Document:

EX-4.2

 Exhibit 4.2 
  

 
  

RADIAN GROUP INC. 

and 
 U.S.
BANK NATIONAL ASSOCIATION, 
 as Trustee 

SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of May 15, 2020 

TO SENIOR INDENTURE 

Dated as of March 4, 2013 

6.625% SENIOR NOTES DUE 2025 

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  

	 DEFINITIONS
	  			
		
	 Section 1.01. Scope of Supplemental Indenture
	  	 	2	 
	 Section 1.02. Definitions
	  	 	2	 
	
	ARTICLE II	 
	 ISSUE, DESCRIPTION, EXECUTION,
REGISTRATION AND EXCHANGE OF NOTES
	  			
		
	 Section 2.01. Designation and Amount; Payments
	  	 	8	 
	 Section 2.02. Form of Notes
	  	 	8	 
	 Section 2.03. Depositary
	  	 	9	 
	 Section 2.04. Cancellation of Surrendered Notes
	  	 	10	 
	 Section 2.05. Notice of Defaults
	  	 	10	 
	 Section 2.06. Additional Notes; Repurchases
	  	 	10	 
	 Section 2.07. Payments on Physical Notes
	  	 	11	 
	
	ARTICLE III	  

	SATISFACTION AND DISCHARGE	  	 	 
		
	 Section 3.01. Applicability of Article 8 and Article 9 of the Original
Indenture
	  	 	11	 
	 Section 3.02. Satisfaction and Discharge
	  	 	11	 
	
	ARTICLE IV	  

	PARTICULAR COVENANTS OF THE COMPANY	  	 	 
		
	 Section 4.01. Maintenance of Office or Agency
	  	 	12	 
	 Section 4.02. Additional Covenants
	  	 	12	 
	
	ARTICLE V	  

	DEFAULTS AND REMEDIES	  	 	 
		
	 Section 5.01. Applicability of Article 6 of the Original Indenture
	  	 	13	 
	 Section 5.02. Events of Default
	  	 	13	 
	
	ARTICLE VI	  

	SUPPLEMENTAL INDENTURES	  	 	 
		
	 Section 6.01. Supplemental Indentures Without Consent of Holders
	  	 	13	 
	 Section 6.02. Supplemental Indentures With Consent of Holders
	  	 	13	 
	 Section 6.03. Notice to Holders of Supplemental Indentures
	  	 	14	 
	 Section 6.04. Evidence of Compliance of Supplemental Indenture to be Furnished to
Trustee
	  	 	14	 

  
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 ARTICLE VII 

					
	 CONSOLIDATION, MERGER, SALE,
CONVEYANCE AND LEASE
	  			
		
	 Section 7.01. Applicability of Article 5 of the Original Indenture
	  	 	14	 
	 Section 7.02. Company May Consolidate, etc. on Certain Terms
	  	 	15	 
	 Section 7.03. Successor Company to be Substituted
	  	 	15	 
	 Section 7.04. Opinion of Counsel to be Given to Trustee
	  	 	15	 
	
	ARTICLE VIII	  

	 OPTIONAL REDEMPTION
	  			
		
	 Section 8.01. Applicability of Article 3 of the Original Indenture
	  	 	15	 
	 Section 8.02. Right to Redeem; Notices to Trustee
	  	 	15	 
	 Section 8.03. Notice of Optional Redemption; Selection of Notes
	  	 	16	 
	 Section 8.04. Payment of Notes Called for Redemption
	  	 	17	 
	 Section 8.05. Restrictions on Redemption
	  	 	17	 
	
	ARTICLE IX	  

	 MISCELLANEOUS PROVISIONS
	  			
		
	 Section 9.01. Governing Law
	  	 	17	 
	 Section 9.02. No Security Interest Created
	  	 	18	 
	 Section 9.03. Notices
	  	 	18	 
	 Section 9.04. Benefits of Indenture
	  	 	18	 
	 Section 9.05. Effect of Headings
	  	 	18	 
	 Section 9.06. Supplemental Indenture May be Executed in Counterparts
	  	 	18	 
	 Section 9.07. Severability
	  	 	18	 
	 Section 9.08. Ratification of Original Indenture
	  	 	18	 
	 Section 9.09. Calculations
	  	 	19	 
	 Section 9.10. No Personal Liability
	  	 	19	 
		
	 Exhibit A      Form of Note
	  	 	A-1	 

  

  
 ii 

 SEVENTH SUPPLEMENTAL INDENTURE, dated as of
May 15, 2020 (this “Supplemental Indenture”), between Radian Group Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, a national banking association organized under the laws of
the United States, as trustee (the “Trustee”), supplementing the Senior Indenture, dated as of March 4, 2013, between the Company and the Trustee (the “Original Indenture” and, as amended and supplemented by
this Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered the Original Indenture to the Trustee to provide, among other things, for the
issuance, from time to time, of the Company’s unsecured Securities, in an unlimited aggregate principal amount, in one or more series to be established by the Company under, and authenticated and delivered as provided in, the Original
Indenture; 
 WHEREAS, Section 10.01(g) of the Original Indenture provides for the Company and the Trustee to enter into
an indenture supplemental to the Original Indenture to establish the form and terms of Securities of any series as contemplated by Sections 2.01 and 2.02 of the Original Indenture; 

WHEREAS, the Board of Directors has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental
Indenture; 
 WHEREAS, pursuant to the terms of the Original Indenture, the Company desires to establish a new series of its
Securities to be known as its “6.625% Senior Notes due 2025” (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and
this Supplemental Indenture; 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note and the
Form of Assignment and Transfer contemplated under the terms of the Notes are to be substantially in the forms hereinafter provided; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements
necessary have been performed to make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations
of the Company and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE
WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of all Holders of the Notes, as
follows: 

  
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 ARTICLE I 

DEFINITIONS 

Section 1.01. Scope of Supplemental Indenture. This Supplemental Indenture supplements the provisions of the Original Indenture,
to which provisions reference is hereby made. The changes, modifications and supplements to the Original Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which
may be issued from time to time, and shall not apply to any other Securities that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications
and supplements. For purposes of Article 11 of the Original Indenture, the Notes shall constitute a single class of Securities. The provisions of this Supplemental Indenture shall supersede any corresponding, or conflicting, provisions in the
Original Indenture. Unless otherwise specified, section and subsection references used herein are to this Supplemental Indenture. 

Section 1.02. Definitions. For all purposes of the Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a)    the terms defined in this Article I shall have the respective meanings assigned to them in
this Article I and include the plural as well as the singular and, to the extent applicable, supersede the definitions thereof in the Original Indenture; 

(b)    all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the
same meanings as in the Original Indenture; 
 (c)    all other terms used herein that are defined in the Trust
Indenture Act, either directly or by reference therein, shall have the meanings assigned to them in the Trust Indenture Act; 

(d)    all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with
generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting
principles in the United States of America as are generally accepted at the date of this instrument; and 
 (e)    the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Adjusted Treasury Rate” means with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue for the Notes to be redeemed on such Redemption Date, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its aggregate principal amount) equal to the applicable
Comparable Treasury Price for such Redemption Date. 

  
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 The Adjusted Treasury Rate shall be calculated on the second Business Day preceding the
Redemption Date. 
 “Agent” means any Registrar, Paying Agent or Note Custodian. 

“Applicable Procedures” means, with respect to any payment, tender, redemption, transfer, or exchange of or for beneficial
interests in any Global Note, the rules and procedures of DTC that apply to such payment, tender, redemption, transfer or exchange. 

“Board of Directors” means the board of directors of the Company, including any duly authorized committee thereof. 

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which banking
institutions in New York, New York or at a place of payment under the Original Indenture are authorized or obligated by law or executive order to remain closed. 

“Capital Lease Obligation” means the amount of the liability in respect of a capital lease or finance lease that would appear
on the balance sheet in accordance with GAAP (but specifically excluding the liability in respect of any operating lease whether or not Accounting Standard Codification Topic 842 would otherwise apply and whether or not such operating lease
liability may appear on the balance sheet). 
 “close of business” means 5:00 p.m. (New York City time). 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the Remaining Life. 
 “Comparable Treasury Price” means (1) the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Company” shall have the meaning specified in the first paragraph of
this Supplemental Indenture, and subject to the provisions of Article VII, shall include its successors and assigns. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of
Default. 
 “Depositary” means, with respect to each Global Note, the Person specified in Section 2.03(b) as the
Depositary, or any successor thereto registered as a clearing agency under the Exchange Act or other applicable statute or regulations. 

“Designated Subsidiary” means any present or future consolidated Subsidiary of the Company, the consolidated
stockholders’ equity of which constitutes at least 15% of the Company’s consolidated stockholders’ equity. 

  
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 “DTC” shall have the meaning specified in Section 2.03(b). 

“Form of Assignment and Transfer” shall mean the “Form of Assignment and Transfer” attached as Attachment 1 to the
Form of Note attached hereto as Exhibit A. 
 “Global Note” shall have the meaning specified in Section 2.03(a). 

“Indebtedness” means, with respect to any Person: 

(1) the principal of, and any premium and interest on, indebtedness of such Person for money borrowed and indebtedness evidenced by notes,
debentures, bonds or other similar instruments for the payment of which that person is responsible or liable; 
 (2) all Capital Lease
Obligations of such Person; 
 (3) all obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business and deferred purchase price due and payable within 90 days); 

(4) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit
transaction, other than obligations with respect to letters of credit securing obligations entered into in the ordinary course of business; 

(5) all Hedging Obligations of such Person; 

(6) all obligations of the type referred to above of other Persons and all dividends of other Persons for which such Person is responsible or
liable as obligor, guarantor or otherwise, except Indebtedness will not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) financial guaranties made by an insurance company (including a financial
guaranty company) as an incident to the conduct of its insurance business and in the ordinary course of such business; 
 (7) all
obligations of the type referred to above of other Persons secured by any lien on any property or asset of such Person; and 
 (8) any
amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described above. 
 Notwithstanding the
foregoing, (i) Indebtedness of a Person will not include any Conduit Indebtedness or any Insured Indebtedness of such Person or any guaranty of that type of Indebtedness by such Person in the ordinary course of its business, and (ii) in
connection with the purchase by a Person of any business, the term Indebtedness will exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing so long as at the time
of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid when due. “Conduit Indebtedness” means, with respect to a Person,

  
 - 4 - 

 
Indebtedness of a special purpose entity or Subsidiary of such Person that is consolidated on such Person’s financial statements in accordance with GAAP so long as (i) the proceeds of
such debt are used by such special purpose entity or Subsidiary to make loans to, or to purchase assets from, another Person that is not an affiliate of such Person, in the ordinary course of business and (ii) such Indebtedness and/or any
payment with respect to accounts receivable and other assets underlying such Indebtedness are guaranteed by the former Person or one or more of its Subsidiaries, in the ordinary course of business. “Insured Indebtedness” means, with
respect to a Person, any Indebtedness of such Person or its Subsidiaries that is guaranteed by such Person or another Subsidiary of such Person that is an insurance company (including a financial guaranty company) so long as the proceeds of such
Indebtedness are used to purchase securities, instruments, notes or other obligations issued or owed by a Person that is not an affiliate of such Person, in the ordinary course of business. 

“Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Interest Payment Date” means each March 15 and September 15 of each year, beginning on September 15, 2020.

 “Maturity Date” means March 15, 2025. 

“Note” or “Notes” shall have the meaning specified in the fourth paragraph of the recitals of this
Supplemental Indenture. 
 “Note Custodian” means the Trustee, as custodian for DTC, with respect to the Global Notes, or
any successor entity thereto. 
 “Optional Redemption” shall have the meaning specified in Section 8.02. 

“Outstanding” when used with respect to the Notes, means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except: 
 (a)    Notes theretofore canceled by the
Trustee or delivered to the Trustee for cancellation; 
 (b)    Notes which have been surrendered
pursuant to Section 2.10 of the Original Indenture or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 

(c)    Notes, or portions thereof, that have become due, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the 

  
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Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes;

 (d)    Notes required to be canceled pursuant to Section 2.13 of the Original Indenture; and 

(e)    Notes repurchased by the Company and subject to the last sentence of Section 2.06; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by Section 313 of the Trust Indenture Act, Notes owned by
the Company or any Affiliate of the Company shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. 

“Par Call Date” means September 15, 2024. 

“Paying Agent” means the Trustee or any successor office or agency maintained by the Company in the Place of Payment pursuant
to Section 4.02 of the Original Indenture where the Notes may be presented or surrendered for payment or surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be
served. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or agency or political subdivision thereof. 
 “Physical
Notes” means permanent certificated Notes in registered form issued in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. 

“Place of Payment” means, with respect to the Notes, the location of the office or agency maintained by the Company pursuant
to Section 4.01(a). 
 “Prospectus Supplement” means the preliminary prospectus supplement dated May 12, 2020, as
supplemented by the pricing term sheet dated May 12, 2020, and by the prospectus supplement dated May 12, 2020 relating to the offering and sale of the Notes. 

“Redemption Date” shall have the meaning specified in Section 8.03(a). 

“Redemption Notice” shall have the meaning specified in Section 8.03(a). 

  
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 “Redemption Price” means, for any Notes to be redeemed pursuant to
Section 8.02, either (X) prior to the Par Call Date, the greater of (i) 100% of the aggregate principal amount of such Notes, or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on
the Notes to be redeemed, calculated from the Redemption Date to the Par Call Date (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 50 basis points, as calculated by an Independent Investment Banker or (Y) on or after
the Par Call Date, 100% of the aggregate principal amount of such Notes. In each case, the Redemption Price is payable together with accrued and unpaid interest on the Notes to, but excluding the Redemption Date. 

“Reference Treasury Dealer” means (i) each of RBC Capital Markets, LLC, Goldman Sachs & Co. LLC, Barclays
Capital Inc., Credit Suisse Securities (USA) LLC and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc., or their respective successors or affiliates, and one other nationally recognized investment banking firm
that is a primary U.S. Government securities dealer specified from time to time by the Company and its successors; provided that, if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Registrar” means an office or
agency where Notes may be presented for registration of transfer or for exchange. The term “Registrar” includes any co-registrar. 

“Regular Record Date,” with respect to any Interest Payment Date, shall mean the March 1 or September 1 (whether or
not such day is a Business Day) immediately preceding the applicable March 15 or September 15 Interest Payment Date, respectively. 

“Remaining Life” the remaining term of the Notes to be redeemed (assuming for this purpose that such Notes matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed (assuming
for this purpose that such Notes matured on the Par Call Date). 
 “Security Register” means the register of the Notes and
of transfers and exchanges thereof required to be kept by the Registrar pursuant to Section 2.06 of the Original Indenture. 

“Successor Company” shall have the meaning specified in Section 7.02(a). 

  
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 “Supplemental Indenture” has the meaning specified in the first paragraph
of this Supplemental Indenture. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this Supplemental Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

ARTICLE II 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount; Payments. The Notes are hereby created and authorized as a single series of Securities under
the Original Indenture. The Notes shall be designated as the “6.625% Senior Notes due 2025”. The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $525,000,000, subject
to Section 2.06 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.09, Section 2.10, Section 2.12 and Section 10.05 of the
Original Indenture and Section 8.03 of this Supplemental Indenture. 
 The principal amount of Notes then outstanding shall be payable
on the Maturity Date. The Notes will bear interest at a rate of 6.625% per year from May 15, 2020, or from the most recent date on which interest had been paid or provided for, until the principal thereof is paid or made available for payment.
Interest is payable on each Interest Payment Date, beginning on September 15, 2020, to the Person in whose name a Note is registered on the Security Register at the close of business on the Regular Record Date immediately preceding the
applicable Interest Payment Date. If any Interest Payment Date, the Maturity Date or a Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next succeeding Business Day and no interest on such payment
shall accrue in respect of such delay. 
 The Notes shall be the direct, unsecured obligations of the Company and will rank equally with
each other and with all other existing and future unsecured and unsubordinated indebtedness of the Company. 
 Section 2.02. Form of
Notes. The Notes shall be substantially in the form set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of the Indenture. To the extent applicable, the Company and
the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Any
Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of the Indenture as may be required by the Note Custodian or the Depositary, or as may be required to
comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

  
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 Each Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions, repurchases, transfers or exchanges permitted hereby. Any endorsement of the Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall
be made on the Schedule of Exchanges of Notes to such Global Note by the Trustee or the Note Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with the Indenture. 

Section 2.03. Depositary. 

(a)    So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law,
all Notes shall be represented by one or more Global Securities to which the provisions of Section 2.01, Section 2.09 and Section 2.15 of the Original Indenture apply (each, a “Global Note”) registered in the name of
the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note, shall be effected through the Depositary (but not the Trustee or the Note
Custodian) in accordance with the Indenture (including the restrictions on transfer set forth herein) and the Applicable Procedures of the Depositary therefor. 

(b)    The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The
Depository Trust Company, a New York corporation (“DTC”), to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the
nominee of the Depositary, and deposited with the Trustee as custodian for DTC. 
 (c)    Section 2.09(d) of the
Original Indenture is hereby amended and restated in full, with respect to the Notes, to read as follows: 
 “Physical Notes shall be
issued and delivered by the Company (i) to each Person that DTC identifies as a beneficial owner of the related Securities only if (a) DTC has notified the Company that it is unwilling or unable to continue as depositary for the Global
Securities of the relevant series and a successor depositary is not appointed within 90 calendar days or (b) DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 calendar
days or (ii) if an Event of Default with respect to the Securities of any series has occurred and is continuing, to each beneficial owner who requests that its beneficial interests in the Securities be exchanged for Securities in definitive
form.” 
 (d)    Notwithstanding anything to the contrary in the Indenture (including, without limitation,
Section 1.01, Section 2.01, Section 2.09 and Section 2.15 of the Original Indenture) or the Notes, following the occurrence and during the continuance of an Event of Default, any 

  
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beneficial owner of a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such
beneficial owner’s right to exchange its beneficial interest in such Global Note for a Physical Note in accordance with Section 1.05 of the Original Indenture. 

(e)    At such time as all interests in a Global Note have been canceled, repurchased or transferred, such Global Note
shall be, upon receipt thereof, canceled by the Trustee in accordance with Applicable Procedures. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, canceled, repurchased or transferred to a
transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing
between the Depositary and the Note Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on the Schedule of Exchanges of Notes to such Global Note, by the Trustee or the Note Custodian, at the
direction of the Trustee, to reflect such reduction or increase. 
 Section 2.04. Cancellation of Surrendered Notes. The Company
shall cause all Notes surrendered for payment, repurchase (including pursuant to Section 2.06), redemption, registration of transfer or exchange, if surrendered to any Person other than the Trustee (including any of the Company’s Agents,
Subsidiaries or Affiliates), to be delivered to the Trustee for cancellation pursuant to Section 2.13 of the Original Indenture. All Notes delivered to the Trustee shall be cancelled promptly by the Trustee. No Notes shall be authenticated in
exchange for any Notes cancelled hereunder or under the Original Indenture. 
 Section 2.05. Notice of Defaults. The Company
shall deliver to the Trustee, at its Corporate Trust Office, in accordance with Section 13.02 of the Original Indenture, within 30 calendar days after the occurrence thereof, an Officers’ Certificate containing notice of any events that
would constitute Defaults, the status thereof and what action the Company is taking or proposes to take in respect thereof, which notice shall make express reference to the Company, the Indenture and the Notes. 

Section 2.06. Additional Notes; Repurchases. The Company may, without the consent of the Holders of the Notes and notwithstanding
Section 2.01, reopen this Supplemental Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder in an unlimited aggregate principal amount; provided that if any such additional Notes are
not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a
Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 13.05 of the Original Indenture, as the Trustee shall
reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company
or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives.    The Company shall cause any Notes so
repurchased to be surrendered to the Trustee for cancellation, and such Notes shall no longer be considered Outstanding under the Indenture upon the repurchase thereof. 

  
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 Section 2.07. Payments on Physical Notes. The Company shall pay interest on any
Physical Notes (A) to Holders having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of such Notes at their address as it appears in the Security Register and (B) to Holders having an aggregate principal
amount of more than $5,000,000, either by check mailed to each such Holder or, upon application by a Holder to the Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s
account within the United States, which application shall remain in effect until the Holder notifies the Registrar, in writing, to the contrary. 

ARTICLE III 

SATISFACTION AND DISCHARGE 

Section 3.01. Applicability of Article 8 and Article 9 of the Original Indenture. 

(a)    Article 8 of the Original Indenture shall not apply to the Notes. Instead, the satisfaction and discharge provisions
set forth in this Article III shall, with respect to the Notes, supersede in its entirety Article 8 of the Original Indenture and all references in the Original Indenture to Article 8 thereof and satisfaction and discharge provisions therein, as the
case may be, shall, with respect to the Notes, be deemed to be references to this Article III and the satisfaction and discharge provisions set forth in this Article III. 

(b)    Article 9 of the Original Indenture shall not apply to the Notes. 

Section 3.02. Satisfaction and Discharge. This Supplemental Indenture shall upon request of the Company contained in an
Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Supplemental Indenture, when: (a) (i) all Notes
theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.10 of the Original Indenture) have been delivered to the Trustee for cancellation;
or (ii) the Company has deposited with the Trustee or delivered to Holders of the Notes, as applicable, after the Notes have become due and payable, whether at the Maturity Date or any Redemption Date, cash sufficient to pay all of the
Outstanding Notes, as the case may be, and pay all other sums due and payable under this Supplemental Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Supplemental Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Supplemental Indenture, the
obligations of the Company to the Trustee under Section 7.06 of the Original Indenture shall survive. 

  
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 ARTICLE IV 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Maintenance of Office or Agency. 

(a)    The Company shall maintain at all times an office or agency in the continental United States, or cause an office or
agency in the continental United States to be maintained, to serve as Paying Agent and Registrar for the Notes. 

(b)    The Company hereby initially designates the Trustee as the Paying Agent, Registrar and Note Custodian and the
Corporate Trust Office and the office or agency of the Trustee in the Place of Payment each shall be considered as one office or agency of the Company where the Notes may be presented or surrendered for payment or surrendered for transfer or
exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. 
 Section 4.02.
Additional Covenants. 
 (a)    Neither the Company nor any of its Subsidiaries shall create, assume, incur or
permit to exist any Indebtedness secured by any lien on the present or future capital stock of any Designated Subsidiary unless the Notes, and at the Company’s election, any other Indebtedness of the Company that is not subordinated to the
Notes and with respect to which the governing instruments require, or pursuant to which the Company is otherwise obligated, to provide such security, are secured equally and ratably with such Indebtedness for at least the time period this
Indebtedness is so secured. Notwithstanding the foregoing, the Company may, without securing the Notes or such other Indebtedness, incur liens existing on such capital stock before the acquisition thereof by the Company or any Designated Subsidiary
so long as (1) such lien was in existence prior to, and is not created in contemplation of or in connection with, such acquisition, (2) such lien will not apply to capital stock of any other Designated Subsidiary and (3) such lien
will secure only those obligations which it secures on the date of such acquisition, and extensions, renewals and replacements of the foregoing liens that do not increase the outstanding principal amount secured by such liens and do not extend to
capital stock of any other Designated Subsidiary. 
 (b)    Neither the Company nor any of the Designated Subsidiaries
shall issue, sell, transfer or dispose of capital stock of a Designated Subsidiary, except to the Company or one of its Subsidiaries that agrees to hold the transferred shares subject to the terms of this sentence, unless (1) the Company
disposes of the entire capital stock of the Designated Subsidiary at the same time for cash or property which, in the opinion of the Company’s Board of Directors, is at least equal to the fair market value of the capital stock or (2) the
Company sells, transfers or otherwise disposes of any capital stock of a Designated Subsidiary for at least fair market value (in the opinion of the Company’s Board of Directors) and, after giving effect thereto, the Company and its
Subsidiaries would own more than 80% of the issued and outstanding voting stock of such Designated Subsidiary. 

  
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 ARTICLE V 

DEFAULTS AND REMEDIES 

Section 5.01. Applicability of Article 6 of the Original Indenture. Article 6 of the Original Indenture shall apply to the Notes.

 Section 5.02. Events of Default. The following is an additional “Event of Default” with respect to the
Notes: 
 (a)    default in the payment of the Redemption Price upon an Optional Redemption of the Notes under Article
VIII of this Supplemental Indenture. 
 ARTICLE VI 

SUPPLEMENTAL INDENTURES 

Section 6.01. Supplemental Indentures Without Consent of Holders. Subject to Section 6.02 hereof and Section 10.02 of
the Original Indenture, the Company, when authorized by the Board Resolutions, and the Trustee, at the Company’s expense, at any time and from time to time, may, without notice to or the consent of any Holder, enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes, in addition to the purposes set forth in Section 10.01 of the Original Indenture: 

(a)    cure any ambiguity, omission, defect or inconsistency in the Indenture; 

(b)    provide for the assumption by a Successor Company of the Company’s obligations under the Indenture and the
Notes, in accordance with the provisions of Article VII; 
 (c)    make any change that does not adversely affect the
rights of any Holder; or 
 (d)    conform the provisions of the Indenture to the section entitled “Description of
Debt Securities” as set forth in the prospectus dated February 28, 2020, as supplemented and amended by the “Description of the Notes” section in the Prospectus Supplement. 

For purposes of the Notes, clauses (a), (d) and (j) of Section 10.01 of the Original Indenture shall be deemed to be deleted in
their entirety. 
 Section 6.02. Supplemental Indentures With Consent of Holders. With the consent of the Holders of at least a
majority of the aggregate principal amount of the Notes then Outstanding (including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Company, when authorized by the Board
Resolutions and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders; provided that, in addition to the restrictions set forth in the first sentence of Section 10.02 of the Original
Indenture, without the written consent of each Holder of an Outstanding Note affected thereby, no such supplemental indenture may: 

(a)    reduce the Redemption Price or make any other change to the provisions set forth under Article VIII that is adverse
to Holders in any way; or 

  
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 (b)    modify the amendment provisions contained in this
Section 6.02 or Section 10.02 of the Original Indenture or the waiver provisions contained in Section 6.09 of the Original Indenture, except to increase the percentage of the principal amount of Notes whose Holders are required to
consent to a supplemental indenture or waiver, or to provide that certain other provisions of the Indenture may not be modified or waived without the consent of the Holder of each Outstanding Note affected thereby. 

The portion of the second sentence of Section 10.02 of the Original Indenture preceding clause (a) thereof is hereby amended and
restated, with respect to the Notes, to read as follows: 
 “Notwithstanding anything in the Indenture to the contrary,
no supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:” 
 For purposes of
the Notes, clause (i) of Section 10.02 of the Original Indenture shall be deemed to be deleted in its entirety. 

Section 6.03. Notice to Holders of Supplemental Indentures. The Company shall cause notice of the execution of any supplemental
indenture entered into pursuant to this Article VI or pursuant to Article 10 of the Original Indenture to be promptly mailed to each Holder, at its address appearing on the Security Register provided for in this Supplemental Indenture. Failure to
give such notice to all Holders, or any defect in such notice, shall not impair or affect the validity of such supplemental indenture. Such notice shall briefly describe the amendment made under the relevant supplemental indenture. 

Section 6.04. Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee. For the avoidance of doubt,
Section 10.06 of the Original Indenture shall apply to any supplemental indenture entered into pursuant to this Article VI as if it had been entered into pursuant to Article 10 of the Original Indenture. 

ARTICLE VII 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 7.01. Applicability of Article 5 of the Original Indenture. Article 5 of the Original Indenture shall not apply to the
Notes. The provisions set forth in this Article VII shall, with respect to the Notes, supersede in their entirety Article 5 of the Original Indenture, and all references in the Original Indenture to Article 5 thereof shall, with respect to the
Notes, be deemed to be references to this Article VII. 

  
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 Section 7.02. Company May Consolidate, etc. on Certain Terms. Subject to the
provisions of Section 7.03, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its assets to, another Person, unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall
be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and the Indenture; and 
 (b)    immediately after giving effect to the
transaction, no Default or Event of Default shall have occurred and be continuing. 
 For purposes of this Section 7.02, the sale,
conveyance, transfer or lease of all or substantially all of the assets of one or more Subsidiaries of the Company to another Person, which assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the
assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the assets of the Company to another Person. 

Section 7.03. Successor Company to be Substituted. Upon any such consolidation, merger or sale, conveyance, transfer or lease, the
Successor Company (if not the Company) shall succeed to, and may exercise every right and power of, the Company under the Indenture with the same effect as if such successor had been named as the Company herein; and thereafter the Company shall be
discharged from its obligations under the Notes and this Indenture, except in the case of any such lease. 
 In case of any such
consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 7.04. Opinion of Counsel to be Given to Trustee. The Company shall not enter into any consolidation, merger, sale,
conveyance, transfer or lease subject to Section 7.02 unless the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease
and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article VII. 

ARTICLE VIII 

OPTIONAL REDEMPTION 

Section 8.01. Applicability of Article 3 of the Original Indenture. Article 3 of the Original Indenture shall not apply to the
Notes. Instead, the provisions set forth in this Article VIII shall, with respect to the Notes, supersede in its entirety Article 3 of the Original Indenture and all references in the Original Indenture to Article 3 thereof and the provisions
therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article VIII and the provisions set forth in this Article VIII. 

Section 8.02. Right to Redeem; Notices to Trustee. No sinking fund is provided for the Notes. The Company has the option to redeem
the Notes (an “Optional Redemption”), at any time in whole or in part, upon not less than 15 nor more than 60 days’ notice, at the applicable Redemption Price. 

  
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 Section 8.03. Notice of Optional Redemption; Selection of Notes.  

(a)    In case the Company exercises its Optional Redemption right to redeem all or, as the case may be,
any part of the Notes pursuant to Section 8.02, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not less than 65 calendar days prior to the Redemption
Date (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall provide or cause to be provided a notice of such Optional Redemption (a “Redemption
Notice”) not less than 15 nor more than 60 calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part at its last address as the same appears on the Security Register; provided,
however, that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee. 

(b)    The Redemption Notice, if mailed in the manner herein provided, shall be conclusively presumed to
have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any other Note. 
 (c)    Each Redemption
Notice shall specify: 
 (i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be
redeemed, and that interest thereon, if any, shall cease to accrue on and after the Redemption Date; 

(iv)    the place or places where such Notes are to be surrendered for payment of the Redemption Price;

 (v)    the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and 

(vi)    in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be
redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued. 

A Redemption Notice shall be irrevocable. 

(d)    If fewer than all of the outstanding Notes are to be redeemed and the Notes are in the form of
Global Notes, the Depositary will select the Notes to be redeemed. If fewer than 

  
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all of the outstanding Notes are to be redeemed and the Notes are in the form of Physical Notes, the Trustee shall select the Notes or portions thereof to be redeemed (in principal amounts of
$2,000 or integral multiples of $1,000 in excess thereof) by lot, on a pro rata basis or by another method the Trustee considers to be fair and appropriate. 

Section 8.04. Payment of Notes Called for Redemption. 

(a)    If any Redemption Notice has been given in respect of the Notes in accordance with
Section 8.03, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated
in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b)    Prior to 9:00 am., New York City time, on the Redemption Date, the Company shall deposit with the
Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.07 of the Original Indenture an amount of cash (in immediately available funds if deposited
on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made promptly after the later
of: 
 (i)    the Redemption Date for such Notes; and 

(ii)    the time of presentation of such Note to the Trustee (or other Paying Agent appointed by the
Company) by the Holder thereof in the manner required by this Section 8.04. 
 (c)    Upon surrender
of a Note that is to be redeemed in part only pursuant to Section 8.02, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unredeemed
portion of the Note surrendered, without payment of any service charge. 
 Section 8.05. Restrictions on Redemption. The Company
may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of the Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an
acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01. Governing Law. THE INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF NEW YORK, WITH REFERENCE TO CONFLICTS OF LAWS. 

  
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 Section 9.02. No Security Interest Created. Nothing in the Indenture or in the
Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 9.03. Notices. Any notices required to be given to Holders of the Notes, to the extent such Notes are represented by one
or more Global Notes, will be given to the Depositary of the Notes. Conveyance of notices and other communications by DTC to direct participants, by direct participants to indirect participants, and by direct participants and indirect participants
to beneficial owners of the Notes will be governed by arrangements among them, subject to any statutory requirements as may be in effect from time to time. All notices, approvals, consents, requests and any communications hereunder must be in
writing, provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually (including manual signatures transmitted in portable document format (PDF) via
e-mail) or by way of a digital signature provided by a digital signature provider (as specified in writing to Trustee by the authorized representative), in English. Subject to the terms of the Incumbency
Authorization Certificate Letter, dated May 14, 2020, from the Company to Trustee, the Company agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to Trustee, including the
risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 9.04.
Benefits of Indenture. Nothing in the Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Registrar and their successors hereunder or the
Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under the Indenture. 
 Section 9.05. Effect of
Headings. The article and section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 9.06. Supplemental Indenture May be Executed in Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. 
 Section 9.07. Severability. In case any provision in the
Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.08. Ratification of Original Indenture. Except as amended hereby with respect to the Notes, the Original Indenture, as
amended and supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein

  
 - 18 - 

 
provided. For the avoidance of doubt, each of the Company and each Holder of the Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections,
immunities and benefits afforded to the Trustee under the Original Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee, whether acting as Trustee, Paying Agent or Registrar hereunder, as if set forth herein in
full. 
 Section 9.09. Calculations. The Company shall be responsible for making all calculations called for under the Notes.
These calculations include, but are not limited to, determinations of the accrued interest payable on the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final
and binding on Holders of the Notes. The Company shall provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The
Trustee shall forward the Company’s calculations to any Holder of Notes upon the request of such Holder at the sole cost and expense of the Company. Neither the Trustee nor Paying Agent shall be responsible or liable for the calculations of the
Company. 
 Section 9.10. No Personal Liability. None of the Company’s directors, officers, employees, incorporators or
stockholders or those of any of the Company’s Subsidiaries, as such, shall have any liability for any of the Company’s obligations under the Notes, or for any claim based on, in respect of, such obligations or their creation. Each Holder
of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

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

			
	RADIAN GROUP INC.
		
	By:	 	 /s/ J. Franklin Hall

	Name:	 	J. Franklin Hall
	Title:	 	Senior Executive Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Stacy L. Mitchell

	Name:	 	Stacy L. Mitchell
	Title:	 	Vice President

  
 [Signature page to
Seventh Supplemental Indenture] 

 EXHIBIT A 

FORM OF FACE OF NOTE 
 INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

 RADIAN GROUP INC. 

6.625% Senior Notes due 2025 
  

			
	No. 1	  	Initially $525,000,000

 CUSIP No. 750236 AX9 
 ISIN
No. US750236AX98 
 Radian Group Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or registered assigns, the principal
sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other Outstanding Notes, shall not, unless permitted by the Indenture, exceed $525,000,000 in
aggregate at any time, in accordance with the rules and procedures of the Depositary, on March 15, 2025, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 6.625% per year from May 15, 2020, or from the most recent date on which interest had been
paid or provided for to, but excluding, the next scheduled Interest Payment Date until March 15, 2025. Interest is payable semi-annually in arrears on each March 15 and September 15, commencing on September 15, 2020, to Holders
of record of the Notes at the close of business on the preceding March 1 and September 1 (whether or not such day is a Business Day), respectively. If any Note subject to redemption shall not be paid upon surrender thereof for redemption,
the principal shall, until paid, bear interest from the Redemption Date at 6.625% per year until such Note is repaid; no Additional Interest (as defined in Section 6.03 of the Original Indenture) shall apply. 

The Company shall pay the principal of and interest on this Note, so long as such Note is a Global Note, in immediately available funds to the
Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the
office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Registrar in respect of the Notes and its agency at its Corporate Trust Office as a place where Notes may be
presented for payment or for registration of transfer. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York. 

In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually or
electronically signed by the Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed. 
  

			
	 RADIAN GROUP INC.

		
	 By:
	 	
              
      

	 Name:

	 Title:

 Dated: May 15, 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                    

	Authorized Signatory

 FORM OF REVERSE OF NOTE 

RADIAN GROUP INC. 
 6.625% Senior
Notes due 2025 
 This Note is one of a duly authorized issue of Securities of the Company, designated as its 6.625% Senior Notes due 2025
(the “Notes”), limited to the aggregate principal amount of $525,000,000, all issued or to be issued under and pursuant to the Senior Indenture dated as of March 4, 2013 (the “Original Indenture”), as amended
and supplemented by the Seventh Supplemental Indenture dated as of May 15, 2020 (herein called the “Supplemental Indenture”; the Original Indenture, as amended and supplemented by the Supplemental Indenture, and as it may be
further amended or supplemented from time to time, the “Indenture”), by and between the Company and U.S. Bank National Association (the “Trustee”) to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount,
subject to certain conditions specified in the Indenture. 
 In case an Event of Default, as defined in the Indenture, shall have occurred
and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then Outstanding, and upon said declaration shall become, due and payable, in
the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the terms and
conditions of the Indenture, the Company will make all payments and deliveries in respect of the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect
such payments in respect of the Note. The Company shall pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, the Redemption Price, if applicable, of, and
accrued and unpaid interest on this Note at the place, at the respective times, in the amounts and, if applicable, in the lawful money herein prescribed. 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in
excess thereof. At the office or agency of the 

 
Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer tax or similar governmental charge required by law or that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

The Notes shall be redeemable at the Company’s option in accordance with the terms and conditions specified in the Indenture. 

Terms used in this Note and defined in the Indenture are used herein as therein defined. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM = as tenants in common 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST = Note
Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN =
joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in the above
list. 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

RADIAN GROUP INC. 
 6.625% Senior
Notes due 2025 
 The initial principal amount of this Global Note is $525,000,000. The following increases or decreases in this Global Note
have been made: 
  

																	
	 Date of
 Exchange
	  	 Amount of

decrease in
 Principal

Amount of
 this Global

Note
	 	  	 Amount of

increase in
 Principal

Amount of
 this Global

Note
	 	  	 Principal
Amount of

this Global
 Note

following
 such decrease

or increase
	 	  	 Signature of

authorized
 signatory of

Trustee or
 Note

Custodian
	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

 ATTACHMENT 1 

FORM OF ASSIGNMENT AND TRANSFER 
 For value
received                      hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert Social Security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      attorney to transfer the said Note on the books of the Company, with full power of substitution
in the premises. 
  

			
		 	  

		 	  

		 	Signature(s)
		
		 	 Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:

 

		 	 (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock
Exchange Medallion Program (SEMP) or (iv) another guarantee program acceptable to the Trustee.
  

		 	  

		 	  

		 	Signature Guaranteestaf-ex101_6.htm

Exhibit 10.1

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

 

Paycheck Protection Program Lender Application Form - Paycheck Protection Program Loan Guaranty SBA Form 2484 (Revised 04/20) 1 OMB Control No.: 3245-0407 Expiration Date: 09/30/2020 The purpose of this form is to collect identifying information about the Lender, the Applicant, the loan guaranty request, sources and uses of funds, the proposed structure (which includes pricing and the loan term), and compliance with SBA Loan Program Requirements. This form reflects the data fields that will be collected electronically from lenders; no paper version of this form is required or permitted to be submitted. As used in this application, “Paycheck Protection Program Rule” refers to the rules in effect at the time you submit this application that have been issued by the Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Instructions for Lenders All Paycheck Protection Program (PPP) loans are processed by all Lenders under delegated authority from SBA. This application must be submitted and signed electronically in accordance with program requirements, and the information requested is to be retained in the Lender’s loan file. A. Lender Information Lender Name: Lender Location ID: Address: City: St: Zip: Lender Contact: Ph: ( ) - Cell or Ext: ( ) - Contact Email: Title: B. Applicant Information Applicant Check One: ☐ Sole Proprietor ☐ Partnership ☐ C-Corp ☐ S-Corp ☐ LLC ☐ Independent contractor ☐ Eligible self-employed individual ☐ 501(c)(3) nonprofit ☐ 501(c)(19) veterans organization ☐ Tribal business (sec. 31(b)(2)(C) of Small Business Act) ☐ Other Applicant Legal Name: ____________________________ DBA: ____________________________ Business Tax ID: ___________________ Applicant Address: ____________________________ City, State, Zip: ____________________________ Applicant Primary Contact: Phone: ( ) - C. Loan Structure Information Amount of Loan Request: $ Guarantee %: 100% Loan Term in # of Months: 24 Payment: Deferred 6 mos. Applicant must provide documentation to Lender supporting how the loan amount was calculated in accordance with the Paycheck Protection Program Rule and the CARES Act, and Lender must retain all such supporting documentation in Lender’s file. Interest Rate: 1% D. Loan Amount Information Average Monthly Payroll multiplied by 2.5 $ Refinance of Eligible Economic Injury Disaster Loan, net of Advance (if Applicable; see Paycheck Protection Program Rule) $ Total $ E. General Eligibility (If the answer is no to either, the loan cannot be approved) • The Applicant has certified to the Lender that (1) it was in operation on February 15, 2020 and had employees for whom the Applicant paid salaries and payroll taxes or paid independent contractors, as reported on Form(s) 1099- MISC, (2) current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant, (3) the funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, and (4) the Applicant has not received another Paycheck Protection Program loan. ☐ Yes ☐ No • The Applicant has certified to the Lender that it (1) is an independent contractor, eligible self-employed individual, or sole proprietor or (2) employs no more than the greater of 500 or employees or, if applicable, meets the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for the Applicant’s industry. ☐ Yes ☐ No F. Applicant Certification of Eligibility (If not true, the loan cannot be approved) • The Applicant has certified to the Lender that the Applicant is eligible under the Paycheck Protection Program Rule. ☐ True G. Franchise/License/Jobber/Membership or Similar Agreement (If applicable and no, the loan cannot be approved) • The Applicant has represented to the Lender that it is a franchise that is listed in the SBA’s Franchise Directory. ☐ Yes ☐ No Newton Federal Bank 81965 3175 Highway 278 Covington GA 30014 Denice Kovalsky 678.742.9990 dkovalsky@myaffinitybank.com Assistant Vice President Monroe Staffing Services LLC 20-1291204 6 Research Drive, Suite 440 Shelton, CT 06484-6228 Alicia Barker 908.868.9958 10,000,000.00 10,000,000.00 0 10,000,000.00 n n 

 

 

			
	
SBA Form 2484 (Revised 04/20)
	
1
	
 

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

 

H.  Character Determination (If no, the loan cannot be approved)      •    The Applicant has represented to the Lender that neither the Applicant (if an individual) nor any individual owning 20% or more of the equity of the Applicant is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or is presently incarcerated, or on probation or parole.    Yes   No   •    The Applicant has represented to the Lender that neither the Applicant (if an individual) nor any individual owning 20% or more of the equity of the Applicant has within the last 5 years, for any felony: 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).    Yes   No  I.  Prior Loss to Government/Delinquent Federal Debt (If no, the loan cannot be approved)      •    The Applicant has certified to the Lender that neither the Applicant nor any owner (as defined in the Applicant’s SBA Form 2483) is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.    Yes   No   •     The Applicant has certified to the Lender that neither the Applicant nor any of its owners, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government.       J.  U.S. Employees (If no, the loan cannot be approved)      •    The Applicant has certified that the principal place of residence for all employees included in the Applicant’s payroll calculation is the United States.        Yes   No  K.  Fees (If yes, Lender may not pass any agent fee through to the Applicant or offset or pay the fee with the proceeds of this loan)      •    The Applicant has certified that the principal place of residence for all employees included in the Applicant’s payroll calculation is the United States.        Yes   No  

 

SBA Certification to Financial Institution under Right to Financial Privacy Act (12 U.S.C. 3401) 

By signing SBA Form 2483, Borrower Information Form in connection with this application for an SBA-guaranteed loan, the Applicant certifies that it has read the Statements Required by Law and Executive Orders, which is attached to Form 2483. As such, SBA certifies that it has complied with the applicable provisions of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) and, pursuant to that Act, no further certification is required for subsequent access by SBA to financial records of the Applicant/Borrower during the term of the loan guaranty.  

Lender Certification 

On behalf of the Lender, I certify that: 

•The Lender has complied with the applicable lender obligations set forth in paragraphs 3.b(i)-(iii) of the Paycheck Protection Program Rule. 

•The Lender has obtained and reviewed the required application (including documents demonstrating qualifying payroll amounts) of the Applicant and will retain copies of such documents in the Applicant’s loan file.  

I certify that:  

•Neither the undersigned Authorized Lender Official, nor such individual’s spouse or children, has a financial interest in the Applicant.   

 

							
	
Authorized Lender Official: 
	
 
	
/s/ Denice Kovalsky
	
 
	
Date:
	
 
	
05/12/2020

	
Type or Print Name:
	
 
	
Denice Kovalsky
	
 
	
Title:
	
 
	
Assistant Vice President

 

NOTE: According to the Paperwork Reduction Act, you are not required to respond to this collection of information unless it displays a currently valid OMB Control Number. The estimated burden for completing this form, including time for reviewing instructions, gathering data needed, and completing and reviewing the form is 25 minutes per response. Comments or questions on the burden estimates should be sent to U.S. Small Business Administration, Director, Records Management Division, 409 3rd St., SW, Washington DC 20416, and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Rm. 10202, Washington DC 20503.  PLEASE DO NOT SEND FORMS TO THESE ADDRESSES. 

 

 

 

			
	
SBA Form 2484 (Revised 04/20)
	
2
	
 

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	

	
 

 

NOTE  

 

		
	
SBA Loan # 
	
45052074-02

	
SBA Loan Name: 
	
Monroe Staffing Services LLC

	
Date:  
	
05/12/2020

	
Loan Amount:  $ 
	
10,000,000.00

	
Interest Rate:  
	
1.00% Fixed 

	
Borrower:  
	
Monroe Staffing Services LLC

	
Operating 

Company:  
	
Monroe Staffing Services LLC

	
Lender:  
	
Newton Federal Bank

 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

 

 

 

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

	
1.
	
PROMISE TO PAY:

In return for the Loan, Borrower promises to pay to the order of Lender the amount of Ten Million and 00                             /100thsDollars, interest on the unpaid principal balance, and all other amounts required by this Note. 

	
2.
	
DEFINITIONS:

“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. 

“Guarantor” means each person or entity that signs a guarantee of payment of this Note. 

“Loan” means the loan evidenced by this Note. 

“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral. 

“SBA” means the Small Business Administration, an Agency of the United States of America. 

	
3.
	
PAYMENT TERMS:

Borrower must make all payments at the place Lender designates. The payment terms for this Note are:

The interest rate on this Note is 1.00% per year. 

Borrower must pay eighteen (18) principal and interest payments of $_____________562,704.69 every month, beginning SEVEN months from the month this Note is dated; payments must be made on the FIRST DAY in the months they are due. 

Lender will apply each installment payment first to pay interest accrued to the day Lender receives the payment, then to bring principal current, then to pay any late fees, and will apply any remaining balance to reduce principal. 

Lender must adjust the payment amount at least annually as needed to amortize principal over the remaining term of the note. 

Loan Prepayment: 

Notwithstanding any provision in this Note to the contrary: 

Borrower may prepay this Note.  Borrower may prepay 20 percent or less of the unpaid principal balance at any time without notice.  If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must: 

	
 
	
a.
	
Give Lender written notice;

	
 
	
b.
	
Pay all accrued interest; and

	
 
	
c.
	
If the prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days’ interest from the date Lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b. above.

If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice. 

All remaining principal and accrued interest is due and payable two (2) years from date of the Note. 

Late Charge:  If a payment on this Note is more than 10 days late, Lender may charge Borrower a late fee of up to 5.00% of the unpaid portion of the regularly scheduled payment. 

 

			
	
 Form 147 (06/03/02) Version 4.1
	
 
	
2 of 6

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
4.
	
DEFAULT:

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company: 

	
 
	
A.
	
Fails to do anything required by this Note and other Loan Documents;

	
 
	
B.
	
Defaults on any other loan with Lender;

	
 
	
C.
	
Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;

	
 
	
D.
	
Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;

	
 
	
E.
	
Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;

	
 
	
F.
	
Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note;

	
 
	
G.
	
Fails to pay any taxes when due;

	
 
	
H.
	
Becomes the subject of a proceeding under any bankruptcy or insolvency law;

	
 
	
I.
	
Has a receiver or liquidator appointed for any part of their business or property;

	
 
	
J.
	
Makes an assignment for the benefit of creditors;

	
 
	
K.
	
Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note;

	
 
	
L.
	
Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or

	
 
	
M.
	
Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this Note.

	
5.
	
LENDER’S RIGHTS IF THERE IS A DEFAULT:

Without notice or demand and without giving up any of its rights, Lender may: 

A.Require immediate payment of all amounts owing under this Note;

B.Collect all amounts owing from any Borrower or Guarantor;

C.File suit and obtain judgment;

D.Take possession of any Collateral; or

E.Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

	
6.
	
LENDER’S GENERAL POWERS:

Without notice and without Borrower’s consent, Lender may: 

	
 
	
A.
	
Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;

	
 
	
B.
	
Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral.  Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs.  If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance; C. Release anyone obligated to pay this Note;

	
 
	
D.
	
Compromise, release, renew, extend or substitute any of the Collateral; and

	
 
	
E.
	
Take any action necessary to protect the Collateral or collect amounts owing on this Note.

 

			
	
 Form 147 (06/03/02) Version 4.1
	
 
	
3 of 6

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
7.
	
WHEN FEDERAL LAW APPLIES:

When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations.  Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes.  By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability.  As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law. 

	
8.
	
SUCCESSORS AND ASSIGNS:

Under this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns. 

	
9.
	
GENERAL PROVISIONS:

A.All individuals and entities signing this Note are jointly and severally liable.

B.Borrower waives all suretyship defenses.

C.Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender’s liens on Collateral.

D.Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.

E.Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.

F.If any part of this Note is unenforceable, all other parts remain in effect.

G.To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor.  Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale.

 

			
	
 Form 147 (06/03/02) Version 4.1
	
 
	
4 of 6

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
10.
	
GENERAL PROVISIONS:

 

	
	
Time is of the essence with this Note

 

 

			
	
 Form 147 (06/03/02) Version 4.1
	
 
	
5 of 6

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
11.
	
BORROWER’S NAME(S) AND SIGNATURE(S):

By signing below, each individual or entity becomes obligated under this Note as Borrower. 

IN WITNESS WHEREOF, the authorized officer of Borrower, has executed this Note under seal this 12t day of May, 2020. 

 

	
Monroe Staffing Services LLC

	
a Delaware limited liability company

 

	
By:
	
Docusigned by:

s/ Alicia Barker
	
 

	
(SEAL) 

	
 
	
Fargo Recruitment America, Inc., Member
	
 

	
 
	
Alicia Barker, COO
	
 

	
By:
	
Docusigned by:

s/ Alicia Barker
	
 

	
(SEAL) 

	
 
	
Staffing 360 Solutions, Inc., Member
	
 

	
 
	
Alicia Barker, COO
	
 

	
 
	
 
	
 

	
By:
	
 
	
(SEAL) 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
(SEAL) 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
(SEAL) 

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

 

 

			
	
 Form 147 (06/03/02) Version 4.1
	
 
	
6 of 6

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

OMB Approval No.: 3245-0200 

Expiration Date: 04/30/2022 

SBA FORM 1050, SETTLEMENT SHEET 

Purpose: The purpose of this form is to document and verify that loan proceeds have been disbursed in accordance with the Authorization and to document that the Borrower’s contribution has been injected into the business prior to the Lender disbursing any loan proceeds. 

General Instructions: This form may be used for all 7(a) loans and for all disbursements. It must be used for the  first disbursement on all standard 7(a) loans over $350,000.

This form is to be completed by the Lender and signed by the Lender and the Borrower at the time of the initial loan disbursement. The Lender must retain a copy of the signed form in its loan file. For all disbursements, the Lender must also retain documentation that is acceptable to SBA (such as joint payee checks, cancelled checks, paid receipts or invoices, wire transfer account records, etc.) and that evidences compliance with the Use of Proceeds section of the Authorization. 

The Lender must submit the completed form and all supporting documentation to SBA upon request, or, in the event of a loan default, with the Lender’s request for guaranty purchase. 

Providing this information is required to comply with program requirements; failure to provide it when required may impair the Lender’s ability to collect on the SBA loan guaranty. 

If additional space is required to complete the form or provide additional details please attach a separate sheet.  

Specific Instructions for Completing the Form: 

	
1)
	
In the first section, fill in all identifying information. For “Loan Type,” check the box to indicate whether the loan is a term loan or a revolving line of credit. 

	
2)
	
Complete the “Use of Proceeds” section with information related to the initial disbursement. 

	
 
	
a)
	
On the line associated with each applicable use of proceeds, indicate: 

	
 
	
i)
	
The name of the payee (must identify the ultimate recipient, not an intermediary such as a title company); 

	
 
	
ii)
	
Amount disbursed; and iii) Remaining amount to be disbursed, in accordance with theAuthorization.  

	
 
	
b)
	
For the “Settlement charges/out of pocket costs” line, insert total amount of settlement charges and other out of pocket costs in the appropriate field within the grid. Attach an itemized list of all charges and costs, including the name of payee and amount paid for each charge or cost. Reminder:  SBA Form 159 is required for all fees paid or to be paid by  the Lender (except Lender Service Provider fees) and for all fees paid or to be paid by the Applicant to any agent in connection with the SBA loan application.) 

	
 
	
c)
	
For “Other (Explain),” enter any other use of proceeds authorized in the Authorization that is not already listed in the grid, if applicable. 

	
3)
	
Complete the “Borrower’s Injection” section. 

	
 
	
a)
	
For each type of injection, indicate the source. 

	
 
	
b)
	
If the Seller contributed toward required equity, attach a copy of the Note and evidence of full standby for the life of the loan. 

	
 
	
c)
	
Note: The Borrower’s Injection must be in the business bank account prior to any disbursement of loan proceeds. 

	
4)
	
The Lender and the Borrower must review the certification and execute the form in the space provided. 

 

			
	
SBA Form 1050 (04-19) Previous Editions Obsolete
	
 
	
1 of 2

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

 

U.S. Small Business Settlement Sheet OMB APPROVAL NO.: 3245-0200 EXPIRATION DATE: 04/30/2022 SBA Loan Number 45052074-02 Lender Name NEWTON FEDERAL BANK SBA Loan Name Monroe Staffing Services LLC Lender FIRS Number A118609 Note Amount $10,000,000.00 Loan Type: ☑ Term Loan Line of Credit           Disbursement Type:☑ First Disbursement  Subsequent Disbursement   Full Disbursement  Authorized Use of Proceeds: Name of Payee: Amount Disbursed: Authorized Amount Remaining: Land Acquisition: Raw Improved $   - $ - Construction: New Expansion/Renovation $  -   $ - Leasehold Improvements to property owned by others $   -   $   - Machinery & Equipment $   -   $   - Furniture & Fixtures $   -   $  - Inventory Purchase $   -   $   - Working Capital $   -   $   - Acquire Business (Change of Ownership) $   -   $   - SBA Guarantee Fee $   -   $   - Settlement Charges/Out of Pocket Costs $   -   $   - Other (Explain): PPP $ 10,000,000.00 -   $   - Total:   $ 10,000,000.00 -   $ 0.00  - Borrower's Injection (including any deposit or earnest money):  Cash   Source:         $   - Assets   Source:         $   - Seller contribution toward required equity (on full standby for life of loan)         $   - Other (Explain):         $   - Total Borrower Injection:   $ 0.00  - At the time of completion of this form, the Lender and the Borrower certify that: 1. The loan proceeds were disbursed and received and will be used in accordance with the Use of Proceeds section of the Authorization, including any and all SBA/Lender approved modifications, and that all required equity or Borrower injections have been made in accordance with the Authorization and any approved modifications; and 2. There has been no unremedied adverse change in the Borrower’s or Operating Company’s financial condition, organization, management, operations or assets since the date of application that would warrant withholding or not making this disbursement or any further disbursement. At the time of each subsequent disbursement on this loan, the Lender, by disbursing the loan proceeds, and the Borrower by receiving them, are deemed to certify that the above certifications are true with respect to each and every disbursement made. WARNING: By signing below you are certifying that the above statements are accurate to the best of your knowledge. Submitting false information to the Government may result in criminal prosecution and fines up to $250,000 and/or imprisonment for up to 5 years under 18 USC § 1001. Submitting false statements to a Federally insured institution may result in fines up to $1,000,000 and/or imprisonment for up to 30 years under 18 USC § 1014, penalties under 15 USC § 645, and/or civil fraud liability. Authorized Lender Official DocuSigned by: Denice Kovalsky 0CD51867E4314AE...Signature: Print Name:  Denice Kovalsky Title:  Assistant Vice President Date:  05/12/2020 Borrower DocuSigned by: Alicia Barker DE4C84869F314AC... Signature Fargo Recruitment America, Inc., Member Print Name: Title:  Alicia Barker, COO Date:  05/12/2020

 

NOTE: According to the Paperwork Reduction Act, you are not required to respond to this collection of information unless it displays a currently valid OMB Control Number. The estimated burden for completing this form, including time for reviewing instructions, and gathering data needed, is 30 minutes. Comments or questions on the burden estimates or other aspects of this information collection should be sent to U.S. Small Business Administration, Director, RMD, 409 3rd St., SW, Washington DC 20416 and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Rm. 10202, Washington DC 20503. PLEASE DO NOT SEND THE COMPLETEDFORMS TO THESE ADDRESSES.

 

 

 

			
	
SBA Form 1050 (04-19) Previous Editions Obsolete
	
 
	
2 of 2

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

			
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No. 3245-0201 

	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021 

 

Purpose of this form: The purpose of this form is to identify Agents and the fees and/or compensation paid to Agents by or on behalf of a small business applicant (“Applicant”) for the purpose of obtaining or expediting an application for a loan guaranteed by the U.S. Small Business Administration (SBA). This is a statutory requirement under 15 U.S.C. 642.  See 13 CFR Parts 103 and 120 and SBA’s Standard Operating Procedure 50 10 for the rules governing compensation of Agents or SBA Lenders in connection with an SBA loan.  

Who must complete this form?: This form must be completed and signed by the SBA Lender and the Applicant whenever an Agent is paid by either the Applicant or the SBA Lender in connection with the SBA loan application. Each Agent paid by the Applicant to assist it in connection with its application must also complete and sign the form. When an Agent is paid by the SBA Lender, the SBA Lender must complete this form and the SBA Lender and Applicant must both sign the form. The SBA Lender must inform the Applicant in writing that the Applicant is not required to employ an Agent or representative (including the SBA Lender) to assist the Applicant with the SBA loan application. 

Compensation must be disclosed on this form for the following services: 

	
 
	
1.
	
Loan packaging services, as defined in SOP 50 10, performed by an SBA Lender or other third party (This includes services performed by an individual/entity that is a Lender Service Provider (LSP) (7(a) only) or has an SBA-approved Professional Services Contract (504 only) with the SBA Lender who is acting as a loan packager or referral agent employed by the Applicant);

	
 
	
2.
	
Financial statement preparation specifically for the loan application; and/or

	
 
	
3.
	
Consulting, Broker, or Referral services paid by the Applicant, SBA Lender, or Third Party Lender (504 only).

Fees paid to the following individuals for their services in connection with the SBA loan application are not required to be disclosed on this form: 

	
 
	
1.
	
Applicant’s accountant performing services in the normal course of business;

	
 
	
2.
	
Any attorney in connection with the 7(a) or 504 loan closing;

	
 
	
3.
	
A state-certified or state-licensed appraiser employed by the SBA Lender to appraise collateral;

	
 
	
4.
	
An LSP performing services for the Lender under an SBA-reviewed LSP agreement (7(a) only) or an individual performing services for the CDC under an SBA-approved professional services contract (504 only);

	
 
	
5.
	
An individual employed by the SBA Lender to perform a business valuation in connection with the SBA loan;

	
 
	
6.
	
An environmental professional employed by the SBA Lender to conduct an environmental assessment of the collateral; and/or

	
 
	
7.
	
A real estate agent who is receiving a commission for the sale of real estate.

Instructions for completing this form: The Agent must be identified, all services provided must be listed, and the party paying the fee and amount paid must also be disclosed (and itemized, when required). The SBA Lender must ensure that the Agent performing services is not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or Agency. (See www.sam.gov.) The SBA does not allow contingency fees (fees paid only if the loan is approved) or charges for services which are not reasonably necessary in connection with an application.  A separate form is required for each Agent (including an SBA Lender when the SBA Lender performs packaging services) that has or will receive compensation as part of the transaction. However, all of the services provided by the same Agent may be listed on a single form. 

If the compensation paid exceeds $2,500, the Agent must provide supporting documents that include: 1) a detailed explanation of the work performed; and 2) the hourly rate(s) and the number of hours spent working on each activity.  The SBA Lender must ensure that the supporting documents are attached to this form.  When a single provider charges an Applicant in connection with multiple applications, fees are aggregated to establish the $2,500 threshold for requiring supporting documents and a detailed explanation. Supporting documents and a detailed explanation are required even if the compensation is charged on a percentage basis.   

All SBA Lenders must retain the original Form 159 in the loan file. 7(a) Lenders must submit a copy of each completed Form 159 to Fiscal Transfer Agent only once after there has been an initial disbursement on the loan in conjunction with its monthly 1502 report. CDCs must submit a copy of each completed Form 159 to SBA in its Annual Report for all of the 504 loans closed during the fiscal year being reported. 

 

			
	
SBA Form 159 (04-18) Previous Editions Obsolete
	
 
	
1 of 3

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

			
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No. 3245-0201 

	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021 

 

■ 7(a) loan            ☐ 504 loan

 

										
	
SBA Loan Name: 
	
Monroe Staffing Services LLC
	
 
	
 
	
	
SBA Loan Number (no spaces):  45052074-02                        
	
 
	
SBA Lender FIRS (no spaces):  A118609                  

	
SBA Lender Legal Name:
	
NEWTON FEDERAL BANK

	
Services Performed by (Name of Agent):
	
N/A

	
Agent Contact Person:
	
 

	
Agent Address:
	
 

Type of Agent:

 

			
	
☐ SBA Lender

☐ Independent Loan Packager

☐ Referral Agent/Broker
	
☐ Consultant

☐ Accountant preparing financial statements specifically for SBA loan application
	
☐ Third Party Lender (“TPL”)

☐ Other: _______________________

 

	
Type of Service
	
Amount Paid by Applicant*
	
Amount Paid by SBA Lender*

	
Loan packaging 
	
 
	
 

	
Financial statement preparation for loan application 
	
 
	
 

	
Broker or Referral services 
	
 
	
 

	
Consultant services 
	
 
	
 

	
Other: ____________________________________ 
	
 
	
 

 

*The Agent may not be compensated by both Applicant and SBA Lender for the same service. Furthermore, any Agent employed by the SBA Lender must be paid by the SBA Lender and those fees cannot be passed on to the Applicant.

 

						
	
Total compensation paid by:
	
Applicant:
	
$ 0.00
	
 
	
SBA Lender:
	
$ 0.00

 

	
☐
	
Itemization and supporting documentation is attached. (Itemization and supporting documentation is required if the compensation paid exceeds $2,500.  Itemization must include: 1) a detailed explanation of the work performed; and 2) the hourly rate and the number of hours spent working on each activity.)  Note: SBA, in its discretion, may request an itemization and supporting documentation for any fee charged in connection with an SBA loan application, regardless of the amount.

For 504 loans only: 

 

				
	
☐ CDC received referral fee from a TPL
	
 
	
Amount of Fee:
	
$

 

		
	
TPL Name:
	
 

	
TPL Address:
	
 

 

WARNING:  False certifications can result in criminal prosecution under 18 U.S.C. § 1001 and other penalties provided under law. Violation of any of the SBA Loan Program Requirements regarding SBA Form 159 and the related activities by the SBA Lender and/or an Agent may result in SBA’s suspension or revocation of the privilege of conducting business with the SBA under 13 CFR Part 103. 

Applicant’s Certifications:   By signing this form, the Applicant certifies to SBA that the above representations and amounts are the only amounts paid (or that will be paid) by the Applicant in connection with the stated services and are satisfactory to the Applicant. The Applicant further certifies that a separate compensation agreement (SBA Form 159) has been executed for all Agents, as defined in 13 CFR § 103.1.  If the certification is made by a legal entity (e.g. corporation, limited liability company), execution of the certification must be in the legal entity’s name by a duly authorized officer or other entity representative; if by a partnership, execution of the certification must be in the partnership’s name by a general partner. 

Applicant must not sign this form until all required services and fee information is disclosed. 

 

	
DocuSigned by:
	
 
	
 

	
s/ Alicia Barker
	
 
	
05/12/2020

	
Signature of Authorized Representative of Applicant
	
 
	
Date

	
 
	
 
	
 

	
Fargo Recruitment America, Inc., Member
	
 
	
Alicia Barker, COO

	
Print Name  
	
 
	
Title

 

 

			
	
SBA Form 159 (04-18) Previous Editions Obsolete
	
 
	
2 of 3

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

			
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No. 3245-0201 

	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021 

 

Agent’s Certifications:  By signing this form, the undersigned Agent certifies that: (1) it has not and will not directly or indirectly charge or receive any payment from the Applicant in connection with the application for or making of the SBA loan except for services actually performed on the Applicant’s behalf and identified in this form; (2) the information provided in this form accurately describes the types of services (s)he/it has provided to the Applicant or SBA Lender and the compensation described in this form is the only compensation that has been charged to or received from the Applicant or SBA Lender or that will be charged to the aforementioned parties for services covered by this form; (3) neither it nor any of the employees of its organization are currently debarred, suspended, proposed for debarment, declared ineligible or voluntarily excluded from participation in this transaction by any Federal department or Agency; and (4) if SBA deems any portion or all of the fees charged in connection with the application for or making of the loan to be unreasonable or prohibited, the Agent agrees to refund that amount to the Applicant.  If the certification is made by a legal entity (e.g. corporation, limited liability company), execution of the certification must be in the legal entity’s name by a duly authorized officer or other entity representative; if by a partnership, execution of the certification must be in the partnership’s name by a general partner. 

 

	
 
	
 
	
 

	
Signature of Authorized Representative of Agent
	
 
	
Date

	
N/A
	
 
	
 

	
Print Name  
	
 
	
Title

 

SBA Lender’s Certifications:  The undersigned SBA Lender certifies that: (1) the representations of services rendered and the amounts charged as identified in this form are reasonable and satisfactory to it; (2) (s)he has no knowledge that any Agent, as defined in 13 CFR § 103.1, was engaged by, represented, or worked on behalf of the Applicant other than as disclosed above or in another executed compensation agreement (SBA Form 159); (3) any referral fees described above are the only referral fees paid by the SBA Lender to a referral agent in connection with this loan and were not charged directly or indirectly to the Applicant; (4) if SBA deems any portion or all of the fees charged in connection with the application for or making of the loan to be unreasonable or prohibited, the SBA Lender agrees to refund that amount to the Applicant; (5) it has consulted the System for Awards Management’s (SAM) Excluded Parties List System or any successor system to ensure that the Agent identified above is not debarred, suspended, proposed for debarment, declared ineligible or voluntarily excluded from participation in this transaction by any Federal department or Agency; and (6) any fee it has charged is not a standardized amount and all fees charged to the Applicant comply with SBA Loan Program Requirements. 

 

	
DocuSigned by:
	
 
	
 

	
s/ Denice Kovalsky
	
 
	
05/12/2020

	
Signature of Authorized Representative of SBA Lender
	
 
	
Date

	
 
	
 
	
 

	
Denice Kovalsky
	
 
	
Assistant Vice President

	
Print Name  
	
 
	
Title

 

Systems of Record Notification:  Information obtained from this form is part of the Agency’s Privacy Act Systems of Records, Loan Systems (“SOR 21”) and may become part of SBA’s System of Records for Suspension and Debarment Files (“SOR 36”). As such, this form and the information contained therein may be used, disclosed, or referred for the following purposes, among other things: 

	
 
	
•
	
To the Federal, State, local or foreign agency or professional organization which investigates, prosecutes, or enforces violations of statutes, rules, regulations, or orders, or which undertakes procurement of goods or services, when SBA determines that disclosure will promote programmatic integrity or protect the public interest.

	
 
	
•
	
To SBA employees, contractors, interns, volunteers, and other regulators or legal authorities for the review of Loan Agent fees and activities and for the review of loans generated by Loan Agents (e.g. for performance and other trends).

	
 
	
•
	
To GSA and the public for publication of Loan Agent suspensions, revocations, debarments, other enforcement actions, and exclusions in the System Award’s Management’s (SAM) Excluded Parties List System (“EPLS”) or any successor system consistent with Executive Order 12549 and other applicable law.

	
 
	
•
	
To other regulators, SBA employees, contractors, interns, and/or volunteers for regulatory purposes.

	
 
	
•
	
See 77 FR 61467 (October 9, 2012), 77 FR 15835 (March 16, 2012), 74 FR 14890 (April 1, 2009), and as amended from timeto-time for additional routine uses.

PLEASE NOTE:  The estimated burden for completion of this form is 5 minutes per response. You are not required to respond to this information collection unless it displays a currently valid OMB approval number. Comments/questions on the burden estimate should be sent to U.S. SBA, Chief, Administration Information Branch, Washington, D.C. 201416, and Desk Officer for SBA, OMB, New Exec. Office Building, Room 10202, Washington, D.C. 20503. PLEASE DO NOT SEND FORMS TO THESE ADDRESSES. 

 

 

 

			
	
SBA Form 159 (04-18) Previous Editions Obsolete
	
 
	
3 of 3

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

BORROWER'S CERTIFICATION 

In order to induce NEWTON FEDERAL BANK (“Lender”) to make a U. S. Small Business Administration  (“SBA”) guaranteed Loan, SBA Paycheck Protection Program Loan Number 45052074-02 (“Loan”) to (“Monroe Staffing Services LLC Borrower”), the undersigned has executed this Borrower’s Certification effective as of the date (the “Effective Date”) of that certain Promissory Note (the “Note”) executed by Borrower made payable to the order of Lender, which Note evidences the Loan.  This Certification, the Note, the Application (as defined herein), and the other documents and agreements evidencing or supporting the Loan and executed by Borrower, and any amendments thereto, may be referred to as the “Loan Documents.” A. Borrower certifies that:

	
 
	
A
	
Borrower certifies that:

	
 
	
1.
	
The Loan and the Note arise out of that certain Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136 (the “CARES Act”) and the Paycheck Protection Program administered by the U.S. Small Business Administration (the “SBA”) under the SBA’s 7(a) loan program as amended by the CARES Act (the “PPP”).  The CARES Act and the PPP, together with other federal statutes, regulations and SBA requirements that are now, or may become, applicable to the Loan, may be referred to as the “Regulations.”

	
 
	
2.
	
The terms of the Paycheck Protection Program Borrower Application Form (SBA Form 2483) completed and executed by the Borrower (the “Application”) are incorporated herein for all purposes.

	
 
	
3.
	
It is the express intention of Borrower and Lender that the Loan and Note at all times conform to the terms, conditions and requirements of the CARES Act and PPP.

	
 
	
4.
	
At least seventy-five percent (75%) of the proceeds of this Loan will be used for “payroll costs” (as defined in the CARES Act and subsequent guidelines).

	
 
	
5.
	
Neither Borrower (if an individual) nor any individual owning twenty percent (20%) or more of the equity of Borrower is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or is presently incarcerated, or on probation or parole.

	
 
	
6.
	
Neither Borrower (if an individual) nor any individual owning twenty percent (20%) or more of the equity of Borrower has within the last 5 years, for any felony: (i) been convicted, (ii) pleaded guilty, (iii) pleaded nolo contendere, (iv) been placed on pretrial diversion, or (v) been placed on any form of parole or probation (including probation before judgment).

	
 
	
7.
	
Neither Borrower nor any owner (as defined in the Application) is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any federal department or agency, or presently involved in any bankruptcy.

	
 
	
8.
	
Neither Borrower nor any of its owners, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other federal agency that is currently delinquent or has defaulted in the last seven (7) years and caused a loss to the government.

	
 
	
9.
	
The principal place of residence for all employees included in the Borrower’s payroll calculation is the United States.

	
 
	
10.
	
No officer, director, owner of more than 20 percent of the equity, or key employee of Borrower is an officer, director, key employee, or holder of any of Lender’s stock or debt instruments, or an Agent (as defined in 13 C.F.R. § 103.1) involved in the loan process.

	
 
	
11.
	
Borrower has not and is not using an “agent” that would be entitled to fees in accordance with the Regulations.

	
 
	
12.
	
If applicable, Borrower has received or will receive, upon release from the U.S. Department of Treasury and/or the SBA, a copy of the Authorization for this Loan from Lender.

	
 
	
13.
	
Borrower acknowledges that if Borrower defaults on the Loan, SBA may be required to pay Lender under the SBA guarantee, and SBA may then seek recovery on the Loan (to the extent any balance remains after loan forgiveness).

 

 

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
 
	
14.
	
Borrower will keep books and records in a manner satisfactory to Lender, furnish financial statements as requested by Lender, and allow Lender and SBA to inspect and audit books, records and papers relating to Borrower’s financial or business condition.

	
 
	
15.
	
Borrower will not, without Lender’s consent, make changes to its ownership structure, make any distribution of company assets that would adversely affect its financial condition, or transfer (including pledging) or dispose of any assets, except in the ordinary course of business.

	
 
	
16.
	
Borrower has read the statements on the Application, including the Statements Required by Law and Executive Orders, and Borrower understands them.

	
 
	
17.
	
Borrower is eligible to receive a loan under the rules issued by the SBA implementing the Paycheck Protection Program (the “Paycheck Protection Program Rules”) under Division A, Title I of the CARES Act.

	
 
	
18.
	
Borrower will comply, whenever applicable, with the civil rights and other limitations in the Application.

	
 
	
19.
	
All Loan proceeds will be used only for business-related purposes as specified in the Application and consistent with the Paycheck Protection Program Rules.

	
 
	
20.
	
To the extent feasible, Borrower will purchase only American-made equipment and products.

	
 
	
21.
	
Borrower is not engaged in any activity that is illegal under federal, state or local law.

	
 
	
22.
	
Any loan received by the Borrower under Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 was for a purpose other than paying payroll costs and other allowable uses for loans under the Paycheck Protection Program.

	
 
	
23.
	
Borrower was in operation on February 15, 2020 and had employees for whom Borrower paid salaries and payroll taxes, on such date.

	
 
	
24.
	
Current economic uncertainty makes the Loan, evidenced by the SBA Note, necessary to support Borrower’s ongoing business operations.

	
 
	
25.
	
All Loan proceeds will be used only to retain workers and maintain payroll or make any of, or any combination of, (i) interest payments on obligations existing on February 15, 2020, (ii) lease payments required by leases existing on February 15, 2020, or (iii) utility payments under service agreements in place on February 15, 2020 as specified in the Paycheck Protection Program Rules.  If the Loan funds are knowingly used for unauthorized purposes, the federal government may hold Borrower and owners of Borrower legally liable, such as for charges of fraud.

	
 
	
26.
	
Borrower will provide to Lender documentation that verifies the number of full-time equivalent employees on Borrower’s payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight (8) week period following this Loan.

	
 
	
27.
	
During the period beginning on February 15, 2020 and ending on December 31, 2020, and at no other time, Borrower has not and will not receive any other loan under the Paycheck Protection Program.

	
 
	
28.
	
All the information Borrower provided in Borrower’s application and the information provided in all supporting documents and forms is true and accurate in all material respects.  Knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 U.S.C. §§ 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 U.S.C. § 645 by imprisonment for not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 U.S.C. § 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000. 

	
 
	
29.
	
Lender has relied, and will rely, in good faith on the certified calculations and supporting documentation regarding the eligible Loan amount submitted by Borrower.  Borrower acknowledges and agrees that Lender can share any tax information that Borrower has provided with SBA’s authorized representatives, including authorized representatives of the SBA Office of the Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

	
 
	
30.
	
Borrower agrees and acknowledges that all communications made by Lender relating to the PPP are qualified in their entirety by the text of the PPP, as may be amended and/or supplemented by currently existing or forthcoming regulations, guidance and requirements of the SBA and other governmental agencies.

	
 
	
31.
	
Borrower recognizes and acknowledges that if and to the extent that SBA does not forgive the Loan, then Borrower will owe to Lender the outstanding amount of principal and interest on the Loan.

	
 
	
32.
	
Borrower recognizes and acknowledges that guidance setting forth the conditions precedent to forgiveness has not been finalized, and that as a result forgiveness may be materially more difficult to obtain than currently contemplated.

 

2

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

	
 
	
33.
	
If Borrower is an entity, Borrower certifies it is currently existing, in good standing and duly organized under the laws of the state of its organization, and has the power to own its property and to carry on its business in each jurisdiction in which it operates.

	
 
	
34.
	
Borrower certifies it has full power and authority to execute the Note, to execute and deliver the Note and to incur the obligations provided for in the Note, including the Loan.  No consent or approval of members, managers, directors or shareholders, or of any public authority is required as a condition to the validity of the Note, or, if required, any such consent or approval has been obtained.

	
 
	
35.
	
Borrower acknowledges the Note constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its stated terms.

IN WITNESS WHEREOF, the undersigned have executed this Borrower’s Certification as of the date set forth below.

 

	
BORROWER: 

	
 

	
Monroe Staffing Services LLC

	
a Delaware limited liability company

	
 
	
 
	
 

	
By:
	
 
	
/S/ Alicia Barker

	
Name:
	
 
	
Fargo Recruitment America, Inc., Member

	
Title:
	
 
	
Alicia Barker, COO

 

 

 

 

3

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

HOLD HARMLESS, INDEMNIFICATION AND 

RELIANCE ACKNOWLEDGMENT AGREEMENT 

STATE OF GEORGIA 

COBB COUNTY 

This Hold Harmless, Indemnification and Reliance Acknowledgment Agreement (the “Agreement”) is made this 12th day of May 2020, by and between Monroe Staffing Services LLC a Delaware limited liability company (“Borrower”), whose address is 6 Research Drive, Suite 440, Shelton, CT 06484-6228 and NEWTON FEDERAL BANK (“Lender”). 

To induce Lender to issue Borrower a Small Business Administration (“SBA”) loan (the “Loan”) in the amount of $10,000,000.00, Borrower as evidenced by that certain 10,000,000.00 promissory note dated 05/12/2020 agrees to the following:  05/12/2020

	
 
	
1.
	
Borrower certifies that the information provided in the application for the Loan and the information that Borrower has provided in all supporting documents and forms is true and accurate in all respects.  Furthermore, Borrower acknowledges and agrees that Lender is authorized to and shall rely on the information and documentation provided to Lender by Borrower in connection with the Loan application and Lender shall have no liability to Borrower if the information, documentation, eligibility, calculations of Borrower’s eligible Loan amount or calculations of Borrower’s eligibility of Loan forgiveness is later determined to be inaccurate or otherwise ineligible under the Paycheck Protection Program (the “Program”) of the SBA.  Borrower further acknowledges and agrees that knowingly making a false statement to obtain a guaranteed loan from the SBA is punishable under 18 U.S.C. §§1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 U.S.C. § 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 U.S.C. § 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.

	
 
	
2.
	
Borrower further acknowledges that Borrower has calculated the eligible amount for the Loan using the documents Borrower submitted to Lender (the “Documents”), including, but not limited to any tax documents and payroll records.  Borrower affirms and certifies that tax documents included in the Documents are identical to tax documents Borrower submitted to the Internal Revenue Service.  Borrower further acknowledges that Borrower has submitted all documents and information to Lender that Borrower relied upon in calculating the eligible Loan amount.  Borrower further acknowledges and agrees that Borrower has not relied on Lender for the determination of eligibility for the Loan, the calculation of Borrower’s eligible Loan amount, or the eligibility or amount of the Loan for forgiveness under the Program.  Borrower also understands, acknowledges and agrees that Lender is authorized to share all tax information included in the Documents with Lender's authorized representatives, including, but not limited to, accountants, attorneys, affiliates, and with authorized representatives of the SBA, SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.  Borrower further acknowledges portions or all of the Loan amount may not be forgivable, subject to rules set forth within the Program.

	
 
	
3.
	
Borrower hereby indemnifies Lender and agrees to defend, save and hold harmless Lender, Lender’s employees, agents, successors and assigns from and against any and all loss (including, but not limited to, indirect, special and consequential loss or damage) claims, suits, liabilities, demands, notices or orders, fines, penalties, costs, all foreseen and unforeseen damages (including, but not limited to, damage to persons and property) and attorneys’ fees (including, but not limited to, those incurred in regulatory and administrative proceedings, at trial or on any appeal or otherwise), arising out of, because of, resulting from or due to: (a) the inaccuracy of any of the Documents, (b) misrepresentation contained in any of the Documents, or (c) the Documents.  Borrower’s indemnity of Lender shall be a continuing obligation of Borrower, and Borrower’s successors and assigns.

	
 
	
4.
	
This Agreement represents the entire agreement between Borrower and Lender with respect to indemnification of Lender by Borrower, supersedes any and all written and oral agreements concerning said indemnification, and shall not be modified except in writing signed by both Lender and Borrower.

	
 
	
5.
	
This Agreement shall be governed by the laws of the State of Georgia without regard to any conflict of law provision thereof.

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement under seal the day and year first above written. 

 

	
BORROWER:

	
 

	
Monroe Staffing Services LLC

	
Delaware limited liability company

	
 
	
 
	
 

	
By:
	
 
	
/s/ Alicia Barker

	
Name:
	
 
	
Fargo Recruitment America, Inc., Member

	
Title:
	
 
	
Alicia Barker, COO

 

	
LENDER:

	
 

	
NEWTON FEDERAL BANK

	
 
	
 
	
 

	
By:
	
 
	
/s/ Denice Kovalsky

	
Name:
	
 
	
Denice Kovalsky

	
Title:
	
 
	
Assistant Vice President

 

 

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

			
	

	
This Statement of Policy is Posted In Accordance with Regulations of the 
	
 

	
Small Business Administration
	
 

	
This Organization Practices
	
 

Equal Employment Opportunity

We do not discriminate on the ground of race, color, religion, sex, age, disability or national origin in the hiring, retention, or promotion of employees; nor in determining their rank, or the compensation or fringe benefits paid them.

This Organization Practices

Equal Treatment of Clients

We do not discriminate on the basis of race, color, religion, sex, marital status, disability, age or national origin in services or accommodations offered or provided to our employees, clients or guests.

These policies and this notice comply with regulations of the United States Government.

Please report violations of this policy to :

Administrator

Small Business Administration

Washington, D.C. 20416

In order for the public and your employees to know their rights under 13 C.F.R Parts 112, 113, and 117, Small Business Administration Regulations, and to conform with the directions of the Administrator of SBA, this poster must be displayed where it is clearly visible to employees, applicants for employment, and the public.

Failure to display the poster as required in accordance with SBA Regulations may be considered evidence of noncompliance and subject you to the penalties contained in those Regulations.

SBA FORM 722 (10-02) REF: SOP 9030    PREVIOUS EDITIONS ARE OBSOLETE

This form was electronically produced by Elite Federal Inc,.

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

 

			
	

	
Esta Declaración De Principios Se Publica 
	
 

	
De Acuerdo Con Los Reglamentos De La
	
 

	
Agencia Federal Para el Desarrollo de la Pequena Empresa
	
 

Esta Organizacion Practica3

lgual  Oportunidad De Empleo

No discriminamos por razón de raza, color, religión, sexo, edad, discapacidad o nacionalidad en el empleo, retención o ascenso de personal ni en la determinación de sus posiciones, salarios o beneficios marginales.

Esta Organizacion Practica3

Igualdad En El Trato A Su Clientela

No discriminamos por razón de raza, color, religión, sexo, estado civil, edad, discapacidad o nacionalidad en los servicios o facilidades provistos para nuestros  empleados, clientes o visitantes.

Estos principios y este aviso cumplen con los reglamentos del Gobierno 
de los Estados Unidos de América.

Favor de informar violaciones a lo aquí indicado a:

Administrador

Agencia Federal Para el Desarrollo de la

Pequeña Empresa

Washington, D.C. 20416

A fin de que el público y sus empleados conozcan sus derechos según lo expresado en las Secciones 112 , 113 y 117 del Codigo de Regulaciaones Federales No. 13,  de los  Reglamentos de la3 Agencia Federal Para el Desarrollo de la Pequena Empresa  y de acuerdo con las instrucciones del. Administrador de dicha agencia, esta notificación debe fijarse en un lugar claramente visible para los empleados, solicitantes de empleo y público en general.  No fijar esta notificación según lo requerido por los reglamentos de  la Agencia Federal Para el Desarrollo de la Pequena Empresa, puede ser interpretado como evidencia de falta de cumplimiento de  los mismos y conllevará la ejecución de los castigos impuestos en estos reglamentos.

SBA FORM 722  (10-02)REF:SOP 9030 PREVIOUS EDITIONS ARE OBSOLETE

This form was electronically produced by Elite Federal Inc,.                                                     U.S. GOVERNMENT PRINTING OFFICE : 1994 0- 153-346

 

DocuSign Envelope ID: C7889BF3-923A-4FA4-8C0E-AD8DC7E0A649

Request of Deposit of SBA PPP Loan Proceeds 

I am requesting proceeds from my SBA PPP loan deposited as selected below (check one): 

☐ Deposit in my Affinity Bank checking account #__________________________

☐ Wire the deposit to my other financial institution. 

Please contact your financial institution for wiring instructions and email them to:  
dkovalsky@myaffinitybank.com

Monroe Staffing Services LLC

	
 

	
By:
	
 
	
/s/ Alicia Barker

	
 
	
 
	
Fargo Recruitment America, Inc., Member

 

Date: 05/12/2020                

Loan Payments: Please initial here if you would like your monthly payment automatically drafted from the

account above.  .              aB            

                                         Initial

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]