan (i) from the Effective Date to the last day of the third calendar month immediately thereafter, four percent (4.00%) per annum and (ii) from the first day of the fourth calendar month immediately following the
Effective Date, eleven percent (11.00%) per annum. 
 “Approved Fund” shall mean 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. 
  

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 “Assignment and Assumption” shall mean 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(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit B, or any other form approved by the
Administrative Agent. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States.

 “Board of Directors” shall mean, with respect to any person, (i) in the case of any corporation, the board of
directors of such person, (ii) in the case of any limited liability company, the board of managers (or equivalent) of such person, (iii) in the case of any partnership, the Board of Directors (or equivalent) of the general partner of such
person and (iv) in any other case, the functional equivalent of the foregoing. 
 “Borrower” shall have the meaning
assigned to such term in the preamble hereto. 
 “Borrowing Request” shall mean a request by Borrower in accordance with the
terms of Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be approved by the Administrative Agent. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks in New York City are authorized or required by law to close; provided, however, that when used in
connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “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 shall be the capitalized amount thereof determined in accordance with GAAP. 
 A “Change in Control” shall
be deemed to have occurred if (a) Borrower at any time ceases to own, directly or indirectly, 100% of the Equity Interests of Regency Gas Services; (b) (i) the Permitted Holders cease to own, or to have the power to vote or direct the
voting of, Voting Stock of the Ultimate General Partner representing a majority of the voting power of the total outstanding Voting Stock of the Ultimate General Partner or (ii) the Permitted Holders cease to own Equity Interests representing a
majority of the total economic interests of the Equity Interests of the Ultimate General Partner; or (c) the Ultimate General Partner shall cease to exercise Control over Borrower. 
 For purposes of this definition, a person shall not be deemed to have beneficial ownership of Equity Interests subject to a stock purchase agreement,
merger agreement or similar agreement, including an agreement relating to a sale of Voting Stock or Equity Interests of the Ultimate General Partner, until the consummation of the transactions contemplated by such agreement. 
  

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 “Change in Law” shall mean the occurrence, after the Effective Date (or with respect to
any Lender, if later, the date on which such Lender becomes a Lender, except to the extent that such change was considered a Change in Law with respect to such Lender’s assignor immediately prior to such Lender becoming a Lender), of any of the
following: (a) the adoption or taking into effect of any law, treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the administration, interpretation or application thereof
by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
 “Charges” shall have the meaning assigned to such term in Section 9.14. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 “Commitment” shall mean (i) with respect to each Lender on the Effective Date, the commitment of such Lender to make Loans pursuant
to Section 2.01 and (ii) the commitment of each person after the Effective Date to make Loans pursuant to an Assignment and Assumption, in each case as the same may be or (x) reduced from time to time pursuant to
Section 2.07, (y) reduced or increased from time to time pursuant to assignments to or by such Lender pursuant to Section 9.04. The aggregate principal amount of the Commitments on the Effective Date is $45.0 million.

 “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a). 
 “Communications” shall have the meaning assigned to such term in Section 9.01(d). 
 “Companies” shall mean Borrower and its Subsidiaries; and “Company” shall mean any one of them. 
 “Contingent Obligation” shall mean, as to any person, any obligation, agreement or arrangement of such person guaranteeing or intended
to guarantee any Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of
such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any such primary
obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a
reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that
the term “Contingent Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an
amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether 

  

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singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 
 “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. 
 “Default” shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default. 
 “Default Rate” shall have the meaning assigned to such term in Section 2.06(c). 
 “dollars” or “$” shall mean lawful money of the United States. 
 “Effective
Date” shall mean February 26, 2009. 
 “Eligible Assignee” shall mean (a) any Lender, (b) an
Affiliate of any Lender, (c) an Approved Fund of a Lender and (d) any other person approved by the Administrative Agent and Borrower (each such approval not to be unreasonably withheld or delayed); provided that (x) no approval
of Borrower shall be required during the continuance of an Event of Default and (y) “Eligible Assignee” shall not include Borrower or any of its Affiliates or Subsidiaries or any natural person. 
 “Embargoed Person” shall have the meaning assigned to such term in Section 5.11. 
 “Environment” shall mean ambient air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata, natural resources, the workplace or as otherwise defined in any Environmental Law. 
 “Environmental
Claim” shall mean any claim, notice, demand, order, action, suit, proceeding or other communication alleging liability for investigation, remediation, removal, cleanup, response, corrective action, damages to natural resources, personal
injury, property damage, fines, penalties or other costs resulting from, related to or arising out of (i) the presence, Release or threatened Release in or into the Environment of Hazardous Material at any location or (ii) any violation of
Environmental Law, and shall include any claim seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from, related to or arising out of the presence, Release or threatened Release of Hazardous
Material or alleged injury or threat of injury to health, safety or the Environment. 
 “Environmental Law” shall mean any
and all applicable present and future treaties, laws, statutes, ordinances, regulations, rules, decrees, orders, judgments, consent orders, consent decrees, code or other binding requirements, and the common law, relating to protection of public
health or the Environment, the Release or threatened Release of Hazardous Material, natural resources or natural resource damages, or occupational safety or health. 
  

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 “Equity Interest” shall mean, with respect to any person, any and all shares, interests,
participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether general or limited) and any
other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the Effective Date or issued after the Effective Date, but
excluding debt securities convertible or exchangeable into such equity. 
 “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as the same may be amended from time to time. 
 “ERISA Affiliate” shall mean, with respect to any
person, any trade or business (whether or not incorporated) that, together with such person, 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 Plan (other than an event for which
the 30-day notice period is waived by regulation); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the failure to make by its due date a required installment under Section 412(m) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the filing pursuant to
Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (e) the incurrence by any Company or any of its ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by any Company or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan, or the occurrence of any event or condition which could reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (g) the
incurrence by any Company or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Plan or Multiemployer Plan; (h) the receipt by any Company or 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; (i) the “substantial cessation of operations” within the meaning of
Section 4062(e) of ERISA with respect to a Plan; (j) the making of any amendment to any Plan which could result in the imposition of a lien or the posting of a bond or other security; and (k) the occurrence of a nonexempt prohibited
transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in liability to any Company. 
 “Eurodollar Loan” shall mean any Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II. 
 “Event of Default” shall have the meaning assigned to such term in Section 7.01. 
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or
on account of any obligation of Borrower 

  

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hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), franchise taxes imposed on it (in lieu of net income taxes)
and branch profits taxes imposed on it, by a jurisdiction (or any political subdivision thereof) as a result of the recipient being organized or having its principal office or, in the case of any Lender, having its applicable lending office or doing
or having done business (other than a business deemed to arise by virtue of the transactions contemplated by this Agreement) in such jurisdiction and (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by Borrower
under Section 2.15), any U.S. federal withholding tax that (i) is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from Borrower with respect to such withholding tax pursuant to
Section 2.14(a); provided that this subclause (b)(i) shall not apply to any Tax imposed on a Lender in connection with an interest or participation in any Loan or other obligation that such Lender was required to acquire pursuant
to Section 2.13(c), or (ii) is attributable to such Foreign Lender’s failure to comply with Section 2.14(e). 
 “Executive Order” shall have the meaning assigned to such term in Section 3.20. 
 “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 of the United States 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 confidential Fee Letter,
dated February 26, 2009, among Borrower and the Administrative Agent. 
 “Fees” shall mean the Commitment Fees and the
Agent Fees. 
 “Foreign Lender” shall mean any Lender that is not, for United States federal income tax purposes,
(i) an individual who is a citizen or resident of the United States, (ii) a corporation, partnership or other entity treated as a corporation or partnership created or organized in or under the laws of the United States, or any political
subdivision thereof, (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of
such trust and one or more United States persons have the authority to control all substantial decisions of such trust. 
 “Foreign
Subsidiary” shall mean a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia. 
 “Fund” shall mean any person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
  

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 “GAAP” shall mean generally accepted accounting principles in the United States applied
on a consistent basis. 
 “General Partner” shall mean Regency GP LP, a Delaware limited partnership and the general partner
of Borrower. 
 “Governmental Authority” shall mean the government of the United States of America or any other nation, or
of any political subdivision thereof, whether state, provincial 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). 
 “Guaranteed Obligations” shall have the meaning assigned to such term in Section 6.01. 
 “Guarantees” shall mean the guarantees issued pursuant to Article VI by the Guarantors. 
 “Guarantors” shall mean each Subsidiary listed on Schedule 1.01(a) and each other Subsidiary that is or becomes a party to this Agreement pursuant to Section 5.07. 
 “Haynesville Project” shall mean the planned midstream infrastructure development in the Haynesville Shale region of northwestern
Louisiana by the RIGS Holdings Joint Venture. 
 “Hazardous Materials” shall mean the following: hazardous substances;
hazardous wastes; polychlorinated biphenyls (“PCBs”) or any substance or compound containing PCBs; asbestos or any asbestos-containing materials in any form or condition; radon or any other radioactive materials including any
source, special nuclear or by-product material; petroleum, crude oil or any fraction thereof; and any other pollutant or contaminant or chemicals, wastes, materials, compounds, constituents or substances, subject to regulation or which can give rise
to liability under any Environmental Laws. 
 “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or
similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. 
 “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements. 
 “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for borrowed money; (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 purchased by such person; (d) all obligations of such person issued or assumed as the deferred purchase price of property or
services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business and not overdue by more than 90 days); (e) all Indebtedness of others secured by any Lien on property owned or acquired by such
person, whether or not the obligations secured thereby have been assumed, but limited to the fair market value of such property; (f) all Capital Lease 

  

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Obligations, Purchase Money Obligations and synthetic lease obligations of such person; (g) all Hedging Obligations to the extent required to be
reflected on a balance sheet of such person; (h) all Sale/Leaseback Attributable Indebtedness of such person; (i) all obligations of such person for the reimbursement of any obligor in respect of letters of credit, letters of guaranty,
bankers’ acceptances and similar credit transactions; and (j) all Contingent Obligations of such person in respect of Indebtedness referred to in clauses (a) through (i) above. The Indebtedness of any person shall include the
Indebtedness of any other entity (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 entity,
except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such person is not liable therefor. Notwithstanding the foregoing, Indebtedness shall not include (A) deferred
compensation arrangements, (B) earn-out obligations or purchase price adjustments until matured or earned or (C) non-compete or consulting obligations incurred in connection with Permitted Acquisitions. 
 “Indenture” shall mean that certain Indenture, dated as of December 12, 2006 among Borrower, Regency Energy Finance Corp., a
Delaware corporation, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee. 
 “Indemnified
Taxes” shall mean all Taxes other than Excluded Taxes. 
 “Indemnitee” shall have the meaning assigned to such term
in Section 9.03(b). 
 “Information” shall have the meaning assigned to such term in Section 9.12.

 “Intellectual Property” shall have the meaning assigned to such term in Section 3.06. 
 “Interest Election Request” shall mean a request by Borrower to convert or continue a Loan in accordance with
Section 2.08(b), substantially in the form of Exhibit D. 
 “Interest Payment Date” shall mean
(a) with respect to any ABR Loan, the last Business Day of each March, June, September and December to occur during any period in which such Loan is outstanding, (b) with respect to any Eurodollar Loan, the last day of the Interest Period
applicable to the Loan and, in the case of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the
first day of such Interest Period and (c) with respect to any Loan, the Maturity Date or such earlier date on which the Commitments are terminated. 
 “Interest Period” shall mean, with respect to any Eurodollar Loan, the period commencing on the date of such Loan and ending on the numerically corresponding day in the calendar month that is one,
two, three or six months (or, if each affected Lender so agrees, nine or twelve months) thereafter, as Borrower may elect; provided 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, and (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 

  

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such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan
initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan. 
 “Investment Agreement” shall mean that certain contribution agreement to be entered into by and among Regency HIG, General Electric Capital Corporation, Alinda Gas Pipeline I, L.P. and Alinda Gas
Pipeline II, L.P. relating to the RIGS Holding Joint Venture. 
 “Joinder Agreement” shall mean a joinder agreement
substantially in the form of Exhibit E. 
 “Joint Venture” shall mean (i) a joint venture with a third party so
long as such entity would not constitute a Subsidiary, (ii) a Subsidiary formed with the intention of establishing a joint venture; provided that if such entity still constitutes a Subsidiary ninety days after formation it shall no
longer constitute a Joint Venture, or (iii) notwithstanding anything to the contrary herein, each of Edwards Lime Gathering LLC and (except as otherwise expressly set forth herein) the RIGS Holdings Joint Venture, for so long as any portion of
the ownership interests therein are owned by a Person that is not a Loan Party or an Affiliate of any Loan Party. 
 “Lenders” shall mean (i) on the Effective Date, (a) each lender signatory hereto and (ii) after the Effective Date, any financial institution that becomes a party hereto pursuant to an Assignment and
Assumption, other than, in each case, any such financial institution that ceases to be a party hereto pursuant to an Assignment and Assumption. 
 “LIBO Rate” shall mean, with respect to any Eurodollar Loan for any Interest Period, the rate per annum determined by the Administrative Agent to be the arithmetic mean (rounded upward, if necessary, to the nearest 1/100th
of 1%) of the offered rates for deposits in dollars with a term comparable to such Interest Period that appears on the Telerate British Bankers Assoc. Interest Settlement Rates Page (as defined below) at approximately 11:00 a.m., London, England
time, on the second full Business Day preceding the first day of such Interest Period; provided, however, that (i) if no comparable term for an Interest Period is available, the LIBO Rate shall be determined using the weighted average of
the offered rates for the two terms most nearly corresponding to such Interest Period and (ii) if there shall at any time no longer exist a Telerate British Bankers Assoc. Interest Settlement Rates Page, “LIBO Rate” shall mean,
with respect to each day during each Interest Period pertaining to Eurodollar Loans, the rate per annum equal to the rate at which the Administrative Agent is offered deposits in dollars at approximately 11:00 a.m., London, England time, two
Business Days prior to the first day of such Interest Period in the London interbank market for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to its portion of the amount of
such Eurodollar Loan to be outstanding during such Interest Period; provided, further, that in no event shall the LIBO Rate be less than three percent (3.00%) per annum. “Telerate British Bankers Assoc. Interest Settlement Rates
Page” shall mean the display designated as Page 3750 on the Telerate System Incorporated Service (or such other page as may replace such page on such service for the purpose of displaying the rates at which dollar deposits are offered by
leading banks in the London interbank deposit market). 
  

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 “Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust,
lien, pledge, claim, charge, assignment, hypothecation, security interest or encumbrance of any kind or any arrangement to provide priority or preference or any filing of any financing statement under the UCC or any other similar notice of lien
under any similar notice or recording statute of any Governmental Authority, including any easement, right-of-way or other encumbrance on title to Real Property or Pipelines in each of the foregoing cases whether voluntary or imposed by law, and any
agreement to give any of the foregoing; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such property; and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan” shall mean a loan made by the Lenders to Borrower pursuant to Section 2.01. Each Loan shall either be an ABR Loan or
a Eurodollar Loan. 
 “Loan Documents” shall mean this Agreement, the Notes (if any) and, solely for purposes of paragraph
(e) of Section 7.01, the Fee Letter. 
 “Loan Parties” shall mean Borrower and the Guarantors. 

“Margin Stock” shall have the meaning assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean (a) a material adverse effect on the business, property, results of operations or condition,
financial or otherwise, of Borrower and its Subsidiaries, taken as a whole; (b) material impairment of the ability of the Loan Parties to fully and timely perform any of their material obligations under any Loan Document; or (c) material
impairment of the rights of or benefits or remedies, taken as a whole, available to the Lenders under any Loan Document. 
 “Maturity
Date” shall mean the date that is the earlier of (i) the date that is three months after the Final Maturity Date (as such term is defined in the Amended Credit Agreement) and (ii) November 15, 2011, or if such date is not a
Business Day, the first Business Day thereafter. 
 “Maximum Rate” shall have the meaning assigned to such term in
Section 9.14. 
 “Multiemployer Plan” shall mean a multiemployer plan within the meaning of
Section 4001(a)(3) or Section 3(37) of ERISA (a) to which any Company or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any Company or any ERISA Affiliate has within the preceding
five plan years made contributions; or (c) with respect to which any Company could incur liability. 
 “Notes” shall
mean any notes evidencing the Loans issued pursuant to this Agreement, if any, substantially in the form of Exhibit G. 
 “Obligations” shall mean (a) obligations of Borrower and the other Loan Parties from time to time arising under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and
interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed 

  

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or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise
and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of Borrower and the other Loan Parties under this Agreement and the other Loan Documents and (b) the due and punctual
performance of all covenants, agreements, obligations and liabilities of Borrower and the other Loan Parties under or pursuant to this Agreement and the other Loan Documents. 
 “OFAC” shall have the meaning assigned to such term in Section 3.20. 
 “Organizational Documents” shall mean, with respect to any person, (i) in the case of any corporation, the certificate of
incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person, (iii) in the case of any
limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such person and
(v) in any other case, the functional equivalent of the foregoing. 
 “Other Taxes” shall mean all present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
this Agreement or any other Loan Document. 
 “Participant” shall have the meaning assigned to such term in
Section 9.04(d). 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 “Permitted Acquisitions” shall have the meaning assigned to such term in the Amended Credit Agreement. 
 “Permitted Holders” shall mean (a) Regency GP Acquirer LP and (b) any other Affiliate of General Electric Company. 

“Permitted Liens” shall have the meaning assigned to such term in the Amended Credit Agreement. 
 “person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
 “Pipeline” shall mean gathering systems and pipelines, together with all
contracts, rights-of-way, easements, servitudes, fixtures, equipment, improvements, permits, records, and other real property appertaining thereto. 
 “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 or Section 302 of ERISA which is maintained or
contributed to by any Company or its ERISA Affiliate or with respect to which any Company could incur liability (including under Section 4069 of ERISA). 
  

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 “Platform” shall have the meaning assigned to such term in Section 9.01(d).

 “Pre-Closing Expenditures” shall mean the amount of all reasonable out-of-pocket third party invoiced expenditures
actually paid in connection with the development and construction of the Haynesville Project by RIGS and its Affiliates from the Effective Date to but not including the earlier of (i) the Amendment Effective Date and (ii) April 30,
2009. 
 “property” shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether
real, personal or mixed and whether tangible or intangible and including Equity Interests or other ownership interests of any person and whether now in existence or owned or hereafter entered into or acquired, including all Real Property or
Pipelines. 
 “Purchase Money Obligation” shall mean, for any person, the obligations of such person in respect of
Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any property (including Equity Interests of any person) or the cost of installation, construction or improvement of any
property and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred prior to, contemporaneously with or within one year after such acquisition of such property by such person and (ii) the amount of such
Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be, including related costs, fees and expenses. 
 “Real Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any
and all parcels of or interests in real property owned, leased or operated by any person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and
appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 
 “Regency Gas Services” shall mean Regency Gas Services LP, a Delaware limited partnership. 
 “Regency Haynesville” shall mean a direct or indirect Subsidiary of Regency Gas Services formed for the sole purpose of directly holding all direct or indirect ownership interests of Regency Gas Services in the RIGS
Holdings Joint Venture. 
 “Regency HIG” shall mean Regency Haynesville Intrastate Gas LLC, a Delaware limited liability
company. 
 “Register” shall have the meaning assigned to such term in Section 9.04(c). 
 “Regulation D” shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
  

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

“Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment. 
 “Required Lenders” shall mean Lenders having more than 50% of all Commitments. 
 “Requirements of
Law” shall mean, collectively, any and all requirements of any Governmental Authority including any and all laws, judgments, orders, decrees, ordinances, rules, regulations, statutes or case law. 
 “RIGS” shall mean Regency Intrastate Gas LLC, a Delaware limited liability company. 
 “RIGS Assets” shall mean all Equity Interests issued, and all assets owned, by RIGS. 
 “RIGS Holdings Joint Venture” shall mean an entity formed by Regency Haynesville for the purpose of such entity becoming a joint venture
with a third party, owning all of the RIGS Assets and participating in the Haynesville Project. RIGS Holdings Joint Venture shall, except as expressly set forth herein, be treated for all purposes as a “Joint Venture” hereunder.

 “RIGS JV Documents” shall mean (i) the Investment Agreement and (ii) all other material agreements and
definitive documentation relating to the RIGS Holding Joint Venture, including the shareholders or limited liability company agreement relating thereto and the management services agreement relating thereto. 
 “Sale and Leaseback Transaction” shall have the meaning assigned to such term in the Amended Credit Agreement. 
 “Sale/Leaseback Attributable Indebtedness” shall mean, when used with respect to any Sale and Leaseback Transaction, as at the time of
determination, the present value (discounted at a rate equivalent to Borrower’s then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the
lessee for rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction. 
  

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 “Statutory Reserves” shall mean, for any Interest Period for any Eurodollar Loan, the
average maximum rate at which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained during such Interest Period under Regulation D by member banks of the United States Federal Reserve System in New York
City with deposits exceeding one billion dollars against “Eurocurrency liabilities” (as such term is used in Regulation D). Eurodollar Loans shall be deemed to constitute Eurodollar liabilities and to be subject to such reserve
requirements without benefit of or credit for proration, exceptions or offsets which may be available from time to time to any Lender under Regulation D. 
 “Subsidiary” shall mean, with respect to any person (the “parent”) at any date, (i) any person the accounts of which would be consolidated with those of the parent in the
parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, (ii) any other corporation, limited liability company, association or other business entity of which securities
or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned,
controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or
(b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries of the parent. Unless the context
requires otherwise, “Subsidiary” refers to a Subsidiary of Borrower. Notwithstanding any of the foregoing, neither Edwards Lime Gathering LLC nor the RIGS Holdings Joint Venture shall be a Subsidiary for so long as it is a Joint
Venture (except, with respect to the RIGS Holdings Joint Venture, as shall be otherwise expressly set forth herein). 
 “Tax
Return” shall mean all returns, statements, filings, attachments and other documents or certifications required to be filed in respect of Taxes. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto. 
 “Transferred Guarantor” shall have the meaning assigned to such term in
Section 6.09. 
 “Type,” when used in reference to any Loan, refers to whether the rate of interest on such Loan
is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “UCC” shall mean the Uniform Commercial
Code as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction. 
 “Ultimate General
Partner” shall mean Regency GP LLC, a Delaware limited liability company and the general partner of the General Partner. 
 “United States” shall mean the United States of America. 
  

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 “Voting Stock” shall mean, with respect to any person, any class or classes of Equity
Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to vote in the election of the Board of Directors of such person. 
 “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. 
 SECTION 1.02 Terms Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise (a) any definition of or reference to any Loan Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such
person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (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, (e) any reference to any law or regulation herein shall
refer to such law or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03 Accounting Terms;
GAAP. Except as otherwise expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and all terms of an accounting or financial
nature shall be construed and interpreted in accordance with GAAP, as in effect on the Effective Date unless otherwise agreed to by Borrower and the Required Lenders. If GAAP shall change after the date hereof, the parties hereto agree to negotiate
in good faith to modify the covenants herein so that they may be construed and interpreted in accordance with GAAP as then in effect. 
 SECTION 1.04 Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of the Loan Documents to which it is a party, that it
and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation hereof or thereof. 
  

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 ARTICLE II 
 THE CREDITS 
 SECTION 2.01 Commitments. Subject to the terms and conditions and relying
upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly to make Loans to Borrower, from time to time on any Business Day from and including the Effective Date to the earlier of (i) April 30,
2009 and (ii) termination of the Commitments in accordance with the terms hereof, in an aggregate principal amount at any time outstanding not exceeding such Lender’s Commitment. Within the limits set forth in the immediately preceding
sentence and subject to the terms, conditions and limitations set forth herein, Borrower may borrow, pay or prepay and reborrow Loans. 
 SECTION 2.02 Loans. 
 (a) Each Loan shall be made by the Lenders ratably in accordance with their applicable
Commitments; provided that the failure of any Lender to make its Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any
other Lender to make any Loan required to be made by such other Lender). ABR Loans shall be in an aggregate principal amount that is (i) an integral multiple of $100,000 and not less than $1.0 million or (ii) equal to the remaining
available balance of the applicable Commitments. Eurodollar Loans shall be in an aggregate principal amount that is (i) an integral multiple of $100,000 and not less than $3.0 million or (ii) equal to the remaining available balance of the
applicable Commitments. 
 (b) Subject to Sections 2.10 and 2.11, each Loan shall be either an ABR Loan or Eurodollar Loan as
Borrower may request pursuant to Section 2.03. 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 Borrower to repay such Loan in accordance with the terms of this Agreement. Loans of more than one Type may be outstanding at the same time; provided that Borrower shall not be entitled to request any
Loan that, if made, would result in more than seven Eurodollar Loans outstanding hereunder at any one time. For purposes of the foregoing, Loans having different Interest Periods, regardless of whether they commence on the same date, shall be
considered separate Loans. 
 (c) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof 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 as
directed by Borrower in the applicable Borrowing Request maintained with the Administrative Agent or, if a Loan shall not be made on such date because any condition precedent herein specified shall not have been met, return the amounts so received
to the respective Lenders. 
 (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Loan that
such Lender will not make available to the Administrative Agent such Lender’s portion of such Loan, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Loan in

  

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accordance with paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make available to Borrower on such date a
corresponding amount. If the 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, each of such Lender and Borrower severally agrees 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 Borrower until the date such amount is repaid to the Administrative Agent at
(i) in the case of Borrower, the interest rate applicable at the time to the Loans and (ii) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan for purposes of this Agreement, and Borrower’s obligation
to repay the Administrative Agent such corresponding amount pursuant to this Section 2.02(d) shall cease. 
 (e) Notwithstanding
any other provision of this Agreement, Borrower shall not be entitled to request, or to elect to convert or continue, any Loan if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03 Borrowing Procedure. To request a Loan, Borrower shall deliver, by hand delivery or telecopier, a duly completed and executed
Borrowing Request to the Administrative Agent (i) in the case of a Eurodollar Loan, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Loan or (ii) in the case of an ABR Loan, (A) equal
to or less than $5.0M, not later than 9:00 a.m., New York City time, on the date of the proposed Loan and (B) in excess of $5.0M, not later than 9:00 a.m., New York City time, one Business Day before the date of the proposed Loan. Each
Borrowing Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: 
 (a) the
aggregate amount of such Loan; 
 (b) the date of such Loan, which shall be a Business Day; 
 (c) whether such Loan is to be an ABR Loan or of Eurodollar Loan; 
 (d) in the case of a Eurodollar Loan, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; 
 (e) the location and number of Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.02(c); and 
 (f) that the conditions set forth in Sections 4.02(b)-(c) have been satisfied as of
the date of the notice. 
 If no election as to the Type of Loan is specified, then the requested Loan shall be an ABR Loan. If no Interest
Period is specified with respect to any requested Eurodollar Loans, then Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part thereof. 
  

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 SECTION 2.04 Evidence of Debt; Repayment of Loans. 
 (a) Promise to Repay. Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender, the then unpaid
principal amount of each Loan of such Lender on the Maturity Date. 
 (b) Lender and Administrative Agent Records. Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and
paid to such Lender from time to time under this Agreement. 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 Borrower to each Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders
and each Lender’s share thereof. The entries made in the accounts maintained pursuant to this paragraph shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of Borrower to repay the Loans in accordance with their terms. 
 (c) Promissory Notes. Any Lender by written notice to Borrower (with a copy to the Administrative Agent) may request that Loans made by it be
evidenced by a promissory note. In such event, Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in the form
of Exhibit G. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.05 Fees. 
 (a) Commitment Fee. Borrower agrees to pay to the Administrative Agent for the account of
each Lender a commitment fee (a “Commitment Fee”) equal to 0.75% per annum on the average daily unused amount of the Commitment of such Lender during the period from and including the Effective Date to but excluding the date on
which such Commitment terminates. Accrued Commitment Fees shall be payable in arrears (A) on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Effective Date, and
(B) on the date on which such Commitment terminates. Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

  

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 (b) Agent Fees. Borrower agrees to pay to the Administrative Agent, for its own account, the fees
set forth in the Fee Letter and/or such other fees payable in the amounts and at the times separately agreed upon between Borrower and the Administrative Agent (the “Agent Fees”). 
 (c) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among
the Lenders. Once paid, none of the Fees shall be refundable under any circumstances. 
 SECTION 2.06 Interest on Loans.

 (a) ABR Loans. Subject to the provisions of Section 2.06(c), ABR Loans shall bear interest at a rate per annum equal to
the Alternate Base Rate plus the Applicable Margin in effect from time to time. 
 (b) Eurodollar Loans. Subject to the provisions of
Section 2.06(c), Eurodollar Loans shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Loan plus the Applicable Margin in effect from time to time. 
 (c) Default Rate. Notwithstanding the foregoing, during the continuance of an Event of Default, all overdue Obligations shall, to the extent
permitted by applicable law, bear interest, after as well as before judgment, at a per annum rate equal to (i) in the case of principal of or interest on any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the
preceding paragraphs of this Section 2.06 or (ii) in the case of any other amount, 2% plus the rate otherwise applicable to such amount (in either case, the “Default Rate”). 
 (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided
that (i) interest accrued pursuant to Section 2.06(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the
date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion. 
 (e) Interest Calculation. All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.

 SECTION 2.07 Termination and Reduction of Commitments. 
 (a) Termination of Commitments. Unless otherwise terminated earlier pursuant to the terms hereof, the Commitments shall automatically terminate on
the earlier of (i) the Amendment Effective Date and (ii) April 30, 2009. 
  

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 (b) Optional Terminations and Reductions. At its option, Borrower may at any time terminate, or
from time to time permanently reduce, the Commitments; provided that each reduction of the Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1.0 million. 
 (c) Borrower Notice. Borrower shall notify the Administrative Agent in writing of any election to terminate or reduce the Commitments under
Section 2.07(b) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall
advise the Lenders of the contents thereof. Each notice delivered by Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by Borrower may state that such notice is
conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any
termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.08 Interest Elections. 
 (a) Generally. Each Loan initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Loan, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter,
Borrower may elect to convert such Loan to a different Type or to continue such Loan and, in the case of a Eurodollar Loan, may elect Interest Periods therefor, all as provided in this Section. Any Loan (or, if outstanding Loans are being combined,
any group of Loans having the same proposed Interest Period) to be made or continued as, or converted into, Eurodollar Loans shall be in an amount that is an integral multiple of $500,000 and not less than $5.0 million. Notwithstanding anything to
the contrary, Borrower shall not be entitled to request any conversion or continuation that, if made, would result in more than seven Eurodollar Loans outstanding hereunder at any one time. 
 (b) Interest Election Notice. To make an election pursuant to this Section, Borrower shall deliver, by hand delivery or telecopier, a duly
completed and executed Interest Election Request to the Administrative Agent not later than the time that a Borrowing Request would be required under Section 2.03 if Borrower were requesting a Loan of the Type resulting from such
election to be made on the effective date of such election. Each Interest Election Request shall be irrevocable. Each Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Loan to which such Interest Election Request applies, or if outstanding Loans are being combined, allocation to each resulting
Loan (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Loan); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  

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 (iii) whether the resulting Loan is to be an ABR Loan or a Eurodollar Loan; and

 (iv) if the resulting Loan is a Eurodollar Loan, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election
Request requests a Eurodollar Loan but does not specify an Interest Period, then Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Loan. 
 (c) Automatic Conversion to ABR Loan. If an Interest Election Request with respect to
a Eurodollar Loan is not timely delivered prior to the end of the Interest Period applicable thereto, then, unless such Loan is repaid as provided herein, at the end of such Interest Period such Loan shall be converted to an ABR Loan.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, the Administrative Agent or the Required Lenders may require, by notice to Borrower, that (i) no outstanding Loan may be converted to or
continued as a Eurodollar Loan and (ii) unless repaid, each Eurodollar Loan shall be converted to an ABR Loan at the end of the Interest Period applicable thereto. 
 SECTION 2.09 Optional and Mandatory Prepayments of Loans. 
 (a) Optional
Prepayments. Borrower shall have the right at any time and from time to time to prepay any Loan, in whole or in part, subject to the requirements of this Section 2.09; provided that each partial prepayment shall be in an
amount that is an integral multiple of $500,000 and not less than $1.0 million. 
 (b) Mandatory Prepayments. Upon the occurrence of
the Amendment Effective Date, Borrower shall, on such date, repay or prepay all its outstanding Loans. 
 (c) Notice of Prepayment.
Borrower shall notify the Administrative Agent by written notice of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Loan, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment
and (ii) in the case of prepayment of an ABR Loan, not later than four hours (during the normal Business Day) prior to such prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of
termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such termination is revoked in accordance with Section 2.07. Each such notice shall specify the prepayment date,
the principal amount of each Loan or portion thereof to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Loan shall be in an amount
that would be permitted in the case of a Loan of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. 
  

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 SECTION 2.10 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Loan: 
 (a) the Administrative Agent determines (which determination shall be final and conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
 (b) the Administrative Agent is advised in writing 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 Loan for such Interest Period; 
 then the Administrative Agent shall give written notice thereof to Borrower and the Lenders as
promptly as practicable thereafter and, until the Administrative Agent notifies Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (which notice shall be promptly given), (i) any Interest Election Request
that requests the conversion of any Loan to, or continuation of any Loan as, a Eurodollar Loan shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Loan, such Loan shall be made as an ABR Loan. 
 SECTION 2.11 Yield Protection. 
 (a) Increased Costs 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 Lender to any tax of any kind whatsoever with respect to this Agreement, or any Loan made by
it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.14 and the imposition of, or any change in the rate of, any Excluded Tax payable by such
Lender); or 
 (iii) impose on any Lender or the London interbank market any other condition, cost or expense (excluding
Taxes) affecting this Agreement or Eurodollar Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such Lender’s holding company, if any, or to reduce the amount of any sum received or
receivable by such Lender hereunder (whether of principal, interest or any other amount), then, upon request of such Lender, Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs
incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender determines (in good faith, but in its sole absolute
discretion) that any Change in Law affecting such Lender or any lending office of 

  

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such Lender or such Lender’s holding company, if any, regarding capital 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, the Commitments of such Lender 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), then from time to time Borrower will pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender setting forth in reasonable detail 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 2.11 and delivered to Borrower shall be conclusive absent manifest error. Subject to Section 2.11(d), 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 2.11 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to this Section for any
increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof) .

 SECTION 2.12 Breakage Payments. In the event of (a) the payment or prepayment, whether optional or mandatory, of any
principal of any Eurodollar Loan earlier than the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan earlier than the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurodollar Loan earlier than the last day of the Interest Period
applicable thereto as a result of a request by Borrower pursuant to Section 2.15(b), then, in any such event, Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event
not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at
the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to
receive pursuant to this Section 2.12 shall be delivered to Borrower (with a 

  

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copy to the Administrative Agent) and shall be conclusive and binding absent manifest error. Borrower shall pay such Lender the amount shown as due on any
such certificate within 5 days after receipt thereof. 
 SECTION 2.13 Payments Generally; Pro Rata Treatment; Sharing of
Setoffs. 
 (a) Payments Generally. Borrower shall make each payment required to be made by it hereunder or under any other
Loan Document (whether of principal, interest, fees or of amounts payable under Section 2.11, 2.12, 2.14 or 9.03, or otherwise) on or before the time expressly required hereunder or under such other Loan Document for
such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without setoff, deduction or counterclaim. Any amounts received after such time on any date may,
in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at the
address specified in Section 9.01(a)(ii) hereof, except that payments pursuant to Sections 2.11, 2.12, 2.14 and 9.03 shall be made directly to the persons entitled thereto and payments pursuant to other Loan
Documents shall be made to the persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following receipt thereof. If any payment
under any Loan Document shall be due on a day that is not a Business Day, unless specified otherwise, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon
shall be payable for the period of such extension. All payments under each Loan Document shall be made in dollars, except as expressly specified otherwise. 
 (b) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall
be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward
payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 
 (c) Sharing of Setoff. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations
resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other Obligations greater than its pro rata share thereof as provided herein, then the Lender receiving
such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall
be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:

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

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 (ii) the provisions of this paragraph shall not be construed to apply to (x) any
payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or
participant, other than to Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). 
 Each Loan Party consents to the
foregoing and agrees, to the extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 
 (d) Borrower Default. Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder
that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event,
if Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. 
 (e) Lender Default. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.02(c), 2.13(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of
such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.14 Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of
Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if Borrower shall be required by applicable Requirements of Law
to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions and (iii) Borrower shall
timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law. 
  

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 (b) Payment of Other Taxes by Borrower. Without limiting the provisions of paragraph
(a) above, Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law. 
 (c) Indemnification by Borrower. Borrower shall indemnify the Administrative Agent and each Lender, within 20 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other 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 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. 
 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrower to a Governmental Authority, Borrower shall deliver to the Administrative Agent the original or
a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Status of Lenders. Any Foreign Lender shall, to the extent it may lawfully do so, deliver to 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 request of Borrower or the Administrative Agent or if the
Lender’s factual or legal circumstances have changed since it last provided the form, rendering such form obsolete or incorrect, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty
to which the United States of America is a party, 
 (ii) duly completed copies of Internal Revenue Service 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, in substantially the form of Exhibit H, or any other form approved by the Administrative Agent, to the effect that such Foreign Lender is not (A) a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or 
  

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 (iv) any other form prescribed by applicable Requirements of Law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit Borrower to determine the withholding or deduction
required to be made. 
 (f) Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its good faith sole
discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section, it shall pay to Borrower an
amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent, or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund) so as to leave such Lender or Administrative Agent in no
better or worse position than in which each would have been if payment of the relevant additional amount had not been made; provided that Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid
over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such
Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower or any other
person. 
 SECTION 2.15 Mitigation Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.11, or requires Borrower to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.11 or 2.14, as the case may be and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. A certificate setting forth such costs and expenses submitted by such Lender to Borrower shall be conclusive absent manifest error. 
 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.11, or if Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, or if Borrower exercises its replacement rights under
Section 9.02(c), then Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required 

  

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by, Section 9.04), all of its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 
 (i) Borrower shall have paid to the Administrative Agent the processing and recordation fee specified in Section 9.04(b); 
 (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 2.12), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.11 or payments required to be
made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments thereafter; and 
 (iv) such assignment does not conflict with applicable Requirements of Law. 
 A Lender shall not be required to make any
such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply. 
 ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES 
 Each Loan Party represents and warrants to the Administrative Agent and each of the Lenders that: 
 SECTION 3.01 Organization; Powers. Each Loan Party (a) is duly organized and validly existing under the laws of the jurisdiction of its
organization, (b) has all requisite organizational power and authority to carry on its business as now conducted and to own and lease its property and (c) is qualified and in good standing (to the extent such concept is applicable in the
applicable jurisdiction) to do business in every jurisdiction where such qualification is required, except in such jurisdictions where the failure to so qualify or be in good standing, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. There is no existing default under any Organizational Document of any Loan Party or any event which, with the giving of notice or passage of time or both, would constitute a default by any party
thereunder. 
 SECTION 3.02 Authorization; Enforceability. The Loan Documents to be entered into by each Loan Party are within
such Loan Party’s powers and have been duly authorized by all necessary action on the part of such Loan Party. This Agreement has been duly executed and delivered by each Loan Party and constitutes, and each other Loan Document to which any
Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of such Loan Party, enforceable 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. 
  

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 SECTION 3.03 No Conflicts. The execution, delivery and performance by each Loan Party of
each Loan Document to which it is a party (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force
and effect, and (ii) consents, approvals, registrations, filings, permits or actions the failure to obtain or perform which could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate the Organizational
Documents of any Loan Party, (c) will not violate any Requirement of Law in any material respect, (d) will not violate or result in a default or require any consent or approval under any indenture, agreement or other instrument binding
upon any Loan Party or its property, or give rise to a right thereunder to require any payment to be made by any Loan Party, except for violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material
Adverse Effect, and (e) will not result in the creation or imposition of any Lien on any property of any Loan Party. 
 SECTION 3.04
Financial Statements. 
 (a) Historical Financial Statements. Borrower has heretofore delivered to the Administrative Agent
the consolidated balance sheets and related income statements and statements of cash flows and statements of changes in member interests of Borrower (i) as of and for the 12-month period ended December 31, 2008, and (ii) monthly
financial statements for each fiscal month ended thereafter ending more than 45 days prior to the Effective Date, and in the case of clause (i), certified by the chief financial officer of Borrower. Such financial statements have been prepared in
accordance with GAAP and fairly present, in all material respects, the consolidated financial condition and results of operations and cash flows of Borrower and its Subsidiaries as of the dates and for the periods to which they relate. 

(b) No Liabilities. Except as set forth in the financial statements referred to in Section 3.04(a), there are no liabilities of the
Borrower and its Subsidiaries of any kind, whether accrued, contingent, absolute, determined, determinable or otherwise, which could reasonably be expected to result in a Material Adverse Effect. Since December 31, 2008 there has been no event,
change, circumstance or occurrence that, individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.05 Properties. The Borrower has good title to, or valid leasehold interests in, all its property material to its business, free and clear of all Liens except for, Permitted Liens and minor
irregularities or deficiencies in title that, individually or in the aggregate, do not materially interfere with its ability to conduct its business as currently conducted or to utilize such property for its intended purpose. The property of the
Borrower and its Subsidiaries, taken as a whole, is in good operating order, condition and repair (ordinary wear and tear excepted) in accordance with industry standards. 
 SECTION 3.06 Intellectual Property. The Borrower owns, or is licensed to use, all patents, patent applications, trademarks, trade names, servicemarks, copyrights, technology, trade secrets, proprietary
information, domain names, know-how and processes necessary for the 

  

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conduct of its business as currently conducted (the “Intellectual Property”), except for those the failure to own or license which,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No claim has been asserted and is pending by any person challenging or questioning the use of any such Intellectual Property or the validity
or effectiveness of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim, in each case that could reasonably be expected to result in a Material Adverse Effect. The use of such Intellectual Property by
each Loan Party does not infringe the rights of any person, except for such claims and infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.07 Subsidiaries. Schedule 3.07(a) sets forth a list of (i) all the Subsidiaries of Borrower and their jurisdictions
of organization as of the Effective Date and (ii) an accurate organizational chart, showing the ownership structure of Borrower and each of its Subsidiaries on the Effective Date. 
 SECTION 3.08 Litigation; Compliance with Laws. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority now pending or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party or any business, property or rights of any Loan Party (a) that involve any Loan Document or (b) which could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect. The Borrower is not in violation of, nor will the continued operation of its property as currently conducted violate or result in default of 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 3.09 Agreements. The Borrower is not a party to any agreement or instrument or subject to any corporate or other constitutional restriction that has resulted or could reasonably be expected to result in a Material
Adverse Effect. The Borrower is not in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other agreement or instrument to which it is a party or by which it or any of its
property is or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect, and no condition exists which, with the giving of notice or the lapse of time or both, would constitute such a default. 

SECTION 3.10 Federal Reserve Regulations. No Loan Party 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. No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation
of, or that is inconsistent with, the provisions of the regulations of the Board, including Regulation T, U or X. 
 SECTION 3.11
Investment Company Act. No Loan Party is an “investment company” or a company “controlled” by an “investment company,” as defined in, or subject to regulation under, the Investment Company Act of 1940, as
amended. 
 SECTION 3.12 Use of Proceeds. The Borrower will use the proceeds of the Loans to fund the Pre-Closing Expenditures.

  

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 SECTION 3.13 Taxes. The Borrower has (a) timely filed or caused to be timely filed all
federal Tax Returns and all material state, local and foreign Tax Returns or materials required to have been filed by it and (b) duly and timely paid, collected or remitted or caused to be duly and timely paid, collected or remitted all Taxes
(whether or not shown on any Tax Return) due and payable, collectible or remittable by it and all assessments received by it, except Taxes (i) that are being contested in good faith by appropriate proceedings and for which the Borrower has set
aside on its books adequate reserves in accordance with GAAP and (ii) which could not, individually or in the aggregate, have a Material Adverse Effect. The Borrower has made adequate provision in accordance with GAAP for all Taxes not yet due
and payable. The Borrower is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect. 
 SECTION 3.14 No Material Misstatements. No written information, report, financial statement, certificate, Borrowing Request, exhibit or
schedule furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto, taken as a whole, contained or contains any
material misstatement of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were or are made, not misleading as of the date such information is dated or
certified; provided that (a) to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, each Loan Party represents only that it acted in good faith and
utilized reasonable assumptions and due care in the preparation of such information, report, financial statement, exhibit or schedule (it being recognized by the Lenders, however, that projections as to future events are not to be viewed as facts
and that results during the period(s) covered by such projections may differ from the projected results and that such differences may be material and that the Loan Parties make no representation that such projections will be realized) and
(b) as to statements, information and reports supplied by third parties after the Effective Date, Borrower represents only that it is not aware of any material misstatement or omission therein. 
 SECTION 3.15 Labor Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against the Borrower pending or, to the
knowledge of the Borrower, threatened. The hours worked by and payments made to employees of the Borrower have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any other applicable federal, state, local or foreign law
dealing with such matters in any manner which could reasonably be expected to result in a Material Adverse Effect. All payments due from the Borrower, or for which any claim may be made against the Borrower, 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 except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The execution, delivery and
performance of the Loan Documents and the consummation of the transactions contemplated thereby 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 of its Subsidiaries is bound. 
 SECTION 3.16 Solvency. Immediately after the execution, delivery and
performance of the Loan Documents and the consummation of the transactions contemplated 

  

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thereby on the Effective Date and immediately following the making of each Loan and after giving effect to the application of the proceeds of each Loan,
(a) the fair value of the properties of each Loan Party (individually and on a consolidated basis with its Subsidiaries, and determined on a going concern basis) will exceed the probable liability of its debts and other liabilities,
subordinated, contingent or otherwise; (b) the present fair saleable value of the property of each Loan Party (individually and on a consolidated basis with its Subsidiaries) 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) each Loan Party (individually and on a consolidated basis with its Subsidiaries)
will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each Loan Party (individually and on a consolidated basis with its Subsidiaries) will not
have unreasonably small capital with which to conduct its business in which it is engaged as such business is now conducted and is proposed to be conducted following the Effective Date. 
 SECTION 3.17 Employee Benefit Plans. Each Loan Party and 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 any Loan Party or any of its ERISA Affiliates or the imposition of a Lien on any of the property of any Loan Party. The present value of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $250,000 the fair market value of the property of
all such underfunded Plans. Using actuarial assumptions and computation methods consistent with subpart I of subtitle E of Title IV of ERISA, the aggregate liabilities of each Loan Party or its ERISA Affiliates to all Multiemployer Plans in the
event of a complete withdrawal therefrom, as of the close of the most recent fiscal year of each such Multiemployer Plan, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.18 Real Property. The Borrower does not own or lease any material Real Property or own, lease or operate any material facility on
any Real Property other than pursuant to the lease agreement entered into as of April 22, 2008, with Bryan Tower II, L.P. as lessor and the Borrower as lessee. 
 SECTION 3.19 Insurance. All material insurance maintained by the Borrower is in full force and effect. The Borrower has insurance in such amounts and covering such risks and liabilities as are customary
for companies of a similar size engaged in similar businesses in similar locations. 
 SECTION 3.20 Anti-Terrorism Law. No Loan
Party and, to the knowledge of the Loan Parties, none of its Affiliates is in violation of any Requirement of Law relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on
Terrorist Financing, effective September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

  

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 No Loan Party and to the knowledge of the Loan Parties, no Affiliate or broker or other agent of any Loan
Party acting or benefiting in any capacity in connection with the Loans is any of the following: 
 (i) a person that is
listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (ii) a person owned or
controlled by, or acting for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (iii) a person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or

 (v) a person that is named as a “specially designated national and blocked person” on the most current list
published by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) at its official website or any replacement website or other replacement official publication of such list. 
 No Loan Party and, to the knowledge of the Loan Parties, no broker or other agent of any Loan Party acting in any capacity in connection with the Loans
(i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in paragraph (b) above, (ii) deals in, or otherwise engages in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in any Anti-Terrorism Law. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 
 SECTION 4.01 Conditions to the Initial
Loans. The obligation of each Lender to make its initial Loans shall be subject to the satisfaction (or waiver thereof) of each of the conditions precedent set forth below. 
 (a) Loan Documents. The Administrative Agent shall have received (i) on or before the Effective Date true and complete copies of the Loan
Documents, all of which shall have been duly authorized, executed and delivered by the Loan Parties thereto and shall be in full force and effect, and (ii) on or before the date of making the initial Loan, each of the related agreements,
documents, instruments and other items set forth on the closing checklist attached hereto as Exhibit F, each in form and substance reasonably satisfactory to the Administrative Agent in all material respects. 
 (b) Amendment Agreement. The Administrative Agent shall have received on or before the Effective Date a true and correct copy of the Amendment
Agreement, which shall have been duly authorized, executed and delivered by the parties thereto, in form and substance reasonably satisfactory to the Administrative Agent in all material respects. 
  

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 (c) Investment Agreement. The Administrative Agent shall have received on or before the Effective
Date a true and correct copy of the Investment Agreement, which shall have been duly authorized, executed and delivered by the parties thereto, in form and substance reasonably satisfactory to the Administrative Agent in all material respects.

 SECTION 4.02 Conditions to All Loans. The obligation of each Lender to make any Loan (including the initial Loan) shall be
subject to, and to the satisfaction of, each of the conditions precedent set forth below. 
 (a) Notice. The Administrative Agent
shall have received a Borrowing Request as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03). 
 (b) No Default. No Default has occurred and is continuing or would result from the making of such Loan or from the application of the proceeds therefrom. 
 (c) Representations and Warranties. Each of the representations and warranties made by any Loan Party set forth in (i) Article III
hereof or in any other Loan Document and (ii) Article III of the Amended Credit Agreement (without giving effect to any amendment, modification, supplement or waiver thereof after the Effective Date other than giving effect to the Amendment
Agreement upon the occurrence of the Amendment Effective Date) shall be true and correct in all material respects on and as of the date of such Loan with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date. 
 The delivery of a Borrowing Request and the acceptance by Borrower of
the proceeds of such Loan shall constitute a representation and warranty by Borrower and each other Loan Party that on the date of such Loan (both immediately before and after giving effect to such Loan and the application of the proceeds thereof)
the conditions contained in Sections 4.02(b) and (c) have been satisfied. Borrower shall provide such information as the Administrative Agent may reasonably request to confirm that the conditions in Sections 4.02(b) and
(c) have been satisfied. 
 ARTICLE V 
 COVENANTS 
 So long as this Agreement shall remain in effect and until the Commitments have been
terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full, unless the Required Lenders shall otherwise consent in writing, each Loan Party
covenants and agrees with each Lender that: 
 SECTION 5.01 Indenture Covenants. The Borrower shall (i) comply with, and
cause its Subsidiaries to comply with, in each case in all material respects, each of the covenants set forth in Article 4 of the Indenture, without giving effect to any amendment, modification, supplement or waiver thereof after the Effective Date
and (ii) deliver a copy to the 

  

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Administrative Agent of each material notice, report, statement, filing, certificate, resolution, item or document delivered by or on behalf of the Borrower
or received by or on behalf of the Borrower pursuant to Article 4 and Article 6 of the Indenture concurrently upon such delivery or receipt. 
 SECTION 5.02 Amended Credit Agreement Covenants. Each of the Guarantors shall (i) comply in all material respects with each of the covenants set forth in the Amended Credit Agreement, without giving effect to any
amendment, modification, supplement or waiver thereof after the Effective Date (other than giving effect to the Amendment Agreement upon the occurrence of the Amendment Effective Date) and (ii) deliver a copy to the Administrative Agent of each
material notice, report, statement, filing, certificate, resolution, item or document delivered by or on behalf of any Guarantor or received by or on behalf of any Guarantor pursuant to Article V, Article VI and Article VIII of the Amended Credit
Agreement (which shall give effect to the Amendment Agreement upon the occurrence of the Amendment Effective Date) concurrently upon such delivery or receipt. 
 SECTION 5.03 Financial Information; Compliance. Each Loan Party shall, and shall cause each of its Subsidiaries to furnish to the Administrative Agent and each Lender promptly, from time to time, such
information regarding the operations, business affairs and financial condition of each Company, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request. 
 SECTION 5.04 Litigation and Other Notices. Each Loan Party shall, and shall cause each of its Subsidiaries to furnish to the Administrative
Agent and each Lender written notice of the following promptly (and, in any event, within three Business Days of knowledge thereof): 
 (a)
any 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, litigation or proceeding, whether at law or in equity by or before any Governmental Authority, (i) against any
Company, or any Affiliate thereof, that could reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document; 
 (c) any development that has resulted in, or could reasonably be expected to result in a Material Adverse Effect; and 
 (d) any material change in the accounting policies or financial reporting practices of the Loan Parties. 
 SECTION 5.05 Access to Properties and Inspections. Each Loan Party shall, and shall cause each of its Subsidiaries to 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 and to permit any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the
property of such Loan Party at reasonable times during normal business 

  

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hours and as often as reasonably requested and at such time to make extracts from and copies of such financial records (provided that so long as no
Event of Default has occurred and is continuing the Lenders shall be entitled to only one such visit per year coordinated by the Administrative Agent and each other visit by the Administrative Agent shall be at its expense), and permit any
representatives designated by the Administrative Agent or any Lender to discuss the affairs, finances, accounts and condition of any Loan Party with the officers and employees thereof and advisors therefor (including independent accountants).

 SECTION 5.06 Use of Proceeds. The Borrower shall use the proceeds of the Loans only for the purposes set forth in
Section 3.12. 
 SECTION 5.07 Additional Guarantors. With respect to any person that is or becomes a Subsidiary
after the Effective Date (other than a Joint Venture or RIGS; provided that for the purposes of this Section 5.07, RIGS shall be a Subsidiary subject to the terms of this Section 5.07 if the Amendment Effective Date
does not occur by April 30, 2009), it shall promptly (and in any event within 30 days after such person becomes a Subsidiary) cause such new Subsidiary to execute a Joinder Agreement or such comparable documentation to become a Guarantor.
Notwithstanding the foregoing, no Foreign Subsidiary shall be required to take the actions specified in the immediately preceding sentence of this Section 5.07, if doing so would constitute an investment of earnings in United States
property under Section 956 (or a successor provision) of the Code, which investment would or could reasonably be expected to trigger a material increase in the net income of a United States shareholder of such Subsidiary pursuant to
Section 951 (or a successor provision) of the Code; provided that this exception shall not apply to (A) Voting Stock of any Subsidiary which is a first-tier controlled foreign corporation (as defined in Section 957(a) of the
Code) representing 66% of the total voting power of all outstanding Voting Stock of such Subsidiary and (B) 100% of the Equity Interests not constituting Voting Stock of any such Subsidiary, except that any such Equity Interests constituting
“stock entitled to vote” within the meaning of Treasury Regulation Section 1.956 -2(c)(2) shall be treated as Voting Stock for purposes of this Section 5.07. 
 SECTION 5.08 Further Assurances. Each Loan Party shall, and shall cause each of its Subsidiaries to, upon the exercise by the
Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to any Loan Document which requires any consent, approval, registration, qualification or authorization of any Governmental Authority, execute and deliver all
applications, certifications, instruments and other documents and papers that the Administrative Agent or such Lender may require. 
 SECTION 5.09 Notice of Effectiveness of Amendment Agreement. It shall furnish to the Administrative Agent and each Lender written notice of the occurrence of the Amendment Effective Date (and if such date does not occur on or
before April 30, 2009, prompt written notice thereof). 
 SECTION 5.10 Anti-Terrorism Law; Anti-Money Laundering.

 (a) No Loan Party shall, nor shall they cause or permit any Subsidiaries to directly or indirectly, (i) knowingly conduct any business
or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in Section 3.20, 

  

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(ii) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or any other Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any
Anti-Terrorism Law (and the Loan Parties shall deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming the Loan Parties’ compliance with this
Section 5.10). 
 (b) No Loan Party shall, nor shall they cause or permit any Subsidiaries to cause or permit any of the funds of
such Loan Party that are used to repay the Loans to be derived from any unlawful activity with the result that the making of the Loans would be in violation of any Requirement of Law. 
 SECTION 5.11 Embargoed Person. No Loan Party shall, nor shall they cause or permit any Subsidiaries to cause or permit (a) any of the
funds or properties of the Loan Parties that are used to repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, any person subject to sanctions or trade restrictions under United States law (“Embargoed
Person” or “Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and Blocked Persons” maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to
any authorizing statute including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Order or
Requirement of Law promulgated thereunder, with the result that the investment in the Loan Parties (whether directly or indirectly) is prohibited by a Requirement of Law, or the Loans made by the Lenders would be in violation of a Requirement of
Law, or (2) the Executive Order, any related enabling legislation or any other similar Executive Orders or (b) any Embargoed Person to have any direct or indirect interest, of any nature whatsoever in the Loan Parties, with the result that
the investment in the Loan Parties (whether directly or indirectly) is prohibited by a Requirement of Law or the Loans are in violation of a Requirement of Law. 
 ARTICLE VI 
 GUARANTEE 
 SECTION 6.01 The Guarantee. The Guarantors hereby jointly and severally guarantee, as a primary obligor and not as a surety to the
Administrative Agent and each Lender and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and
interest (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code) on the Loans made by
the Lenders to, and the Notes held by each Lender of, Borrower, and all other Obligations from time to time owing to the Administrative Agent and/or the Lenders by any Loan Party under any Loan Document, in each case strictly in accordance with the
terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree that if Borrower or other Guarantor(s) shall fail to pay in full when due (whether at
stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any 

  

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extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity,
by acceleration or otherwise) in accordance with the terms of such extension or renewal. 
 SECTION 6.02 Obligations
Unconditional. The obligations of the Guarantors under Section 6.01 shall constitute a guaranty of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint
and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any
substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a
surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall
remain absolute, irrevocable and unconditional under any and all circumstances as described above: 
 (i) at any time or from
time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 
 (ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument
referred to herein or therein shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations shall be
accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other
guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 
 (iv) any Lien or security interest granted to, or in favor of any Lender or the Administrative Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or 
 (v) the release of any other Guarantor pursuant to Section 6.09. 
 The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the
Administrative Agent or any Lender exhaust any right, power or remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any
other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of
reliance by the Administrative Agent or any Lender upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to 

  

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have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between Borrower and the Administrative Agent and/or any Lender
shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of
offset with respect to the Guaranteed Obligations at any time or from time to time held by the Administrative Agent and/or any Lender, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the
pursuit by the Administrative Agent and/or any Lender or any other person at any time of any right or remedy against Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or
against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the
successors and assigns thereof, and shall inure to the benefit of the Administrative Agent and each Lender, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no
Guaranteed Obligations outstanding. 
 SECTION 6.03 Reinstatement. The obligations of the Guarantors under this Article
VI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of
the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 
 SECTION 6.04
Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations and the expiration and termination of the Commitments it shall waive any claim and
shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 6.01, whether by subrogation or otherwise, against Borrower or any other Guarantor of any of the
Guaranteed Obligations or any security for any of the Guaranteed Obligations. 
 SECTION 6.05 Remedies. The Guarantors jointly
and severally agree that, as between the Guarantors and the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 7.01 (and shall be deemed
to have become automatically due and payable in the circumstances provided in Section 7.01) for purposes of Section 6.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such
obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable
by Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 6.01. 
 SECTION 6.06
Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article VI constitutes an instrument for the payment of money, and consents and agrees that any Lender or the Administrative Agent,
at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 
  

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 SECTION 6.07 Continuing Guarantee. The guarantee in this Article VI is a continuing
guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 
 SECTION 6.08 General Limitation on Guarantee
Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights
of creditors generally, if the obligations of any Guarantor under Section 6.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the
amount of its liability under Section 6.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Loan Party or any other person, be automatically
limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
 SECTION 6.09 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the Equity Interests or property of any Guarantor are sold or
otherwise transferred (a “Transferred Guarantor”) to a person or persons, none of which is Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be released from its obligations
under this Agreement (including under Section 9.03 hereof). 
 ARTICLE VII 
 EVENTS OF DEFAULT 
 SECTION 7.01
Events of Default. Upon the occurrence and during the continuance of the following events (“Events of Default”): 
 (a) 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 (whether voluntary or mandatory) thereof or by
acceleration thereof or otherwise; 
 (b) 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 paragraph (a) 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 three Business Days; 
 (c) any representation or warranty made or deemed made in or in connection with or pursuant to any Loan Document or in any notice or certificate
delivered hereunder, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished; 
 (d)
default shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in Section 5.04(a) or Section 5.06; 
 (e) default shall be made in the due observance or performance by any Company of any covenant, condition or agreement contained in any Loan Document
(other than 

  

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those specified in paragraphs (a), (b) or (d) immediately above) and such default shall continue unremedied or shall not be waived for a period of
30 days after written notice thereof from the Administrative Agent or any Lender to Borrower; 
 (f) any Company shall (i) fail to pay
any principal or interest, regardless of amount, due in respect of any Indebtedness (other than the Obligations), when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other
term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness if the effect of any failure referred to in this clause (ii) is to cause, or to permit the holder or holders of such
Indebtedness or a trustee or other representative on its or their behalf (with or without the giving of notice, the lapse of time or both) to cause, such Indebtedness to become due prior to its stated maturity or become subject to a mandatory offer
purchase by the obligor; provided that it shall not constitute an Event of Default pursuant to this paragraph (f) unless the aggregate amount of all such Indebtedness referred to in clauses (i) and (ii) exceeds $10.0 million at
any one time (provided that, in the case of Hedging Obligations, the amount counted for this purpose shall be the amount payable by all Companies if such Hedging Obligations were terminated at such time); 
 (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 any Company, or of a substantial part of the property of any Company, 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 of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Company or for a substantial part of the property of any Company; or (iii) the winding-up or liquidation of any
Company; and such proceeding or petition shall continue undismissed and unstayed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (h) any Company 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 clause (g) above; (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Company or for a substantial part of the property
of any Company; (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) admit in writing its inability or fail
generally to pay its debts as they become due; (vii) take any action for the purpose of effecting any of the foregoing; or (viii) wind up or liquidate except as expressly permitted under the Indenture or Amended Credit Agreement, as
applicable; 
 (i) one or more judgments, orders or decrees for the payment of money in an aggregate amount in excess of $10.0 million (that
are not covered by insurance from an insurance company with an A.M. Best financial strength rating of at least A-, it being understood that even if such amounts are covered by insurance from such an insurance company such amounts shall count against
such basket if responsibility for such amounts has been denied by such insurance company) shall be rendered against any Company or any combination thereof and 

  

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the same shall remain undischarged, unvacated or unbonded 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 properties of any Company to enforce any such judgment; 
 (j) one or more
ERISA Events shall have occurred that, in the opinion of the Required Lenders, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect; 
 (k) any Loan Document or any material provisions thereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null
and void, or a proceeding shall be commenced by any Loan Party or any other person, or by any Governmental Authority, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision
thereof), or any Loan Party shall repudiate or deny any portion of its liability or obligation for the Obligations; or 
 (l) there shall
have occurred a Change in Control; 
 then, and in every such event (other than an event with respect to Borrower described in paragraph (g) or
(h) above), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to Borrower, take either or both of the following actions, at the same or
different times: (i) terminate forthwith the Commitments and (ii) 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 Obligations of 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 Borrower and the Guarantors, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event, with respect to Borrower described in paragraph (g) or
(h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other Obligations of 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 Borrower and the Guarantors, anything contained herein or in any other
Loan Document to the contrary notwithstanding. 
 SECTION 7.02 Rescission. If at any time after termination of the Commitments
or acceleration of the maturity of the Loans, Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by it that shall have become due otherwise than by acceleration (with interest on principal and, to
the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived
pursuant Section 9.02, then upon the written consent of the Required Lenders and written notice to Borrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action
shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the 

  

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election of the Required Lenders, and such provisions are not intended to benefit Borrower and do not give Borrower the right to require the Lenders to
rescind or annul any acceleration hereunder, even if the conditions set forth herein are met. 
 ARTICLE VIII 
 THE ADMINISTRATIVE AGENT 
 SECTION
8.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints General Electric Capital Corporation, to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes such
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to such Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 SECTION 8.02 Rights as a Lender. Each person serving as 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 an Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include each person serving as Administrative Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for
and generally engage in any kind of business with Borrower or any Subsidiary or other Affiliate thereof as if such person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 SECTION 8.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (i)
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Administrative Agent is
required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that such Administrative Agent shall
not be required to take any action that, in its judgment or the judgment of its counsel, may expose such Administrative Agent to liability or that is contrary to any Loan Document or applicable Requirements of Law; and 
 (iii) shall not, 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 Borrower or any of its Affiliates that is communicated to or obtained by the person serving as such Agent or any of its Affiliates in any capacity. 
  

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 The Administrative Agent shall not be liable for any action taken or not taken by it (x) 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 Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided Section 9.02)
or (y) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Administrative Agent by
Borrower or a Lender. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to such Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this Agreement with reference to the Administrative 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 us used merely as a matter of market custom and is intended to create or reflect only an administrative relationship between independent contracting
parties. 
 SECTION 8.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be
genuine and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition
is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for 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. 
 SECTION 8.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub agents appointed by such Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by
or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  

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 SECTION 8.06 Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with Borrower, to appoint a successor, which shall be a bank with an office in the
United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if the Administrative Agent shall notify
Borrower and the Lenders that no qualifying person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through an Agent shall instead be made by or to each Lender directly, until such time as
the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this paragraph). The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor.
After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article VIII and Section 9.03 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 
 SECTION 8.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under
or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  

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 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01 Notices. 
 (a) Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in
paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows: 

 

	 	(i)	if to any Loan Party, to Borrower at: 

 Regency Energy
Partners LP 
 c/o Regency GP LP, its General Partner 
 c/o Regency GP LLC, its General Partner 
 2001 Bryan Street, Suite 3700 
 Dallas, Texas 75201 
 Attention: Stephen L.
Arata 
 Telecopier No.: (214) 840-5515 
 E-mail: stephen.arata@regencygas.com 
 with a copy to: 
 Regency Energy Partners LP 
 c/o Regency GP
LP, its General Partner 
 c/o Regency GP LLC, its General Partner 
 2001 Bryan Street, Suite 3700 
 Dallas,
Texas 75201 
 Attention: Dan Fleckman 
 Telecopier No.: (214) 840-5515 
 E-mail: dan.fleckman@regencygas.com 
  

	 	(ii)	if to the Administrative Agent, to it at: 

 General
Electric Capital Corporation 
 c/o GE Energy Financial Services 
 800 Long Ridge Road 
 Stamford, CT 06927

 Attention: Portfolio Manager – Regency Energy Partners Revolver 
 Fax: (203) 357-4890 
  

	 	(iii)	if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire. 

 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, 

  

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shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 
 (b) Electronic
Communications. Notices and other communications to the Lenders hereunder may (subject to Section 9.01(d)) be delivered or furnished by electronic communication (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 Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it
(including as set forth in Section 9.01(d)); provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications 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, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications hereunder by
notice to the other parties hereto. 
 (d) Posting. Each Loan Party hereby agrees that it will provide to the Administrative Agent all
information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all notices, requests, financial statements, financial and other reports,
certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Loan (including any election of an interest rate or interest period relating thereto),
(ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default under this Agreement or (iv) is required to be delivered to satisfy any
condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications, collectively, the “Communications”), by transmitting the Communications in
an electronic/soft medium in a format reasonably acceptable to the Administrative Agent at sean.kelly@ge.com or at such other e-mail address(es) provided to Borrower from time to time or in such other form, including hard copy delivery
thereof, as the Administrative Agent shall require. In addition, each Loan Party agrees to continue to provide the Communications to the Administrative Agent in the manner specified in this Agreement or any other Loan Document or in such other form,
including hard copy delivery thereof, as the 

  

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Administrative Agent shall require. Nothing in this Section 9.01 shall prejudice the right of the Administrative Agent, any Lender or any Loan
Party to give any notice or other communication pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document or as the Administrative Agent shall require. 
 To the extent consented to by the Administrative Agent in writing from time to time, Administrative Agent agrees that receipt of the Communications by
the Administrative Agent at its e-mail address(es) set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. 
 Each Loan Party further agrees that Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks
or a substantially similar electronic transmission system (the “Platform”). The Platform is provided “as is” and “as available.” The Administrative Agent does not warrant the accuracy or completeness of the
Communications, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications. No warranty of any kind, express, implied or statutory, including, without limitation, 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 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 the Loan Parties, any Lender or any other person for damages of any kind, 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 such person is found in a final non-appealable judgment by a
court of competent jurisdiction to have resulted from such person’s gross negligence or willful misconduct. 
 SECTION 9.02
Waivers; Amendment. 
 (a) Generally. No failure or delay by the Administrative Agent or any Lender in exercising any right
or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent 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 any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by this Section 9.02, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. No notice or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other
circumstances. 
 (b) Required Consents. Subject to Section 9.02(c), neither this Agreement nor any other Loan Document
nor any provision hereof or thereof may be waived, amended, 

  

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supplemented or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Borrower and the Required
Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are party thereto, in each case with the written consent of the
Required Lenders; provided that no such agreement shall be effective if the effect thereof would: 
 (i) increase the
Commitment of any Lender without the written consent of such Lender (it being understood that no amendment, modification, termination, waiver or consent with respect to any condition precedent, covenant or Default shall constitute an increase in the
Commitment of any Lender); 
 (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon (other than
interest pursuant to Section 2.06(c)), or reduce any Fees payable hereunder, or change the form or currency of payment of any Obligation, without the written consent of each Lender directly affected thereby (it being understood that any
amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii)); 
 (iii) (A) change the scheduled final maturity of any Loan, (B) postpone the date for payment of any interest or fees payable
hereunder, (C) change the amount of, waive or excuse any such payment (other than waiver of any increase in the interest rate pursuant to Section 2.06(c)), or (D) postpone the scheduled date of expiration of any Commitment
beyond the Maturity Date, in any case, without the written consent of each Lender directly affected thereby; 
 (iv) increase
the maximum duration of Interest Periods hereunder, without the written consent of each Lender directly affected thereby; 
 (v) permit the assignment or delegation by Borrower of any of its rights or obligations under any Loan Document, without the written consent of each Lender; 
 (vi) release all or substantially all of the Guarantors from their Guarantee (except as expressly provided in Article VI), or limit
their liability in respect of such Guarantee, without the written consent of each Lender; 
 (vii) change
Section 2.13(b) or (c) in a manner that would alter the pro rata sharing of payments or setoffs required thereby or any other provision in a manner that would alter the pro rata allocation among the Lenders of
Loan disbursements, including the requirements of Sections 2.02(a), without the written consent of each Lender directly affected thereby; 
 (viii) change any substantive provision of this Section 9.02(b) or (c), without the written consent of each Lender directly affected thereby; 
 (ix) change the percentage set forth in the definition of “Required Lenders,” or any other provision of any Loan Document
(including this Section) specifying the number or percentage of Lenders required to waive, amend or modify any rights 

  

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thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, other than to increase such percentage or
number or to give any additional Lender or group of Lenders such right to waive, amend or modify or make any such determination or grant any such consent; 
 (x) change or waive any provision of Article IX as the same applies to the Administrative Agent, or any other provision hereof as the same applies to the rights or obligations of the Administrative Agent, in
each case without the written consent of such Administrative Agent; or 
 (xi) expressly change or waive any condition
precedent in Section 4.01 to any Loan without the written consent of the Required Lenders. 
 (c) Dissenting Lenders. If,
in connection with any proposed change, waiver, discharge or termination of the provisions of this Agreement as contemplated by Section 9.02(b), the consent of the Required Lenders is obtained but the consent of one or more of such other
Lenders whose consent is required is not obtained, then Borrower shall have the right to replace such non-consenting Lender or Lenders, so long as all non-consenting Lenders are so replaced (or, at the option of Borrower if the respective
non-consenting Lenders’ consent is required with respect to less than all Loans (or related Commitments), to replace only the Commitments and/or Loans of the respective non-consenting Lender that gave rise to the need to obtain such
Lender’s individual consent), with one or more persons pursuant to Section 2.15 so long as at the time of such replacement each such new Lender consents to the proposed change, waiver, discharge or termination. 
 SECTION 9.03 Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its respective Affiliates (including the reasonable fees, charges and
disbursements of counsel, and local counsel who specialize in gas and pipeline matters, for the Administrative Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out of pocket expenses incurred by the Administrative
Agent or any Lender (including the fees, charges and disbursements of any counsel, and local counsel who specialize in gas and pipeline matters, for the Administrative Agent, or any Lender), in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 9.03, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred
during any workout, restructuring or negotiations in respect of such and (iii) all documentary and similar taxes and charges in respect of the Loan Documents. 
 (b) Indemnification by Borrower. Borrower shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing persons (each such person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related 

  

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expenses (including the fees, charges and disbursements of any counsel, and local counsel who specialize in gas and pipeline matters, for any Indemnitee)
incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release or threatened Release of Hazardous Materials on, at, under or from any property owned, leased or operated by any Company at
any time, or any Environmental Claim related in any way to any Company, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result
from a claim brought by Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such Loan Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; provided, further, that Borrower shall not be required to reimburse the legal fees and expenses of more than one outside counsel (in
addition to any reasonably necessary special counsel and up to one local counsel in each applicable local jurisdiction) for all Indemnitees unless, in the reasonable written opinion of outside counsel to such Indemnitees, representation of all such
Indemnitees would be inappropriate due to the existence of an actual or potential conflict of interest. 
 (c) Reimbursement by
Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section 9.03 to be paid by it to the Administrative Agent (or any sub-agent thereof) or
any Related Party of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such subagent) or such Related Party, 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 (or any such sub-agent) in its capacity as such, or against any Related Party of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the
Lenders under this paragraph (c) are subject to the provisions of Section 2.13. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total outstanding
Loans and unused Commitments at the time. 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable
Requirements of Law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument 

  

 -52- 

 
contemplated hereby, the transactions contemplated hereby or thereby. No Indemnitee referred to in paragraph (b) above shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or
the transactions contemplated hereby or thereby. 
 (e) Payments. All amounts due under this Section shall be payable not later than 3
Business Days after demand therefor. 
 SECTION 9.04 Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no
Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of paragraph (b) of this Section 9.04 or (ii) by way of participation
in accordance with the provisions of paragraph (d) of this Section 9.04 (and any other attempted assignment or transfer by Borrower or any Lender shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby,
the other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided
that 
 (i) except in the case of any assignment made in connection with the primary syndication of the Commitment and
Loans by the Administrative Agent or an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved
Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, 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 $5.0 million, in the case of any assignment in respect of Loans and/or Commitments, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing,
Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed) (provided that all amounts assigned shall be aggregated in calculating the $1.0 million minimum in the event of simultaneous assignments to or from two or more
Lender Affiliates); 
  

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 (ii) 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 or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and
obligations on a non-pro rata basis; and 
 (iii) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together, if the assignment is not to a Lender, an affiliate of a Lender or an Approved Fund, with a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire. 
 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 Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 2.11, 2.12, 2.14 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section 9.04. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall
maintain at one of its offices at the address specified in Section 9.01(a)(ii) a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and Borrower, the Administrative 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 Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to,
Borrower or the Administrative Agent sell participations to any person (other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the 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) Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. 
  

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 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in clause (i), (ii) or (iii) of the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph
(e) of this Section, Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.11, 2.12 and 2.14 (subject to the requirements of those Sections) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.13 as though it were a Lender. 
 (e) Limitations on Participant Rights. A
Participant shall not be entitled to receive any greater payment under Sections 2.11, 2.12 and 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with Borrower’s prior written consent. 
 SECTION 9.05 Survival
of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.11,
2.13, 2.14 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or
the termination of this Agreement or any provision hereof. 
 SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic
Execution. 
 (a) Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with
respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and 

  

 -55- 

 
understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when the conditions set forth in
Section 4.01 are satisfied, and at such time, the signatures of the Administrative Agent and the Loan Parties to this Agreement shall be deemed to be the signatures of such Administrative Agent and Loan Parties to this Agreement.
Delivery of an executed counterpart of a signature page of this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in
any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.07
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of Borrower or any other Loan Party against any and all of the obligations of Borrower
or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such
obligations of Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and its
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its respective Affiliates may have. Each Lender agrees to notify Borrower and the Administrative Agent
promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 
  

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 (b) Submission to Jurisdiction. Each Loan Party hereby irrevocably and unconditionally submits,
for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender
may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction. 
 (c) Waiver of Venue. Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Requirements of
Law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 9.09(b). Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Requirements of Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Service of Process. Each party hereto irrevocably consents to service of process in any action or proceeding arising out of or relating to any
Loan Document, in the manner provided for notices (other than telecopier) in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted by
applicable Requirements of Law. 
 SECTION 9.10 Waiver of Jury Trial. Each Loan Party hereby waives, to the fullest extent
permitted by applicable Requirements of Law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement, any other Loan Document or the transactions contemplated hereby
(whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other 

  

 -57- 

 
representatives (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 purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 9.12, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to Borrower and its obligations or (iii) any rating agency for the purpose of obtaining a credit rating applicable to any Lender, (g) with the consent of Borrower or (h) to the extent
such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a
source other than Borrower. For purposes of this Section, “Information” means all information received from Borrower or any of its Subsidiaries relating to Borrower or any of its Subsidiaries or any of their respective businesses,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by Borrower or any of its Subsidiaries; provided that, in the case of information received from
Borrower or any of its Subsidiaries after the Effective Date, such information is clearly identified at the time of delivery as confidential. Any person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Information as such person would accord to its own confidential information. 
 SECTION 9.13 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain,
verify and record information that identifies Borrower, which information includes the name, address and tax identification number of Borrower and other information regarding Borrower that will allow such Lender or the Administrative Agent, as
applicable, to identify Borrower in accordance with the Act. This notice is given in accordance with the requirements of the Act and is effective as to the Lenders and the Administrative Agent. 
 SECTION 9.14 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any
Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable Requirements of Law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this 

  

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Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.15 Obligations Absolute. To the fullest extent permitted by applicable Requirements of Law, all obligations of the Loan Parties
hereunder shall be absolute and unconditional irrespective of: 
 (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like of any Loan Party; 
 (b) any lack of validity or enforceability of any Loan Document or any other
agreement or instrument relating thereto against any Loan Party; 
 (c) any change in the time, manner or place of payment of, or in any
other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto; 
 (d) any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Obligations; 
 (e) any exercise or non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document; or 

(f) any other circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties. 
 [Signature Pages Follow]  
  

 -59- 

 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. 
  

					
	The Borrower:
	
	REGENCY ENERGY PARTNERS LP
		
	By:	 	Regency GP LP, its General Partner
			
		 	By:	 	Regency GP LLC, its General Partner
		
	By:	 	 /s/ Stephen L. Arata

	Name:	 	Stephen L. Arata
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

			
	The Guarantors:
	
	REGENCY GAS SERVICES LP
		
	By:	 	Regency OLP GP, LLC, its General Partner
		
	By:	 	 /s/ Stephen L. Arata

	Name:	 	Stephen L. Arata
	Title:	 	Vice President

  

			
	REGENCY FIELD SERVICES LLC
	REGENCY LIQUIDS PIPELINE LLC
	 GULF STATES TRANSMISSION CORPORATION

	REGENCY GAS MARKETING LLC
	PUEBLO HOLDINGS, INC.
	PUEBLO MIDSTREAM GAS CORPORATION
	REGENCY OIL PIPELINE LLC
	REGENCY GAS UTILITY LLC
	CDM RESOURCE MANAGEMENT LLC
	FRONTSTREET HUGOTON LLC
	WGP-KHC, LLC
		
	By:	 	 /s/ Stephen L. Arata

		 	Stephen L. Arata
		 	Vice President
	
	PALAFOX JOINT VENTURE
		
	By:	 	Regency Field Services LLC, its Venturer
		
	By:	 	 /s/ Stephen L. Arata

		 	Stephen L. Arata
		 	Vice President
		
	By:	 	Regency Gas Services LP, its Venturer
		
	By:	 	Regency OLP GP LLC, its General Partner
		
	By:	 	 /s/ Stephen L. Arata

		 	Stephen L. Arata
		 	Vice President

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrative Agent
		
	By:	 	 /s/ Matthew A. Toth, III

	Name:	 	Matthew A. Toth, III
	Title:	 	Authorized Signatory

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as Lender
		
	By:	 	 /s/ Matthew A. Toth, III

	Name:	 	Matthew A. Toth, III
	Title:	 	Authorized Signatory

 Execution Copy 
 [General Electric Capital Corporation letterhead] 
 FEE LETTER 
 February 26, 2009 
 Regency Energy Partners LP

 c/o Regency GP LP, its General Partner 
 c/o Regency GP LLC,
its General Partner 
 2001 Bryan Street, Suite 3700 
 Dallas,
Texas 75201 
 Attention: Stephen L. Arata 
  

	 	Re:	Fee Letter 

 Gentlemen: 
 Reference is made to that certain Revolving Credit Agreement, dated as of the date hereof, among General Electric Capital Corporation (the
“Administrative Agent”), Regency Energy Partners LP (the “Borrower”) and the Guarantors and Lenders party thereto (as such terms are defined in such agreement) (the “Credit Agreement”). All
capitalized terms used but not defined herein shall have the respective meanings given to them in the Credit Agreement. 
 In addition to any
fees or other amounts payable by the Borrower to the Administrative Agent and Lenders under the terms of the Credit Agreement and any deposits paid to the Administrative Agent and Lenders pursuant thereto or pursuant to any other agreement, the
Borrower agrees to pay to the Administrative Agent the following fees and expenses: 
 (1) Closing Fee. A nonrefundable closing fee of
6% of the aggregate principal amount of the Commitments on the Effective Date, or U.S. $2,700,000, is due and payable in full on the Effective Date. 
 (2) Administration Fee. If by May 1, 2009 all outstanding Loans and interest due thereon under the Credit Agreement are not repaid in full and all Commitments under the Credit Agreement are not terminated,
a nonrefundable annual administration fee of U.S. $75,000 per annum shall be due and payable in full on May 1, 2009, but relate back to the Effective Date, and on each anniversary of the Effective Date. 
 The Borrower acknowledges and agrees that the Administrative Agent may provide to industry trade organizations information with respect to the
Commitments that is necessary and customary for inclusion in league table measurements. 

			
	Very truly yours,
	
	 GENERAL ELECTRIC CAPITAL
 CORPORATION

		
	By:	 	 /s/ Matthew A. Toth, III

	Name:	 	Matthew A. Toth, III
	Title:	 	Authorized Signatory

  

					
	ACCEPTED and AGREED:
	
	REGENCY ENERGY PARTNERS LP
		
	By:	 	Regency GP LP, its General Partner
			
		 	    By:	 	Regency GP LLC, its General Partner
		
	By:	 	 /s/ Stephen L. Arata

	Name:	 	Stephen L. Arata
	Title:	 	Executive Vice President and Chief Financial Officer

  

 2Second Amendment and Consent to Credit Agreement

 EXHIBIT 10.1 
 SECOND AMENDMENT AND LIMITED CONSENT TO CREDIT AGREEMENT 
 THIS SECOND AMENDMENT AND LIMITED
CONSENT TO CREDIT AGREEMENT, dated as of the first day of March, 2009 (this “Amendment”), is made among IPC HOLDINGS, LTD., a company organized under the laws of Bermuda (“IPC Holdings”), IPCRe
LIMITED, a company organized under the laws of Bermuda (“IPCRe Limited”), Lenders listed on the signature pages hereto, and WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent and Fronting Bank (the
“Administrative Agent”). 
 RECITALS 
 A. The Credit Parties, the Lenders party thereto and the Administrative Agent are parties to that certain Credit Agreement dated as of April 13, 2006 (as amended by the First Amendment dated as of
January 25, 2008 and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein without definition shall have the meanings given to them in the
Credit Agreement. 
 B. IPC Holdings and Max Capital Group Ltd., a Bermuda company (“Max Capital”) have proposed a business
combination (the “Amalgamation”) in which IPC Holdings has formed IPC Limited, a wholly-owned Bermuda Subsidiary (“Amalco Sub”) and, pursuant to the Amalgamation Agreement (as defined below) upon satisfaction of
certain conditions precedent, will amalgamate Amalco Sub with Max Capital into Max Holdings Ltd. (“Max Holdings”). Immediately after the amalgamation, IPC Holdings will change its name to Max Capital Group Ltd and will directly own
100% of the equity interests of (i) Max Holdings, (ii) IPCRe Limited and (iii) IPCRe Underwriting Services Limited (“IPC Underwriting”). Max Holdings will own 100% of the equity interests of (i) Max Bermuda,
(ii) Max USA Holdings Ltd. (“Max US”), (iii) Max UK Holdings Ltd. (“Max UK”), (iv) Max Managers Ltd. and (v) Max Capital Services Limited. 
 C. The Credit Parties desire to obtain the consent of the Required Lenders to the Amalgamation prior to the public announcement thereof and to make
certain amendments to the Credit Agreement, and the Administrative Agent and the Required Lenders have agreed to make such amendments on the terms and conditions set forth herein. Max Capital is pursuing an amendment of its Credit Agreement (the
“Max/BofA Credit Agreement”), dated as of August 7, 2007, among Max Capital, Max Bermuda, the lenders identified therein and Bank of America, N.A. as administrative agent in substantially similar form as this Amendment.

 STATEMENT OF AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 LIMITED CONSENT 
 1.1 Subject to the satisfaction of the conditions set forth in
Section 3.1 of this Amendment, the undersigned Lenders hereby each offer their limited consent to the Amalgamation until the earlier of the following (each, a “Consent Termination Event”) (i) 5:00 p.m. EDT on
November 30, 2009, if the Amalgamation shall not have been consummated and the conditions set forth in Section 3.2 herein shall not have been satisfied by such time; (ii) the date upon which the board of directors of either IPC
Holdings or Max Capital shall have withdrawn or modified its approval of the Amalgamation in a manner adverse to the Lenders; (iii) the date upon which IPC Holdings advises the Administrative Agent, or the Administrative Agent otherwise
reasonably determines that the Amalgamation Agreement (as defined below) shall have been waived, amended, supplemented or otherwise modified in a manner materially adverse to the Lenders or (iv) the fees and, to the extent invoiced, expenses
(including legal fees and expenses) specified in the engagement letter, dated February 26, 2009, among IPC Holdings, Max Capital, Banc of America Securities LLC and Wachovia Capital Markets, LLC have not been paid within two Business Days of
the Consent Effective Date. 
 1.2 Upon the occurrence of any Consent Termination Event, the limited consent set forth in Section 1.1
hereof shall upon written notice of the Administrative Agent to each of IPC Holdings and Max Capital terminate and be of no further force or effect, and all rights and remedies with respect to the matters set forth in Section 1.1 hereof of the
Administrative Agent and the Lenders under the Credit Agreement and any other Credit Document shall, without any further action by any person, automatically be reinstated as if the limited consent set forth in Section 1.1 hereof had not become
effective; provided that the occurrence of a Consent Termination Event in and of itself shall not constitute a Default or Event of Default under the Credit Agreement. This limited consent shall not constitute or be deemed to be a waiver of,
consent to or departure from, any other term or provision in the Credit Agreement, which shall continue in full force and effect, nor shall this limited consent constitute a course of dealing among the parties. 
 ARTICLE II 
 AMENDMENTS TO CREDIT
AGREEMENT 
 Effective as of the Amendment Effective Date: 
 2.1 Amendments to Section 1.1 Consisting of New Definitions. The following definitions are hereby added to Section 1.1 of the Credit Agreement in appropriate alphabetical order: 
 “Amalco Sub” means IPC Limited, a Bermuda company and Wholly Owned Subsidiary of IPC Holdings. 
  

 2 

 “Amalgamation” means the amalgamation, pursuant to the Amalgamation
Agreement, of Amalco Sub and Max Capital into Max Holdings, with Max Holdings becoming a Wholly Owned Subsidiary of IPC Holdings. 
 “Amalgamation Agreement” means the Agreement and Plan of Amalgamation, dated as of March 1, 2009, by and among IPC Holdings, Amalco Sub, and Max Capital in the form attached as Annex B to the Second Amendment, as amended,
modified, restated or supplemented from time to time in accordance with the terms of the Second Amendment. 
 “Amalgamation Date” means the date on which (a) the “Closing” under the Amalgamation Agreement occurs, (b) the application for registration of an amalgamated company in connection with the amalgamation
of Amalco Sub and Max Capital has been filed with the proper Governmental Authority and (c) the conditions in Article VI of the Amalgamation Agreement have been satisfied. 
 “Capital Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other
amounts under which is or should be capitalized on the balance sheet in accordance with GAAP, together with any other lease which is in substance a financing lease, including, without limitation, any lease under which (a) such Person has or
will have an option to purchase the property subject thereto at a nominal amount or an amount less than a reasonable estimate of the fair market value of such property as of the date the lease is entered into or (b) the term of the lease
approximates or exceeds the expected useful life of the property leased thereunder. 
 “Change of Control”
means (a) any Person or group of Persons acting in concert as a partnership or other group, shall, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases or otherwise, have become, after the date
hereof, the “beneficial owner” (within the meaning of such term under Rule 13d-3 under the Exchange Act) of securities of IPC Holdings representing the right to exercise 51% or more of the Total Voting Power of the then outstanding
securities of IPC Holdings ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors; (b) the Board of Directors of IPC Holdings shall cease to consist of a majority of the
individuals who constituted the Board of Directors as of the date hereof or who shall have become a member thereof subsequent to the date hereof after having been nominated, or otherwise approved in writing, by at least a majority of individuals who
constituted the Board of Directors of IPC Holdings as of the date hereof (or their replacements approved as herein required); (c) Max Bermuda, IPCRe Limited or Max Holdings ceases to be a Wholly Owned Subsidiary of IPC Holdings (except as
permitted hereunder); or (d) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of IPC Holdings, Max Holdings, Max Bermuda or IPCRe Limited (except as
permitted hereunder). 
  

 3 

 “Consolidated Indebtedness to Total Capitalization Ratio” means the
ratio of (a) Consolidated Indebtedness to (b) Total Capitalization. 
 “Contractual Obligation”
means, relative to any Person, any obligation, commitment or undertaking under any agreement or other instrument to which such Person is a party or by which it or any of its property is bound or subject. 
 “Credit Documents” means this Agreement, each Guaranty, the Notes, the Letter of Credit Documents, the Fee Letter, each
Security Agreement, all of the other Security Documents, and all other agreements, instruments, documents and certificates now or hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf of any Credit Party with
respect to this Agreement, in each case as amended, modified, supplemented or restated from time to time. 
 “Credit
Party” means any Person who executes a Credit Document other than the Administrative Agent, any Issuing Bank or any Lender. 
 “Debt Rating” has the meaning given to it in the definition of “Applicable Percentage”. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with IPC Holdings or any of its Subsidiaries within the meaning of Section 414(b) or (c) of the Code (and Sections
414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 
 “IPCRe
Subsidiaries” means IPC Re Underwriting Services Limited, a company organized under the laws of Bermuda and IPC Europe Limited, a company organized under the laws of Ireland. 
 “Material Party” means each of IPC Holdings and each Material Subsidiary. 
 “Max/BofA Credit Agreement” means the Credit Agreement, dated as of August 7, 2007, among Max Capital, Max Bermuda,
the lenders identified therein and Bank of America, N.A. as administrative agent, as amended. 
 “Max
Bermuda” means Max Bermuda Ltd., a Bermuda company. 
 “Max Capital” means Max Capital Group Ltd., a
Bermuda company. 
 “Max Holdings” means Max Holdings, Ltd., a Bermuda company which resulted from the
amalgamation of Amalco Sub and Max Capital Holdings, Ltd. 
 “Max UK” means Max UK Holdings Ltd. (f/k/a
Imagine Group (UK) Limited), a company formed under the laws of England and Wales. 
  

 4 

 “Max US Holdings” means Max USA Holdings Ltd., a Delaware corporation
and a direct, wholly-owned Subsidiary of IPC Holdings. 
 “Max US Holdings Indenture” means the Indenture
dated April 15, 2007 among Max US Holdings, as issuer, Max Capital, as guarantor and The Bank of New York, as trustee, relating to the 7.20% Senior Notes due 2017 as in effect on August 7, 2007. 
 “MDS” means Max Diversified Strategies Ltd. 
 “Ordinary Course Litigation” has the meaning given in the BofA/Max Credit Agreement as of the date hereof. 
 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by
IPC Holdings or any of its Subsidiaries or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
 “Pro Forma Financial Statements” means the pro forma balance sheet and income statement giving effect to the Amalgamation
and the transactions contemplated thereby and hereby for the fiscal year ending December 31, 2008 calculated in accordance with Regulation S-X under the Securities Act of 1933, as amended, and the update to such pro forma balance sheet and
income statement for the 2009 year to date ending on the last day of the most recent fiscal quarter ending prior to the Amalgamation Date. 
 “Second Amendment” means the Second Amendment and Limited Consent to Credit Agreement dated as of the first day of March, 2009 among IPC Holdings, IPCRe Limited, the Lenders and the Administrative
Agent. 
 “Total Capitalization” means, as of any date of determination, the sum of (a) Consolidated Net
Worth as of such date and (b) Consolidated Indebtedness as of such date. 
 “Total Return Equity Swap”
shall mean (a) the $235,000,000 total return equity swap entered into by Max Bermuda in connection with the common shares of MDS, (b) Indebtedness of Max Bermuda secured by the common shares of MDS which is incurred for the purpose of
acquiring assets which qualify to be held in trusts which secure Max Bermuda’s obligations under Reinsurance Agreements and Primary Policies, and (c) any substantially similar financial arrangement or transaction entered into by Max
Bermuda. 
 “Trust Preferred Securities” shall mean any preferred securities offered by a special purpose
business trust of which IPC Holdings is the grantor, the proceeds of which are or have been used principally to purchase subordinated debentures issued by IPC Holdings. 
  

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 2.2 Amendments to Section 1.1 Consisting of Modified Definitions. The following definitions
in Section 1.1 of the Credit Agreement are hereby amended in their entirety and read as follows: 
 “Applicable
Percentage” means, for any day, with respect to the (i) Tranche 1 Commitment Fee, (ii) applicable margin to be added to the LIBOR Rate for purposes of determining the Adjusted LIBOR Rate, (iii) applicable margin to added to
Base Rate Loans and (iv) Tranche 1 Letter of Credit Fee, the applicable rate per annum set forth below under the caption “Tranche 1 Commitment Fee”, “Applicable Margin for LIBOR Loans/ Tranche 1 Letter of Credit Fee”, and
“Applicable Margin for Base Rate Loans”, respectively, in each case based upon IPC Holdings’ non-credit-enhanced, senior unsecured long-term debt rating (the “Debt Rating”) by Moody’s or Standard &
Poor’s (in each case based upon the higher of the two ratings): 
  

												
	 Level
	 	Standard & Poor’s /
Moody’s Rating	 	Tranche 1
Commitment
Fee	 	 	Applicable Margin
for LIBOR
Loans/Tranche 1
Letter of Credit Fee	 	 	Applicable
Margin for
Base Rate
Loans	 
	I	 	A-/A3 or above	 	0.30	%	 	2.25	%	 	1.25	%
					
	II	 	BBB+/ Baa1	 	0.40	%	 	2.50	%	 	1.50	%
					
	III	 	BBB/ Baa2	 	0.50	%	 	3.00	%	 	2.00	%
					
	IV	 	BBB-/ Baa3	 	0.625	%	 	3.75	%	 	2.75	%
					
	V	 	Less than BBB-/ Baa3	 	0.75	%	 	4.50	%	 	3.50	%

 For purposes of the foregoing, (a) if at any time the difference between the
Debt Rating by Moody’s and Standard & Poor’s is more than one rating grade, the rating one level below the higher rating will apply, (b) if either Moody’s or Standard & Poor’s shall not have in effect a
Debt Rating, then the Applicable Percentage shall be based upon the remaining rating, and (iii) each change in the Applicable Percentage shall be effective as of the date the applicable rating agency first publicly announces any change in its
Debt Rating; provided, however, that, notwithstanding the foregoing or anything else herein to the contrary, if at any time an Event of Default shall have occurred and be continuing or the Debt Rating is not available from Moody’s
and Standard & Poor’s, at all times from and including the date on which such Event of Default occurred or such Debt Rating is not available to the date on which such Event of Default shall have been cured or waived or either
Moody’s or Standard & Poor’s shall make publicly available such Debt Rating, each Applicable Percentage shall be determined in accordance with Level V of the above matrix (notwithstanding the actual level). 
 “Base Rate” means the higher of (i) the per annum interest rate publicly announced from time to time by Wachovia in
Charlotte, North Carolina, to be its 

  

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prime rate (which may not necessarily be its lowest or best lending rate), as adjusted to conform to changes as of the opening of business on the date of any
such change in such prime rate, (ii) the Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as of the opening of business on the date of any such change in the Federal Funds Rate and (iii) the LIBOR Rate in
effect on such date for a one month Interest Period plus 1.0%. 
 “Base Rate Loan” means, at any time, any
Loan that bears interest at such time at the applicable Base Rate plus the Applicable Percentage for Base Rate Loans as in effect at such time. 
 “Consolidated Indebtedness” means, at any time, the aggregate (without duplication) of all Indebtedness of IPC Holdings and its Subsidiaries determined on a consolidated basis in accordance with GAAP,
but excluding the stated amount of all letters of credit to the extent permitted to be issued hereunder but only in each case to the extent such letters of credit are not drawn upon. For the avoidance of doubt, Consolidated Indebtedness shall
include that portion of the Trust Preferred Securities which (i) is not included as equity by Standard & Poor’s or (ii) even if included as equity by Standard & Poor’s, exceeds 15% of Total Capitalization.

 “Consolidated Net Income” means, for any period, net income (or loss) for IPC Holdings and its
Subsidiaries for such period and as reflected on the consolidated financial statements of IPC Holdings and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Worth” means, at any time, (a) the consolidated shareholders’ equity of IPC Holdings and its
Subsidiaries determined in accordance with GAAP (but excluding any extraordinary gain realized in connection with the Amalgamation), plus (b) the aggregate outstanding amount of Trust Preferred Securities of IPC Holdings, if any, but only to
the extent (i) such amount is included in a determination of the Consolidated Net Worth (as defined in clause (a) above) of IPC Holdings and its Subsidiaries under the applicable procedures and guidelines of Standard & Poor’s
and (ii) the amount included as equity does not exceed 15% of Total Capitalization. 
 “Defaulting
Lender” means any Lender, as determined in good faith by the Administrative Agent, that (i) has refused to fund, or otherwise defaulted in the funding of, its Ratable Share of any Borrowing, any L/C Advance or L/C Disbursement required
to be funded by it hereunder, (ii) has notified IPC Holdings, the Administrative Agent, the Fronting Bank or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public
statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit (iii) has failed, within three Business Days after request by
the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund its 

  

 7 

 
Ratable Share of any Borrowing, any L/C Advance or L/C Disbursement required to be funded by it hereunder, (iv) has failed to pay to the Administrative
Agent, Fronting Bank or any Lender when due an amount owed by such Lender pursuant to the terms of this Credit Agreement, unless such amount is subject to a good faith dispute, or (v) (a) has become or is insolvent or has a parent company
that has become or is insolvent or (b) has become the subject of a proceeding under any applicable bankruptcy, insolvency or similar law of any jurisdiction now or hereafter in effect, or has had a receiver, conservator, trustee or custodian
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a proceeding under any applicable
bankruptcy, insolvency or similar law of any jurisdiction now or hereafter in effect, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment. 
 “Guarantor” means IPC Holdings, Max Holdings, and if
required by the Administrative Agent in its sole discretion, Max Capital and Amalco Sub. 
 “Guaranty” means
the undertakings by IPC Holding under Article XII of the Credit Agreement and with respect to each other Guarantor, the guaranty agreement executed by the other Guarantors in favor of the Administrative Agent and the Lenders, in substantially the
form of Exhibit A to the Second Amendment, as amended, modified, restated or supplemented from time to time. 
 “Indebtedness” means, with respect to any Person, at the time of determination (without duplication), (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by notes,
bonds, debentures or similar instruments, or upon which interest payments are customarily made, (c) the maximum stated or face amount of all surety bonds, letters of credit and bankers’ acceptances issued or created for the account of such
Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course
of business and not past due based on customary practices in the trade), (e) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (f) all
Capital Lease Obligations of such Person, (g) the principal balance outstanding and owing by such Person under any synthetic lease, tax retention operating lease or similar off-balance sheet financing product, (h) all guarantees or any
other direct or indirect liability of such Person with respect to any Indebtedness, liability or other obligation of another Person, whether or not contingent, (i) the net termination obligations of such Person under any Hedge Agreements and
Total Return Equity Swaps of such Person, calculated as of any date as if such agreement or arrangement were terminated as of such date, and (j) all indebtedness of the types referred to in clauses (a) through (i) above (A) of
any partnership or unincorporated joint venture in which such Person is a general 

  

 8 

 
partner or joint venturer to the extent such Person is liable therefor or (B) secured by any Lien on any property or asset owned or held by such Person
regardless of whether or not the indebtedness secured thereby shall have been incurred or assumed by such Person or is nonrecourse to the credit of such Person, the amount thereof being equal to the value of the property or assets subject to such
Lien; provided that Indebtedness shall not include (i) contingent liabilities arising out of endorsements of checks and other negotiable instruments for deposit or collection in the ordinary course of business, (ii) unsecured
current liabilities incurred in the ordinary course of business and paid within 90 days after the due date (unless contested diligently in good faith by appropriate proceedings and, if requested by the Administrative Agent, reserved against in
conformity with GAAP) other than liabilities that are for money borrowed or are evidenced by bonds, debentures, notes or other similar instruments (except as described in clause (i) above) or (iii) obligations with respect to Primary
Policies and Reinsurance Agreements and obligations related or incidental thereto (other than obligations in respect of letters of credit) which are entered into in the ordinary course of business. 
 “Material Subsidiary” means each of Max Holdings, Max Bermuda, IPCRe Limited, each Material Insurance Subsidiary, and
each other Subsidiary (after elimination of intercompany accounts) whose consolidated gross assets or gross revenues exceed 5% of the consolidated gross assets or gross revenues of IPC Holdings and its Subsidiaries for the most recent fiscal quarter
for which financial statements have been delivered pursuant to Section 6.1; provided, however that after the Amalgamation Date but prior to the date after the Amalgamation Date on which financial statements are provided as
required in Section 6.1, the Pro Forma Financial Statements shall be used. 
 2.3 Amendments to Section 1.1 Consisting of
Deleting Definitions. The following definitions in Section 1.1 of the Credit Agreement are hereby deleted: Permitted Liens and Required Minimum Net Worth. 
 2.4 Amendment to Section 2.6 (Mandatory Payments and Prepayments). Section 2.6(d) of the Credit Agreement is deleted in its entirety. 
 2.5 Amendment to Section 2.8 (Interest). Section 2.8(a) is amended in its entirety as follows: 
 “Subject to the provisions of 2.8(b), each Loan shall bear interest on the outstanding principal amount thereof, from the date of Borrowing thereof
until such principal amount shall be paid in full, (i) at the Base Rate plus the Applicable Percentage for Base Rate Loans, as in effect from time to time during such periods as such Loan is a Base Rate Loan, and (ii) at the
Adjusted LIBOR Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan.” 
 2.6 Amendment to
Section 2.9(e) (Fees). Section 2.9(e) of the Credit Agreement is hereby amended by deleting the figure “0.08%” and substituting therefor the figure “0.20%”. 
  

 9 

 2.7 Amendment to Section 2.9(f) (Fees). Section 2.9(f) of the Credit Agreement is hereby
amended by deleting the figure “0.25%” and substituting therefor the figure “1.00%”. 
 2.8 Amendment to
Section 2.20 (Additional Account Parties). Section 2.20 of the Credit Agreement is hereby amended by deleting the phrase “designate one or more Persons as an additional Account Party” in the first paragraph thereof,
substituting therefor the phrase “designate Max Bermuda as an additional Account Party”, deleting all references to “each such Person” and “such Person” therein and substituting therefor “Max Bermuda” and
deleting the reference to “no Subsidiary of IPC Holdings” in the final paragraph thereof and substituting therefor “Max Bermuda”. 
 2.9 Amendment to Section 4.2 (Conditions Precedent to All Credit Extensions). Section 4.2 of the Credit Agreement is hereby amended by (i) deleting the word “and” from the end of
clause (d) thereof, (ii) replacing the period at the end of clause (e) thereof with a semicolon and adding the word “and” immediately thereafter, (iii) adding a new clause (f) thereof as follows: 
 “(f) With respect to the making of any Credit Extension under the Tranche 1 Commitments, the Administrative Agent shall have received satisfactory
confirmation from A.M. Best Company that the current Financial Strength Rating of Max Bermuda and IPCRe Limited, individually or on a group basis, is “A-” or better.” 
 and (iv) the reference in the last paragraph of Section 4.2 to “Section 4.2(e)” shall be changed to refer to “Section 4.2(f).” 
 2.10 Amendment to Section 4.2(e). Section 4.2(e) of the Credit Agreement is hereby amended in its entirety to read as follows:

 “No Default or Event of Default shall have occurred and be continuing on such date and no “Default” or “Event of
Default” (as defined therein) shall have occurred and be continuing under the Max/BofA Credit Agreement, both immediately before and after giving effect to such Credit Extension.” 
 2.11 Amendments to Section 5.12 (Financial Matters). Section 5.12 of the Credit Agreement is hereby amended by adding a new clause
(c) thereof: 
 “The Pro Forma Financial Statements reflect adjustments made on a pro forma basis to give effect to the consummation
of the Amalgamation in accordance with Regulation S-X of the Securities Act of 1933. The Pro Forma Financial Statements have been prepared based on stated assumptions made in good faith and having a reasonable basis set forth therein, present fairly
in all material respects the consolidated financial condition of IPC Holdings and its Subsidiaries on an unaudited pro forma basis as of the date set forth therein after giving effect to the consummation of the Amalgamation.” 
  

 10 

 2.12 Amendments to Section 5.13 (ERISA). Section 5.13 of the Credit Agreement is hereby
amended in its entirety as follows: 
 “Each Plan is in compliance with the applicable provisions of ERISA except where the failure to
comply would not have a Material Adverse Effect. No Credit Party (a) maintains or administers any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to the provisions of Title IV of ERISA;
(b) maintains or administers any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA to which IPC Holdings or any ERISA Affiliate makes, is making or is obligated to make contributions or has made or been
obligated to make contributions; or (c) has any liability with respect to any matter specified in the foregoing clauses (a) and (b).” 
 2.13 Amendments to Covenants and Events of Default. Articles VI, VII and VIII and Section 9.1 of the Credit Agreement are hereby amended by substituting Annex A attached hereto therefor. 
 2.14 Amendment to Section 9.2(c). Section 9.2(c) of the Credit Agreement is hereby amended by deleting the figure “100%” and
substituting therefor the figure “102%”. 
 2.15 Amendments to Schedules. Schedules 1.1(a) (Commitments) and 1.1(b)
(Borrowing Base) are hereby amended by substituting Schedules 1.1(a) and 1.(b) attached hereto therefor. 
 2.16 Amendments to Cross
References. The following cross-references in the Credit Agreement are hereby modified as follows: 
 The reference to “Section
6.10(c)” in the definition of “Borrowing Base Report” is amended to “Section 6.1(c)”. 
 The references to
“Section 9.1(g)” and “Section 9.1(h)” in the definition of “Bankruptcy Event” is amended to “Section 9.1(d)”. 
 The reference to “Section 9.1(a), Section 9.1(g) or Section 9.1(h)” in Section 2.8(b) is amended to read “Section 9.1(a), Section 9.1(b) or Section 9.1(d)”. 
 The reference to “Section 9.1(l)” in Section 9.2(b) is amended to “Sections 9.1(n)”. 
 ARTICLE III 
 CONDITIONS OF
EFFECTIVENESS 
 3.1 The limited consent set forth in Article I of this Amendment shall become effective as of the date (the
“Consent Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 
 (a)
The Administrative Agent shall have received fifteen counterparts of this Amendment executed and delivered by IPC Holdings, IPCRe Limited, the Administrative Agent and the Required Lenders. 
  

 11 

 (b) The representations and warranties of the Credit Parties contained in the Credit Agreement and the
other Credit Documents are true and correct in all material respects as of the Consent Effective Date, with the same effect as though made on such date (unless stated to relate solely to an earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date. 
 (c) An amendment to the Max/BofA Credit Agreement
in substantially the same form as this Amendment has been executed by the applicable obligors, the Administrative Agent and the Required Lenders (as defined in such Credit Agreement) and become effective (subject to Section 3.2(c) below).

 (d) No Default or Event of Default has occurred and is continuing or will result from the execution and delivery or effectiveness of this
Amendment or the Amalgamation Agreement. 
 (e) There has not occurred since December 31, 2007 any Material Adverse Effect. 

3.2 The amendments set forth in Article II of this Amendment shall become effective as of the date (the “Amendment Effective Date”)
when, and only when, each of the following conditions precedent shall have been satisfied: 
 (a) The Administrative Agent shall have received
the following (in such number as the Administrative Agent may deem appropriate): 
 (i) A Guaranty in substantially the form
of Exhibit A to this Amendment executed and delivered by each of IPC Holdings, Max Holdings, and if required by the Administrative Agent in its sole discretion, Max Capital and Amalco Sub pursuant to which such Person guarantees the Obligations
under the Credit Agreement; 
 (ii) Legal opinions of counsel to the Credit Parties (including, without limitation, opinions
of New York and Bermuda counsel) as may be reasonably requested by the Administrative Agent; 
 (iii) A certificate of
Responsible Officer of IPC Holdings certifying that after giving effect to the amendments in Article II and filing of the Amalgamation Agreement: 
 (A) No Default or Event of Default has occurred and is continuing or will result from the execution and delivery or effectiveness of the amendments set forth herein or the Amalgamation; 
 (B) The representations and warranties of the Credit Parties contained in the Credit Agreement and the other Credit Documents are true and
correct in all material respects as of the Amendment Effective Date, with the same effect as though made on such date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date); 
  

 12 

 (C) There are no material insurance regulatory proceedings pending or, to the knowledge
of such Responsible Officer, threatened against IPC Holdings, Max Holdings or any Insurance Subsidiary in any jurisdiction; and 
 (D) There has not occurred since December 31, 2008 any Material Adverse Effect; 
 (iv) A certificate of the
secretary or an assistant secretary of each Credit Party (other than Max Holdings), in form and substance reasonably satisfactory to the Administrative Agent, certifying (i) that attached thereto is a true and complete copy of the certificate
of incorporation, memorandum of association (or another similar governing document) and all amendments thereto of such Credit Party, certified as of a recent date by the Registrar of Companies for the Bermuda Ministry of Finance, and that the same
has not been amended since the date of such certification, (ii) that attached thereto is a true and complete copy of the Bye-laws or similar governing document of such Credit Party, as then in effect and as in effect at all times from the date
on which the resolutions referred to in clause (iii) below were adopted to and including the date of such certificate, and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar
governing body) of such Credit Party authorizing the execution, delivery and performance of the Credit Documents (and, if applicable, the Amalgamation Agreement) to which such Credit Party is or becomes a party, and as to the incumbency and
genuineness of the signature of each officer of such Credit Party executing any such Credit Documents, and attaching all such copies of the documents described above; 
 (v) A certificate of the secretary or an assistant secretary of Max Holdings, in form and substance reasonably satisfactory to the
Administrative Agent, certifying (i) that attached thereto is a true and complete copy of the application for registration of an amalgamated company and resulting memorandum of association of Max Holdings and that the same has been presented
for filing with the Registrar of Companies for the Bermuda Ministry of Finance, (ii) that attached thereto is a true and complete copy of the Bye-laws or similar governing document of Max Holdings then in effect and as in effect at all times
from the date on which the resolutions referred to in clause (iii) below were adopted to and including the date of such certificate, and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of
directors (or similar governing body) of Max Holdings authorizing the execution, delivery of the Guaranty and the performance of the Guaranty, the Credit Agreement and the other Credit Documents to which it is a party, and as to the incumbency and
genuineness of the signature of each officer of Max Holdings executing the Guaranty or any of the other Credit Documents, and attaching all such copies of the documents described above; 
 (vi) The Pro Forma Financial Statements and a Compliance Certificate executed by IPC Holdings calculated on a pro forma basis as of the
date of the most recent year to date update of the Pro Forma Financial Statements provided after giving effect to the Amalgamation and this Amendment and certifying as to the IPC Holdings Debt Rating and updating the projections if there has been
any material change from the projections delivered to the Lenders prior to the date of this Amendment; 
  

 13 

 (vii) A Borrowing Base Certificate executed by IPCRe Limited calculated as of the close
of business one Business Day prior to the Amendment Effective Date giving effect to the Amendments; 
 (viii) The investment
guidelines for IPC Holdings and its Subsidiaries which will be in effect on the Amalgamation Date; 
 (ix) Satisfactory
confirmation from A.M. Best Company that the current Financial Strength Rating of Max Bermuda and IPCRe Limited, either individually or on a group basis, is “A-” (stable) or better; and 
 (x) True, complete and correct copies of the Amalgamation Agreement which shall be in full force and effect and shall not have been
amended in a manner that is materially adverse to the Lenders since the Consent Effective Date except such amendments as have been approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed) and the other
documents required to be executed in connection with the Closing (as defined in the Amalgamation Agreement). 
 (b) All approvals, permits
and consents of any Governmental Authorities (including, without limitation, all relevant Insurance Regulatory Authorities) in each jurisdiction where any of IPC Holdings, Amalco Sub, Max Capital, Max Bermuda, or IPCRe Limited underwrite or engage
in material business or of other Persons (the failure of which to obtain would reasonably likely be materially detrimental to the Credit Parties or the Lenders), if any, required in connection with the execution and delivery of the Amalgamation
Agreement, this Amendment (including the effectiveness of the amendments herein) and the other Credit Documents and the consummation of the transactions contemplated hereby and thereby shall have been obtained (without the imposition of restrictions
or conditions that are materially adverse to the Administrative Agent, the Fronting Bank or the Lenders with respect to the transactions contemplated hereby), and all related filings, if any, shall have been made, and all such approvals, permits,
consents and filings shall be in full force and effect and the Administrative Agent shall have received such copies thereof as it shall have reasonably requested; all applicable waiting periods shall have expired or terminated; and no order,
injunction or decree shall have been entered by, any Governmental Authority, in each case to enjoin, restrain, restrict, set aside or prohibit, or impose materially adverse conditions upon, the Amalgamation, this Amendment or any of the other Credit
Documents or the consummation of the transactions contemplated hereby or thereby. 
 (c) All conditions precedent to the Closing (as defined
in the Amalgamation Agreement) shall have been satisfied or otherwise waived (with the approval of the Administrative Agent), all necessary filings in connection therewith shall have been made, and the Amendment Effective Date will be the same as
the Amalgamation Date. 
 (d) The “Amendment Effective Date” under the Max/BofA Credit Agreement will occur concurrently with the
Amendment Effective Date hereunder and either (x) no amendments to other credit facilities of IPC Holdings and its Subsidiaries or Max Capital and its Subsidiaries, as applicable shall be necessary in connection with the consummation of the
Amalgamation or (y) if any such amendments are required, such amendments are, or concurrently with the Amendment Effective Date will become, effective. 
  

 14 

 (e) The Credit Parties shall have provided the Administrative Agent and the Lenders with all necessary
information, documents and certificates as the Administrative Agent and the Lenders may reasonably request in order to comply with the Patriot Act and related “Know Your Customer” rules and regulations. 
 (f) There has not occurred since December 31, 2008 any Material Adverse Effect. 
 (g) The representations and warranties of the Credit Parties contained in the Credit Agreement and the other Credit Documents are true and correct in all
material respects as of the Amendment Effective Date, with the same effect as though made on such date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material
respects as of such earlier date). 
 (h) No Default or Event of Default has occurred and is continuing or will result from the effectiveness
of the Amendments in Article II hereof or the Amalgamation Agreement. 
 (i) All fees and reasonable expenses of the Administrative Agent
(including, without limitation, legal fees and expenses invoiced prior to such date) in connection with the Amendment Effective Date shall have been paid. 
 (j) A letter from the process agent agreeing to the service of process terms of each Guaranty or other Credit Document requiring the same. 
 (k) Such other documents, certificates, opinions and instruments in connection with the transactions contemplated hereby as the Administrative Agent shall have reasonably requested. 
 ARTICLE IV 
 CONFIRMATION OF
REPRESENTATIONS AND WARRANTIES 
 Each Credit Party hereby represents and warrants, on and as of the Consent Effective Date and the
Amendment Effective Date, that (i) the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the Consent Effective Date and the Amendment
Effective Date, both immediately before and after giving effect to this Amendment (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty
shall be true and correct in all material respects as of such date), (ii) this Amendment has been duly authorized, executed and delivered by such Credit Party and constitutes the legal, valid and binding obligation of such Credit Party
enforceable against it in accordance with its terms, (iii) no Default or Event of Default shall have occurred and be continuing on the Consent Effective Date and the Amendment Effective Date, both immediately before and after giving effect to
this Amendment, (iv) the Credit Parties have heretofore furnished to the Administrative Agent true and complete copies of the Amalgamation Agreement (including all exhibits and schedules) and all amendments, modifications and waivers relating
thereto (collectively, the “Amalgamation Documents”) and (v) as of the Amendment Effective Date, none of the Amalgamation Documents has been amended, modified or supplemented, nor 

  

 15 

 
any condition or provision thereof waived, in each case in a manner materially adverse to the Lenders other than as approved by the Administrative Agent, and
each such Amalgamation Document is in full force and effect. 
 ARTICLE V 
 ACKNOWLEDGEMENT AND CONFIRMATION OF THE CREDIT PARTIES 
 Each of the Credit
Parties hereby confirms and agrees that, after giving effect to this Amendment, the Credit Agreement and the other Credit Documents remain in full force and effect and enforceable against the Credit Parties in accordance with their respective terms
and shall not be discharged, diminished, limited or otherwise affected in any respect, and represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations
under the Credit Documents, or if such Credit Party has any such claims, counterclaims, offsets, or defenses to the Credit Documents or any transaction related to the Credit Documents, the same are hereby waived, relinquished, and released in
consideration of the execution of this Amendment. This acknowledgement and confirmation by the Credit Parties is made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment, and each of the Credit Parties
acknowledges that the Administrative Agent and the Lenders would not enter into this Amendment in the absence of the acknowledgement and confirmation contained herein. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

 6.2 Full Force and Effect. Except as expressly amended hereby, the Credit Agreement shall continue in full force and effect in
accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit
Agreement after amendment by this Amendment. Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit Agreement and Credit Documents as amended hereby. This Amendment is
limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein. This Amendment shall constitute a Credit Document under the
terms of the Credit Agreement. 
 6.3 Expenses. All reasonable fees and expenses of counsel to the Administrative Agent, and all
reasonable out-of-pocket costs and expenses of the Administrative Agent, in each case, in connection with the preparation, negotiation, execution and delivery of this Amendment and the other Credit Documents delivered in connection herewith shall
have been paid. 
  

 16 

 6.4 Severability. To the extent any provision of this Amendment is prohibited by or invalid under
the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the
remaining provisions of this Amendment in any jurisdiction. 
 6.5 Successors and Assigns. This Amendment shall be binding upon, inure
to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. 
 6.6 Construction.
The headings of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. 
 6.7 Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 [THE
BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly
authorized officers as of the date first above written. 
  

			
	IPC HOLDINGS, LTD.
		
	By:	 	 /s/ John R. Weale

	Name:	 	John R. Weale
	Title:	 	Executive Vice President and Chief Financial Officer
	
	IPCRe LIMITED
		
	By:	 	 /s/ John R. Weale

	Name:	 	John R. Weale
	Title:	 	Executive Vice President and Chief financial Officer

  

 SIGNATURE PAGE TO 
 SECOND AMENDMENT AND LIMITED CONSENT TO 
 CREDIT AGREEMENT 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent, Fronting Bank and as a Lender
		
	By:	 	 /s/ Karen Hanke

	Name:	 	Karen Hanke
	Title:	 	Director

 SIGNATURE PAGE TO 
 SECOND AMENDMENT AND LIMITED CONSENT TO 
 CREDIT AGREEMENT 

									
	Citibank, N.A.	 	
					
	By:	 	 /s/ Peter C. Bickford
	 		 		 	
	Name:	 	Peter C. Bickford	 		 		 	
	Title:	 	Vice President	 		 		 	
				
	ING Bank, N.V., London Branch	 		 		 	
					
	By:	 	 /s/ N.J. Marchant
	 		 	By:	 	 /s/ M.E.R. Sharman

	Name:	 	N.J. Marchant	 		 	Name:	 	M.E.R. Sharman
	Title:	 	Director	 		 	Title:	 	Managing Director
				
	Mizuho Corporate Bank (USA)	 		 		 	
					
	By:	 	 /s/ Robert Gallagher
	 		 		 	
	Name:	 	Robert Gallagher	 		 		 	
	Title:	 	Senior Vice President	 		 		 	
				
	 JPMorgan Chase Bank, N.A.
	 		 		 	
					
	By:	 	 /s/ Eric O’Rourke
	 		 		 	
	Name:	 	Eric O’Rourke	 		 		 	
	Title:	 	Executive Director	 		 		 	
				
	The Bank of New York Mellon	 		 		 	
					
	By:	 	 /s/ Michael Pensari
	 		 		 	
	Name:	 	Michael Pensari	 		 		 	
	Title:	 	Authorized Signor	 		 		 	

 SIGNATURE PAGE TO 
 SECOND AMENDMENT AND LIMITED CONSENT TO 
 CREDIT AGREEMENT 
  

 Annex A 
 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
 Until the termination of the Commitments, the termination or expiration of all Letters of Credit and the payment in full in cash of all principal and
interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder, each of the Credit Parties (solely as to itself and its Subsidiaries) covenants and agrees that it
will: 
 Section 6.1 Reports, Certificates and Other Information. Furnish or cause to be furnished to the Administrative Agent for
distribution to the Lenders: 
  

	 	(a)	GAAP Financial Statements: 

 (i)
Within 45 days (or, if earlier and if applicable to IPC Holdings, the fifth Business Day following the quarterly report deadline under the Exchange Act rules and regulations) after the close of each of the first three fiscal quarters of each fiscal
year, beginning with the first fiscal quarter ending after the Amalgamation Date, (A) the unaudited consolidated balance sheets of Max Bermuda and its Subsidiaries, as of the close of such quarter and the related statements of income and cash
flows for that portion of the fiscal year ending as of the close of such fiscal quarter, all prepared in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) and accompanied by the
certification of a Responsible Officer of Max Bermuda that all such financial statements are complete and correct and present fairly, in all material respects, in accordance with GAAP (subject to the absence of notes required by GAAP and subject to
normal year-end adjustments) the consolidated results of operations and cash flows of Max Bermuda and its Subsidiaries as at the end of such fiscal quarter and for that portion of the fiscal year then ended; and (B) the unaudited consolidated
balance sheets of IPC Holdings and its Subsidiaries, as of the close of such quarter and the related statements of income and cash flows for that portion of the fiscal year ending as of the close of such fiscal quarter, all prepared in accordance
with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) and accompanied by the certification of a Responsible Officer of IPC Holdings that all such financial statements are complete and correct and
present fairly, in all material respects, in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) the consolidated results of operations and cash flows of IPC Holdings and its
Subsidiaries as at the end of such fiscal quarter and for that portion of the fiscal year then ended in each case applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or
results of operations of any change in the application of accounting principles and practices during such quarter. 
 (ii)
Within 90 days (or, if earlier and if applicable to IPC Holdings, the fifth Business Day following the annual report deadline under the Exchange Act rules and 

  

 Annex A-1 

 
regulations) after the close of each fiscal year beginning with fiscal year ending December 31, 2009, (A) the unaudited consolidated financial
statements of Max Bermuda and its Subsidiaries consisting of balance sheets and statements of income and retained earnings and cash flows, setting forth in comparative form in each case the figures for the previous fiscal year, which financial
statements shall be prepared in accordance with GAAP (subject to the absence of notes required by GAAP), and accompanied by the certification of a Responsible Officer of Max Bermuda that all such financial statements are complete and correct and
present fairly, in all material respects, in accordance with GAAP (subject to the absence of notes required by GAAP) the consolidated results of operations and cash flows of Max Bermuda and its Subsidiaries as at the end of such fiscal year and for
the period then ended; and (B) the annual audited financial statements of IPC Holdings and its Subsidiaries consisting of consolidated and consolidating balance sheets and consolidated and consolidating statements of income and retained
earnings and cash flows setting forth in comparative form in each case the figures for the previous fiscal year, which financial statements shall be prepared in accordance with GAAP, certified without material qualification by KPMG or any other firm
of independent certified public accountants of recognized national standing selected by IPC Holdings and reasonably acceptable to the Required Lenders that all such financial statements are complete and correct and present fairly, in all material
respects, in accordance with GAAP the financial position and the results of operations and cash flows of IPC Holdings as at the end of such year and for the period then ended. 
 (b) SAP Financial Statements. As soon as available and in any event within five Business Days after the required filing date, the Annual Statement
(and, if filed, the quarterly SAP statement) of each Material Insurance Subsidiary as of the end of each fiscal year beginning with the fiscal year ending December 31, 2008 (or, with respect to any quarterly SAP statement which is filed,
beginning with the fiscal quarter ended June 30, 2009) required to be delivered to the applicable Insurance Regulatory Authority by such Material Insurance Subsidiary. 
 (c) Borrowing Base Certificate. Deliver or cause to be delivered to the Administrative Agent a certificate executed by an Authorized Officer of
each Account Party, in the form of Exhibit H or otherwise in a form reasonably satisfactory to the Administrative Agent (which form may vary depending on the frequency of the delivery of such certificate and subject to the review and
verification by the Administrative Agent), setting forth the aggregate Tranche 2 Letter of Credit Exposure attributable to such Account Party, the fair market value of the Eligible Collateral by category and in the aggregate, the calculation of the
Borrowing Base and such other information as the Administrative Agent may reasonably request (such certificate, a “Borrowing Base Report”), (A) on the Business Day immediately preceding the proposed date of Issuance of a
Tranche 2 Letter of Credit, (B) within 10 Business Days after the end of each calendar month, (C) at and as of such other times as the Administrative Agent may reasonably request and (D) at such other times as the Account Parties may
desire. 
 (d) SEC Filings, etc. Promptly after the same are available, copies of each annual report, proxy or financial statement or
other report or communication sent to the stockholders of IPC Holdings or any of its Material Subsidiaries, except any stockholder reports prepared internally for Subsidiaries (and not for the use of or distribution to third parties), (other than
notices given pursuant to the management rights letter agreements between IPC Holdings and 

  

 Annex A-2 

 
certain shareholders), and copies of all annual, regular, periodic and special reports and registration statements which IPC Holdings or any of its Material
Subsidiaries may file or be required to file with the SEC under Section 13 or 15 of the Exchange Act, and not otherwise required to be delivered to the Administrative Agent pursuant hereto. 
 (e) Additional Borrowing Base Certificates. Promptly, at the request of the Administrative Agent, a Borrowing Base Certificate for any given
Business Day executed by a Responsible Officer of the applicable Account Party. 
 (f) Notice of Default, etc. Promptly after (and in
any event within three Business Days after) a Responsible Officer of IPC Holdings or any other Credit Party knows or has reason to know of the existence of any Default, Event of Default, or any development or other information which would have a
Material Adverse Effect, telephonic or telegraphic notice specifying the nature of such Default, Event of Default or development or information, including the anticipated effect thereof, the period of existence thereof and the action IPC Holdings or
such other Credit Party has taken and proposes to take with respect thereto which notice shall be promptly confirmed in writing within two (2) Business Days. 
 (g) Other Information. Promptly after (and in any event within five Business Days after) receipt of, filing of, or any Responsible Officer of IPC Holdings or any other Credit Party obtaining knowledge of, to
the extent permitted under applicable law and by the applicable Governmental Authorities: 
 (i) Copies of any financial
examination reports by a Governmental Authority with respect to any Material Insurance Subsidiary relating to the insurance business of such Material Insurance Subsidiary (when, and if, prepared); provided, the Credit Parties shall only be
required to deliver any interim report hereunder at such time as such Credit Party has knowledge that a final report will not be issued and delivered to the Administrative Agent within 90 days of any such interim report. 
 (ii) Copies of all filings (other than nonmaterial filings) with Governmental Authorities by any Material Insurance Subsidiary, including,
without limitation, filings which seek approval of Governmental Authorities with respect to transactions between any Credit Party or any Material Insurance Subsidiary and its Affiliates. 
 (iii) Notice of proposed or actual suspension, termination or revocation of any material license of any Material Insurance Subsidiary by
any Governmental Authority or of receipt of notice from any Governmental Authority notifying IPC Holdings, Max Holdings or any Material Insurance Subsidiary of a hearing relating to such a suspension, termination or revocation, including any request
by a Governmental Authority which commits IPC Holdings, Max Holdings or any Material Insurance Subsidiary to take, or refrain from taking, any action or which otherwise materially and adversely affects the authority of IPC Holdings, Max Holdings or
any Material Insurance Subsidiary to conduct its business. 
 (iv) Notice of any pending or threatened investigation or
regulatory proceeding (other than routine periodic investigations or reviews) by any Governmental Authority concerning the business, practices or operations of IPC Holdings, Max Holdings or any Material Insurance Subsidiary. 
  

 Annex A-3 

 (v) Notice of any actual or, to the knowledge of any Credit Party, proposed material
changes in any Requirements of Law governing the investment or dividend practices of any Material Insurance Subsidiary that could reasonably be expected to adversely affect any Material Insurance Subsidiary in any material respect. 
 (vi) Notice of any material change in accounting policies or financial reporting practices by IPC Holdings or any other Material Party,
except as may be required or permitted by GAAP or SAP, as applicable. 
 (vii) The occurrence of any decrease or increase in
(w) IPC Holdings Debt Rating, (y) the rating given by either Standard & Poor’s or Moody’s with respect to Max Bermuda’s or IPCRe Limited’s claims paying ability or Financial Strength Rating or (z) the
Financial Strength Rating given to Max Bermuda or IPCRe Limited by A.M. Best Company. 
 (viii) Any material contribution that
is required to be made with respect to a Foreign Pension Plan has not been timely made, or that IPC Holdings or any Subsidiary of IPC Holdings may incur any material liability pursuant to any Foreign Pension Plan. 
 (h) Compliance Certificates. Concurrently with the delivery to the Administrative Agent of the GAAP financial statements under Sections
6.1(a)(i) and 6.1(a)(ii) for each fiscal quarter and fiscal year of IPC Holdings, and at any other time no later than ten (10) Business Days following a written request of the Administrative Agent, a duly completed Compliance
Certificate, signed by the chief executive officer, chief financial officer, chief risk officer or chief operating officer of IPC Holdings, together with a copy of the most recent investment guidelines approved by the board of directors (or a
committee thereof) of IPC Holdings. 
 (i) Notice of Litigation, etc. Promptly upon learning of the occurrence of any of the
following, written notice thereof, describing the same and the steps being taken by IPC Holdings or other Credit Party with respect thereto: (i) the institution of, or any adverse determination in, any litigation, arbitration proceeding or
governmental proceeding which could, if adversely determined, be reasonably expected to have a Material Adverse Effect and which is not Ordinary Course Litigation, (ii) the institution of, or any adverse determination in, any litigation or
arbitration proceeding with respect to a Reinsurance Agreement or Primary Policy issued by an Insurance Subsidiary involving unreserved claims in excess of 10% of Consolidated Net Worth, (iii) the commencement of any dispute which could
reasonably be expected to lead to the modification, transfer, revocation, suspension or termination of this Agreement or any Credit Document or (iv) any event which could be reasonably expected to have a Material Adverse Effect. 
 (j) Other Information. From time to time such other information concerning IPC Holdings and its Subsidiaries as the Administrative Agent or any
Lender through the Administrative Agent may reasonably request. 
  

 Annex A-4 

 Documents required to be delivered pursuant to this Section 6.1 may be delivered
electronically and, if so delivered, shall be deemed to have been delivered on the date, at IPC Holdings’s option, (i) on which IPC Holdings provides notice to the Administrative Agent and Lenders that such information has been posted on
the internet at a website specified in such notice to which each of the Administrative Agent and the Lenders has access without charge; or (ii) on which such documents are posted on IPC Holdings’s behalf on SyndTrak or another similar
secure electronic system, if any, to which each of the Administrative Agent and each Lender has access; provided that (x) upon the request of the Administrative Agent or any Lender lacking access to the internet or SyndTrak, IPC Holdings
shall deliver paper copies of such documents to the Administrative Agent or such Lender (until a written request to cease delivering paper copies is given by the Agent or such Lender) and (y) IPC Holdings shall notify (which may be by a
facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any documents. The Administrative Agent shall have no obligation to request the delivery of, or to maintain copies of, the documents referred to in the proviso
to the immediately preceding sentence or to monitor compliance by IPC Holdings with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 Section 6.2 Corporate Existence, Foreign Qualification; Permits. Do and cause to be done at all times all things necessary to
(a) maintain and preserve in full force and effect the legal existence of IPC Holdings and each of its Material Subsidiaries except as expressly permitted otherwise by Section 8.1, (b) obtain, maintain and preserve in
full force and effect all other rights, franchises, Licenses, permits, certifications, approvals and authorizations required by Governmental Authorities for each of IPC Holdings and each of its Material Subsidiaries and necessary to the ownership,
occupation or use of its respective properties or the conduct of its business, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (c) continue to conduct and operate its businesses
substantially as presently conducted and operated on the Amalgamation Date. 
 Section 6.3 Books, Records and Inspections.
(a) Maintain, and cause its Subsidiaries to maintain materially complete and accurate books and records in accordance with GAAP or SAP, as applicable, (b) permit access at reasonable times by the Administrative Agent and its designated
representatives to its books and records, (c) permit the Administrative Agent or its designated representative to inspect at reasonable times its properties and operations, and (d) permit the Administrative Agent or its designated
representatives to discuss its business, operations and financial condition with its officers and its independent accountants (and by this provision IPC Holdings authorizes such accountants to discuss the finances and affairs of IPC Holdings and its
Subsidiaries). Following the occurrence and during the continuance of an Event of Default, any of the Lenders and any of the Administrative Agent’s or any of the Lenders’ employees, agents, consultants or attorneys, may accompany the
Administrative Agent on such visits, inspections or discussions. 
 Section 6.4 Insurance. Maintain with financially sound and
reputable insurance companies insurance with respect to its assets, properties and business, against such hazards and liabilities, of such types and in such amounts, as is required by law. 
  

 Annex A-5 

 Section 6.5 Taxes and Liabilities. Pay, and cause each Subsidiary to pay, when due all
material taxes, assessments and other material liabilities except as contested in good faith and by appropriate proceedings with respect to which reserves have been established, and are being maintained, in accordance with GAAP if and so long as
such contest could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.6 Compliance with Laws and Contractual
Obligations. Comply, and cause each Subsidiary to comply (a) with all federal and local laws, rules and regulations related to its businesses (including, without limitation, the establishment of all insurance reserves required to be
established under SAP and applicable laws restricting the investments of Insurance Subsidiaries), and (b) with all Contractual Obligations binding upon it, except in each case, where failure to so comply would not in the aggregate have a
Material Adverse Effect. 
 Section 6.7 Further Assurances. Each Credit Party will, and will cause each of their respective
Material Subsidiaries to, make, execute, endorse, acknowledge and deliver any amendments, modifications or supplements hereto and restatements hereof and any other agreements, instruments or documents, and take any and all such other reasonable
actions, as may from time to time be reasonably requested by the Administrative Agent or the Required Lenders to perfect and maintain the validity and priority of the Liens granted pursuant to the Security Documents and to effect, confirm or further
assure or protect and preserve the interests, rights and remedies of the Administrative Agent and the Lenders under this Agreement and the other Credit Documents. 
 Section 6.8 Dividends. Take all action (to the maximum extent permitted by applicable law) necessary to cause its Subsidiaries to make such dividends, distributions or other payments to it as shall be
necessary for each Account Party to make payments of its Reimbursement Obligations and, in the case of IPC Holdings, the principal of and interest on its Loans in accordance with the terms of this Agreement. In the event the approval of any
Governmental Authority or other Person is required in order for any such Subsidiary to make any such dividends, distributions or other payments to such Credit Party, or for such Credit Party to make any such payments, such Credit Party will promptly
exercise its reasonable best efforts and take all reasonable actions permitted by law necessary to obtain such approval. Section 6.9 OFAC; PATRIOT Act Compliance. In each case only if and to the extent that it is subject to OFAC will,
and will cause each of its Subsidiaries that it is so subject to, (i) refrain from doing business in a Sanctioned Country or with a Sanctioned Person in violation of the economic sanctions of the United States administered by OFAC, and
(ii) provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining
compliance with the PATRIOT Act. 
 Section 6.10 Collateral. (a) Pursuant to the Security Documents and as collateral
security for the payment and performance of its Tranche 2 Obligations, each Account Party shall grant and convey, or cause to be granted and conveyed, to the Administrative Agent for its benefit and the benefit of the Tranche 2 Lenders, a Lien and
security interest in, to and upon the Collateral, prior and superior to all other Liens. Each Account Party shall cause the Collateral to be charged or pledged and be made subject to the Security Documents (in form and substance reasonably
acceptable to the Administrative Agent) necessary for the perfection of the Lien and security interest in, to and upon the Collateral and for the exercise by the Administrative Agent and the Tranche 2 Lenders of their rights and remedies hereunder
and thereunder. 
  

 Annex A-6 

 (b) Each Account Party shall at all times cause its respective Borrowing Base to equal or exceed the sum
of the aggregate principal amount of Tranche 2 Letter of Credit Exposure attributable to such Account Party at such time; provided, however, no Default or Event of Default shall occur under this Section 6.10(b) unless such
deficiency exists for a period of 5 Business Days. 
 (c) Upon request of the Administrative Agent, each Account Party shall use all
commercially reasonable efforts to cause the Custodian to provide to the Administrative Agent, in a manner consistent with the terms of the applicable Account Control Agreement information with respect to each Custodial Account, in a format to be
agreed by the Administrative Agent (acting reasonably), which information shall provide, without limitation, a detailed list of the assets in each Custodial Account, (including the amount of cash and a detailed description of the Eligible Collateral
(including a breakdown listing the name of each issuer, and the number held by such issuer)), the market value of those assets and the pricing source of such valuation. 
 (d) So long as no Default or Event of Default has occurred and is continuing, any Account Party may on any Business Day deliver to the Administrative Agent a request to transfer Collateral from one or more of its
existing Custodial Accounts to a new Custodial Account by delivering in writing to the Administrative Agent a request in writing and the Administrative Agent shall have received the following: 
 (i) counterparts of a new Security Agreement duly executed by such Account Party and counterparts of an Account Control Agreement duly
executed by such Account Party and the applicable Custodian, and such new Security Documents shall be in full force and effect; 
 (ii) a copy of the executed Custody Agreement between such Account Party and the applicable Custodian which shall be in form and substance reasonably satisfactory to the Administrative Agent; 
 (iii) all documents and instruments required by law in each applicable jurisdiction or reasonably requested by the Administrative Agent to
be filed, registered or recorded to create or perfect the Liens intended to be created under such new Security Agreement; 
 (iv) certified reports from an independent search service satisfactory to the Administrative Agent listing any judgment or tax lien filing or Uniform Commercial Code financing statement or similar notice regarding the existence of any Lien
that names such Account Party as debtor or chargor in any of the jurisdictions requested to be searched by the Administrative Agent and the results thereof shall be reasonably satisfactory to the Administrative Agent; 
 (v) legal opinions, in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and
each of the Lenders, which opinions shall cover the enforceability of such new Security Documents, the creation and perfection of the security interest created thereby and such other matters reasonably requested by the Administrative Agent;

  

 Annex A-7 

 (vi) a certificate, signed by an authorized officer of such Account Party, in form and
substance reasonably satisfactory to the Administrative Agent, certifying that after giving effect to such transfer of Collateral that the Security Documents then in effect create a valid and enforceable security interest in and Lien upon all right,
title and interest of such Account Party in and to the Collateral purported to be pledged by it thereunder and described therein, superior to and prior to the rights of all third persons and subject to no other Liens except as specifically permitted
therein and that no filings or recordings are required in order to ensure the enforceability, perfection or priority of the security interests created under such Security Documents, except for filings or recordings which shall have been previously
made; and 
 (vi) such other documents, certificates, opinions, and instruments in connection with such transfer of Collateral
as the Administrative Agent shall have reasonably requested. 
  

 Annex A-8 

 ARTICLE VII 
 FINANCIAL COVENANTS 
 Until the termination of the Commitments, the termination or expiration of all
Letters of Credit and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder, each of the Credit Parties
(solely as to itself and its Subsidiaries) covenants and agrees that: 
 Section 7.1 Maximum Consolidated Indebtedness to Total
Capitalization. 
 The ratio of Consolidated Indebtedness to Total Capitalization shall at all times not be greater than 0.30 to 1.0. For
purposes of determining the Consolidated Indebtedness to Total Capitalization Ratio, only that portion of the Total Return Equity Swaps, including notional value additions, which is treated as indebtedness by A.M. Best Company will be included as
Indebtedness. As of the date of the Second Amendment, A.M. Best Company treated 0% of the existing Total Return Equity Swap as Indebtedness. 
 Section 7.2 Minimum Consolidated Net Worth. 
 Consolidated Net Worth shall be at all times an amount not less than the
sum of (x) an amount equal to the Minimum Net Worth plus (y) 25% of Consolidated Net Income for each Fiscal Quarter (beginning with the Fiscal Quarter ended after the date of the Pro Forma Financial Statements) for which
Consolidated Net Income (measured at the end of each such Fiscal Year) is a positive amount plus (z) 50% of the aggregate increases in shareholders’ equity of IPC Holdings after the date of the Pro Forma Financial Statements by
reason of the issuance or sale of Equity Interests of IPC Holdings or any of its Subsidiaries or other capital contribution to IPC Holdings. The initial Minimum Net Worth shall be 75% of the Consolidated Net Worth shown on the Pro Forma Financial
Statements. On the date that financial statements are delivered pursuant to Section 6.1(a)(ii), the Minimum Net Worth will be recalculated to be the greater of (x) the required Minimum Net Worth as of the first day of the previous
Fiscal Year and (y) 70% of the Consolidated Net Worth as of such Fiscal Year end. 
 ARTICLE VIII 
 NEGATIVE COVENANTS 
 Until the
termination of the Commitments, the termination or expiration of all Letters of Credit and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and
other amounts then due and owing hereunder, each of the Credit Parties covenants and agrees that it will: 
 Section 8.1 Mergers,
Consolidations and Sales. Not, and not permit any Subsidiary to, (a) merge, amalgamate or consolidate, provided that (i) Max Holdings may merge, amalgamate or consolidate with IPC Holdings so long as (y) the Administrative
Agent shall have received such documents, certificates and opinions in connection with such merger, amalgamation or consolidation affirming the effectiveness of the Credit Agreement and the other Credit 

  

 Annex A-9 

 
Documents and the liability of the merged, amalgamated or consolidated company for the obligations of each of IPC Holdings and Max Holdings hereunder and
thereunder as it shall have reasonably requested and (z) immediately before and after giving effect thereto, no Default or Event of Default would occur or exist, (ii) any Wholly Owned Subsidiary (other than Max Holdings) may merge,
amalgamate or consolidate with another Wholly Owned Subsidiary so long as (w) if structured as a merger and a Credit Party is a party thereto, such Credit Party is the surviving entity, (x) the Administrative Agent shall be satisfied with
the corporate and capital structure and management of IPC Holdings and its Subsidiaries after giving effect to such merger, amalgamation or consolidation, (y) the Administrative Agent shall have received such documents, certificates and
opinions in connection with such merger, amalgamation or consolidation affirming the effectiveness of the Credit Agreement and the other Credit Documents and the liability of the Credit Parties for the Obligations as it shall have reasonably
requested and (z) immediately before and after giving effect thereto, no Default or Event of Default would occur or exist; and (iii) any Subsidiary (other than a Credit Party) may merge, amalgamate or consolidate with one or more other
Subsidiaries (other than a Credit Party), provided that, if either such Subsidiary is a Wholly-Owned Subsidiary, the surviving Person shall, after giving effect to such merger, amalgamation or consolidation, be a Wholly-Owned Subsidiary;
(b) make any Acquisition, provided that IPC Holdings or any of its Subsidiaries may make any Acquisition so long as (A) no Default or Event of Default has occurred and is continuing or would result from such Acquisition,
(B) prior to the closing of such Acquisition, IPC Holdings shall provide the Lenders with a pro forma Compliance Certificate giving effect to such Acquisition, (C) the Administrative Agent shall be satisfied with the corporate and capital
structure and management of IPC Holdings and its Subsidiaries after giving effect to such Acquisition and (D) the aggregate consideration to be paid by IPC Holdings or such Subsidiary in connection therewith shall not exceed $250,000,000, and
together with the aggregate consideration paid by IPC Holdings and its Subsidiaries in connection with each other Acquisition permitted by this Section 8.1 after the Amalgamation Date shall not exceed $500,000,000; or (c) sell,
transfer, convey or lease all or any portion of its assets, other than (i) any sale, transfer, conveyance or lease in the ordinary course of business, (ii) any sale or assignment of receivables, (iii) any sale, transfer, conveyance or
lease not in the ordinary course of business provided the aggregate fair market value of all such sales, transfers, conveyances or leases after the Amalgamation Date does not exceed $100,000,000, (iv) any sale, transfer, conveyance or lease by
any Subsidiary of a Credit Party to such Credit Party or to a Wholly Owned Subsidiary of such Credit Party and any sale, transfer, conveyance or lease by Max Bermuda to IPCRe Limited or by IPCRe Limited to Max Bermuda, and (v) Total Return
Equity Swaps permitted under Section 8.2(b)(v). Notwithstanding the foregoing, (w) Max US Holdings may merge or consolidate with, purchase or otherwise acquire assets from and transfer assets to, any of its Subsidiaries;
(x) any Subsidiary of Max US Holdings may merge or consolidate with, purchase or otherwise acquire assets from and transfer assets to, Max US Holdings or any other Subsidiary of Max US Holdings; (y) Max UK may merge or consolidate with,
purchase or otherwise acquire assets from and transfer assets to, any of its Subsidiaries; and (z) any Subsidiary of Max UK may merge or consolidate with, purchase or otherwise acquire assets from, and transfer assets to Max UK or any other
Subsidiary of Max UK. 
  

 Annex A-10 

 Section 8.2 Indebtedness. 
 (a) Not permit IPC Holdings or Max Holdings to create, incur, assume or permit to exist any Indebtedness, or agree, become or remain liable (contingent or
otherwise) to do any of the foregoing, except for (i) the Obligations; (ii) Indebtedness in connection with letters of credit; and (iii) other Indebtedness which is either incurred in connection with any Lien permitted under
Section 8.3 or pari passu in right of payment with, or subordinated in right of payment to, the Obligations, so long as upon the incurrence thereof no Default or Event of Default would occur or exist. 
 (b) Not permit any Subsidiary (excluding Max Holdings) to, create, incur, assume or permit to exist any Indebtedness, or agree, become or remain liable
(contingent or otherwise) to do any of the foregoing, except for (i) the Obligations; (ii) Indebtedness for standby letters of credit which have been, or may be from time to time in the future, issued to insurance or reinsurance cedants in
the ordinary course of business; (iii) Indebtedness in connection with Hedge Agreements entered into in the ordinary course of business in order to hedge currency, commodity or interest rate risks, and not for purposes of speculation;
(iv) Indebtedness which is incurred in connection with any Lien permitted under Section 8.3(n); (v) Indebtedness in connection with Total Return Equity Swaps, provided the total aggregate amount outstanding at any time
does not exceed an amount equal to 10% of the Investment Portfolio of Max Bermuda; (vi) Indebtedness in connection with Permitted Guarantees; (vii) unsecured Indebtedness of Max US Holdings and its Subsidiaries not to exceed $150,000,000;
(viii) Indebtedness of Max UK for standby letters of credit which have been, or may be from time to time in the future be, issued to provide funds at Lloyd’s to support Lloyd’s syndicate commitments of Max UK and its Subsidiaries;
(ix) Indebtedness of Subsidiaries of IPC Holdings owing to IPC Holdings or to other Subsidiaries of IPC Holdings, provided that if such Indebtedness is owed by a Credit Party, such Indebtedness must be subordinated to the Obligations in
a manner reasonably satisfactory to the Administrative Agent; and (x) unsecured Indebtedness not otherwise permitted by this Section 8.2 not to exceed at any time $75,000,000 in aggregate principal amount outstanding,
provided that (x) such Indebtedness does not contain any measures of financial performance (however expressed and whether stated as a covenant, as a ratio, as a fixed threshold, as an event of default, as a mandatory prepayment
provision, or otherwise) which, taken as a whole, are more restrictive than those measures of financial performance contained in this Agreement and (y) upon the incurrence thereof no Default or Event of Default would occur or exist. 

Section 8.3 Liens. Not create or permit to exist, nor allow any of its Subsidiaries to create or permit to exist, any Lien upon or with
respect to any part of its property or assets, whether now owned or hereafter acquired, except for: (a) Liens for current taxes, assessments and governmental charges not delinquent or for taxes, assessments and governmental charge being
contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP or SAP, as appropriate, (b) zoning restrictions, easements, party wall
agreements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material and adverse respect with the ordinary course of the business of such Person; (c) Liens, pledges or
deposits incurred in connection with workers’ compensation, unemployment insurance, old-age pensions, retirement benefits laws or similar legislation or other forms of governmental insurance or benefits, Liens, pledges or deposits to secure
public or statutory obligations and Liens, pledges or deposits pursuant to letters of credit or other security arrangements in connection with such insurance or benefits, (d) mechanics’, workers’, materialmen’s, 

  

 Annex A-11 

 
custodian’s, landlord liens and other like Liens arising in the ordinary course of business in respect of obligations which are not delinquent for a
period of not more than 60 days or which are being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP or SAP, as appropriate,
(e) lease deposits, (f) Liens arising by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or other similar rights or remedies existing solely with respect to cash and Cash Equivalents on
deposit pursuant to standard banking arrangements to the extent not prohibited by the terms of any Credit Document, (g) Liens listed on Schedule 8.3 in effect on the Effective Date; (h) Liens on cash, Cash Equivalents and
marketable securities (other than Collateral) pursuant to trusts or other security arrangements in connection with Reinsurance Agreements or Primary Policies and Liens securing Indebtedness permitted under Section 8.2(b)(ii);
(i) Liens in connection with Indebtedness permitted under Section 8.2(b)(v); (j) Liens in connection with Indebtedness permitted under Section 8.2(b)(viii); (k) Liens securing reverse repurchase agreements and
securities lending transactions in the ordinary course of business for liquidity purposes and in no event for a period exceeding 90 days in each case, (i) attachments, judgments and other similar Liens for sums not exceeding $35,000,000
(excluding any portion thereof which is covered by insurance so long as the insurer is reasonably likely to be able to pay and has accepted a tender of defense and indemnification without reservation of rights); (l) attachments, judgments and
other similar Liens for sums of $35,000,000 or more (excluding any portion thereof which is covered by insurance so long as the insurer is reasonably likely to be able to pay and has accepted a tender of defense and indemnification without
reservation of rights) provided the execution or other enforcement of such Liens is effectively stayed and claims secured thereby are being actively contested in good faith and by appropriate proceedings and have been bonded off (m) Liens in
favor of the Administrative Agent for the benefit of the Lenders; and (n) Liens in connection with Purchase Money Liens, any interest or title of a lessor in assets subject to any capital lease or operating lease and any other Lien securing
Indebtedness (including Indebtedness of the Parent or Max Holdings with respect to letters of credit) in an aggregate amount not to exceed $75,000,000 (provided the aggregate amount of the Indebtedness of IPC Holdings or Max Holdings secured under
this clause (n) shall not exceed $25,000,000); provided any Liens granted (other than pursuant to Section 8.3(m)) do not extend to any Collateral. 
 Section 8.4 [Reserved] 
 Section 8.5 Issuance of Preferred Stock. Not, and will not permit
any of its Subsidiaries to, directly or indirectly issue, sell, assign, pledge, or otherwise encumber or dispose of any shares of its preferred or preference equity securities, or warrants, options or other rights for the purchase of any preferred
or preference equity securities, or securities convertible into or exchangeable for any preferred or preference equity securities, except (a) (notwithstanding anything to the contrary in the Agreement or any other Credit Document) the issuance
of preferred or preference equity securities (or any Equity Interests convertible into such preferred or preference equity securities or exchangeable for such preferred or preference equity securities) so long as (i) (x) no part of such
preferred or preference equity securities matures or is mandatorily redeemable or subject to any mandatory repurchase requirement (in each case, whether on a scheduled basis or as a result of the occurrence of any event or circumstance) prior to the
first anniversary of the Final Maturity Date or (y) all such preferred or preference equity securities are issued to and held by IPC Holdings and its Wholly Owned Subsidiaries and (ii)

  

 Annex A-12 

 
such preferred or preference equity securities do not contain any financial performance related covenants or incurrence covenants which restrict the
operations of the issuer thereof and (b) in connection with any of IPC Holdings’ or any of its Subsidiaries’ compensation plans for its directors, officers and employees; provided that IPC Holdings may issue securities as
described on Schedule 8.5. 
 Section 8.6 Investments. Not, and will not permit or cause any of their respective
Subsidiaries to, make any investment not permitted by the investment policy of IPC Holdings as in effect on the Amalgamation Date for the management of its Investment Portfolio with such revisions thereto as are approved by the Board of Directors
(or a committee thereof) of IPC Holdings from time to time.  
 Section 8.7 [Reserved] 
 Section 8.8 Transactions with Affiliates. Not, and will not permit any Subsidiary to, enter into, or cause, suffer or permit to exist,
directly or indirectly, any arrangement, transaction or contract with any of its Affiliates other than: (a) Permitted Guarantees, (b) transactions between or among any of the Credit Parties and their Wholly Owned Subsidiaries, between or
among any of such Wholly Owned Subsidiaries, or between or among any of the Credit Parties; or (c) any arrangement, transaction or contract with an Affiliates if such arrangement, transaction or contract is on an arm’s length basis.

 Section 8.9 Restricted Payments. Not, and will not permit or cause any of Max Bermuda or the IPCRe Subsidiaries to, directly
or indirectly, declare or make any dividend payment, or make any other distribution of cash, property or assets, in respect of any of its Equity Interests, or purchase, redeem, retire, defease or otherwise acquire for value any shares of its Equity
Interests, or set aside funds for any of the foregoing, except for: (a) any Subsidiary may declare and pay dividends on or make distributions to a Credit Party or to a Wholly Owned Subsidiary of a Credit Party or set aside funds for the
foregoing; and (b) IPC Holdings may declare and pay dividends on, make distributions in respect of or repurchase, redeem, retire, defease or otherwise acquire its Equity Interests or set aside funds for the foregoing so long as no Default or
Event of Default has occurred and is continuing before or after giving effect to the declaration or payment of such dividends, distributions, repurchases or other acquisitions. 
 Section 8.10 Lines of Business. Not, and will not permit or cause any of their respective Subsidiaries to, engage to any material extent in
any business other than the reinsurance or insurance business and other businesses engaged in by the Credit Parties and their respective Subsidiaries on the Amalgamation Date or a business reasonably related or incidental thereto. 
 Section 8.11 Fiscal Year. Not, and will not permit or cause any of their respective Subsidiaries to, change the ending date of its fiscal
year to a date other than December 31 unless (i) IPC Holdings shall have given the Administrative Agent written notice of its intention to change such ending date at least 45 days prior to the effective date thereof and (ii) prior to
such effective date this Agreement shall have been amended to make any changes in the financial covenants and other terms and conditions to the extent necessary, in the reasonable determination of the Administrative Agent, to reflect the new fiscal
year ending date. 
  

 Annex A-13 

 Section 8.12 Ratings. (i) Cause each of Max Bermuda and IPCRe Limited to maintain a
Financial Strength Rating, either individually or on a group basis, at all times and (ii) not permit or cause the Financial Strength Rating of Max Bermuda and IPCRe Limited, either individually or on a group rating basis, to be lower than
“B++” at any time. 
 Section 8.13 [Reserved] 
 Section 8.14 Limitation on Certain Restrictions. Not, and will not permit or cause any of IPCRe Limited or the IPCRe Subsidiaries to,
directly or indirectly, create or otherwise cause or suffer to exist or become effective any restriction or encumbrance on (a) the ability of IPC Holdings, Max Holdings, Max Bermuda, IPCRe Limited or any of the IPCRe Subsidiaries (each, a
“Restricted Party”) to perform and comply with their respective obligations under the Credit Documents, or (b) the ability of any Restricted Party to make any dividend payment or other distribution in respect of its Equity
Interests, to repay Indebtedness owed to any Restricted Party, to make loans or advances to any Restricted Party, or to transfer any of its assets or properties to any Restricted Party, except (in the case of clause (b) above only) for such
restrictions or encumbrances existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable Requirements of Law, (iii) customary non-assignment provisions in leases and licenses of real or personal
property entered into by any Restricted Party as lessee or licensee in the ordinary course of business, restricting the assignment or transfer thereof or of property that is the subject thereof, (iv) customary restrictions and conditions
contained in any agreement relating to the sale of assets (including Equity Interests of a Subsidiary) pending such sale, provided that such restrictions and conditions apply only to the assets being sold and such sale is permitted under this
Agreement, (v) restrictions imposed in connection with Indebtedness permitted under Section 8.2(a)(ii), 8.2(b)(ii), 8.2(b)(iv) and 8.2(b)(viii), provided that such restrictions are no more restrictive
than those contained in this Agreement and such restrictions do not prohibit the Credit Parties from granting Liens to secure the Obligations under this Agreement, (vi) restrictions on Max Holdings and its Subsidiaries pursuant to the Max US
Holdings Indenture, (vii) consolidated net worth covenants or restrictions on payment of dividends upon a default in connection with any Indebtedness incurred by Max Bermuda or IPCRe Limited under Section 8.2(b)(ii), and
(ix) restrictions contained in the Credit Agreement dated as of December 21, 2006 between Max Bermuda and the Bank of Nova Scotia as in effect on the date of the Second Amendment; provided, however, that to the extent such
restrictions violate the provisions of this Section 8.14, such restrictions are eliminated on or before December 20, 2009. 
 Section 8.15 Private Act. Not permit any Credit Party to be subject to a Private Act which, in the reasonable determination of the Administrative Agent, would be adverse in any material respect to the rights or interests of the
Lenders. 
 Section 8.16 Custody Agreement. Not agree to any waiver or amendment of any Custody Agreement without first obtaining
the prior written consent of the Administrative Agent, which shall not be unreasonably withheld or delayed. 
  

 Annex A-14 

 Section 9.1 Events of Default. The occurrence of any one or more of the following events
shall constitute an “Event of Default”: 
 (a) Non-Payment of Credit Extension. Default in the payment when due of any
Reimbursement Obligation or any amount of principal on any Loan. 
 (b) Non-Payment of Interest, Fees, etc. Default, and continuance
thereof for three (3) Business Days, in the payment when due of interest, fees or of any other amount payable hereunder or under the Credit Documents. 
 (c) Cross-Default. (i) The occurrence of an “Event of Default” (as such term is defined in the Max/BofA Credit Agreement), (ii) default in the payment when due (subject to any applicable
grace period), whether by acceleration or otherwise, of any other Indebtedness of, or guaranteed by, any Material Party if the aggregate amount of Indebtedness of such Material Party which is accelerated or due and payable, or which (subject to any
applicable grace period) may be accelerated or otherwise become due and payable, by reason of such default or defaults is $35,000,000 or more, or (iii) default in the performance or observance of any obligation or condition with respect to any
such other Indebtedness of, or guaranteed by, any Material Party if the effect of such default or defaults is to accelerate the maturity (subject to any applicable grace period) of any such Indebtedness of $35,000,000 or more in the aggregate or to
permit the holder or holders of such Indebtedness of $35,000,000 or more in the aggregate, or any trustee or agent for such holders, to cause such Indebtedness to become due and payable prior to its expressed maturity. 
 (d) Bankruptcy, Insolvency, etc. (i) Any Material Party becomes insolvent or unable to pay, or admits in writing its inability to pay, debts
as they become due; (ii) there shall be commenced by or against any of such Persons any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
supervision, conservatorship, liquidation, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, rehabilitation,
conservation, supervision, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, obligations or liabilities, or (B) seeking appointment of a receiver, trustee, custodian,
rehabilitator, conservator, supervisor, liquidator or other similar official for it or for all or any substantial part of its assets, in each case which (1) results in the entry of an order for relief or any such adjudication or appointment or
(2) if filed against such Person, remains undismissed, undischarged or unstayed for a period of 60 days; (iii) there shall be commenced against any of such Persons any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within
60 days from the entry thereof; (iv) any of such Persons shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause(ii) or (iii) above; or
(v) any Governmental Authority shall issue any order of conservation, supervision or any other order of like effect relating to any of such Persons. 
  

 Annex A-15 

 (e) Financial Statements. Failure by IPC Holdings or any of its Subsidiaries to comply with the
covenants set forth in Section 6.1 and continuance of such failure for five Business Days after notice thereof from the Administrative Agent. 
 (f) Specific Defaults. Failure by IPC Holdings or its Subsidiaries to comply with its covenants set forth in Section 2.13, 6.10(a), 6.10(b), 6.10(d), 7.1, 7.2, 8.1,
8.2, 8.3(h), 8.3(i), 8.3(m), 8.3(n), 8.9, 8.12, or 8.14. 
 (g) Investments. Failure by IPC
Holdings or its Subsidiaries to comply with Section 8.6 and continuance of such failure for ten Business Days. 
 (h)
Non-compliance With Other Provisions. Failure by any Credit Party to comply with or to perform any provision of this Agreement or any other Credit Document (and not constituting an Event of Default under any of the other provisions of this
Section 9.1) and continuance of such failure for 30 days after notice thereof from the Administrative Agent to such Credit Party. 
 (i) Warranties and Representations. Any warranty or representation made by or on behalf of any Credit Party herein, in any Credit Document, or any schedule, certificate, financial statement, report, notice, or other instrument
furnished in connection herewith or therewith shall prove to have been false or misleading in any material respect as of the time made, deemed made or furnished. 
 (j) Employee Benefit Plans. IPC Holdings or any of its Subsidiaries: 
 (i) maintains
or administers any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to the provisions of Title IV of ERISA; 
 (ii) maintains or administers any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA to which IPC
Holdings or any ERISA Affiliate makes, is making or is obligated to make contributions or has made or been obligated to make contributions; 
 (iii) has any liability with respect to any matter specified in the foregoing clauses (i) and (ii); or 
 (iv) (A) termination of a Foreign Pension Plan if, as a result of such termination, IPC Holdings or any of its Subsidiaries is required to make a contribution to such Foreign Pension Plan in excess of $35,000,000 or
(B) a contribution failure with respect to any Foreign Pension Plan in excess of $35,000,000 occurs. 
 (k) Credit Documents.
(i) Any Security Document, Guaranty or other Credit Document shall cease to be in full force and effect with respect to any Credit Party liable thereunder or any Credit Party liable thereunder shall fail (subject to any applicable grace period)
to comply with or to perform any applicable provision of any Security Document, Guaranty or other Credit Document, (ii) any Security Document shall cease to give the Administrative Agent the Liens, rights, powers and privileges purported to be
created thereby (including a first priority security interest in, and Lien on, all of the Collateral subject thereto, in favor of the 

  

 Annex A-16 

 
Administrative Agent, superior to and prior to the rights of all third Persons and subject to no other Liens other than Liens permitted under
Section 8.3(a)); (iii) any authorized Person acting by or on behalf of any Credit Party or any of their respective Subsidiaries shall deny in writing or disaffirm in writing the enforceability of any Security Document, Guaranty or
other Credit Document, or (iv) the Custodian is in breach of any term of any Account Control Agreement and such breach continues for 30 days. 
 (l) Change in Control. A Change in Control occurs. 
 (m) Judgments. A final judgment or judgments which exceed an
aggregate of $35,000,000 (excluding any portion thereof which is covered by insurance so long as the insurer is reasonably likely to be able to pay and has accepted a tender of defense and indemnification without reservation of rights) shall be
rendered against Max Holdings, Max Bermuda, IPC Holdings, IPCRe Limited or any of the IPCRe Subsidiaries and shall not have been discharged or vacated or had execution thereof stayed pending appeal within 60 days after entry or filing of such
judgment(s) or in any event not later than 5 days prior to the date of any proposed sale or such property thereunder. 
 (n)
Regulatory Matters. Any Insurance Regulatory Authority or other Governmental Authority having jurisdiction shall issue any order of conservation, supervision, rehabilitation or liquidation or any other order of similar effect in respect of
any Insurance Subsidiary; or any one or more Licenses of IPC Holdings or any of its Subsidiaries shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by any Governmental Authority, and such
suspension, limitation, termination, non-renewal or action, either individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect.  
  

 Annex A-17

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