Document:

EX-4.1

 EXHIBIT 4.1 

FISCAL AGENCY AGREEMENT 
 AMONG

 JAPAN INTERNATIONAL COOPERATION AGENCY 

JAPAN 
 [NAME OF FISCAL AGENT]

 Fiscal Agent, 
 Principal
Paying Agent 
 and Transfer Agent 

AND 
 [NAME OF U.S.
REPRESENTATIVE] 
 U.S. Representative of the Fiscal Agent, 

Principal Paying Agent and Transfer Agent 

Dated as of [●], [●] (New York City time)/[●], [●] (Tokyo time) 

[TITLE OF SECURITIES] 
  

 
  
  

  
 Exhibit 4.1-1 

 This FISCAL AGENCY AGREEMENT, is made as of [●], [●] (New York
City time)/[●], [●] (Tokyo time), among JAPAN INTERNATIONAL COOPERATION AGENCY, an incorporated administrative agency organized and existing under the laws of Japan (the “Issuer”), JAPAN, [NAME OF FISCAL AGENT], a banking
corporation organized and existing under the laws of Japan, as Fiscal Agent, Principal Paying Agent and Transfer Agent, and [NAME OF U.S. REPRESENTATIVE], [●] organized and existing under the laws of the United States of America, as U.S.
Representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent]. 
 In this Agreement, unless otherwise
defined herein, “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in The City of New
York, London, Tokyo, and if applicable, the place of payment. 
 1.        FORMS AND
DENOMINATIONS. The Issuer has agreed to issue [CURRENCY] [●] principal amount of [TITLE OF SECURITIES] (collectively, the “Securities”, or each a “Security”). The Securities are issuable only in fully registered form,
without coupons, in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof, substantially in the form set forth in Exhibit A-1 or
A-2 hereto. 
 (a)        Japan will unconditionally and
irrevocably guarantee the payment of the principal of and interest on the Securities, such guarantee of each Security to be evidenced by a guarantee in the form set forth in Exhibit B hereto, executed by the facsimile signature of the Minister
of Finance of Japan or the official seal (or the facsimile thereof) of the Minister of Finance of Japan or of another duly authorized representative of Japan. Japan agrees that each Security authenticated and delivered in accordance with the
provisions hereof shall bear such guarantee. 
 (b)        The Securities shall initially be issued
in the form of (1) one or more fully registered global securities registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York (“DTC”) (the “DTC Global Securities”), and (2) one or
more fully registered global securities registered in the name of the nominee of the common depositary for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”) (the “International Global
Securities”), and together with the DTC Global Securities, the “Global Securities” and each a “Global Security”). The DTC Global Securities will be substantially in the form set forth in Exhibit A-1 hereto, and the International Global Securities will be substantially in the form set forth in Exhibit A-2 hereto, in either case with such changes as may be agreed
between the Issuer and the Fiscal Agent, as defined in Section 2(a) hereof. 
 (c)        So
long as Cede & Co., as nominee of DTC, is the registered holder of the DTC Global Securities and subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Securities represented by
the DTC Global Securities for all purposes under this Agreement and such Securities. Likewise, so long as the nominee of the common depositary for Euroclear and Clearstream is the registered holder of the Securities represented by the International
Global Securities and subject to applicable law, such nominee will be considered the sole owner or holder of the Securities represented by the International Global Securities for all purposes under this Agreement and such Securities. Except as set
forth below, owners of beneficial interests in the Global Securities will not, except in the limited circumstances described in Section 5 hereof, be entitled to have the Securities represented by the Global Securities registered in their names,
will not receive or be entitled to receive Securities in definitive registered form and will not be considered owners or holders thereof under this Agreement or such Securities. The Securities in definitive registered form, if any, will be
substantially in the form set forth in Exhibit A-1 or A-2 hereto, as applicable, with the appropriate changes thereto, consistent with the provisions of this Agreement,
as may be agreed between the Issuer and the Fiscal Agent. Neither the Issuer nor the Fiscal Agent will have any responsibility or liability for any aspect of the records relating to or payments made by DTC, Euroclear or Clearstream (together, the
“Clearing Systems”) on account of beneficial ownership interests in the Global Securities or for maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 

  
 Exhibit 4.1-2 

 2.        FISCAL AGENT; OTHER
AGENTS. The Issuer and Japan hereby appoint [NAME OF FISCAL AGENT], also acting through its U.S. Representative, [NAME OF U.S. REPRESENTATIVE], at present having its office in [name of city], as fiscal agent of the Issuer and Japan in respect of the
Securities upon the terms and subject to the conditions herein set forth, and [NAME OF FISCAL AGENT], hereby accepts such appointment. [NAME OF FISCAL AGENT], and [NAME OF U.S. REPRESENTATIVE] in its capacity as U.S. Representative, and their
successors as qualified or appointed in accordance with Section 8 hereof, are herein called the “Fiscal Agent”. For so long as [NAME OF FISCAL AGENT] is the Fiscal Agent hereunder and [NAME OF U.S. REPRESENTATIVE] is the U.S.
Representative hereunder, (i) the Fiscal Agent shall notify the Issuer and Japan promptly upon acquiring actual knowledge that the U.S. Representative is not performing its obligations hereunder and (ii) [NAME OF U.S. REPRESENTATIVE] shall
notify the Issuer and Japan promptly upon acquiring actual knowledge that [NAME OF FISCAL AGENT], has ceased to own a majority of the shares in [NAME OF U.S. REPRESENTATIVE] The Fiscal Agent shall have the powers and authority hereby granted to and
conferred upon it in the Securities and hereby such further powers and authority to act on behalf of the Issuer and Japan as the Issuer and Japan may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers
and authority contained in the Securities are subject to and governed by the terms and provisions hereof. The Issuer and Japan reserve the right to appoint, at their discretion, agents (one or more “Agents”, or each, an “Agent”)
for the payment of principal of and interest on the Securities (the “Principal Paying Agent”) or for the transfer and exchange of Securities (the “Transfer Agent”) at such place or places as the Issuer may determine. The Issuer
shall notify the Fiscal Agent of the appointment of any such Agent. For that purpose, the Issuer and Japan hereby appoint [NAME OF FISCAL AGENT], at [MAILING ADDRESS OF FISCAL AGENT](also acting through the U.S. Representative at [MAILING ADDRESS OF
U.S. REPRESENTATIVE]) as Principal Paying Agent and Transfer Agent, and [NAME OF FISCAL AGENT], and the U.S. Representative hereby accept such appointment. 

(a)        In compliance with Japanese tax laws and the practices of tax authorities in Japan, the
Issuer hereby appoints the Fiscal Agent as the Issuer’s agent for (i) arranging the preparation and submission of all necessary forms and claims (including the interest receipt confirmations and the claims for exemption to be submitted to
the competent Japanese tax authority) in relation to the Issuer’s Japanese withholding tax obligations and (ii) making the necessary payments to the Japanese tax authorities in accordance with operating procedures to be agreed between the
Issuer and the Fiscal Agent (the “Operating Procedures”). The Fiscal Agent shall be responsible only for performing such obligations as are expressly provided for in the Operating Procedures and the Manual (as defined in Section 4(c)
hereof) and no implied obligations on the part of the Fiscal Agent shall be read into this Agreement or the Operating Procedures. The Operating Procedures may be amended from time to time to reflect any changes in Japanese tax laws and the practices
of tax authorities in Japan. 
 3.        EXECUTION, AUTHENTICATION, DELIVERY AND
DATING. The Securities will be executed on behalf of the Issuer with either the official seal, signature or facsimile signature of the President of the Issuer or a duly authorized agent of the Issuer. The guarantee of Japan will bear the facsimile
signature of the Minister of Finance of Japan or the official seal (or the facsimile thereof) of the Minister of Finance of Japan or of another duly authorized representative of Japan. The Issuer and Japan may, respectively, adopt and use either the
official seal, signature or facsimile signature of any person who shall have been such President or such agent of the Issuer or such Minister of Finance or such representative of Japan, notwithstanding the fact that when any Security shall be
authenticated and delivered, he shall have ceased to be such President or such agent of the Issuer or such Minister of Finance or such representative of Japan. 

(a)        The Fiscal Agent is authorized, upon receipt of Securities duly executed on behalf of the
Issuer and bearing the duly executed guarantee of Japan as herein provided, together with a written order or orders to authenticate and deliver Securities in a stated aggregate principal amount, to authenticate such Securities, and to

  
 Exhibit 4.1-3 

 
deliver said Securities to or upon the order of the Issuer signed by the President of the Issuer or such person’s
attorney-in-fact. Thereafter, the Fiscal Agent is authorized to authenticate and deliver Securities in accordance with the provisions set forth therein or hereinafter.
The aggregate principal amount of Securities to be issued and outstanding at any time, whether in the form of the Global Securities or Securities in definitive registered form issued in exchange for a Global Security in accordance with
Section 5 hereof, shall not exceed [CURRENCY] [●], plus the aggregate principal amount of any additional Securities issued by the Issuer in accordance with Section 9 of this Agreement. 

(b)        The Securities shall be dated the date of their authentication by the Fiscal Agent, except
as otherwise provided in Sections 5(a), 5(c) and 5(h) hereof in connection with the Securities authenticated and delivered upon transfer or exchange or in lieu of the Global Securities. 

4.        PAYMENT, REDEMPTION AND CANCELLATION. Subject to the following provisions,
the Issuer will pay to the Fiscal Agent the amounts at the times, and for the purposes, set forth herein and in the Securities. The Issuer hereby authorizes and directs the Fiscal Agent from funds so paid to it, to make or cause to be made payment
of principal of and interest on the Securities as set forth herein and in accordance with the text of the Securities and the requirements of applicable law. 

(a)        Subject to Sections 4(c), 4(d) and 4(k) hereof, as early as possible on each interest
payment date and on the redemption or maturity date, the Fiscal Agent will arrange directly or with any other Agent for the payment from funds furnished by the Issuer of the principal of and interest on the Securities in immediately available funds
by U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the payee, in such other manner as may be set forth or provided for in the text of the Securities. If the applicable due date for payment is not a Business Day,
payment will be made on the next succeeding day which is a Business Day. Notwithstanding the foregoing, the Issuer may pay to an Agent specifically designated for such purpose funds for the payment of principal of and interest on the Securities
under an agreement with respect to such funds containing substantially the same terms and conditions set forth in this Section 4(b) and in Sections 4(c), 4(d), 4(e), 4(f), 4(k) and 7(b) of this Agreement; and the Fiscal Agent shall have no
responsibility with respect to any funds so paid by the Issuer to any such Agent. 
 (b)        In
compliance with Japanese tax laws and the practices of tax authorities in Japan, in respect of any interest payment on the DTC Global Securities hereunder, the Fiscal Agent shall act in accordance with the “Working Draft of Operating Manual on
“Japanese Withholding Tax on Certain International Issues Held Through DTC” (the “DTC Procedures” ), as amended or supplemented by notice from the relevant organization to the Issuer and the Fiscal Agent, and, in respect of any
interest payment on the International Global Securities, the Fiscal Agent shall act in accordance with “Global Tax Procedures—Tax Relief Procedure for Japan,” issued as Bulletin 140716/29 by the International Capital Market Services
Association (the “Manual”), as amended or supplemented by notice from the relevant organization to the Issuer and the Fiscal Agent, the Operating Procedures and any other procedures established by the Issuer and Fiscal Agent. Except as
otherwise provided in this Agreement, the Fiscal Agent shall be responsible only for performing such services as are specifically provided for in the DTC Procedures, the Operating Procedures, the Manual, or such other procedures actually known by
the Fiscal Agent, as applicable and as may be amended or modified and communicated to the Fiscal Agent from time to time. 

(c)        If and so long as payments of interest may be made without deduction or withholding for or
on account of Japanese tax only upon receipt of duly executed certifications, claims for exemption, notifications or other documentation (“Tax Documentation”), the Fiscal Agent shall (i) receive the required Tax Documentation from
holders or beneficial owners and clearing organizations, (ii) review the Tax Documentation, and sign any required confirmations, and (iii) promptly deliver the Tax Documentation (directly or through the relevant Agent, in the case of Tax
Documentation collected by such Agent) to the Issuer or, at the Issuer’s request, the relevant Japanese District Tax Office. The Fiscal Agent may rely on the information provided in Tax Documentation (including, where relevant, supporting
documentation) in the absence of actual knowledge that such information 

  
 Exhibit 4.1-4 

 
is incorrect. The Fiscal Agent shall furnish forms of certifications to holders or beneficial owners of the Securities upon request, and shall use reasonable endeavors to assist holders or
beneficial owners in claiming available exemptions, but shall not be liable for a holder’s or a beneficial owner’s failure to qualify for such an exemption. 

(d)        If a holder or a beneficial owner of the Securities satisfies the requirements for claiming
an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax authorities, then the Issuer and the Fiscal Agent (on the
Issuer’s behalf and out of funds paid to the Fiscal Agent from the Issuer) shall, to the extent it is possible to do so under Japanese law, pay the amount withheld (after the deduction of reasonable costs, including amounts in respect of
changes in foreign exchange rates) to the holder or the beneficial owner. 
 (e)        Under
procedures agreed with the Issuer, the Fiscal Agent shall deliver tax certifications and related confirmations signed by or on behalf of the Issuer, together with payment of any applicable withholding taxes, to the relevant Japanese District Tax
Office on or before the date on which such taxes are required under Japanese law or administrative practice to be paid. 

(f)        The Fiscal Agent shall open or maintain a [CURRENCY] account entitled “Japan
International Cooperation Agency Fiscal Agency Account” in which all monies paid for the service of the Securities shall be carried. 

(g)        The Fiscal Agent shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Securities except such as it pays on similar deposits or as may be agreed on by the Fiscal Agent and the Issuer and Japan. 

(h)        In case the Issuer shall elect to redeem Securities, in whole but not in part, and the
Issuer determines and certifies to the Fiscal Agent immediately prior to the giving of the notice of the redemption that, as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of
Japan (or any political subdivision or taxing authority of Japan) affecting any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority therein or thereof
having power to tax (“Taxes”), or any change in official position regarding the application or interpretation of these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction),
which change, amendment, application or interpretation becomes effective on or after [●], [●], the Issuer is, or on the next interest payment date would be, required to pay any additional amounts as may be necessary in order that the net
amounts received by any beneficial owner of the Securities after withholding or deduction for or on account of any Taxes shall equal the respective amounts of principal and interest which would have been receivable by such beneficial owner in
respect of the Securities in the absence of such withholding or deduction, that cannot be avoided by measures reasonably available to the Issuer, the Fiscal Agent shall cause to be published on behalf of the Issuer at the Issuer’s cost
irrevocable notice of intention to redeem the Securities on the date therein designated, and stating that on said redemption date there will become and be due and payable upon each Security so to be redeemed the redemption price payable upon such
redemption in [CURRENCY], to the person in whose name the Security is registered at [●●]:[●●] [A.M./P.M.], [New York City] time, on the fifteenth day before the redemption occurs, at the place or places specified in such
notice, and that from and after such redemption date interest thereon will cease to accrue; provided that no notice of redemption shall be given earlier than ninety (90) days prior to the earliest date on which the Issuer would be obligated to
make the withholding if a payment in respect of the Securities were then due. Prior to the publication and sending of any notice of redemption of the Securities pursuant to the foregoing, the Issuer will deliver to the Fiscal Agent an opinion of
independent counsel of recognized standing or an opinion of a tax consultant of recognized standing to the effect that the circumstances referred to above exist. The Fiscal Agent shall accept such opinion of counsel or tax consultant, as the case
may be, as sufficient evidence of the satisfaction of the conditions precedent described above and shall be entitled to rely on such opinion of counsel or tax consultant, and it shall be conclusive and binding on the registered holders of the
Securities. Such notice 

  
 Exhibit 4.1-5 

 
shall be published in a daily newspaper in the English language of general circulation in The City of New York and in a daily newspaper in the English language of general circulation in London,
England, at least once prior to the redemption date, such publication to be not less than thirty (30) days nor more than sixty (60) days prior to the redemption date, provided that for so long as the Securities are held in book-entry form
such notices may be given by delivery of the relevant notice to DTC, Euroclear, and Clearstream, for communication by them to their respective participants in substitution for publication in any such newspaper. In case, by reason of the temporary or
permanent suspension of the publication or general circulation of any newspaper or by reason of any other cause, it shall be impossible or impracticable to publish such notice in the manner herein provided, then such method of publication in lieu
thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such notice. 

(i)        All Securities surrendered for payment, redemption, registration of transfer or exchange
shall be promptly cancelled by the Fiscal Agent or such other person as may be designated by the Issuer. Such cancelled Securities which were surrendered to anyone other than the Fiscal Agent shall be delivered by such other person (including any
transfer agent) to the Fiscal Agent. Such cancelled Securities held by the Fiscal Agent shall be disposed of by the Fiscal Agent in accordance with its customary procedure, and, if requested by the Issuer or Japan, the Fiscal Agent shall furnish to
the Issuer and Japan a certificate with respect to such disposition. 
 (j)        In the event that
Securities in definitive registered form are issued, the Fiscal Agent shall make or cause to be made payment of interest on any such Securities directly to registered holders of such Securities in whose names such Securities were registered at the
close of business on the record date for such payment (as defined in the Global Securities). Payment of principal on any Security in definitive registered form will be made only upon surrender of such Security in definitive registered form at the
office of the Fiscal Agent or any other duly appointed Agent. The Fiscal Agent shall provide notice of such final payment to registered holders mailed not later than the fifteen (15) days before such final payment. Payments will be made on the
due date therefor in immediately available funds by wire transfer or by check mailed to the addresses of such holders as they appear on the register maintained by the Fiscal Agent. If the applicable due date for payment is not a Business Day,
payment will be made on the next succeeding day which is a Business Day. 
 (k)        Not less than
five (5) Business Days prior to each interest payment date or the maturity date, the Fiscal Agent shall provide to the Issuer, at the Fiscal Agent’s own expense, a written notice indicating such interest payment date (including the period
covered by such interest payment) or the maturity date, as applicable, and the amount due thereon. 

(l)        The Issuer will, on each date on which any payment in respect of the Securities becomes
due, transfer to the Fiscal Agent such amount as may be required for the purposes of such payment. The Issuer will supply, or procure that the bank through which such payment is to be made will supply, to the Fiscal Agent by
[●●]:[●●] [A.M./P.M.], [NAME OF CITY] time, on the second Business Day in the city of the Fiscal Agent’s specified office before the due date for any such payment an irrevocable confirmation (by fax, e-mail or authenticated SWIFT message) of the Issuer’s intention to make such payment. In this subsection (m), the date on which a payment in respect of the Securities becomes due means the first date on which
the holder of a Security could claim the relevant payment under the terms and conditions of this Agreement and such Securities. 

5.        EXCHANGE AND REPLACEMENT OF SECURITIES. The Fiscal Agent is hereby authorized
from time to time in accordance with the provisions of the Securities and of this Section to authenticate and deliver to the registered holder thereof: 

(i)        Global Securities or Securities in definitive registered form, as the case
may be, in exchange for or in lieu of Global Securities or Securities in definitive registered form, as the case may be, which become mutilated, destroyed, stolen or lost; and 

(ii)        Global Securities or Securities in definitive registered form, as the case
may be, of authorized denominations in exchange for a like aggregate principal 

  
 Exhibit 4.1-6 

 
amount of Global Securities or Securities in definitive registered form, as the case may be, of other authorized denominations. 

All Securities so authenticated by the Fiscal Agent shall bear the guarantee of Japan in the form herein provided for. 

Each Security authenticated and delivered upon any transfer or in exchange for or in lieu of the whole or any part of any
Security shall carry all rights to interest accrued and unpaid and to accrue which were carried by the whole or such part of such Security and shall be so dated that neither gain nor loss of interest shall result from such transfer, exchange or
substitution. 
 (b)        Subject to subsection (c) of this Section, no service charge shall
be made for any such transfer, exchange or registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other Agent appointed by the Issuer pursuant to Section 2 of this Agreement) may require payment
of a sum sufficient to cover any transfer, stamp or other tax or other governmental charge required to be paid in connection therewith. 

(c)        In case any Security certificate shall at any time become mutilated or destroyed or stolen
or lost then, provided that such Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other documents as may be required in the premises) shall be delivered to the Fiscal Agent
(which term, for the avoidance of doubt, includes the U.S. Representative) or in the case of a Security held in definitive registered form, delivered to either the Fiscal Agent or any transfer agent, a replacement Security of like tenor and
principal amount and bearing the guarantee of Japan in the form herein provided for, will be issued by the Issuer and, at its request, authenticated and delivered by the Fiscal Agent, in exchange for the Security so mutilated, or in lieu of the
Security destroyed or stolen or lost; and provided further that, in the case of destroyed, stolen or lost Securities, the Issuer, Japan, the Fiscal Agent and any transfer agent shall have received evidence satisfactory to them that such Securities
were destroyed, stolen or lost, and shall also have received an indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring any indemnity and with the preparation, authentication and delivery of a
replacement Security shall be borne by the holder of the Security mutilated, destroyed, stolen or lost. Upon the issuance of any replacement Security under this Section 5(c), the Issuer, Japan, the Fiscal Agent or any transfer agent may require
the payment of a sum sufficient to cover any transfer, stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. In case
such mutilated, destroyed, stolen or lost Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security, pay or cause to be paid such Security. 

Every replacement Security issued pursuant to this Section 5(c) in exchange for or in lieu of any mutilated, destroyed, stolen or lost
Security shall constitute a contractual obligation of the Issuer guaranteed by Japan, whether or not the mutilated, destroyed, stolen or lost Security shall be at any time enforceable by anyone (but, for the avoidance of doubt, shall not constitute
an issuance of Securities in excess of the maximum aggregate principal amount set forth in Section 3(b) of this Agreement). Any replacement Security delivered pursuant to this Section 5(c) shall be so dated that neither gain nor loss of
interest shall result from such replacement. 
 (d)        The Issuer will promptly make available
to the Fiscal Agent a reasonable supply of Securities in definitive registered form and will issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or exchange for, Securities represented by the DTC
Global Securities if DTC (a) notifies the Issuer that it is unwilling or unable to continue as depositary for such DTC Global Security or (b) ceases to be a clearing agency registered under the United States Securities Exchange Act of
1934, as amended, at a time when it is required to be, and in either such case (a) or (b) a successor is not appointed by the Issuer within ninety (90) days after receiving such notice or becoming aware that DTC is no longer so registered.

  
 Exhibit 4.1-7 

 (e)        The Issuer will promptly make available
to the Fiscal Agent a reasonable supply of Securities in definitive registered form and will issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or exchange for, Securities represented by the
International Global Securities if Euroclear or Clearstream is closed for business for a continuous period of fourteen (14) days (other than by reason of legal holidays) or announces an intention permanently to cease business. 

(f)        The Issuer may also at any time in its sole discretion determine not to have any of the
Securities represented by the Global Securities and, in such event, will issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or in exchange for, Securities represented by Global Securities. 

(g)        The Issuer shall bear the costs and expenses of printing or preparing any Securities in
definitive registered form issued pursuant to Section 5(d), 5(e) and 5(f) above. 

(h)        Upon any such issuance pursuant to Section 5(d), 5(e) and 5(f) above of Securities in
definitive registered form in exchange for all the Securities represented by any Global Security, the Fiscal Agent shall receive the relevant Global Securities from the custodian for DTC or the common depositary for Euroclear and Clearstream, as the
case may be, shall cancel such Global Securities and shall reduce the holdings of the registered holder of such Global Securities on the register to nil and shall receive Securities in definitive registered form from the Issuer. The Fiscal Agent
shall have at least thirty (30) days from the date of its receipt of Securities in definitive registered form, Global Securities submitted for exchange, registration information and delivery information, whichever is latest, to authenticate and
deliver such Securities in definitive registered form in an aggregate principal amount equal to and in exchange for the DTC, Euroclear or Clearstream participants’ beneficial interests in the Securities represented by the relevant Global
Securities as of the record date for such exchange established by the Issuer, as directed by DTC, Euroclear or Clearstream, as the case may be. Such Securities in definitive registered form shall be registered in such names and in such denominations
of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof, and delivered as DTC, Euroclear or Clearstream, pursuant to instructions from direct or indirect participants, shall direct. All Securities represented by
Securities in definitive registered form issued in exchange for Securities represented by the relevant Global Securities shall be valid obligations of the Issuer guaranteed by Japan, the holders of which shall be entitled to the same benefits under
this Agreement as the holders of the Global Securities. Exchanges of Global Securities for Securities in definitive registered form as described in this subsection (h) shall be made at the Issuer’s expense without charge to DTC, Euroclear,
Clearstream or the common depositary. 
 (i)        Unless the DTC Global Securities are presented
by an authorized representative of DTC to the Issuer, the Fiscal Agent or their respective agents for registration of transfer, exchange or payment, and any replacement DTC Global Securities are registered in the name of a nominee of DTC, and any
payment is made to such nominee, any transfer, pledge or other use of the DTC Global Securities for value or otherwise shall be wrongful since the registered holders of the DTC Global Securities have an interest in the Securities evidenced by the
DTC Global Securities. 
 (j)        Neither the Fiscal Agent nor any transfer agent will be
required to (i) exchange or register the transfer of any Security selected for redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the payment
date with respect to such Security. 
 6.        REGISTRATION AND TRANSFER. The
Fiscal Agent shall maintain, as agent of the Issuer for the purpose, at the Fiscal Agent’s office in [NAME OF CITY], a register for (i) registering and maintaining a record of the aggregate holdings of all DTC Global Securities and the
International Global Securities, (ii) registering transfers between holders of the Global Securities, (iii) registering and maintaining a record of the aggregate holdings of all definitive registered Securities, (iv) registering
transfers between holders of the definitive registered Securities and (v) registering and maintaining a record of any further issues of Securities pursuant to Section 9 of this Agreement and any subsequent

  
 Exhibit 4.1-8 

 
transfers thereof. In addition, the Fiscal Agent will (i) maintain and promptly update the respective Schedules to the DTC Global Securities and the International Global Securities, and
(ii) ensure that the sum of the respective aggregate principal amounts shown by the latest entry in the respective Schedules to the DTC Global Securities and the International Global Securities does not exceed [CURRENCY] [●], plus the
aggregate principal amount of any additional Securities issued by the Issuer in accordance with Section 9 of this Agreement, at any one time. Upon presentation for the purpose at the said office of the Fiscal Agent of any Security duly endorsed
by, or accompanied by delivery of a written instrument of transfer in form approved by the Fiscal Agent duly executed by, the registered holder of the Security, or the registered holder’s attorney thereunto duly authorized in writing, such
Security shall be transferred upon such register and a new Security, bearing the guarantee of Japan in the form herein provided for, shall be authenticated and delivered in the name of the transferee. Transfers and exchanges of Securities shall be
subject to such reasonable regulations as may be prescribed by the Issuer. 
 Upon presentation for transfer or exchange of
any Security in definitive form at any office of any transfer agent accompanied by a written instrument of transfer in a form approved by the Fiscal Agent duly executed by the registered holder or such registered holder’s attorney duly
authorized in writing, such Security and written instrument shall be forwarded to the office of the Fiscal Agent. In addition, any transfer agent shall provide to the Fiscal Agent such information as the Fiscal Agent may reasonably require in
connection with the delivery by such transfer agent of Securities in the definitive form in exchange for other Securities. 

(a)        When book-entry interests in Securities are to be transferred from the account of a DTC
participant holding a beneficial interest in a DTC Global Security to the account of a Euroclear or Clearstream accountholder wishing to purchase a beneficial interest in an International Global Security, on the settlement date, the custodian of the
DTC Global Security, initially [NAME OF U.S. REPRESENTATIVE], will instruct the Fiscal Agent to: 

(i)        decrease the amount of Securities registered in the name of the nominee of
DTC and evidenced by the relevant DTC Global Security; and 
 (ii)        increase
the amount of Securities registered in the name of the nominee of the common depositary for Euroclear and Clearstream, and evidenced by the International Global Securities. Book-entry interests will be delivered free of payment to Euroclear or
Clearstream as the case may be, for credit to the relevant accountholder on the first Business Day following the settlement date. 

(c)        When book-entry interests in the Securities are to be transferred from the account of a
Euroclear or Clearstream accountholder to the account of a DTC participant wishing to purchase a beneficial interest in a DTC Global Security, on the settlement date, the common depositary for Euroclear and Clearstream will: 

(iii)        transmit appropriate instructions to the custodian of the DTC Global
Security, initially [NAME OF U.S. REPRESENTATIVE], who will in turn deliver such book-entry interests free of payment to the relevant account of the DTC participants; and (ii) instruct the Fiscal Agent to: 

(1)        decrease the amount of Securities registered in the name of the nominee of
the common depositary for Euroclear and Clearstream, and evidenced by the International Global Securities; and 

(2)        increase the amount of Securities registered in the name of the nominee of
DTC and evidenced by the relevant DTC Global Security. 
 7.        CONDITIONS OF
FISCAL AGENT’S OBLIGATIONS. Each of the Fiscal Agent and any other Agent appointed under Section 2 herein accepts its obligations herein set forth, upon the terms 

  
 Exhibit 4.1-9 

 
and conditions hereof, including the following, to all of which the rights hereunder of the holders from time to time of the Securities shall be subject: 

(a)        Compensation and Indemnification. The Issuer agrees promptly to pay the Fiscal Agent
the compensation agreed upon with the Issuer for all services rendered by the Fiscal Agent and to reimburse the Fiscal Agent for its reasonable out-of-pocket expenses
(including reasonable counsel fees) incurred, after prior general consultation with the Issuer, in connection with the services rendered hereunder. The Issuer also agrees to indemnify each of the Fiscal Agent (which term, for the avoidance of doubt,
includes the U.S. Representative) and any other Agent appointed under Section 2 hereof for, and to hold each of them harmless against, any loss, claim, liability or expense incurred without negligence, willful misconduct or bad faith, arising
out of or in connection with its acting as such Fiscal Agent or such other Agent hereunder, as well as the reasonable costs and expenses of defending against any such claim or liability. 

(b)        Agent for the Issuer and Japan. In acting under this Agreement and in connection
with the Securities, each of the Fiscal Agent and any other Agent is acting solely as agent of the Issuer and of Japan, and does not assume any obligation or relationship of agency or trust, for or with any of the owners or holders of the
Securities, except that all funds held by the Fiscal Agent or any other Agent for payment of principal of or interest on the Securities shall be held in trust, but need not be segregated from other funds except as required by law, and shall be
applied as set forth herein and in the Securities. 
 (c)        Counsel. Each of the Fiscal
Agent and any other Agent may consult with counsel satisfactory to it and to the Issuer and to Japan, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or thing suffered by it
hereunder in good faith and in accordance with the opinion of such counsel. 

(d)        Documents. Each of the Fiscal Agent and any other Agent shall be protected and shall
incur no liability for or in respect of any action taken or omitted or anything suffered by it in reliance without negligence, willful misconduct or bad faith upon any Security, instruction, notice, direction, consent, certificate, affidavit,
statement, cablegram or other paper or document reasonably believed by it to be genuine and to have been delivered or signed by the proper parties. 

(e)        Certain Transactions. Each of the Fiscal Agent and any other Agent, or any officer,
director or employee thereof, may become the owner of, or acquire any interest in, any Securities, with the same rights as if it were not the Fiscal Agent or such other Agent or such officer, director or employee, as the case may be, and may engage
or be interested in any financial or other transaction with the Issuer or Japan, and may act for, or as depositary, trustee or agent for, any holders of the Securities or other obligations of the Issuer or Japan, or any committee or body of such
holders, as freely as if it were not the Fiscal Agent or such other Agent or such officer, director or employee, as the case may be. 

(f)        Instructions. Instructions concerning the operation of the provisions of this
Agreement and the duties to be carried out by the Fiscal Agent or any other Agent hereunder may from time to time be issued by the Issuer and Japan, and the Fiscal Agent or such other Agent shall at all times comply with all such instructions as are
for the time being in force. 
 (g)        Reports and Inspection. The Fiscal Agent shall
furnish to the Issuer and Japan such reports as may be required by the instructions of the Issuer and Japan. Each of the Issuer and Japan may, whenever it deems it necessary, inspect any Securities held by the Fiscal Agent, any books of registration
and transfer, and any other books and records maintained by the Fiscal Agent hereunder. 

(h)        Forwarding of Notices. If the Fiscal Agent shall receive any notice or demand
addressed to the Issuer [or Japan] by the holder of a Security pursuant to the provisions of the Securities, the Fiscal Agent shall promptly forward copies of such notice or demand to the Issuer and Japan. 

  
 Exhibit 4.1-10 

 (i)        Statements. The recitals contained
herein and in the Securities shall be taken as statements of the Issuer or Japan, as the case may be, and neither the Fiscal Agent nor any other Agent assumes any responsibility for the correctness of the same, except that the Fiscal Agent and other
Agents shall be responsible for the correctness of its representations (if any) in the Certificate of Authentication on each Security. 

(j)        Brokerage and Trade Confirmations. Issuer waives the right to receive brokerage
confirmations of security transactions effected by U.S. Representatives as they occur, to the extent permitted by law. Issuer further understands that trade confirmations for securities transactions effected by U.S. Representatives will be available
upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker. 

8.        RESIGNATION OR TERMINATION AND APPOINTMENT OF SUCCESSOR. The Issuer and Japan
agree, for the benefit of the holders from time to time of the Securities, that there shall at all times be a Fiscal Agent hereunder which shall be or which shall have a representative which is a bank or trust company organized and doing business
under the laws of the United States of America or the State of New York, in good standing and having an established place of business in the Borough of Manhattan, The City of New York, and authorized under such laws to exercise corporate trust
powers, until all the Securities authenticated and delivered hereunder (i) shall have been delivered to the Fiscal Agent for cancellation or (ii) shall have become due and payable and monies sufficient to pay the principal of and interest
on the Securities shall have been made available for payment and either paid or returned to the Issuer or Japan as provided herein and in the Securities (such date being herein referred to as the “Agency Maintenance Termination Date”).

 (a)        Subject to the provisions of this Section 8, the Issuer and Japan may at any time
and from time to time vary or terminate the appointment of the Fiscal Agent or any other Agent or appoint any additional Agents pursuant to Section 2 hereof for any or all of the purposes stated herein; provided, however, that
until the Agency Maintenance Termination Date, the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where Securities may be surrendered for payment and where Securities may be
surrendered for registration of transfer or exchange, as provided in the Securities, and where notices and demands to or upon the Issuer and Japan in respect of Securities and this Agreement may be served. The Issuer and Japan will give prompt
written notice to the Fiscal Agent of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency and shall give notice thereof to holders of Securities by prompt publication at
least once in a daily newspaper in the English language of general circulation in The City of New York (expected to be The Wall Street Journal) and in a daily newspaper in the English language of general circulation in London, England
(expected to be the Financial Times), provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC, Euroclear and Clearstream, for communication by them to their
respective participants in substitution for publication in any such newspaper. Prior to appointing any replacement U.S. Representative of the Fiscal Agent, the Issuer and/or Japan shall consult the Fiscal Agent and the Fiscal Agent shall recommend
to the Issuer and Japan one or more financial institutions for the role of U.S. Representative of the Fiscal Agent, but for the avoidance of doubt, the Issuer and Japan shall appoint a replacement U.S. Representative of the Fiscal Agent at their
sole discretion. 
 (b)        Subject to the provisions of this subsection (c), (i) the Fiscal
Agent or any other Agent may at any time resign as such agent by giving written notice, mailed to the Issuer and to Japan in accordance with Section 15 hereof, of such intention on its part, specifying the date on which its desired resignation
shall become effective, provided that the Issuer and Japan shall agree to such resignation (such agreement not to be unreasonably withheld or delayed), and (ii) the Fiscal Agent or any other Agent hereunder may be removed at any time by
the filing with it of an instrument in writing signed on behalf of the Issuer and Japan and specifying such removal and the date when it shall become effective. Any resignation or removal of the Fiscal Agent or any other Agent shall take effect upon
the appointment by the Issuer and Japan, by an instrument in writing, of a successor Fiscal Agent (which shall meet the qualifications prescribed in Section 8(a) hereof), successor U.S. 

  
 Exhibit 4.1-11 

 
Representative of the Fiscal Agent or successor of any other Agent and the acceptance of such appointment by such successor. In the event the Fiscal Agent or any other Agent resigns its
appointment hereunder and no successor Fiscal Agent or Agent is appointed within 60 days after such resignation in place of the resigning Fiscal Agent or other Agent, the Fiscal Agent on behalf of the Issuer may appoint a successor Fiscal Agent or
other Agent, which appointment shall be deemed to be an appointment by the Issuer under this Section 8 and the Fiscal Agent shall promptly notify the Issuer in writing of such appointment. Upon its resignation or removal, the Fiscal Agent or
such Agent shall be entitled to the payment by the Issuer of its compensation for the services theretofore rendered hereunder and to the reimbursement by the Issuer of all reasonable
out-of-pocket expenses theretofore incurred in connection with the performance of its duties hereunder. 

(c)        In case at any time the Fiscal Agent or any other Agent shall resign, or shall be removed,
or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or consent to the appointment of a receiver of all or any
substantial part of its property, or shall admit in writing its inability to pay or meet its debts as they mature, or if an order of any court shall be entered approving any petition filed by or against it under the provisions of Chapter 7 or 11 of
Title 11 of the United States Code or under the provisions of any similar legislation, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or
control of the Fiscal Agent or any other Agent or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Fiscal Agent (qualified as aforesaid) or successor of any other Agent shall be appointed by the
Issuer and Japan, by an instrument in writing, filed with the successor Fiscal Agent or successor of such other Agent, as the case may be. Upon the appointment as aforesaid of a successor Fiscal Agent or successor of any other Agent and acceptance
by such successor Fiscal Agent or successor of such other Agent, as the case may be, of such appointment, the Fiscal Agent or such other Agent so superseded shall cease to be the Fiscal Agent or such other Agent hereunder. 

(d)        Any successor Fiscal Agent or successor of any other Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and to the Issuer and Japan an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent or successor of any other Agent, without any further act, deed or
conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent or any other Agent, as the case may be, hereunder, and
such predecessor, upon payment to it of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Fiscal Agent or successor of any other Agent shall be entitled to receive, all
monies, securities or other property on deposit with or held by such predecessor, as Fiscal Agent or any other Agent hereunder, as the case may be. The Issuer and Japan shall give notice of the appointment of a successor Fiscal Agent or successor of
any other Agent to holders of Securities by prompt publication at least once in a daily newspaper in the English language of general circulation in The City of New York (expected to be the Wall Street Journal) and in a daily newspaper in the
English language of general circulation in London, England (expected to be the Financial Times), provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC,
Euroclear and Clearstream, for communication by them to their respective participants in substitution for publication in any such newspaper. 

(e)        Any corporation or bank into which the Fiscal Agent or its U.S. Representative hereunder or
any other Agent may be merged or converted, or any corporation or bank with which the Fiscal Agent or its U.S. Representative or any other Agent may be consolidated, or any corporation or bank resulting from any merger, conversion or consolidation
to which the Fiscal Agent or its U.S. Representative or any other Agent shall be a party, or any corporation or bank to which the Fiscal Agent or its U.S. Representative or any other Agent shall sell or otherwise transfer all or substantially all of
the assets and business of the Fiscal Agent or its U.S. Representative or such Agent, as the case may be, provided that it shall be qualified as aforesaid, shall be the successor Fiscal Agent or its U.S. Representative or successor of any
other Agent, as the case may be, under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

  
 Exhibit 4.1-12 

 9.        FURTHER ISSUES. The Issuer
may from time to time, without notice to or the consent of the registered holders of the Securities, create and issue further securities ranking pari passu with the Securities in all respects (or in all respects except for the payment of
interest accruing prior to the issue date of such further securities or except for the first payment of interest following the issue date of such further securities) and so that such further securities shall be consolidated and form a single series
with the Securities and shall have the same terms as to status, redemption or otherwise as the Securities. Any further securities shall be issued with the benefit of an agreement supplemental to this Agreement. 

10.        PAYMENT OF STAMP TAXES AND OTHER DUTIES. The Issuer will pay all stamp taxes
and other duties, if any, to which this Agreement or the original issuance of the Securities shall be subject. 

11.        INFORMATION AVAILABLE TO HOLDERS OF SECURITIES. The Fiscal Agent shall make
available to the holder of any Security during the Fiscal Agent’s normal business hours upon request such information as may be contained in its records relating to the performance by the Issuer and Japan of their obligations under the
Securities and the guarantee thereof and hereunder. 
 12.        AMENDMENT. This
Agreement may be modified or amended by the Issuer, Japan, the Fiscal Agent and any transfer agent, without the consent of the holder of any Security, for the purpose of adding to the covenants of the Issuer or Japan for the benefit of such holders,
surrendering any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or supplementing any defective provision contained
herein, or in any manner which the Issuer, Japan, the Fiscal Agent and any transfer agent may mutually deem necessary or desirable, which shall not be inconsistent with any Security and which shall not adversely affect in any material respect the
interest of the holders of the Securities. 
 13.        GOVERNING LAW. This
Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York except with respect to its authorization and execution by the Issuer and Japan and any other matters required to be governed by the laws of Japan,
which shall be governed by the laws of Japan. 
 14.        APPOINTMENT OF AGENT FOR
SERVICE. The Issuer hereby appoints the U.S. Representative of the Fiscal Agent for the time being as the Issuer’s authorized agent (the “Authorized Agent”) upon which process may be served in any action arising out of or based on
this Agreement or the Securities which may be instituted in any State or Federal court in The City of New York by the Fiscal Agent or the holder of any Security and the Issuer expressly accepts the jurisdiction of any such court in respect of any
such action. Such appointment, which is hereby accepted by such U.S. Representative, shall be irrevocable until the Agency Maintenance Termination Date unless and until a successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent
has been appointed as the Issuer’s Authorized Agent for such purpose and such successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have accepted such appointment. The Issuer will take any and all action, including
the filing of any and all documents and instruments that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated in Section 15 hereof, or at such
other address in the Borough of Manhattan, the City of New York, as may be the main office of such U.S. Representative at the time of such service, and written notice of such service to the Issuer (mailed or delivered to the Issuer at its address as
provided in Section 15 hereof) shall be deemed in every respect effective service of process upon the Issuer. Notwithstanding the foregoing, any action arising out of or based on the Securities may also be instituted by the holder of a Security
in any competent court in Japan. The Issuer hereby waives irrevocably any immunity to which it might otherwise be entitled in any action arising out of or based on this Agreement or the Securities which may be instituted as provided in this Section
in any State or Federal court in The City of New York or in any competent court in Japan. This waiver is intended to be effective upon execution of this Agreement without any further act by the Issuer before any such court, and introduction of this
Agreement into evidence shall be final and conclusive evidence of such waiver. 

  
 Exhibit 4.1-13 

 15.        NOTICES. Any notices
pursuant to, or communications with respect to, this Agreement shall be deemed to have been given when delivered in person, when deposited in the mail as first class registered or certified air mail, postage prepaid, or when sent by telecopy or
communicated by telephone (subject, in the case of communication by telephone, to confirmation dispatched within twenty-four hours by telecopy), to: in the case of the Issuer, Nibancho Center Building 5-25, Niban-cho, Chiyoda-ku, Tokyo 102-8012, Japan, telephone no.: 03-5226-9279, telecopy no.:
03-5226-6383, in the case of Japan, 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940,
Japan, telephone no.: 03-3581-4111, telecopy no.: 03-3593-7494, Attention: Market Finance Division, Finance Bureau, Ministry of Finance; in the case of the Fiscal Agent,
[NAME OF FISCAL AGENT], as Fiscal Agent, [FISCAL AGENT’S ADDRESS], telecopy no.: [telex no.], Attention: Securities Services, with a copy (if appropriate) to [NAME OF U.S. REPRESENTATIVE], [U.S. REPRESENTATIVE’S ADDRESS], telecopy no.:
[telex no.:], Attention (mail or telecopy): Corporate Trust Administration; or such other address as shall be specified in writing by the party in question to the other parties hereto. 

16.        SUCCESSORS AND ASSIGNS. This Agreement and the Securities and the guarantee
and all covenants and agreements by the Issuer and Japan herein and in the Securities and in the guarantee shall be binding upon any successors or assigns to the Issuer and upon Japan, regardless of any such succession or assignment. 

17.        COUNTERPARTS. This Agreement may be executed in separate counterparts, and
by each party separately on a separate counterpart, each such counterpart, when so executed and delivered, to be an original. Such counterparts shall together constitute but one and the same instrument. 

  
 Exhibit 4.1-14 

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

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	By	 	  

		 	Name:
		 	Title:

  

			
	JAPAN
		
	By	 	  

		 	Name:
		 	Title:

  

			
	[NAME OF FISCAL AGENT]
		
	By	 	  

		 	Name:
		 	Title:

  

			
	[NAME OF U.S. REPRESENTATIVE].
		
	By	 	  

		 	Name:
		 	Title:

  
  

[Fiscal Agency Agreement] 

  
 Exhibit 4.1-15 

 EXHIBIT A-1 

(FORM OF DTC GLOBAL SECURITY) 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO JAPAN INTERNATIONAL COOPERATION AGENCY (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN 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 SINCE THE REGISTERED HOLDER HEREOF, CEDE & CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL
THIS GLOBAL SECURITY IS EXCHANGED FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 INTEREST
PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THE SECURITY IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT
OF JAPAN OR A JAPANESE CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL
RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (A “SPECIALLY-RELATED PARTY OF THE ISSUER”), (II) A DESIGNATED JAPANESE FINANCIAL INSTITUTION DESCRIBED
IN ARTICLE 6, PARAGRAPH (11) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH, OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL
INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT
PARAGRAPH. 
 INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING
PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PARTY OF THE ISSUER WILL BE SUBJECT TO
DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF CURRENTLY 15.315 PER CENTUM OF THE AMOUNT OF SUCH INTEREST. 
  

			
	No. R-                    	  	[CURRENCY]        

 CUSIP: 
 ISIN: 

Common Code: 

  
 Exhibit 4.1-16 

 JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 

1.        JAPAN INTERNATIONAL COOPERATION AGENCY (herein called the “Issuer”), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of      [CURRENCY] or such other aggregate principal amount as may be shown in the Schedule hereto on [●], [●]
and to pay to the Registered Holder (as defined in paragraph 3) of this DTC Global Security interest on said principal sum from [●], [●] or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on [●] and [●] in each year, commencing [●], [●] at the rate of [●] per centum ([●]%) per annum until payment of said principal sum has been made or
duly provided for. The interest so payable on any [●] and [●], together with any Additional Amounts (as defined in paragraph 2) payable as set out herein, will be paid to the person in whose name this DTC Global Security is registered at
[●●]:[●●] [A.M./P.M.], [New York City] time, on the fifteenth day before such interest payment occurs (the “record date”), whether or not the record date is a business day. Whenever it is necessary to compute any
amount of interest in respect of the Securities (as defined in paragraph 3), that interest will be calculated on the basis of a 360-day year consisting of twelve 30-day
months. 
 Payments on this DTC Global Security will be made in accordance with any laws, regulations or administrative practices applicable
to the Issuer and the paying agent(s) in respect thereof, including the requirements applicable under Japanese tax law. Payment of the principal of and interest on this DTC Global Security shall be made in immediately available funds in the lawful
money of [NAME OF COUNTRY] (“[CURRENCY]”) as at the time of payment is legal tender for the payment of public and private debts. Payments of principal of this DTC Global Security shall be made upon surrender of this DTC Global Security at
the office of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY], or, subject to applicable laws and regulations, at such other place or places as are designated by the Issuer, which, for the purposes of this DTC Global Security, shall
include the office of the U.S. Representative of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY], by [CURRENCY] check, or by wire transfer to an account maintained by the payee, and payments of interest on this DTC Global Security
shall be made, in accordance with the foregoing and subject to the provisions hereof and to applicable laws and regulations, by check mailed on the due date for such payment to the Registered Holder hereof at the address of the Registered Holder
listed in the Security Register (as defined in paragraph 9) or, upon written notice to the Fiscal Agent by such Registered Holder no later than the record date for such payment, by wire transfer to an account of the Registered Holder. 

In the Fiscal Agency Agreement (as defined in paragraph 3), the Issuer and Japan have agreed that until the date on which the Securities (as
defined in paragraph 3) shall have been delivered to the Fiscal Agent for cancellation, or become due and payable and monies sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and
either paid or returned to the Issuer or Japan as provided herein (the “Agency Maintenance Termination Date”), the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where
Securities may be presented or surrendered for payment. 
 2.        All payments of principal and
interest by the Issuer in respect of this DTC Global Security will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on
behalf of Japan, or any authority therein or thereof having power to tax (“Taxes”), unless the withholding or deduction of such Taxes is required by law. In that event, the Issuer will pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts received by any beneficial owner of this DTC Global Security after such withholding or deduction shall equal the respective amounts of principal and interest which would have been
receivable in respect of this DTC Global Security in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable with respect to this DTC Global Security; 

  
 Exhibit 4.1-17 

 (i)        to, or to a third party
on behalf of, any beneficial owner of this DTC Global Security that is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in
respect of this DTC Global Security by reason of such beneficial owner’s (a) having some connection with Japan other than the mere holding of, or the enforcement of its rights under, this DTC Global Security or (b) being a person
having a special relationship with the Issuer as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended)(a “specially-related party of the Issuer”); or 

(ii)        to, or to a third party on behalf of, any beneficial owner of this DTC
Global Security that would otherwise be exempt from any such withholding or deduction but that fails to comply with any applicable requirement to provide the Interest Recipient Information (as defined in paragraph 2(b)) or to submit the Written
Application for Tax Exemption (as defined in paragraph 2(b)) to the Fiscal Agent (as defined in paragraph 3), or whose Interest Recipient Information is not duly communicated through the Participant (as defined in paragraph 2(b)) and the relevant
international clearing organization to the Fiscal Agent; or 
 (iii)        to, or
to a third party on behalf of, any beneficial owner of this DTC Global Security that is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as
defined in paragraph 2(b)) that complies with the requirement to provide the Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly
notifies the Fiscal Agent of its status as not being subject to Taxes to be withheld or deducted by the Issuer by reason of such resident or Japanese corporation receiving interest on this DTC Global Security through a payment handling agent in
Japan appointed by it); or 
 (iv)        more than 30 days after the Relevant Date
(as defined in this paragraph 2(a)), except to the extent that any beneficial owner of this DTC Global Security would have been entitled to such Additional Amounts for payment at the expiration of such 30-day
period. 
 As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the amount
of the monies payable has not been received by the Fiscal Agent on or prior to such due date, it means the date on which, the full amount of such monies having been so received, notice to that effect shall have been duly published as set forth in
paragraph 6. 
 (b)        For the purpose of
sub-paragraphs (ii) and (iii) above: 

(i)        where this DTC Global Security is held through a certain participant of an
international clearing organization or a certain financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for, or on account of Taxes, if the relevant beneficial owner of
this DTC Global Security is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a
Japanese financial institution falling under certain categories prescribed by the Act on Special Measures Concerning Taxation of Japan, and the cabinet order (Cabinet Order No. 43 of March 31, 1957, as amended) thereunder (together with
ministerial ordinances and other regulations thereunder, the “Act”) (a “Designated Financial Institution”), all in accordance with the Act, such beneficial owner shall, at the time of entrusting a Participant with the custody of
this DTC Global Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted (the “Interest Recipient
Information”) and advise the Participant if such beneficial owner ceases to be so exempted (including the case where the beneficial owner who is an individual non-resident of Japan or a non-Japanese corporation became a specially-related party of the Issuer); and 

  
 Exhibit 4.1-18 

 (ii)        where this DTC Global
Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner of this DTC Global Security is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a Designated Financial Institution, all in accordance with
the Act, such beneficial owner shall, prior to each time on which it receives interest, submit to the Fiscal Agent a written application for tax exemption from withholding tax (Hikazei Tekiyo Shinkokusho) (a “Written Application for Tax
Exemption”) in the form obtainable from the Fiscal Agent stating, among other things, the name and address (and, if applicable, the Japanese individual or corporation ID number) of such beneficial owner, the title of this DTC Global Security,
the relevant interest payment date, the amount of interest and the fact that such beneficial owner is qualified to submit the Written Application for Tax Exemption, together with the documentary evidence regarding its identity and residence. 

Any reference in this DTC Global Security or the guarantee of Japan in the form provided in the Fiscal Agency Agreement to principal or
interest shall be deemed also to refer to any Additional Amount which may be payable under this paragraph 2. 

3.        This DTC Global Security is one of a duly authorized issue of securities of the Issuer
(herein called the “Securities”), issued in accordance with the Fiscal Agency Agreement (the “Fiscal Agency Agreement”), dated as of [●], [●] (New York City time)/[●], [●] (Tokyo time), entered into by and
among the Issuer, Japan, [NAME OF FISCAL AGENT], as Fiscal Agent, Principal Paying Agent and Transfer Agent, and [NAME OF U.S. REPRESENTATIVE], as the U.S. representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent (the “U.S.
Representative”), with respect to the Securities, copies of which Fiscal Agency Agreement are on file and available for inspection at the office of the U.S. Representative of the Fiscal Agent at [U.S. REPRESENTATIVE’S ADDRESS]. [NAME OF
FISCAL AGENT], and MUFG Union Bank, N.A., in its capacity as U.S. Representative, and their successors as Fiscal Agent are herein called the “Fiscal Agent”. This Security is one of the series designated on the face hereof, limited in
aggregate principal amount to [CURRENCY] [●] ([●] [CURRENCY]) outstanding at any one time (which amount may be increased as provided in the Fiscal Agency Agreement). The Securities are issuable only as fully registered Securities without
coupons in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof. In acting under the Fiscal Agency Agreement, the Fiscal Agent is acting solely as agent for the Issuer and Japan and does not assume
any obligation or relationship of agency or trust for or with the Registered Holder of this DTC Global Security except as specifically described below. As used herein, the term “Registered Holder” of a Security means the person in whose
name such Security is registered in the Security Register (as defined in paragraph 9). 
 Notwithstanding any other provision of the Fiscal
Agency Agreement or this DTC Global Security, this DTC Global Security may be transferred to, or exchanged for Securities in definitive registered form registered in the name of, a person other than DTC, a nominee of DTC or a successor of DTC or its
nominee if (i) DTC (a) notifies the Issuer that it is unwilling or unable to continue as depositary for such DTC Global Security or (b) ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934 at a
time when it is required to be, and in either such case (a) or (b) a successor depositary is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so registered or (ii) the Issuer in
its sole discretion, instructs the Fiscal Agent in writing that a DTC Global Security shall be so transferable and exchangeable. Securities in definitive registered form issued in exchange for this DTC Global Security will be registered in such
names as an authorized representative of DTC, pursuant to instructions that direct or indirect Participants in DTC shall request, and issued in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof.

 4.        This DTC Global Security is subject to retirement or redemption as hereinafter
provided. Redemption of this DTC Global Security pursuant to this paragraph 4 shall be made upon the notice, in the manner and with the effect hereinafter set forth. 

  
 Exhibit 4.1-19 

 5.        In order to provide for the payment of
principal of and interest on the Securities as the same shall become due, the Issuer does hereby agree to pay to the Fiscal Agent at its office in [NAME OF CITY], in [CURRENCY], the amounts set forth below in this paragraph, to be applied by the
Fiscal Agent as hereinafter set forth: 
 (a)            The
Issuer shall pay to the Fiscal Agent semi-annually on a date not later than each interest payment date (or such other date when interest is payable, as provided in paragraph 8(b)) an amount sufficient to pay the interest becoming due on all
Securities on such interest payment date. 
 (b)        On a date not later than the
redemption or maturity date (or such other date when principal is payable as provided in paragraph 8(b)) of this DTC Global Security, the Issuer shall pay to the Fiscal Agent an amount which, together with any monies then held by the Fiscal Agent
and available for the purpose, shall be equal to the entire amount of principal and interest to be due on such redemption or maturity date on the Securities called for redemption or then outstanding. 

(c)        As early as practicable on each interest payment date and on the redemption
or maturity date (or on such other date on which interest or principal is payable, as provided in paragraph 8(b)), the Fiscal Agent shall from funds paid to it by the Issuer pay, or procure the payment of, the [CURRENCY] amount due in respect of
Securities represented by this DTC Global Security by check or by wire transfer of same day funds for value on the due date for payment to DTC for payment pro rata to the relevant accountholders in accordance with DTC’s settlement procedures.

 6.        The Securities (including this DTC Global Security) may be redeemed for cash at the
option of the Issuer in whole, but not in part, on not more than sixty (60) days’ and not less than thirty (30) days’ irrevocable notice to the Registered Holders of the Securities, at a redemption price for each Security equal
to the principal amount thereof, together with accrued interest to the date fixed by the Issuer for redemption and any Additional Amounts, if the Issuer determines and certifies to the Fiscal Agent immediately prior to the giving of the notice that,
as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of Japan (or any political subdivision or taxing authority of Japan) affecting any Taxes, or any change in official position
regarding the application or interpretation of these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or
after [●], [●], the Issuer is, or on the next interest payment date would be, required to pay any Additional Amounts for the Securities that cannot be avoided by measures reasonably available to the Issuer; provided that no notice of
redemption shall be given earlier than ninety (90) days prior to the earliest date on which the Issuer would be obligated to make the withholding if a payment in respect of the Securities were then due. Prior to the publication and sending of
any notice of redemption of the Securities pursuant to the foregoing, the Issuer will deliver to the Fiscal Agent an opinion of independent counsel of recognized standing or an opinion of a tax consultant of recognized standing to the effect that
the circumstances referred to above exist. The Fiscal Agent shall accept such opinion of counsel or tax consultant, as the case may be, as sufficient evidence of the satisfaction of the conditions precedent described above, and it shall be
conclusive and binding on the Registered Holders of the Securities. 
 Notice of intention to redeem the Securities, specifying the
redemption date and the place or places where the redemption price will be paid, shall be given by publication in a daily newspaper in the English language, of general circulation in The City of New York (expected to be the Wall Street
Journal) and in a daily newspaper in the English language of general circulation in London, England (expected to be the Financial Times), at least once prior to the redemption date, such publication to be not less than thirty
(30) days nor more than sixty (60) days prior to the redemption date, provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant
notice to DTC, Euroclear Bank SA/NV or Clearstream Banking S.A., for communication by them to their respective Participants in substitution for publication in any such newspaper. In case, by reason of the temporary or permanent suspension of the
publication or general circulation of any newspaper or by reason of any other cause, it shall be impossible or impracticable to publish such notice in the manner herein provided, then such method of publication in lieu

  
 Exhibit 4.1-20 

 
thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such notice. Notice having been so given, the Securities so called for redemption shall become due
and payable on the redemption date so designated at the redemption price, and upon surrender thereof, the Securities will be paid at the redemption price together with all accrued interest (unless the redemption date is a date for the payment of
interest) in [CURRENCY], to the person in whose name the Security is registered at [●●]:[●●] [A.M./P.M.], [New York City] time, on the fifteenth day before the redemption occurs at the place or places specified in such
notice. From and after the redemption date, if monies for the redemption of all the Securities to be redeemed shall have been available at the office of the Fiscal Agent for redemption on the redemption date, the Securities so called for redemption
shall cease to bear interest and the only right of the Registered Holders of the Securities shall be to receive payment of the redemption price in accordance with the terms of such Securities. 

7.        This DTC Global Security will become void unless presented for payment within a period of
ten years from the Relevant Date (as defined in paragraph 2(a)). 
 8.        In the event of a
default by the Issuer (i) in the payment when due of principal of or interest on any of the Securities and the continuance of such default for a period of thirty (30) days, or (ii) in the performance of any other covenant contained in
the Securities and the continuance of such default for a period of ninety (90) days after written notice thereof to the Issuer from the Registered Holder of this DTC Global Security shall have been received by the Fiscal Agent, then in any such
case the principal amount of this DTC Global Security shall, at the option of and upon written demand to the Fiscal Agent at said office by the Registered Holder hereof, mature and become due and payable upon the date that such written demand is
received by the Fiscal Agent, unless prior to such date the Issuer shall have cured all such defaults in respect of all the Securities. Any amount of interest or principal so in default in respect of this DTC Global Security shall bear interest (if,
and to the extent permitted by law) at the rate specified in the title of this DTC Global Security until such default shall have been cured. 

(a)        If a date for payment of principal or interest on this DTC Global Security
falls on a day that is not a Business Day, the related payment of principal, premium, if any, or interest may be made on the next succeeding Business Day as if made on the date the payment was due and no interest will accrue in respect of such
delay. For purposes of this paragraph 8(b), “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency
deposits) in (a) the relevant place of payment and (b) The City of New York, London and Tokyo. 

9.        The transfer of this DTC Global Security is registrable on the Security Register (as herein
defined) upon surrender of this DTC Global Security for registration at the office of the U.S. Representative of the Fiscal Agent in [NAME OF CITY] duly endorsed by, or accompanied by a written instrument of transfer in a form approved by the Fiscal
Agent duly executed by, the Registered Holder hereof or such Registered Holder’s attorney duly authorized in writing. The Issuer, Japan and the Fiscal Agent may deem and treat the Registered Holder hereof as the absolute owner hereof
(notwithstanding any notice of ownership or writing hereon made by anyone) for the purpose of receiving payment hereon and for all other purposes, whether or not this DTC Global Security shall be overdue. Upon surrender of this DTC Global Security
by an authorized representative of DTC, for registration of transfer, the Issuer shall execute, and the Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities, of any
authorized denominations and of a like aggregate principal amount, and registered in such name or names as may be requested by an authorized representative of DTC, dated the date of authentication thereof and bearing the guarantee of Japan in the
form provided in the Fiscal Agency Agreement. The Issuer covenants that, until the Agency Maintenance Termination Date, it will at all times maintain in the Borough of Manhattan, The City of New York, an office or agency for the transfer and
registration of transfers, as aforesaid, of Securities and where notices and demands to or upon the Issuer or Japan in respect of the Securities and the Fiscal Agency Agreement may be served. The Issuer has appointed the Fiscal Agent [(acting
through its U.S. Representative)] as its agent for such purpose. The Issuer has also agreed to cause to be kept at the office of the Fiscal Agent in [NAME OF CITY] a register (the 

  
 Exhibit 4.1-21 

 
register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for such registration of transfers. 
 In the manner and subject to the limitations provided in the Fiscal Agency Agreement,
Securities may be exchanged for a like aggregate principal amount of Securities of authorized denominations bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement. The Issuer covenants that until the Agency Maintenance
Termination Date, it will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where Securities may be surrendered in exchange for Securities in other authorized denominations in accordance with the terms
hereof and of the Fiscal Agency Agreement. The Issuer has appointed the Fiscal Agent (acting through its U.S. Representative) as its agent for such purpose. 

Neither the Fiscal Agent nor any transfer agent will be required to (i) exchange or register the transfer of any Security selected for
redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the payment date with respect to such Security. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Issuer guaranteed by
Japan evidencing the same debt, and entitled to the same benefits, as the Securities surrendered upon such registration of transfer or exchange. Any new DTC Global Security delivered pursuant to this paragraph 9 shall be so dated that neither gain
nor loss of interest shall result from such registration or exchange. 
 No service charge shall be made for any such transfer, exchange or
registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other agent appointed by the Issuer pursuant to Section 2 of the Fiscal Agency Agreement) may require payment of a sum sufficient to cover
any transfer, stamp or other tax or other governmental charge required to be paid in connection therewith. 

10.        In case this DTC Global Security shall at any time become mutilated or destroyed or stolen
or lost then, provided that this DTC Global Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered
to the Fiscal Agent [or its U.S. Representative], a replacement DTC Global Security of like tenor and principal amount and bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement will be issued by the Issuer and, at its
request, authenticated and delivered by the Fiscal Agent in exchange for the DTC Global Security so mutilated, or in lieu of the DTC Global Security destroyed or stolen or lost; and provided further that, in the case of destroyed, stolen or lost
Securities, the Issuer, Japan and the Fiscal Agent shall have received evidence satisfactory to them that such Securities were destroyed, stolen or lost, and shall also have received an indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a replacement DTC Global Security shall be borne by the Registered Holder of the DTC Global Security mutilated, destroyed, stolen or
lost. Upon the issuance of any replacement DTC Global Security under this paragraph 10, the Issuer, Japan or the Fiscal Agent may require the payment of a sum sufficient to cover any transfer, stamp or other tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. In case such mutilated, destroyed, stolen or lost DTC Global Security has become or is about to become due and payable,
the Issuer in its discretion may, instead of issuing a new DTC Global Security, pay or cause to be paid such DTC Global Security. 
 Every
replacement DTC Global Security issued pursuant to this paragraph 10 in exchange for or in lieu of any mutilated, destroyed, stolen or lost DTC Global Security shall constitute an original additional contractual obligation of the Issuer guaranteed
by Japan, whether or not the mutilated, destroyed, stolen or lost DTC Global Security shall be at any time enforceable by anyone. Any replacement DTC Global Security delivered pursuant to this paragraph 10 shall be so dated that neither gain nor
loss of interest shall result from such replacement. 

  
 Exhibit 4.1-22 

 The provisions of this paragraph 10 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, stolen or lost Securities. 

11.        Subject to paragraph 13, the Issuer hereby certifies and declares that all acts, conditions
and things required to be done and performed and to have happened precedent to the creation and issuance of this DTC Global Security and its guarantee by Japan, and to constitute the same the valid obligations of the Issuer and of Japan,
respectively, in accordance with their terms, have been done and performed and have happened in due and strict compliance with the applicable laws of Japan. 

12.        The Fiscal Agency Agreement may be modified or amended by the Issuer, Japan and the Fiscal
Agent, and the terms and conditions of the Securities may be modified or amended by the Issuer and Japan, without the consent of the Registered Holder of any DTC Global Security for the purpose of adding to the covenants of the Issuer or Japan for
the benefit of the Registered Holders, surrendering any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or
supplementing any defective provision therein, or in any manner which the Issuer, Japan and the Fiscal Agent may mutually deem necessary or desirable, which, in the case of the Fiscal Agency Agreement, shall not be inconsistent with the Securities,
and which shall not adversely affect the interests of the Registered Holders of the Securities in any material respect, to all of which each Registered Holder of any DTC Global Security shall, by acceptance thereof, consent. 

13.        This DTC Global Security shall not become valid or obligatory for any purpose unless and
until this DTC Global Security has been authenticated by [NAME OF FISCAL AGENT], or its successor, as Fiscal Agent. 

14.        This DTC Global Security shall be governed by, and interpreted in accordance with, the laws
of the State of New York except with respect to its authorization and execution by the Issuer and any other matters required to be governed by the laws of Japan. 

15.        As more fully set forth in the Fiscal Agency Agreement, the Issuer has appointed the U.S.
Representative of the Fiscal Agent for the time being as its authorized agent upon which process may be served in any action arising out of or based on the Securities or the Fiscal Agency Agreement which may be instituted in any State or Federal
court in The City of New York by the Registered Holder of this DTC Global Security, and the Issuer hereby expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable until the Agency
Maintenance Termination Date, unless and until a successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have been appointed by the Issuer as its authorized agent for such purpose and such successor U.S. Representative of
the Fiscal Agent or successor Fiscal Agent shall have accepted such appointment. Notwithstanding the foregoing, any action arising out of or based on the Securities may be instituted by the Registered Holder of this DTC Global Security in any
competent court in Japan. The Issuer hereby waives irrevocably any immunity to which it might otherwise be entitled in any action based on the Securities which may be instituted by the Registered Holder of this DTC Global Security in any State or
Federal court in The City of New York or in any competent court in Japan. This waiver is intended to be effective upon execution of this DTC Global Security without any further act by the Issuer before any such court, and introduction of this DTC
Global Security into evidence shall be final and conclusive evidence of such waiver. 

  
 Exhibit 4.1-23 

 IN WITNESS WHEREOF, the Issuer has caused this DTC Global Security to be executed with the
official seal or the signature of the President or a duly authorized agent of the Issuer in Tokyo, Japan or the facsimile signature of the President or a duly authorized agent of the Issuer in The City of New York, State of New York, United States
of America. 
 Dated: [●], [●] 
  

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	By	 	  

		 	Name:
		 	President or Duly Authorized Agent of the Issuer

  
 Exhibit 4.1-24 

 Form of Certificate of Authentication 

This is one of the Securities within referred to. The undersigned hereby represents that it has not authenticated Securities in excess of an
aggregate principal amount of [CURRENCY] [●] (other than Securities issued in exchange for and upon the cancellation of a like aggregate principal amount of other Securities, and Securities issued in lieu of destroyed, stolen or lost
Securities). 
  

			
	[NAME OF FISCAL AGENT]
	as Fiscal Agent
		
	By	 	  

		 	Authorized Signatory

  
 Exhibit 4.1-25 

 SCHEDULE TO THE DTC GLOBAL SECURITY 

JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 
  

													
	 Initial Principal

Amount
	 	 	 	 Additional Principal

Amount
	 	 	 	 Aggregate Principal

Amount
	 	 	  	 Authorization

	[CURRENCY]	 		 	[CURRENCY]	 		 	[CURRENCY]	 		  	 
							
		 		 	[CURRENCY]	 		 	[CURRENCY]	 		  	 
							
		 		 	 [CURRENCY]
	 		 	[CURRENCY]	 		  	 

  
 Exhibit 4.1-26 

 EXHIBIT A-2 

(FORM OF INTERNATIONAL GLOBAL SECURITY) 
 UNLESS
AND UNTIL THIS GLOBAL SECURITY IS EXCHANGED FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THE SECURITY IS HELD BY OR FOR THE ACCOUNT OF A
BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (A
“SPECIALLY-RELATED PARTY OF THE ISSUER”), (II) A DESIGNATED JAPANESE FINANCIAL INSTITUTION DESCRIBED IN ARTICLE 6, PARAGRAPH (11) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX
EXEMPTION UNDER THAT PARAGRAPH, OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL
MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 
 INTEREST PAYMENTS ON THIS SECURITY TO
AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE
CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PARTY OF THE ISSUER WILL BE SUBJECT TO DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF CURRENTLY 15.315 PER CENTUM OF THE AMOUNT OF SUCH INTEREST. 

 

					
	No. R-                    	  		 	[CURRENCY]
			
	ISIN:	  		 	
	Common Code:	  		 	

  
 Exhibit 4.1-1 

 JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 

1.        JAPAN INTERNATIONAL COOPERATION AGENCY (herein called the “Issuer”), for value
received, hereby promises to pay to [●], or registered assigns, the principal sum of __ [CURRENCY] or such other aggregate principal amount as may be shown in the Schedule hereto on [●],[●], and to pay to the Registered Holder (as
defined in paragraph 3) of this International Global Security interest on said principal sum from [●], [●] or from the most recent interest payment date to which interest has been paid or duly provided for,
semi-annually in arrears on [●] and [●] in each year, commencing [●], [●] at the rate of [●] per centum ([●]%) per annum, until payment of said principal sum has been
made or duly provided for. The interest so payable on any [●] and [●], together with any Additional Amounts (as defined in paragraph 2) payable as set out herein, will be paid to the person in whose name this International Global
Security is registered at [●●]:[●●] [A.M./P.M.], [New York City] time, on the fifteenth day before such interest payment occurs (the “record date”), whether or not the record date is a business day. Whenever it is
necessary to compute any amount of interest in respect of the Securities (as defined in paragraph 3), that interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 Payments on this International Global Security will be made in accordance with any laws,
regulations or administrative practices applicable to the Issuer and the paying agent(s) in respect thereof, including the requirements applicable under Japanese tax law. Payment of the principal of and interest on this International Global Security
shall be made in immediately available funds in the lawful money of the [NAME OF COUNTRY] (“[CURRENCY]”) as at the time of payment is legal tender for the payment of public and private debts. Payments of principal of this International
Global Security shall be made upon surrender of this International Global Security at the office of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY] or, subject to applicable laws and regulations, at such other place or places as are
designated by the Issuer, by [CURRENCY] check, or by wire transfer to an account maintained by the payee, and payments of interest on this International Global Security shall be made, in accordance with the foregoing and subject to the provisions
hereof and to applicable laws and regulations, by check mailed on the due date for such payment to the Registered Holder hereof at the address of the Registered Holder listed in the Security Register (as defined in paragraph 9) or, upon written
notice to the Fiscal Agent by such Registered Holder no later than the record date for such payment, by wire transfer to an account of the Registered Holder. 

In the Fiscal Agency Agreement (as defined in paragraph 3), the Issuer and Japan have agreed that until the date on which the Securities (as
defined in paragraph 3) shall have been delivered to the Fiscal Agent for cancellation, or become due and payable and monies sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and
either paid or returned to the Issuer or Japan as provided herein (the “Agency Maintenance Termination Date”), the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where
Securities may be presented or surrendered for payment. 
 2.        All payments of principal and
interest by the Issuer in respect of this International Global Security will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or
levied by or on behalf of Japan, or any authority therein or thereof having power to tax (“Taxes”), unless the withholding or deduction of such Taxes is required by law. In that event, the Issuer will pay such additional amounts
(“Additional Amounts”) as may be necessary in order that the net amounts received by any beneficial owner of this International Global Security after such withholding or deduction shall equal the respective amounts of principal and
interest which would have been receivable in respect of this International Global Security in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable with respect to this International Global Security;

  
 Exhibit 4.1-2 

 (i)        to, or to a third party
on behalf of, any beneficial owner of this International Global Security that is an individual non-resident of Japan or a non-Japanese corporation and is liable for such
Taxes in respect of this International Global Security by reason of such beneficial owner’s (a) having some connection with Japan other than the mere holding of, or the enforcement of its rights under, this International Global Security or
(b) being a person having a special relationship with the Issuer as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended)(a “specially-related party of the
Issuer”); or 
 (ii)        to, or to a third party on behalf of, any
beneficial owner of this International Global Security that would otherwise be exempt from any such withholding or deduction but that fails to comply with any applicable requirement to provide the Interest Recipient Information (as defined in
paragraph 2(b)) or to submit the Written Application for Tax Exemption (as defined in paragraph 2(b)) to the Fiscal Agent (as defined in paragraph 3), or whose Interest Recipient Information is not duly communicated through the Participant (as
defined in paragraph 2(b)) and Euroclear Bank SA/NV (“Euroclear”) or Clearstream Banking S.A. (“Clearstream”) to the Fiscal Agent; or 

(iii)        to, or to a third party on behalf of, any beneficial owner of this
International Global Security that is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined in paragraph 2(b)) that complies with the
requirement to provide the Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies the Fiscal Agent of its status as not being
subject to Taxes to be withheld or deducted by the Issuer by reason of such resident or Japanese corporation receiving interest on this International Global Security through a payment handling agent in Japan appointed by it); or 

(iv)        more than 30 days after the Relevant Date (as defined in this paragraph
2(a)), except to the extent that any beneficial owner of this International Global Security would have been entitled to such Additional Amounts for payment at the expiration of such 30-day period. 

As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the amount of the monies
payable has not been received by the Fiscal Agent on or prior to such due date, it means the date on which, the full amount of such monies having been so received, notice to that effect shall have been duly published as set forth in paragraph 6.

 (b)        For the purpose of
sub-paragraphs (ii) and (iii) above: 

(i)        where this International Global Security is held through a certain
participant of Euroclear or Clearstream or a certain financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for, or on account of Taxes, if the relevant beneficial owner
of this International Global Security is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer)
or (B) a Japanese financial institution falling under certain categories prescribed by the Act on Special Measures Concerning Taxation of Japan, and the cabinet order (Cabinet Order No. 43 of March 31, 1957, as amended) thereunder
(together with ministerial ordinances and other regulations thereunder, the “Act”) (a “Designated Financial Institution”), all in accordance with the Act, such beneficial owner shall, at the time of entrusting a Participant with
the custody of this International Global Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted (the
“Interest Recipient Information”) and advise the Participant if such beneficial owner ceases to be so exempted (including the case where the beneficial owner who is an individual non-resident of
Japan or a non-Japanese corporation became a specially-related party of the Issuer); and 

  
 Exhibit 4.1-3 

 (ii)        where this
International Global Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner of this International Global Security is
(A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a Designated Financial
Institution, all in accordance with the Act, such beneficial owner shall, prior to each time on which it receives interest, submit to the Fiscal Agent a written application for tax exemption from withholding tax (Hikazei Tekiyo Shinkokusho)
(a “Written Application for Tax Exemption”) in the form obtainable from the Fiscal Agent stating, among other things, the name and address (and, if applicable, the Japanese individual or corporation ID number) of such beneficial owner, the
title of this International Global Security, the relevant interest payment date, the amount of interest and the fact that such beneficial owner is qualified to submit the Written Application for Tax Exemption, together with the documentary evidence
regarding its identity and residence. 
 Any reference in this International Global Security or the guarantee of Japan in the form provided
in the Fiscal Agency Agreement to principal or interest shall be deemed also to refer to any Additional Amount which may be payable under this paragraph 2. 

3.        This International Global Security is one of a duly authorized issue of securities of the
Issuer (herein called the “Securities”), issued in accordance with the Fiscal Agency Agreement (the “Fiscal Agency Agreement”), dated as of [●], [●] (New York City time)/[●], [●] (Tokyo time), entered into
by and among the Issuer, Japan, [NAME OF FISCAL AGENT], as Fiscal Agent, Principal Paying Agent and Transfer Agent, and [NAME OF U.S. REPRESENTATIVE], as the U.S. representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent (the
“U.S. Representative”), with respect to the Securities, copies of which Fiscal Agency Agreement are on file and available for inspection at the office of the Fiscal Agent at [FISCAL AGENT’S ADDRESS]. [NAME OF FISCAL AGENT], and [NAME
OF U.S. REPRESENTATIVE], in its capacity as U.S. Representative, and their successors as Fiscal Agent are herein called the “Fiscal Agent”. This Security is one of the series designated on the face hereof, limited in aggregate
principal amount to [CURRENCY] [●] ([●] [CURRENCY]) outstanding at any one time (which amount may be increased as provided in the Fiscal Agency Agreement). The Securities are issuable only as fully registered Securities without coupons
in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof. In acting under the Fiscal Agency Agreement, the Fiscal Agent is acting solely as agent for the Issuer and Japan and does not assume any
obligation or relationship of agency or trust for or with the Registered Holder of this International Global Security except as specifically described below. As used herein, the term “Registered Holder” of a Security means the person in
whose name such Security is registered in the Security Register (as defined in paragraph 9). 
 Notwithstanding any other provision of the
Fiscal Agency Agreement or this International Global Security, this International Global Security may be transferred to, or exchanged for Securities in definitive registered form registered in the name of, a person other than a common depositary for
Euroclear and Clearstream, a nominee of a common depositary for Euroclear and Clearstream or successor of a common depositary for Euroclear and Clearstream or its nominee if (i) Euroclear or Clearstream notifies the Issuer that it is unwilling
or unable to continue as depositary for such International Global Security and a successor depositary is not appointed by the Issuer within 90 days after receiving such notice, or (ii) the Issuer, in its sole discretion, instructs the Fiscal
Agent in writing that the International Global Security shall be so transferable and exchangeable. Securities in definitive registered form issued in exchange for this International Global Security will be registered in such names as an authorized
representative of the common depositary for Euroclear and Clearstream, pursuant to instructions that direct or indirect Participants in Euroclear or Clearstream shall request, and issued in denominations of [CURRENCY] [●] and integral
multiples of [CURRENCY] [●] in excess thereof. 
 4.        This International Global Security
is subject to retirement or redemption as hereinafter provided. Redemption of this International Global Security pursuant to this paragraph 4 shall be made upon the notice, in the manner and with the effect hereinafter set forth. 

  
 Exhibit 4.1-4 

 5.        In order to provide for the payment of
principal of and interest on the Securities as the same shall become due, the Issuer does hereby agree to pay to the Fiscal Agent at its office in [NAME OF CITY] in [CURRENCY], the amounts set forth below in this paragraph, to be applied by the
Fiscal Agent as hereinafter set forth: 
 (a)        The Issuer shall pay to the
Fiscal Agent semi-annually on a date not later than each interest payment date (or such other date when interest is payable, as provided in paragraph 8(b)) an amount sufficient to pay the interest becoming due on all Securities on such interest
payment date. 
 (b)        On a date not later than the redemption or maturity date
(or such other date when principal is payable as provided in paragraph 8(b)) of this International Global Security, the Issuer shall pay to the Fiscal Agent an amount which, together with any monies then held by the Fiscal Agent and available for
the purpose, shall be equal to the entire amount of principal and interest to be due on such redemption or maturity date on the Securities called for redemption or then outstanding. 

(c)        As early as practicable on each interest payment date and on the redemption
or maturity date (or on such other date on which interest or principal is payable, as provided in paragraph 8(b)), the Fiscal Agent shall from funds paid to it by the Issuer pay, or procure the payment of, the [CURRENCY] amount due in respect of
Securities represented by this International Global Security by check or by wire transfer of same day funds for value on the due date for payment to the Registered Holder of this International Global Security for payment pro rata to the owners of
beneficial ownership interests in the Securities represented by this International Global Security in accordance with Euroclear and Clearstream’s settlement procedures. 

6.        The Securities (including this International Global Security) may be redeemed for cash at
the option of the Issuer in whole, but not in part, on not more than sixty (60) days’ and not less than thirty (30) days’ irrevocable notice to the Registered Holders of the Securities, at a redemption price for each Security
equal to the principal amount thereof, together with accrued interest to the date fixed by the Issuer for redemption and any Additional Amounts, if the Issuer determines and certifies to the Fiscal Agent immediately prior to the giving of the notice
that, as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of Japan (or any political subdivision or taxing authority of Japan) affecting any Taxes, or any change in official
position regarding the application or interpretation of these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes
effective on or after [●], [●], the Issuer is, or on the next interest payment date would be, required to pay any Additional Amounts for the Securities that cannot be avoided by measures reasonably available to the Issuer; provided that
no notice of redemption shall be given earlier than ninety (90) days prior to the earliest date on which the Issuer would be obligated to make the withholding if a payment in respect of the Securities were then due. Prior to the publication and
sending of any notice of redemption of the Securities pursuant to the foregoing, the Issuer will deliver to the Fiscal Agent an opinion of independent counsel of recognized standing or an opinion of a tax consultant of recognized standing to the
effect that the circumstances referred to above exist. The Fiscal Agent shall accept such opinion of counsel or tax consultant, as the case may be, as sufficient evidence of the satisfaction of the conditions precedent described above, and it shall
be conclusive and binding on the Registered Holders of the Securities. 
 Notice of intention to redeem the Securities, specifying the
redemption date and the place or places where the redemption price will be paid, shall be given by publication in a daily newspaper in the English language, of general circulation in The City of New York (expected to be the Wall Street
Journal) and in a daily newspaper in the English language of general circulation in London, England (expected to be the Financial Times), at least once prior to the redemption date, such publication to be not less than thirty
(30) days nor more than sixty (60) days prior to the redemption date, provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant
notice to The Depository Trust Company, Euroclear and Clearstream, for communication by them to their respective Participants in substitution for publication in any such newspaper. In case, by reason of the temporary or permanent suspension of the

  
 Exhibit 4.1-5 

 
publication or general circulation of any newspaper or by reason of any other cause, it shall be impossible or impracticable to publish such notice in the manner herein provided, then such method
of publication in lieu thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such notice. Notice having been so given, the Securities so called for redemption shall become due and payable on the redemption
date so designated at the redemption price, and upon surrender thereof, the Securities will be paid at the redemption price together with all accrued interest (unless the redemption date is a date for the payment of interest) in [CURRENCY], to the
person in whose name the Security is registered at [●●]:[●●] [A.M./P.M.], [New York City] time, on the fifteenth day before the redemption occurs at the place or places specified in such notice. From and after the redemption
date, if monies for the redemption of all the Securities to be redeemed shall have been available at the office of the Fiscal Agent for redemption on the redemption date, the Securities so called for redemption shall cease to bear interest and the
only right of the Registered Holders of the Securities shall be to receive payment of the redemption price in accordance with the terms of such Securities. 

7.        This International Global Security will become void unless presented for payment within a
period of ten years from the Relevant Date (as defined in paragraph 2(a)). 
 8.         In the
event of a default by the Issuer (i) in the payment when due of principal of or interest on any of the Securities and the continuance of such default for a period of thirty (30) days, or (ii) in the performance of any other covenant
contained in the Securities and the continuance of such default for a period of ninety (90) days after written notice thereof to the Issuer from the Registered Holder of this International Global Security shall have been received by the Fiscal
Agent, then in any such case the principal amount of this International Global Security shall, at the option of and upon written demand to the Fiscal Agent at said office by the Registered Holder hereof, mature and become due and payable upon the
date that such written demand is received by the Fiscal Agent, unless prior to such date the Issuer shall have cured all such defaults in respect of all the Securities. Any amount of interest or principal so in default in respect of this
International Global Security shall bear interest (if, and to the extent permitted by law) at the rate specified in the title of this International Global Security until such default shall have been cured. 

(a)        If a date for payment of principal or interest on this International Global
Security falls on a day that is not a Business Day, the related payment of principal, premium, if any, or interest may be made on the next succeeding Business Day as if made on the date the payment was due and no interest will accrue in respect of
such delay. For purposes of this paragraph 8(b), “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign
currency deposits) in (a) the relevant place of payment and (b) The City of New York, London and Tokyo. 

9.        The transfer of this International Global Security is registrable on the Security Register
(as herein defined) upon surrender of this International Global Security for registration at the office of the Fiscal Agent duly endorsed by, or accompanied by a written instrument of transfer in a form approved by the Fiscal Agent duly executed by,
the Registered Holder hereof or such Registered Holder’s attorney duly authorized in writing. Upon surrender of this International Global Security for registration of transfer by the Registered Holder hereof, the Issuer shall execute, and the
Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities, of any authorized denominations and of a like aggregate principal amount, and registered in such name or names as may
be requested by the Registered Holder hereof, dated the date of authentication thereof and bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement. The Issuer, Japan and the Fiscal Agent may deem and treat the Registered
Holder hereof as the absolute owner hereof (notwithstanding any notice of ownership or writing hereon made by anyone) for the purpose of receiving payment hereon and for all other purposes, whether or not this International Global Security shall be
overdue. The Issuer covenants that, until the Agency Maintenance Termination Date, it will at all times maintain in [NAME OF CITY] an office or agency for the transfer and registration of transfers, as aforesaid, of Securities and where notices and
demands to or upon the Issuer or Japan in respect of the Securities and the Fiscal Agency Agreement may be served. The Issuer has appointed the Fiscal Agent as its agent for such 

  
 Exhibit 4.1-6 

 
purpose. The Issuer has also agreed to cause to be kept at the office of the Fiscal Agent in [NAME OF CITY] a register (the register maintained in such office being herein sometimes referred to
as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for such registration of transfers. 

In the manner and subject to the limitations provided in the Fiscal Agency Agreement, Securities may be exchanged for a like aggregate
principal amount of Securities of authorized denominations bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement. The Issuer covenants that until the Agency Maintenance Termination Date, it will at all times maintain an
office or agency in [NAME OF CITY] where Securities may be surrendered in exchange for Securities in other authorized denominations in accordance with the terms hereof and of the Fiscal Agency Agreement. The Issuer has appointed the Fiscal Agent as
its agent for such purpose. 
 Neither the Fiscal Agent nor any transfer agent will be required to (i) exchange or register the
transfer of any Security selected for redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the payment date with respect to such Security. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Issuer guaranteed by
Japan evidencing the same debt, and entitled to the same benefits, as the Securities surrendered upon such registration of transfer or exchange. Any new International Global Security delivered pursuant to this paragraph 9 shall be so dated that
neither gain nor loss of interest shall result from such registration or exchange. 
 No service charge shall be made for any such transfer,
exchange or registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other agent appointed by the Issuer pursuant to Section 2 of the Fiscal Agency Agreement) may require payment of a sum sufficient
to cover any transfer, stamp or other tax or other governmental charge required to be paid in connection therewith. 

10.        In case this International Global Security shall at any time become mutilated or destroyed
or stolen or lost then, provided that this International Global Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the
premises) shall be delivered to the Fiscal Agent [or its U.S. Representative], a replacement International Global Security of like tenor and principal amount and bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement will
be issued by the Issuer and, at its request, authenticated and delivered by the Fiscal Agent in exchange for the International Global Security so mutilated, or in lieu of the International Global Security destroyed or stolen or lost; and provided
further that, in the case of destroyed, stolen or lost Securities, the Issuer, Japan and the Fiscal Agent shall have received evidence satisfactory to them that such Securities were destroyed, stolen or lost, and shall also have received an
indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a replacement International Global Security shall be borne by the
Registered Holder of the International Global Security mutilated, destroyed, stolen or lost. Upon the issuance of any replacement International Global Security under this paragraph 10, the Issuer, Japan or the Fiscal Agent may require the payment of
a sum sufficient to cover any transfer, stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. In case such mutilated,
destroyed, stolen or lost International Global Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new International Global Security, pay or cause to be paid such International Global
Security. 
 Every replacement International Global Security issued pursuant to this paragraph 10 in exchange for or in lieu of any
mutilated, destroyed, stolen or lost International Global Security shall constitute an original additional contractual obligation of the Issuer guaranteed by Japan, whether or not the mutilated, destroyed, stolen or lost International Global
Security shall be at any time enforceable by anyone. Any replacement 

  
 Exhibit 4.1-7 

 
International Global Security delivered pursuant to this paragraph 10 shall be so dated that neither gain nor loss of interest shall result from such replacement. 

The provisions of this paragraph 10 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, stolen or lost Securities. 
 11.        Subject to
paragraph 13, the Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this International Global Security and its guarantee by
Japan, and to constitute the same the valid obligations of the Issuer and of Japan, respectively, in accordance with their terms, have been done and performed and have happened in due and strict compliance with the applicable laws of Japan. 

12.        The Fiscal Agency Agreement may be modified or amended by the Issuer, Japan and the Fiscal
Agent, and the terms and conditions of the Securities may be modified or amended by the Issuer and Japan, without the consent of the Registered Holder of any International Global Security for the purpose of adding to the covenants of the Issuer or
Japan for the benefit of the Registered Holders, surrendering any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or
supplementing any defective provision therein, or in any manner which the Issuer, Japan and the Fiscal Agent may mutually deem necessary or desirable, which, in the case of the Fiscal Agency Agreement, shall not be inconsistent with the Securities,
and which shall not adversely affect the interests of the Registered Holders of the Securities in any material respect, to all of which each Registered Holder of any International Global Security shall, by acceptance thereof, consent. 

13.        This International Global Security shall not become valid or obligatory for any purpose
unless and until this International Global Security has been authenticated by [NAME OF FISCAL AGENT], or its successor, as Fiscal Agent. 

14.        This International Global Security shall be governed by, and interpreted in accordance
with, the laws of the State of New York except with respect to its authorization and execution by the Issuer and any other matters required to be governed by the laws of Japan. 

15.        As more fully set forth in the Fiscal Agency Agreement, the Issuer has appointed the U.S.
Representative of the Fiscal Agent for the time being as its authorized agent upon which process may be served in any action arising out of or based on the Securities or the Fiscal Agency Agreement which may be instituted in any State or Federal
court in The City of New York by the Registered Holder of this International Global Security, and the Issuer hereby expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable until the
Agency Maintenance Termination Date, unless and until a successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have been appointed by the Issuer as its authorized agent for such purpose and such successor U.S.
Representative of the Fiscal Agent or successor Fiscal Agent shall have accepted such appointment. Notwithstanding the foregoing, any action arising out of or based on the Securities may be instituted by the Registered Holder of this International
Global Security in any competent court in Japan. The Issuer hereby waives irrevocably any immunity to which it might otherwise be entitled in any action based on the Securities which may be instituted by the Registered Holder of this International
Global Security in any State or Federal court in The City of New York or in any competent court in Japan. This waiver is intended to be effective upon execution of this International Global Security without any further act by the Issuer before any
such court, and introduction of this International Global Security into evidence shall be final and conclusive evidence of such waiver. 

  
 Exhibit 4.1-8 

 IN WITNESS WHEREOF, the Issuer has caused this International Global Security to be executed
with the official seal or the signature of the President or a duly authorized agent of the Issuer in Tokyo, Japan or the facsimile signature of the President or a duly authorized agent of the Issuer in The City of New York, State of New York, United
States of America. 
 Dated: [●], [●] 
  

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	By	 	  

		 	Name:
		 	President or Duly Authorized Agent of the Issuer

  
 Exhibit 4.1-9 

 Form of Certificate of Authentication 

This is one of the Securities within referred to. The undersigned hereby represents that it has not authenticated Securities in excess of an
aggregate principal amount of [CURRENCY] [●] (other than Securities issued in exchange for and upon the cancellation of a like aggregate principal amount of other Securities, and Securities issued in lieu of destroyed, stolen or lost
Securities). 
  

			
	 [NAME OF FISCAL AGENT]
 as Fiscal
Agent

		
	By	 	  

		 	Authorized Signatory

  
 Exhibit 4.1-10 

 SCHEDULE TO THE INTERNATIONAL GLOBAL SECURITY 

JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 
  

													
	 Initial Principal

Amount
	 	 	 	 Additional Principal

Amount
	 	 	 	 Aggregate Principal

Amount
	 	 	  	 Authorization

	[CURRENCY]	 		 	[CURRENCY]	 		 	[CURRENCY]	 		  	 
							
		 		 	[CURRENCY]	 		 	[CURRENCY]	 		  	 
							
		 		 	 [CURRENCY]
	 		 	[CURRENCY]	 		  	 

  
 Exhibit 4.1-11 

 EXHIBIT B 

(FORM OF GUARANTEE FOR SECURITY) 

GUARANTEE BY JAPAN 
 Japan hereby
unconditionally and irrevocably guarantees to the holder of the within Security due and punctual payment of the principal of said Security, interest thereon and any Additional Amounts as defined in paragraph 2 of said Security, according to the
tenor of said Security, as and when the same shall become due and payable; waives any requirement that the holder of said Security, in the event of any default in such payment by Japan International Cooperation Agency, first make demand upon or seek
to enforce remedies against Japan International Cooperation Agency before demanding payment under, or seeking to enforce, this guarantee; covenants that this guarantee will not be discharged except by complete performance of the obligations
contained in said Security and this guarantee; and covenants that the guarantee herein contained shall be a general obligation of Japan, for the performance of which the full faith and credit of Japan is hereby pledged and shall rank pari passu
in right of payment with all other general obligations of Japan without any preference one above the other by reason of priority of date of issue, currency of payment or otherwise. 

This guarantee shall not be valid or obligatory for any purpose until the within Security has been authenticated by or on behalf of [NAME OF
FISCAL AGENT], or its successor as Fiscal Agent duly appointed by Japan International Cooperation Agency and Japan for such purpose. 
 This
guarantee shall be governed by, and interpreted in accordance with, the laws of the State of New York except with respect to its authorization and execution by Japan and any other matters required to be governed by the laws of Japan. 

Dated: [●], [●] 
  

			
	JAPAN
		
	By	 	  

		 	 [NAME OF MINISTER OF FINANCE]

Minister of Finance

  
 Exhibit 4.1-12Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 3 TO CREDIT AGREEMENT

 

This Amendment No. 3
to Credit Agreement (this “Amendment”) is dated as of December 20, 2022 by and among ARGO GROUP INTERNATIONAL
HOLDINGS, LTD, a company organized under the laws of Bermuda, ARGO GROUP US, INC., a Delaware corporation, ARGO INTERNATIONAL HOLDINGS
LIMITED, a corporation organized under the laws of the United Kingdom, and ARGO UNDERWRITING AGENCY LIMITED, a corporation organized
under the laws of the United Kingdom (each a “Borrower” and collectively, the “Borrowers”), JPMORGAN
CHASE BANK, N. A., individually and as administrative agent (the “Administrative Agent”), and the other financial
institutions signatory hereto.

 

RECITALS

 

A.            The
Borrowers, the Administrative Agent and the Lenders are party to that certain Credit Agreement dated as of November 2, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement.

 

B.            At
the request of the Borrowers, pursuant to and in accordance with Section 2.09(d) of the Credit Agreement, a New Lender
(as defined below) has agreed to provide additional Revolving Commitments in an aggregate principal amount equal to $20,000,000 on the
same terms and conditions as the existing Revolving Commitments under the Credit Agreement (such additional Revolving Commitments, the
 “New Revolving Commitments”) on, and subject to, the terms and conditions set forth herein.

 

C.            The
Administrative Agent, the Borrower and the undersigned Lenders (constituting all Lenders (including the New Lenders)) wish to amend the
Credit Agreement on, and subject to, the terms and conditions set forth herein.

 

Now, therefore, in consideration
of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:

 

1.            Amendment
to Credit Agreement. The Credit Agreement (including Schedule 2.01 thereto) is hereby amended to delete the stricken text (indicated
textually in the same manner as the following example: stricken text) and to add the
double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages attached as Exhibit A hereto.

 

2.            Representations
and Warranties of the Borrowers. Each Borrower represents and warrants that:

 

(a)            the
execution, delivery and performance by the Borrowers of this Amendment are within the Borrowers’ corporate powers and have been
duly authorized by all necessary corporate action and, if required, stockholder action and this Amendment has been duly executed and
delivered by the Borrowers and constitutes a legal, valid and binding obligation of each Borrower enforceable against the Borrowers in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;

 

     

     

    

 

(b)            each
of the representations and warranties contained in the Credit Agreement (treating this Amendment as a Credit Document for purposes thereof)
is true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality
or by reference to Material Adverse Effect shall be true and correct in all respects) on and as of the date of hereof, except to the
extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall
be true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality
or by reference to Material Adverse Effect shall be true and correct in all respects) as of such earlier date);

 

(c)            immediately
before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing; and

 

(d)            the
New Revolving Commitments comply with Section 2.09(d) of the Credit Agreement.

 

3.            Effective
Date. This Amendment shall become effective as of the date hereof (the “Amendment No. 3 Effective Date”)
upon which each of the following conditions precedent shall be satisfied or waived by the Lenders:

 

(a)            the
Administrative Agent (or its counsel) shall have received from each Borrower and the Lenders (including the New Lender), either (x) a
counterpart of this Amendment signed on behalf of such party or (y) written evidence reasonably satisfactory to the Administrative
Agent (which may include delivery of a signed signature page of this Amendment by facsimile or other means of electronic transmission
(e.g., “pdf”)) that such party has signed a counterpart of this Amendment;

 

(b)            the
Administrative Agent shall have received (i) an amendment fee, for the ratable benefit of each Lender signatory hereto (the “Consenting
Lenders”), in an aggregate amount equal to 7.5 bps of the aggregate Revolving Commitments (including, for the avoidance of
doubt, the New Revolving Commitments) of the Consenting Lenders calculated immediately after giving effect to this Amendment (it being
understood and agreed that such amendment fee payable pursuant this clause (i) shall be fully earned and payable on, and
subject to the occurrence of, the Amendment No. 3 Effective Date, and shall not be refundable) and (ii) all other fees and
other amounts due and payable on or prior to the Amendment No. 3 Effective Date, including, to the extent invoiced, reimbursement
or payment of all out of pocket expenses required to be reimbursed or paid by the Borrowers hereunder or under the Credit Agreement;

 

(c)            (i) the
Administrative Agent shall have received, at least five days prior to the Amendment No. 3 Effective Date, all documentation and
other information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act, to the extent requested in writing to the Borrowers at least 10 days prior to
the Amendment No. 3 Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under
the Beneficial Ownership Regulation, at least five days prior to the Amendment No. 3 Effective Date, any Lender that has requested,
in a written notice to such Borrower at least 10 days prior to the Amendment No. 3 Effective Date, a Beneficial Ownership Certification
in relation to such Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery
by such Lender of its signature page to this Amendment, the condition set forth in this clause (c)(ii) shall be deemed to be
satisfied); and

 

     - 2 -

     

    

 

(d)            at
the time of and immediately after effectiveness of this Amendment, no Default or Event of Default shall have occurred and be continuing.

 

4.            Reference
to and Effect Upon the Credit Agreement.

 

(a)            Except
as specifically amended or waived above, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed.

 

(b)            The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or any Lender under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement, except as specifically
set forth herein. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
 “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended
hereby.

 

(c)            This
Amendment shall be deemed a “Credit Document” for all purposes under the Credit Agreement and the other Credit Documents.

 

5.            Costs
and Expenses. The Borrower hereby affirms its obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative
Agent for all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation,
execution and delivery of this Amendment, including but not limited to the reasonable fees, charges and disbursements of attorneys for
the Administrative Agent with respect thereto.

 

6.            Reaffirmation.
Each of the Borrowers party hereto as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which
such Borrower grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may
be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the
Credit Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Borrower granted liens on or security
interests in any of its property pursuant to any such Credit Document as security for or otherwise guaranteed the Obligations under or
with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and Liens and confirms and
agrees that such security interests and Liens hereafter secure all of the Obligations as amended hereby.

 

7.            Lender
Jonder. The Lender with a Revolving Commitment that was not a Lender prior to the Amendment No. 3 Effective Date (the “New
Lender”) acknowledges and agrees that upon its execution of this Amendment and the making of its Revolving Commitment, that
the New Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents,
and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender
thereunder.

 

8.            Governing
Law; Jury Waiver; Etc. This Amendment shall be construed in accordance with and governed by the law of the State of New York. Sections
9.09 and 9.10 of the Credit Amendment are hereby incorporated herein by reference, mutatis mutandis.

 

9.            Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

 

     - 3 -

     

    

 

10.            Counterparts.
This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such
counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by facsimile transmission or
by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery
of a manually executed counterpart signature page.

 

[Signature Pages Follow]

 

     - 4 -

     

    

 

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

 

	 	BORROWERS:
	 	 
	 	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
	 	 
	 	By	 /s/Scott Kirk
	 	Name: 	Scott Kirk
	 	Title: 	Chief Financial Officer
	 	 
	 	 
	 	ARGO GROUP US, INC.
	 	 
	 	By 	/s/Kyle Struble
	 	Name: 	Kyle Struble
	 	Title: 	Chief Financial Officer
	 	 
	 	 
	 	ARGO INTERNATIONAL HOLDINGS LIMITED
	 	 
	 	By 	/s/ Darren Argyle
	 	Name: 	Darren Argyle
	 	Title: 	Director
	 	 
	 	 
	 	ARGO UNDERWRITING AGENCY LIMITED
	 	 
	 	By 	/s/ Darren Argyle
	 	Name: 	Darren Argyle
	 	Title: 	Director

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
	 	 
	 	By 	/s/ Milena Kolev
	 	Name:	Milena Kolev
	 	Title:	VP

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	HSBC Bank USA,
    N.A., as a Lender
	 	 
	 	By	 /s/ Teresa Pereyra
	 	Name:	Teresa Pereyra
	 	Title: 	Financial Institutions Group, Insurance

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	FROST BANK as a Lender
	 	 
	 	By	/s/ Jared McFadden 
	 	Name:	Jared McFadden
	 	Title:  	VP

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	WELLS FARGO BANK, N.A., as a Lender
	 	 
	 	By	/s/ Neil C. Patel
	 	Name:	Neil C. Patel
	 	Title: 	Vice President

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	U.S. BANK NATIONAL
    ASSOCIATION, as a Lender
	 	 
	 	By	/s/
    Glenn Schuermann
	 	Name:	Glenn Schuermann
	 	Title: 	Vice President

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	Bank of America, N.A., as a Lender
	 	 
	 	By	/s/ Chris Choi
	 	Name:	Chris Choi
	 	Title: 	Managing Director

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By	/s/ Jennifer L. Shafer
	 	Name:	Jennifer L. Shafer
	 	Title: 	Vice President

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	BARCLAYS BANK PLC, as a Lender
	 	 
	 	By	/s/ Andrew Asmodeo
	 	Name:	Andrew Asmodeo
	 	Title: 	Director – FIG, Corporate Bank

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender
	 	 
	 	By	/s/ William E.
Briggs IV
	 	Name:	 William E. Briggs IV
	 	Title:	 Authorized Signatory

 

[Signature Page to Amendment No. 3]

 

     

     

    

 

EXHIBIT A

 

Amended Credit Agreement

 

[See Attached]

 

     

     

    

 

FINAL
VERSION

 

Exhibit A

Conformed
Credit Agreement through Amendment No. 23

 

$325,000,000

CREDIT AGREEMENT

 

dated as of

November 2, 2018

 

among

 

ARGO GROUP INTERNATIONAL HOLDINGS, LTD.,

ARGO GROUP US, INC.,

ARGO INTERNATIONAL HOLDINGS LIMITED, and

ARGO UNDERWRITING AGENCY LIMITED,

as Borrowers,

 

The Lenders Party Hereto

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

 

WELLS FARGO BANK, N.A.

and

BANK OF AMERICA, N.A.,

as Co-Syndication Agents

 

and

 

U.S. BANK NATIONAL ASSOCIATION

and

HSBC BANK USA, N.A.,

as Co-Documentation Agents

__________________________

 

JPMORGAN CHASE BANK, N.A.,

WELLS FARGO SECURITIES, LLC

and

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Joint Bookrunners and Joint Lead Arrangers

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

		Page
	 	 
	ARTICLE I Definitions	1
	 	 
	SECTION 1.01. Defined Terms	1
	SECTION 1.02. Classification of Loans and Borrowings	3241
	SECTION 1.03. Terms Generally	3341
	SECTION 1.04. Accounting Terms; GAAP	3341
	SECTION 1.05. Foreign Currency Calculations	3442
	SECTION 1.06. Interest Rates; Benchmark Notification	42
	SECTION 1.07. Divisions	43
	 	 
	ARTICLE II The Credits	3543
	 	 
	SECTION 2.01. Commitments	3543
	SECTION 2.02. Loans and Borrowings	3543
	SECTION 2.03. Requests for Borrowings	3645
	SECTION 2.04. [Intentionally Omitted]	3745
	SECTION 2.05. [Intentionally Omitted]	3746
	SECTION 2.06. Letters of Credit	3746
	SECTION 2.07. Funding of Borrowings	4755
	SECTION 2.08. Interest Elections	4856
	SECTION 2.09. Termination and Reduction and Increase of Commitments	4958
	SECTION 2.10. Repayment of Loans; Evidence of Debt	5059
	SECTION 2.11. Prepayment of Loans	5260
	SECTION 2.12. Fees	5261
	SECTION 2.13. Interest	5362
	SECTION 2.14. Alternate Rate of Interest	5463
	SECTION 2.15. Increased Costs	5769
	SECTION 2.16. Break Funding Payments	5870
	SECTION 2.17. Taxes	5971
	SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs	6477
	SECTION 2.19. Mitigation Obligations; Replacement of Lenders	6678
	SECTION 2.20. Joint and Several Liability of the Borrowers	67 80
	SECTION 2.21. Defaulting Lenders	6981
	SECTION 2.22. Extension
of Revolving Maturity Date	70 83
	 	 
	ARTICLE III Representations and Warranties	7285
	 	 
	SECTION 3.01. Organization; Powers	7285
	SECTION 3.02. Authorization; Enforceability	7285
	SECTION 3.03. Governmental Approvals; No Conflicts	7285
	SECTION 3.04. Financial Condition; No Material Adverse Change	7385
	SECTION 3.05. Properties	7385
	SECTION 3.06. Litigation	7386

 

    		-i-	 

     

    

 

	SECTION 3.07. Compliance with Laws and Agreements	7386
	SECTION 3.08. Investment Company Status	7386
	SECTION 3.09. Taxes	7486
	SECTION 3.10. ERISA	7486
	SECTION 3.11. Insurance Licenses	7486
	SECTION 3.12. Subsidiaries	7487
	SECTION 3.13. Material Agreements	7487
	SECTION 3.14. Disclosure	7487
	SECTION 3.15. Solvency	7587
	SECTION 3.16. Foreign Pension Plan	7587
	SECTION 3.17. Anti-Corruption Laws and Sanctions	7588
	SECTION 3.18. EEAAffected Financial Institutions	7688
	SECTION 3.19. Plan Assets 76; Prohibited Transactions	88
	SECTION 3.20. Margin Regulations	88
	 	 
	ARTICLE IV Conditions	7689
	 	 
	SECTION 4.01. Effective Date	7689
	SECTION 4.02. Each Credit Event	7890
	 	 
	ARTICLE V Affirmative Covenants	7891
	 	 
	SECTION 5.01. Financial Statements; Ratings Change and Other Information	7891
	SECTION 5.02. Notices of Material Events	8193
	SECTION 5.03. Existence; Conduct of Business	8294
	SECTION 5.04. Payment of Obligations	8294
	SECTION 5.05. Maintenance of Properties; Insurance	8295
	SECTION 5.06. Books and Records; Inspection Rights	8295
	SECTION 5.07. Compliance with Laws	8295
	SECTION 5.08. Use of Proceeds and Letters of Credit	8395
	 	 
	ARTICLE VI Negative Covenants	8396
	 	 
	SECTION 6.01. Indebtedness	8396
	SECTION 6.02. Liens	8497
	SECTION 6.03. Fundamental Changes	8597
	SECTION 6.04. Investments and Acquisitions	8698
	SECTION 6.05. Swap Agreements	8699
	SECTION 6.06. Restricted Payments	8799
	SECTION 6.07. Transactions with Affiliates	87100
	SECTION 6.08. Restrictive Agreements	87100
	SECTION 6.09. Maximum Leverage Ratio	88101
	SECTION 6.10. Tangible Net Worth	88101
	SECTION 6.11. Sale and Leaseback Transactions	88101
	SECTION 6.12. Rating	88101

 

    		-ii-	 

     

    

 

	ARTICLE VII Events of Default	89101
	 	 
	ARTICLE VIII The Administrative Agent	91104
	 	 
	ARTICLE IX Miscellaneous	94108
	 	 
	SECTION 9.01. Notices	94108
	SECTION 9.02. Waivers; Amendments	95110
	SECTION 9.03. Expenses; Indemnity; Damage Waiver 97; Limitation of Liability	111
	SECTION 9.04. Successors and Assigns	98113
	SECTION 9.05. Survival	102117
	SECTION 9.06. Counterparts; Integration; Effectiveness	103117
	SECTION 9.07. Severability	103119
	SECTION 9.08. Right of Setoff	103119
	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process	104119
	SECTION 9.10. WAIVER OF JURY TRIAL	104119
	SECTION 9.11. Headings	105120
	SECTION 9.12. Confidentiality	105120
	SECTION 9.13. Interest Rate Limitation	106121
	SECTION 9.14. USA PATRIOT Act	106121
	SECTION 9.15. Conversion of Currencies	106121
	SECTION 9.16. Appointment and Authorization of Borrower Representative	107 122
	SECTION 9.17. No Fiduciary Duty	108123
	SECTION 9.18. Termination of Existing Agreement	108123
	SECTION 9.19. Acknowledgment and Consent to Bail-In of EEAAffected Financial Institutions	108124
	SECTION 9.20. Acknowledgement Regarding Any Supported QFCs	124
	SECTION 9.21.
Certain ERISA Matters 	 106 125

 

    		-iii-	 

     

    

 

SCHEDULES:

 

Schedule 1.01 -- Existing Letters of Credit

Schedule 1.02 -- Pricing Schedule

Schedule 1.03 – Advance Rates

Schedule 1.04 -- Trust Preferred Securities

Schedule 2.01 -- Commitments

Schedule 3.11 -- Licenses

Schedule 3.12 -- Subsidiaries

Schedule 6.01 -- Existing Indebtedness

Schedule 6.02 -- Existing Liens

Schedule 6.08 -- Existing Restrictions

 

EXHIBITS:

 

	Exhibit A	--	Form of Assignment and Assumption
	Exhibit B-1	--	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-2	--	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-3	--	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-4	--	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit C	--	Form of Several Letter of Credit

 

    		-iv-	 

     

    

 

CREDIT AGREEMENT dated as of
November 2, 2018, among ARGO GROUP INTERNATIONAL HOLDINGS, LTD, a company organized
under the laws of Bermuda, ARGO GROUP US, INC., a Delaware corporation, ARGO INTERNATIONAL HOLDINGS LIMITED, a corporation organized
under the laws of the United Kingdom, and ARGO UNDERWRITING AGENCY LIMITED, a corporation organized under the laws of the United Kingdom,
as Borrowers, the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 

WHEREAS, the Borrowers have
requested that the Lenders provide a revolving credit facility and a term credit facility, and the Lenders are willing to do so on the
terms and conditions set forth herein;

 

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

 

ARTICLE I

 

Definitions

 

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

 

“ABR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate
determined by reference to the Alternate Base Rate. All
ABR Loans shall be denominated in Dollars.

 

“Acquired Entity or
Business” means either (a) the assets constituting a business, division, facility, product line or line of business of
any Person not already a Subsidiary or (b) all of the Equity Interests of any such Person, which Person shall, as a result of such
acquisition or merger, become a Wholly-Owned Subsidiary of the Parent (or shall be merged with and into the Parent or a Wholly-Owned
Subsidiary, with the Parent or such Wholly-Owned Subsidiary being the surviving Person).

 

“Acquisition”
means any transaction, or any series of related transactions, by which any Borrower and/or any of their respective Subsidiaries directly
or indirectly (i) acquires any ongoing business or all or substantially all of the assets of any Person or division thereof, whether
through purchase of assets, merger or otherwise, (ii) acquires (in one transaction or as the most recent transaction in a series
of transactions) Control of at least a majority in ordinary voting power of the securities of a Person which have ordinary voting power
for the election of directors or (iii) otherwise acquires Control of a more than 50% ownership interest in any such Person.

 

“Act” has
the meaning assigned to it in Section 9.14.

 

“Additional Revolving
Commitment Lender” has the meaning assigned to it in Section 2.22(d).

 

    -1-

     

    

 

“Adjusted Daily Simple
RFR” means, (i) with
respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (a) the Daily Simple RFR for Sterling,
plus (b) 0.0326%
and (ii) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to (a) the Daily Simple
RFR for Dollars, plus (b) 0.10%; provided that if the Adjusted Daily Simple RFR Rate as so determined would
be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Adjusted EURIBOR
Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per
annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided
that if the Adjusted EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for
the purposes of this Agreement.

 

“Adjusted EurocurrencyTerm
SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated
in Dollars for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/100 of 1%) equal to (a) the LIBOTerm
SOFR Rate for such Interest Period multiplied by,
plus (b) the Statutory Reserve Rate0.10%;
provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to
the Floor for the purposes of this Agreement.

 

“Administrative Agent”
means JPMCB (or
any of its designated branch offices or affiliates), together with its permitted successors and assigns, in its capacity as
administrative agent for the Lenders hereunder.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance”
means any Loan or any Letter of Credit.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.

 

“Agreed Currencies”
means Dollars and each Foreign Currency.

 

“Agreement”
means this Credit Agreement, as amended, restated, modified or supplemented from time to time.

 

“Agreement Currency”
shall have the meaning assigned to such term in Section 9.15(b).

 

“AIH”
means Argo International Holdings Limited, a private limited liability company organized under
the laws of England and Wales and registered under company number: 06543704.

 

    -2-

     

    

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate
in effect on such day plus 1⁄2 of 11.00%
and (c) the Adjusted EurocurrencyTerm
SOFR Rate for a one month Interest Period onas
published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S.
Government Securities Business Day, the immediately preceding U.S.
Government Securities Business Day) plus 11.00%,;
provided that, for the purpose of this definition, the Adjusted EurocurrencyTerm
SOFR Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate
is not available for such one month Interest Period, the Interpolated Rate)Term
SOFR Reference Rate at approximately 11:005:00
a.m. LondonChicago
time on such day (or
any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference
Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted
EurocurrencyTerm
SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the
Adjusted EurocurrencyTerm
SOFR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to ‎Section 2.14
(for
the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to ‎Section 2.14(b)), then
the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference
to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would
be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

 

“Amendment
No. 3 Effective Date” means December 20, 2022.

 

“Annual Statement”
means the annual statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar
authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary’s jurisdiction
of incorporation or, if no specific form is so required, in the form of financial statements recommended by the NAIC to be used for filing
annual statutory financial statements and shall contain the type of information recommended by the NAIC to be disclosed therein, together
with all exhibits or schedules filed therewith, or, in the case of an Insurance Subsidiary not domiciled in the United States, any comparable
statement.

 

“Anti-Corruption Laws”
means all laws, rules, and regulations of any jurisdiction applicable to the Borrowers or any of their respective Subsidiaries from time
to time concerning or relating to bribery or corruption.

 

“Applicable Creditor”
has the meaning assigned to such term in Section 9.15(b).

 

“Applicable Lending
Installation” is defined in Section 2.02(e).

 

“Applicable Percentage”
means, (a) in respect of the Revolving Credit Facility, with respect to any Lender, the percentage of the total Revolving Commitments
represented by such Lender’s Revolving Commitment and (b) in respect of the Term Loan Facility, with respect to any Lender
at any time, the percentage of the Term Loan Facility represented by the outstanding amount of such Lender’s Term Loans at such
time; provided that in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitments and Loans) represented by
such Lender’s Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages pursuant to clause
(a) shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments and to
any Lender’s status as a Defaulting Lender at the time of determination.

 

    -3-

     

    

 

“Applicable Rate”
means, for any day, with respect to any ABR Loan, Term Benchmark Loan or RFR Loan or with respect to the facility fees payable hereunder,
the applicable rate per annum set forth on Schedule 1.02 under the caption “Term Benchmark Spread for Revolving Loans”,
 “RFR Spread for Revolving Loans”, “Alternate Base Rate Spread for Revolving Loans”, “Term Benchmark Spread
for Term Loans”, “RFR Spread for Term Loans”, “Alternate Base Rate Spread for Term Loans” or “Commitment
Fee Rate”.

 

“Approved Fund”
has the meaning assigned to such term in Section 9.04(b).

 

“Argo US”
means Argo Group US, Inc., a Delaware corporation.

 

“Argo Investment Policy”
means the investment policy of the Parent and its Subsidiaries as approved by the board of directors of the Parent from time to time.

 

“Arranger”
means JPMorgan Chase Bank, N.A., Wells Fargo Bank Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or
any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s
or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the date of this Agreement), each in its respective capacity as a joint bookrunner and joint lead arranger hereunder.

 

“Asset Disposition”
means any sale, transfer or other disposition (excluding any loss portfolio transfer or any surplus relief transaction (within the meanings
prescribed by SAP) through assumption, reinsurance, cancellation and rewriting of insurance business or otherwise) of any asset of a
Borrower or any Subsidiary in a single transaction or in a series of related transactions (and whether effected pursuant to a Division
or otherwise) (other than the sale of inventory or products in the ordinary course of business, the sale of obsolete or worn out property
in the ordinary course of business or the sale of cash, cash equivalents and other investments made in accordance with Section 6.04(a) in
the ordinary course of business).

 

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

 

“AUA”
means Argo Underwriting Agency Limited, a private limited liability company organized under
the
laws of
England and Wales and registered under company number: 03741768

 

“Australian Dollars”
means the lawful currency of Australia.

 

    -4-

     

    

 

“Availability Period”
means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination
of the Revolving Commitments.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable,
any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component
thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for
determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant
to clause (e) of ‎Section 2.14.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEAAffected
Financial Institution.

 

“Bail-In Legislation”
means (a) with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law,
regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule and
(b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any
other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment
firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation
of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event
shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental
Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such
Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Person.

 

“Benchmark”
means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency
or (ii) Term Benchmark Loan, the Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event, and the
related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such
Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to clause (b) of ‎Section 2.14.

 

    -5-

     

    

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative
Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in a Foreign Currency, “Benchmark
Replacement” shall mean the alternative set forth in clause (2) below:

 

(1)            in
the case of any Loan denominated in Dollars, the Adjusted Daily Simple SOFR;

 

(2)            the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower Representative as the
replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection
or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any
evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated
credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark
Replacement Adjustment;

 

If
the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Borrower Representative for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark
Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for syndicated credit facilities denominated in the applicable Agreed Currency at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan denominated
in Dollars, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,”
the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition
of “RFR Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the
applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides
may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration
of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection
with the administration of this Agreement and the other Credit Documents).

 

    -6-

     

    

 

“Benchmark
Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date
of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of
clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with
respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such
then-current Benchmark:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency
applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the
administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

    -7-

     

    

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer, or as of a specified future date will no longer be, representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark
Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement
has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with ‎Section 2.14
and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and
under any Credit Document in accordance with ‎Section 2.14.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title
I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies,
and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BHC
Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with,
12 U.S.C. 1841(k)) of such party.

 

“Blocking
Regulation” has the meaning assigned to it in ‎Section 3.17.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrower Representative”
shall mean Argo US in its capacity as borrowing agent and Loan administrator for the Borrowers hereunder and under each of the other
Credit Documents.

 

    -8-

     

    

 

“Borrowers”
means, individually and collectively, (a) the
Parent, (b) Argo
US, Argo International Holdings Limited, a private limited liability company organized under the
laws of England and Wales and registered under company number: 06543704, and
Argo Underwriting Agency Limited, a private limited liability company organized under(c) AIH
and (d) AUA; provided, that AIH and AUA will cease to be Borrowers and shall have no further rights or obligations hereunder as
Borrowers from and after the lawsconsummation
of England and Wales and registered under company number: 03741768the
Specified S1200 Sale in accordance with Section 6.03(b)(iii).

 

“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans,
as to which a single Interest Period is in effect or (b) Term Loans of the same Type, made, converted or continued on the same date
and, in the case of Term Benchmark Loans, as to which a single Interest period is in effect.

 

“Borrowing Request”
means a request by the Borrower Representative for a Borrowing in accordance with Section 2.03.

 

“Business Day”
means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago; provided
that, in
addition to the foregoing, a Business Day shall be (a) in relation to Loans denominated in Sterling, any day (other than
a Saturday or a Sunday) on which banks are open for business in London, (b) in relation to Loans denominated in Euros and in relation
to the calculation or computation of EURIBOR, any day which is a TARGET Day and,
(c) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any
such RFR Loan, or any other dealings in the applicable Foreign Currency of such RFR Loan, any such day that is only ana
RFR Business
Day and (d) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements,
settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the
Adjusted Term SOFR Rate, any such day that is a U.S. Government Securities Business Day.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP; provided, that the taking effect of any accounting standards or changes in GAAP after the
ClosingEffective
Date will not cause any lease obligation that was not or would not have been a Capital Lease Obligation prior to the taking
effect of such accounting standards or changes in GAAP to be deemed a Capital Lease Obligation.

 

“CBR Loan”
means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.

 

“CBR Spread”
means the Applicable Rate, applicable to such Loan that is replaced by a CBR Loan.

 

    -9-

     

    

 

“Central Bank Rate”
means, (A) the greater of (iI)(A) for
any Loan denominated in (a) Sterling, the Bank of England’s (or any successor thereto) “Bank Rate” as published
by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three rates as may be selected
by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European
Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations
of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from
time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published
by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central
banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to
time, and (c) any other Foreign Currency determined after the Amendment No. 1 Effective Date, a central bank rate as determined
by the Administrative Agent in its reasonable discretion and (ii) the Floor; plus
(B) the applicable Central Bank Rate Adjustment and
(II) the Floor.

 

“Central Bank Rate
Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive
or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent Business Days preceding such
day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate
applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the
last Business Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero)
of (i) the average of Adjusted Daily Simple RFR for Sterling Borrowings for the five most recent RFR Business Days preceding such
day for which SONIAAdjusted
Daily Simple RFR for Sterling Borrowings was available (excluding, from such averaging, the highest and the lowest such Adjusted
Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of
Sterling in effect on the last RFR Business Day in such period, and (c) any other Foreign Currency determined after the Amendment
No. 1 Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For
purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition
of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time
referred to in the definition of such term for deposits in the applicable Foreign Currency for a maturity of one month.

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests
representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent;
(b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by Persons who were
neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated; (c) the acquisition
of direct or indirect Control of the Parent by any Person or group; (d) except as otherwise expressly permitted under the terms
of this Agreement (including a disposition permitted under Section 6.03(b)), the Parent shall cease to own and control, directly
or indirectly, free and clear of all Liens (other than Permitted Encumbrances) all of the economic and voting rights associated with
all of the outstanding Equity Interests of each of its Insurance Subsidiaries or shall cease to have the power, directly or indirectly,
to elect all of the members of the board of directors of each of its Insurance Subsidiaries; (e) except as otherwise expressly permitted
under the terms of this Agreement (including a disposition permitted under Section 6.03(b)), Argo US shall cease to own and
control, directly or indirectly, free and clear of all Liens (other than Permitted Encumbrances) all of the economic and voting rights
associated with all of the outstanding Equity Interests of each of its Insurance Subsidiaries or shall cease to have the power, directly
or indirectly, to elect all of the members of the board of directors of each of its Insurance Subsidiaries or (f) except as otherwise
expressly permitted under the terms of this Agreement, the Parent shall cease to own and control, directly or indirectly, free and clear
of all Liens and other encumbrances all of the economic and voting rights associated with all of the outstanding Equity Interests of
any of the other Borrowers or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors
of any of the other Borrowers.

 

    -10-

     

    

 

“Change in Law”
means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on which such Lender becomes a
party to this Agreement, (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law,
rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority
or (c) compliance by any Lender or any LC Issuer (or, for purposes of Section 2.15(b), by any lending office of such
Lender or by such Lender’s or such LC Issuer’s holding company, if any) with any request, guideline or directive (whether
or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder or issued in connection therewith or in the implementation thereof and (y) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall,
in each case, be deemed to be a “Change in “Law”, regardless of the date enacted, adopted, issued or implemented; provided
that, notwithstanding anything in this definition to the contrary, the enactment of the changes to the UK bank levy contained in
the draft Finance Bill 2014 provisions as published on December 10, 2013 shall be deemed not to be a “Change in Law”
regardless of the date of their enactment or entry into effect.

 

“Change of Tax Law”
means any change in (or in the interpretation, administration or application of) any law relating to Taxes or any Treaty, or in any published
practice or published concession of any relevant Governmental Authority.

 

“Charges”
has the meaning set forth in Section 9.13.

 

“Class”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Term Loans.

 

“CME
Term SOFR Administrator” means CME Group Benchmark Administration Limited
as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

 

    -11-

     

    

 

“Co-Documentation
Agent” means U.S. Bank National Association and HSBC Bank USA, N.A., each in its respective capacity as a co-documentation
agent hereunder.

 

“Co-Syndication Agent”
means Wells Fargo Bank Securities, LLC and Bank of America, N.A., each in its respective capacity as a co-syndication agent hereunder.

 

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

 

“Collateral”
means all property with respect to which any security interest has been granted (or purported to be granted) pursuant to any Security
Document.

 

“Collateral Account”
means a depositary account or securities custody account constituting Collateral and with respect to which a Control Agreement has been
entered into and is in effect.

 

“Collateral Agent”
means U.S. Bank National Association or such other institution or institutions, including JPMCB, as the Administrative Agent may from
time to time select.

 

“Commitment”
means either a Revolving Commitment or a Term Commitment.

 

“Communications”
has the meaning assigned to it in Section 9.01(d).

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Control Agreement”
means one or more agreements, in form and substance reasonably satisfactory to the Administrative Agent, among a Borrower, a securities
intermediary or depository institution (which may be JPMCB or an Affiliate thereof) holding Collateral, and the Administrative Agent
with respect to collection and control of all financial assets or deposits held in the applicable securities custody or depository account
maintained by such Borrower with such institution in the United States of America.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period
having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means any of the following:

 

(i)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

    -12-

     

    

 

(ii)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned to it in ‎Section 9.20.

 

“Credit Documents”
means this Agreement, any Security Document, after the execution and delivery thereof pursuant to the terms of this Agreement, each promissory
note delivered pursuant to Section 2.10(e), each other document or agreement executed and delivered from time to time by
any of the Borrowers in connection with or pursuant to the terms of this Agreement or any other Credit Document, each amendment or waiver
hereof or thereof, and each other document related to the Credit Documents which is from time to time designated as a Credit Document
by any Borrower and the Administrative Agent.

 

“Daily Simple RFR”
means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in (i) Sterling,
SONIA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day
or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day
immediately preceding such RFR Interest Day and
(ii) Dollars, Daily Simple SOFR.

 

“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “SOFR
Determination Date”) that is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such
SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate
Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily
Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to
the Borrower Representative.

 

“DBRS” means
DBRS Limited or any successor.

 

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

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

“Defaulting Lender”
means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Lender Party any other
amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative
Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular default, if any) has not been satisfied, (b) has notified any Borrower or
any Lender Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its
funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s
good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding
a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has
failed, within three Business Days after request by the Administrative Agent, the Issuing Agent or a Fronting Bank, acting in good faith,
to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially
able to meet such obligations as of the date of certification) to fund prospective Loans and participations in then outstanding Letters
of Credit under this Agreement, provided that such Lender Party shall cease to be a Defaulting Lender pursuant to this clause
(c) upon such Lender’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent,
or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.

 

    -13-

     

    

 

“Designated Person”
means a person or entity.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division”.

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or
more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor”
means any Person that, upon the consummation of a Division of any assets, liabilities and/or obligations of a Dividing Person, holds
all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation
of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed
a Division Successor upon the occurrence of such Division.

 

“Dollar Equivalent”
means, on any date of determination (a) with respect to any amount in Dollars, such amount, and (b) with respect to any amount
in any Foreign Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05
using the Exchange Rate with respect to such Foreign Currency at the time in effect under the provisions of such Section.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“EEA Financial Institution”
means (a) any credit
institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

    -14-

     

    

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with
the intent to sign, authenticate or accept such contract or record.

 

“Electronic System”
means any electronic system, including e-mail, e-fax, Intralinks®,ClearPar®, Debt Domain, Syndtrak and any other
Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing
Agent and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security
system.

 

“Eligible Collateral”
means Collateral consisting of cash and other obligations and investments fitting within a category specified on Schedule 1.03,
subject to the term and maturity criteria set forth therein; provided that no Eligible Collateral shall consist of obligations
or investments issued by any “affiliate” (within the meaning of Section 23A of the Federal Reserve Act, as amended)
of, or an “affiliated person” (as defined in Section 2(a)(3) of the Investment Company Act) of, any Lender.

 

“Environmental Laws”
means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements
issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Parent or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing;
provided that the definition of “Environmental Liability” shall not include any liability arising out of any insurance
policy issued by the Parent, the Borrowers or any Subsidiary thereof.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person (in each case, whether voting or non-voting or common or preferred), and in each
case, any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

 

    -15-

     

    

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with any Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code.

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan
of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether
or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Borrower or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a
trustee to administer any Plan; (f) the incurrence by any Borrower or any of its ERISA Affiliates of any liability with respect
to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any ERISA Affiliate
of any notice, or the receipt by any Multiemployer Plan from any Borrower or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as
in effect from time to time.

 

“EURIBOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET
Days prior to the commencement of such Interest Period.

 

“EURIBOR Screen Rate”
means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the
administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator)
on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the
appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters as published
at approximately 11:00 a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period. If such page or
service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after
consultation with the Borrower.

 

“Euro” or
 “€” means the single currency unit of the Participating Member States.

 

    -16-

     

    

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted Eurocurrency Rate.

 

“Event of Default”
has the meaning assigned to such term in Article VII.

 

“Exchange Rate”
means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency
may be exchanged into Dollars at 11:00 a.m. Local Time on such day on the Reuters Currency pages, if available, for such currency.
In the event that such rate does not appear on any Reuters Currency pages, the Exchange Rate shall be determined by reference to such
other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrowers, or,
in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the
Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted,
at or about such time as the Administrative Agent shall elect after determining that such rates shall be the basis for determining the
Exchange Rate, on such date for the purchase of Dollars for delivery two Business Days later; provided that if at the time of
any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it
deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.

 

“Exchange Rate Date”
means, if on such date any outstanding Loan or Letter of Credit is (or any Loan or Letter of Credit that has been requested at such time
would be) denominated in a currency other than Dollars, each of:

 

(a)            the
last Business Day of each calendar month,

 

(b)            if
an Event of Default has occurred and is continuing, any Business Day designated as an Exchange Rate Date by the Administrative Agent
in its sole discretion, and

 

(c)            each
date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of (i) a Borrowing Request
or an Interest Election Request with respect to any Revolving Borrowing or (ii) each request for the issuance, amendment, renewal
or extension of any Letter of Credit.

 

“Existing Agreement”
shall have the meaning assigned to such term in Section 9.18.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient,

 

(a) Taxes imposed on or
measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending
office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,

 

    -17-

     

    

 

(b) in the case of a Lender,
U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest
in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment
(other than pursuant to an assignment request by the Parent under Section 2.19(b)) or (ii) such Lender changes its lending
office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable
either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to
such Lender immediately before it changed its lending office,

 

(c) Taxes attributable
to such Recipient’s failure to comply with Section 2.17(f) or (g),

 

(d) any U.S. Federal withholding
Taxes imposed under FATCA, and

 

(e) in the case of a Lender,
United Kingdom income tax deductible at source from interest payable to or for the account of such Lender with respect to an applicable
participation in a Loan:

 

(i) if, on the
date on which the payment of interest falls due, the payment could have been made to the relevant Lender without a deduction on account
of United Kingdom income tax if the Lender had been a Qualifying Lender but on that date that Lender is not or has ceased to be a Qualifying
Lender other than as a result of a Change of Tax Law occurring after the date it became a Lender; or

 

(ii) the relevant
Lender is a Qualifying Lender solely by virtue of paragraph (b)(ii) of the definition of Qualifying Lender and (A) an
officer of H.M. Revenue & Customs has given (and not revoked) a direction under section 931 of the Income Tax Act 2007 which
relates to the payment and the payment could have been made to the Lender without deduction or withholding for any Taxes if that direction
had not been made or (B) the relevant Lender has not given a Tax Confirmation and the payment could have been made to the Lender
without deduction or withholding for any Taxes if the Lender had given a Tax Confirmation, on the basis that the Tax Confirmation would
have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purposes
of section 930 of the Income Tax Act 2007; or

 

(iii) the relevant
Lender is a Treaty Lender and the UK Borrower making the payment is able to demonstrate that the payment could have been made to the
Lender without deduction or withholding for any Taxes had that Lender complied with its relevant obligations under Section 2.17(g)(ii) or
2.17(g)(iii) (as applicable); or

 

(iv) if such
Lender acquired such participation in the Loan or Commitment by way of an Assignment and Assumption (other than pursuant to an assignment
request by the Parent under Section 2.19(b)), except to the extent that, pursuant to Section 2.17, amounts with
respect to such Taxes were payable to such Lender’s assignor immediately before such Lender acquired the applicable participation
in the Loan or Commitment.

 

“Existing Letter of
Credit” means the letters of credit identified on Schedule 1.01.

 

    -18-

     

    

 

“Existing Termination
Date” has the meaning assigned to it in Section 2.22(a).

 

“Extending Lender”
has the meaning assigned to it in Section 2.22(b).

 

“Extension Date”
has the meaning assigned to it in Section 2.22(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection
with the implementation of the foregoing.

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary
institutions, as determined in such manner as the NYFRB shall be
set forth on its public websitethe
NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal
funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed
to be zero for the purposes of this Agreement.

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or controller of any Borrower.

 

“Fitch”
means Fitch Ratings, Inc. (or any successor).

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the
Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, each Adjusted Daily Simple RFR or the Central Bank Rate, as applicable.
For the avoidance of doubt the initial Floor for each of Adjusted Term
SOFR Rate, Adjusted EURIBOR Rate, the Adjusted Daily Simple RFR and the Central Bank Rate shall be 0.0%.

 

“Foreign Currency”
means Euros, Sterling or, solely with respect to Letters of Credit, Australian Dollars.

 

“Foreign Lender”
means (a) if the applicable Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is not a U.S. Person, and (b) if
the applicable Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of
a jurisdiction other than that in which such Borrower is resident for tax purposes.

 

“Foreign Pension Plan”
means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside
the United States by a Borrower or any Subsidiary primarily for the benefit of employees of such Borrower or any one or more of the Subsidiaries
residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination or severance of employment, and which plan is not subject
to ERISA or the Code.

 

    -19-

     

    

 

“Fronted Letter of
Credit” has the meaning assigned to such term in Section 2.06(b).

 

“Fronted Unpaid Drawing”
means any unreimbursed LC Disbursement with respect to a Fronted Letter of Credit.

 

“Fronting Bank”
means any Revolving Lender (or any Affiliate thereof) which is requested by the Borrower, and which, in its sole discretion, agrees in
writing, to issue one or more Fronted Letters of Credit hereunder pursuant to Section 2.06 and, with respect to any Fronted
Letter of Credit, means the issuer thereof.

 

“Fronting Participant”
has the meaning assigned to such term in Section 2.06(b).

 

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

 

“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity, including any insurance commissioner
or other insurance regulatory authority, exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government.

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued
to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business. The amount of any Guarantee made by any guarantor shall be deemed to be the lower of (a) an
amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (b) the
maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless (in the
case of a primary obligation that is not Indebtedness) such primary obligation and the maximum amount for which such guarantor may be
liable are not stated or determinable, in which case the amount of such Guarantee shall be such guarantor’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrowers in good faith.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

    -20-

     

    

 

“Impacted
Interest Period” has the meaning assigned to it in the definition of “LIBO Rate.”HMRC
DT Treaty Passport scheme” means the Board of H.M. Revenue and Customs Double Taxation Treaty Passport scheme.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges
are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services
(excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or
for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned
or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person
of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise,
of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise,
of such Person in respect of bankers’ acceptances, (k) all Off-Balance Sheet Liabilities and (l) all Trust Preferred
Securities and similarly structured indebtedness. The Indebtedness of any Person shall include the Indebtedness of any other entity (including
any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person
is not liable therefor.

 

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

 

“Industry Loss Warranty”
means an agreement, whether in the form of a reinsurance agreement or a Swap Agreement or other similar agreement entered into by any
Insurance Subsidiary in accordance with its customary insurance or reinsurance underwriting procedures, which creates a payment obligation
arising from an industry wide loss.

 

“Ineligible Institution”
has the meaning assigned to it in Section 9.04(b).

 

“Insurance Subsidiary”
means any Subsidiary which is licensed by any Governmental Authority to engage in the insurance business including, without limitation,
issuing Primary Policies and/or entering into Reinsurance Agreements.

 

“Interest Election
Request” means a request by the Borrower Representative to convert or continue a Borrowing in accordance with Section 2.08.

 

    -21-

     

    

 

“Interest Payment
Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the
Revolving Maturity Date or the Term Maturity Date, as applicable, (b) with respect to any RFR Loan, (1) each date that is on
the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such
numerically corresponding day in such month, then the last day of such month) and (2) the Revolving Maturity Date or the Term Maturity
Date, as applicable, (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first
day of such Interest Period, and the Revolving Maturity Date or the Term Maturity Date, as applicable.

 

“Interest Period”
means, with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the
Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the Borrower Representative may elect; provided,
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the
last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition
pursuant to Section 2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request.
For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving
Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
error) to be equal to the
rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO
Screen Rate is available for Dollars) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest
period (for which that LIBO Screen Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such time.

 

“IRS” means
the United States Internal Revenue Service.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing Agent”
means JPMCB, in its capacity as the issuing agent of Several Letters of Credit hereunder, and its successors in such capacity as provided
in Section 2.06(i). The Issuing Agent may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the Issuing Agent acting as the issuing agent of the Several Letters of Credit, in which case the term “Issuing Agent”
shall include any such Affiliate with respect to Several Letters of Credit for which such Affiliate acts as Issuing Agent.

 

    -22-

     

    

 

“JPMCB”
means JPMorgan Chase Bank, N.A., a national banking association, and its successors.

 

“LC Disbursement”
means a payment made by a Revolving Lender (in the case of a Several Letter of Credit) or a Fronting Bank (in the case of a Fronted Letter
of Credit) pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or
on behalf of the Borrowers at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage under
the Revolving Credit Facility of the total LC Exposure at such time. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still
be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International
Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13
or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later
version thereof as may be in effect at the applicable time) or similar terms in the governing rules or laws or of the Letter of
Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding”
and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrowers and each Lender shall
remain in full force and effect until the LC Issuers and the Lenders shall have no further obligations to make any payments or disbursements
under any circumstances with respect to any Letter of Credit.

 

“LC Issuer”
means each of the Issuing Agent and each Fronting Bank.

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or as provided in Section 2.09(d), other than any such Person that ceases to be a party hereto pursuant to
an Assignment and Assumption.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lender Party”
means the Administrative Agent, the Issuing Agent, each Fronting Bank and each other Lender.

 

“Letter of Credit”
means any and each of the Several Letters of Credit and the Fronted Letters of Credit.

 

“Leverage Ratio”
means at any time, the ratio of Total Debt at such time to Total Capitalization at such time.

 

    -23-

     

    

 

“LIBO
Rate” means, with respect to any Term Benchmark Borrowing for Dollars and for any Interest Period, the LIBO
Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided
that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted
Interest Period”) with respect to the applicable currency then the LIBO Rate shall be the Interpolated Rate.

 

“LIBO
Screen Rate” means, for any day and time, with respect to any Term Benchmark Borrowing for Dollars and for
any Interest Period, the London interbank offered rate as administered by ICE
Benchmark Administration (or any other Person that takes over the
administration of such rate for Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01
or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen,
on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion),
provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes
of this Agreement.

 

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

 

“Limited Fronting
Lender” means any Revolving Lender which is an NAIC Approved Bank or any other Person acceptable to the Borrowers and the Administrative
Agent which is listed on the NAIC Bank List, in each case, to the extent that such Person agrees (in its sole and absolute discretion)
to be an issuer with respect to any Non-NAIC Approved Bank’s Applicable Percentage of Several Letters of Credit outstanding and/or
issued during the period that such Revolving Lender is not listed on the NAIC Bank List, all pursuant to a Limited Fronting Lender Agreement.

 

“Limited Fronting
Lender Agreement” has the meaning provided in Section 2.06(a)(v).

 

“LLC” means
any Person that is a limited liability company under the laws of its jurisdiction of formation.

 

“Loans”
means a Revolving Loan and/or a Term Loan, as applicable.

 

“Loan Value”
means, with respect to any item of Eligible Collateral, the value assigned to such Collateral by the Administrative Agent from time to
time in its sole reasonable discretion. Such value shall be determined on the basis of the advance rates set forth on Schedule 1.03
hereto. The Administrative Agent shall make a determination of the Loan Value of the Eligible Collateral at such time or times as
it shall determine, but in no event less frequently than twice per month.

 

    -24-

     

    

 

“Local Time”
means (a) with respect to a Loan or Borrowing denominated in Dollars, Chicago time and (b) with respect to a Loan or Borrowing
denominated in any Foreign Currency, London time.

 

“Margin
Stock” means margin stock within the meaning of Regulations T, U and X, as applicable.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Parent and
the Subsidiaries taken as a whole, (b) the ability of the Borrowers, taken as a whole, to perform any of their payment or other
material obligations under this Agreement or any other Credit Document or (c) the material rights of or benefits available to the
Administrative Agent or the Lenders under this Agreement or any other Credit Document.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one
or more of the Borrowers and the Subsidiaries in an aggregate principal amount exceeding $30,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of a Borrower or any Subsidiary in respect of any Swap Agreement
at any time shall be the maximum aggregate amount (giving effect to any legally enforceable netting agreements) that such Borrower or
such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Maximum Rate”
has the meaning set forth in Section 9.13.

 

“Moody’s”
means Moody’s Investors Service, Inc. (or any successor).

 

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

 

“NAIC” means
the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other association, agency or other
organization performing substantially similar advisory, coordination or other like functions among insurance departments, insurance commissions
and similar governmental authorities of the various states of the United States of America toward the promotion of uniformity in the
practices of such governmental authorities.

 

“NAIC
Approved Bank” means (a) any bank listed on the most current list of banks approved by the Securities Valuation Office
of the NAIC (the “NAIC Bank List”) or (b) any Revolving Lender as to which its Limited Fronting Lender
is a bank listed on the NAIC Bank List.

 

“Net Income”
means, for any computation period, with respect to the Parent on a consolidated basis with its Subsidiaries, cumulative net income earned
during such period (determined before the deduction of minority interests) as determined in accordance with GAAP.

 

“Net Worth Maintenance
Agreement” means net worth maintenance agreements and similar agreements entered into by any Borrower or any of its respective
Subsidiaries with respect to any Wholly-Owned Subsidiary.

 

    -25-

     

    

 

 

“Non-Extending Lender”
has the meaning assigned to it in Section 2.22(b).

 

“Non-NAIC Approved
Bank” means, at any time, any Lender that is not an NAIC Approved Bank.

 

“Non-Consenting Lender”
means a Lender which has not consented to a proposed amendment, waiver or consent requiring the consent of “each Lender”
or “each Lender affected thereby,” as to which the consent of such Lender is required and the consent of the Required Lenders
has been obtained.

 

“Non-Pro Rata Issuance
Election” means an election by the Borrowers to have a Several Letter of Credit issued, renewed, extended or amended on an
adjusted pro rata basis, as more fully described in Section 2.19(c).

 

“Non-Replaced Lender”
has the meaning assigned to it in Section 2.22(e).

 

“Notice Date”
has the meaning assigned to it in Section 2.22(b).

 

“NYFRB”
means the Federal Reserve Bank of New York

 

“NYFRB’s
Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that
if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal
funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized
standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement.

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and
liabilities of any of the Borrowers to any of the Lenders, the Administrative Agent, any LC Issuer or any indemnified party under this
Agreement, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several,
absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law
or otherwise, arising or incurred under this Agreement or any of the other Credit Documents or in respect of any of the Loans made or
reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.

 

    -26-

     

    

 

“Off-Balance Sheet
Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes
receivable sold by such Person, (b) any liability under any Sale and Leaseback Transaction other than Capital Lease Obligations,
(c) any liability under any so-called “synthetic lease” arrangement or transaction entered into by such Person, or (d) any
obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which
does not constitute a liability on the balance sheets of such Person.

 

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

 

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

 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowingseurodollar
transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall
be determined by the NYFRB as set forth on its public websitethe
NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank
funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect
to any amount denominated in a Foreign Currency, an overnight rate determined by the Administrative Agent or the LC Issuers, as the case
may be, in accordance with banking industry rules on interbank compensation.

 

“Parent”
means Argo Group International Holdings, Ltd., a company formed under the laws of Bermuda.

 

“Participant”
has the meaning set forth in Section 9.04(c).

 

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

 

“Participating Member
State” means any member state of the European CommunitiesUnion
that adopts or has adopted the
Euroeuro
as its lawful currency in accordance with the legislation of the European
CommunityUnion
relating to the Economic and Monetary Union.

 

“Payment”
has the meaning assigned to it in ‎Article VIII.

 

“Payment
Notice” has the meaning assigned to it in ‎Article VIII.

 

    -27-

     

    

 

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

 

“Permitted Acquisition”
means the acquisition by the Parent or a Wholly-Owned Subsidiary thereof of an Acquired Entity or Business (including by way of merger
of such Acquired Entity or Business with and into the Parent (so long as the Parent is the surviving corporation) or a Wholly-Owned Subsidiary
thereof (so long as the Wholly-Owned Subsidiary is the surviving corporation); provided that (a) the Acquired Entity or Business
acquired pursuant to the respective Permitted Acquisition is in a business permitted by Section 6.03(b); and (b) in
the case of a stock acquisition, such acquisition shall have been approved by the board of directors of the Acquired Entity or Business.

 

“Permitted Encumbrances”
means:

 

(a)           Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;

 

(c)           pledges
and deposits made in the ordinary course of business for insurance regulatory or licensing purposes or in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations;

 

(d)           deposits
required for insurance regulatory or licensing purposes or to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

 

(e)            judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 

(f)            easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of a Borrower or any Subsidiary; and

 

(g)           licenses,
sublicenses, leases or subleases granted to other Persons not materially interfering with the conduct of the business of a Borrower or
any Subsidiary;

 

(h)           Liens
incurred pursuant to ordinary course investing, clearing and settling activities;

 

(i)            bankers’
Liens, rights of setoff and other similar Liens not granted to secure specific Indebtedness existing solely with respect to cash and
cash equivalents on deposit in one or more accounts maintained by a Borrower or any Subsidiary, in each case granted in the ordinary
course of business in favor of the bank or banks with which such accounts are maintained;

 

    -28-

     

    

 

(j)            any
Lien on any property or asset of the Borrowers or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided
that (i) such Lien shall not apply to any other property or asset of the Borrowers or any Subsidiary and (ii) such Lien
shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not
increase the outstanding principal amount thereof;

 

(k)           any
Lien existing on any property or asset prior to the acquisition thereof by a Borrower or any Subsidiary or existing on any property or
asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided
that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary,
as the case may be, (ii) such Lien shall not apply to any other property or assets (other than proceeds) of the Borrowers or any
Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date
such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof;

 

(l)            Liens
securing Indebtedness at no time exceeding $100,000,000 in outstanding aggregate principal amount;

 

(m)          Liens
securing the Obligations; and

 

(n)           Liens
upon assets subject to, and arising out of, (i) Sale and Leaseback Transactions permitted by Section 6.11 or (ii) Permitted
Purchase Money Indebtedness, at no time exceeding $150,000,000 in outstanding aggregate principal amount for clauses
(i) and (ii) combined;

 

provided
that the term “Permitted Encumbrances” shall not, with respect to clauses (a)-(i) above,
include any Lien securing Indebtedness.

 

“Permitted Purchase
Money Indebtedness” means, with respect to any Person, any Indebtedness, whether secured or unsecured, including Capital Lease
Obligations, incurred by such Person to finance the acquisition of fixed assets, so long as (a) at the time of such incurrence,
no Default has occurred and is continuing or would result from such incurrence, (b) such Indebtedness has a scheduled maturity and
is not due on demand and (c) such Indebtedness does not exceed the lower of the fair market value or the cost of the applicable
fixed assets on the date acquired.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan” means
any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, and in respect of which a Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

    -29-

     

    

 

“Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Primary Policies”
means any insurance policies issued by any Insurance Subsidiary.

 

“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street
Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“QFC
Credit Support” has the meaning assigned to it in ‎Section 9.20.

 

“QPP Certificate”
means a credit certificate for the purposes of the Qualifying Private Placement Regulations 2015 (2015 No. 2002), given in the form
set out in Schedule 2.17(g).

 

“QPP Lender”
means a Lender which has delivered a QPP Certificate, provided that such QPP Certificate is not cancelled or withdrawn for the
purposes of the Qualifying Private Placement Regulations 2015 (2015 No. 2002) and which is not a connected person for the purposes
of such regulations.

 

“Qualifying Lender”
means (a) a Lender which is a building society (as defined for the purposes of section 880 of the Income Tax Act 2007) making an
advance under a Credit Document; or (b) a Lender which is beneficially entitled to the interest payable under any Credit Document
and: (i) there is no duty to deduct United Kingdom income tax in respect of that interest by virtue of section 879 of the Income
Tax Act 2007, or (ii) which is a Lender who satisfies the conditions in section 933, section 934 or section 937 of the Income Tax
Act 2007 in respect of the person to whom such interest is paid, or (iii) which is a Treaty Lender, or (iv) which is a QPP
Lender.

 

“Rating”
has the meaning set forth in Schedule 1.02.

 

“Recipient”
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any LC Issuer.

 

    -30-

     

    

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago
time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if such Benchmark
is EURIBOR Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark
is SONIA, then four RFR Business Days prior to such setting, (4) if the RFR for such Benchmark is Daily Simple SOFR, then four RFR
Business Days prior to such setting or (5) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate or SONIA, the time
determined by the Administrative Agent in its reasonable discretion.

 

“Register”
has the meaning set forth in Section 9.04(b).

 

“Regulation
D” means Regulation D of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

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

 

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

 

“Regulation
X” means Regulation X of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Reinsurance Agreements”
means any agreement, contract, treaty, certificate or other arrangement whereby a Borrower or any Subsidiary agrees to assume from or
reinsure an insurer or reinsurer all or part of the liability of such insurer or reinsurer under a policy or policies of insurance issued
by such insurer or reinsurer.

 

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

 

“Relevant
Governmental Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Board
and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case, any successor thereto,
(ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially
endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement
in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central
Bank or, in each case, any successor thereto, and (iv) with respect to a Benchmark Replacement in respect of Loans denominated in
any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank
or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of
such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for
the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for
supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group
of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

 

    -31-

     

    

 

“Relevant
Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (ii) with
respect to any Term Benchmark Borrowing denominated in Euros, the Adjusted EURIBOR Rate or (iii) with respect to any Borrowing denominated
in Sterling or Dollars, the applicable Adjusted Daily Simple RFR, as applicable.

 

“Relevant
Screen Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate or
(ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate, as applicable.

 

“Removal Effective
Date” has the meaning assigned to it in Article VIII.

 

“Required Lenders”
means, at any time, subject to Section 2.21, Lenders having more than 50% of the sum of (a) the Revolving Credit Exposures
and unused Revolving Commitments and (b) the aggregate outstanding principal amount of the Term Loans.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the
Parent or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Parent
or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Parent or any Subsidiary.

 

“Revolving Borrowing”
means a Borrowing comprised of Revolving Loans.

 

“Revolving Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of
Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.09 and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which
such Lender shall have assumed its Revolving Commitment, as applicable. TheAs
of the Effective Date, the initial aggregate amount of the Lenders’ Revolving Commitments iswas
$200,000,000 and,
as of the Amendment No. 3 Effective Date, the aggregate amount of the Lenders’ Revolving Commitments was increased to $220,000,000
pursuant to, and in accordance with Section 2.09(d).

 

“Revolving Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Loans and its LC Exposure at such time.

 

“Revolving Credit
Facility” means the revolving credit facility established pursuant to Article II hereof.

 

    -32-

     

    

 

“Revolving Lender”
means a Lender having a Revolving Commitment or Revolving Credit Exposure.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.01(a).

 

“Revolving Maturity
Date” means November 2, 2023, subject to extension pursuant to Section 2.22.

 

“RFR”
means, for any RFR Loan denominated in (a) Sterling,
SONIA and
(b) Dollars, Daily Simple SOFR.

 

“RFR
Administrator” means the SONIA Administrator or the SOFR Administrator.

 

“RFR Borrowing”
means, as to any Borrowing, the RFR Loans comprising such Borrowing.

 

“RFR
Business Day” means, for any Loan denominated in (a) Sterling,
any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London
and
(b) Dollars, a U.S. Government Securities Business Day.

 

“RFR Interest Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR Loan”
means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR.

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business (or any successor).

 

“Sale and Leaseback
Transaction” means any sale or other transfer of property by any Person with the intent to lease such property as lessee.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at
the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security
Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or any other relevant
sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled
by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise
the subject of any Sanctions.

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury
of the United Kingdom or any other relevant sanctions authority.

 

    -33-

     

    

 

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

 

“SEC” means
the Securities and Exchange Commission of the United States of America or any succeeding Governmental Authority thereto.

 

“Secured Letter of
Credit” means a Letter of Credit issued at the request of a Borrower which has been designated as a “Secured Letter of
Credit” in the applicable Letter of Credit Application.

 

“Security Agreement”
means, individually and collectively, each security agreement or other collateral document, each in form and substance satisfactory to
the Administrative Agent, entered into between the Administrative Agent and a Borrower pursuant hereto.

 

“Security Documents”
means the Security Agreement, each Control Agreement and each other document or instrument pursuant to which security or collateral is
from time to time provided for the obligations of the Borrowers hereunder.

 

“Several Letter of
Credit” has the meaning assigned to such term in Section 2.06(a).

 

“Several Unpaid Drawing”
means any unreimbursed LC Disbursement with respect to a Several Letter of Credit.

 

“Significant Insurance
Subsidiary” means any Significant Subsidiary which is an Insurance Subsidiary.

 

“Significant Subsidiary”
of a Person means a “significant subsidiary” as defined in Rule 1 02(w) of Regulation S-X of the SEC (17 CFR Part 210).
Unless otherwise expressly provided, all references herein to a “Significant Subsidiary” shall mean a Significant Subsidiary
of any of the Borrowers; provided that any entity that is a Significant Subsidiary on the Effective Date or becomes a Significant
Subsidiary thereafter shall remain a Significant Subsidiary for all purposes of this Agreement.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the
SOFR Administrator.

 

“SOFR
Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

    -34-

     

    

 

“SOFR
Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source
for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“SOFR
Determination Date” has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SOFR
Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”.

 

“Solvent”
means, when used with respect to a Person, that (a) the fair saleable value of the assets of such Person is in excess of the total
amount of the present value of its liabilities (including for purposes of this definition all liabilities (including loss reserves as
determined by such Person), whether or not reflected on a balance sheet prepared in accordance with GAAP and whether direct or indirect,
fixed or contingent, secured or unsecured, disputed or undisputed), (b) such Person is able to pay its debts or obligations in the
ordinary course as they mature and (c) such Person does not have unreasonably small capital to carry out its business as conducted
and as proposed to be conducted. “Solvency” shall have a correlative meaning.

 

“SONIA”
means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“Special Purpose Entity”
means any Subsidiary formed after the date hereof for the sole purpose of incurring Indebtedness, which Subsidiary (a) promptly
remits to a Borrower the net proceeds of any such Indebtedness by way of loan or otherwise and (b) has received from the Parent
and its Subsidiaries aggregate capital contributions or other payments in respect of the Equity Interests thereof not exceeding five
percent of the total assets of such Subsidiary.

 

“Specified Amount”
has the meaning set forth in the definition of Total Debt.

 

“Specified
S1200 Sale” means the sale of all or substantially all of the Equity Interests issued by AUA and its Subsidiaries, in all material
respects, pursuant to and in accordance with the Specified S1200 Sale Agreement.

 

“Specified
S1200 Sale Agreement” means that certain Share Purchase Agreement, dated as of September 8, 2022, between AIH, as seller thereunder,
and Ohio Farmers Insurance Company, as buyer thereunder, as in effect on the Amendment No. 3 Effective Date and as amended or otherwise
modified from time to time thereafter in accordance with the terms thereof so long as such amendments and/or modifications are not materially
adverse to the Administrative Agent or the Lenders in their capacities as such.

 

    -35-

     

    

 

“Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted EURIBOR Rate
or Adjusted Eurocurrency Rate, as applicable, for eurocurrency funding (currently referred
to as “Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any central banking
or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans. Such reserve
percentage shall include those imposed pursuant to Regulation D. Term Benchmark Loans for
which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark)
shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit
for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Sterling”
or “£” means the lawful currency of the United Kingdom of Great Britain and Northern Ireland.

 

“Subordinated Indebtedness”
means Indebtedness the payment of which is subordinated to any of the obligations of the applicable Borrower or Borrowers hereunder or
in connection herewith, including without limitation the obligations of the Borrowers in respect of the Trust Preferred Securities.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited
liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent
or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of the Parent.

 

“Substantial Portion”
means, with respect to the property of the Parent and its Subsidiaries, property which represents more than 10% of the consolidated assets
of the Parent and its Subsidiaries as would be shown in the consolidated financial statements of the Parent and its Subsidiaries as at
the beginning of the twelve-month period ending with the last day of the fiscal quarter or year end for which financial statements have
most recently been delivered pursuant to Section 5.01(a) or (b), as applicable, preceding the date upon which
such determination is made.

 

“Supported
QFC” has the meaning assigned to it in ‎Section 9.20.

 

    -36-

     

    

 

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

 

“Tangible Net Worth”
means, with respect to the Parent, an amount equal to (a) the Parent’s total shareholder’s equity determined in accordance
with GAAP, minus (b) the aggregate book value of the intangible assets, including goodwill, all determined on a consolidated
basis in accordance with GAAP; provided, however, that any accumulated other comprehensive income (loss) shown on a consolidated
balance sheet of the Parent and its Subsidiaries shall be excluded.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the
Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“Tax
Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in
respect of an advance under a Credit Document falls within paragraph (b)(ii) of the definition of Qualifying Lender.

 

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

 

“Term
Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Adjusted EurocurrencyTerm
SOFR Rate or the Adjusted EURIBOR Rate.

 

“Term Borrowing”
means a Borrowing comprised of Term Loans.

 

“Term Commitment”
means, with respect to each Lender, the commitment of such Lender to make a Term Loan hereunder, expressed as an amount representing
the maximum aggregate principal amount of such Lender’s Term Loan. The amount of each Lender’s Term Commitment is set forth
on Schedule 2.01. The initial aggregate amount of the Lenders’ Term Commitments is $125,000,000.

 

“Term Loan”
means, with respect to each Lender, such Lender’s pro-rata portion of the Term Borrowing made by the Lenders pursuant to Section 2.01(b) and,
with respect to all Lenders, the aggregate of all such pro-rata portions.

 

    -37-

     

    

 

“Term Loan Facility”
means the term loan facility established pursuant to Article II hereof.

 

“Term
Loan Maturity Date” means November 2, 2021.

 

“Term
SOFR Determination Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.

 

“Term
SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable
Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days
prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR
Administrator.

 

“Term
SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any
Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published
by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00
pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has
not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred,
then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination
Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which
such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities
Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

 

“Total Capitalization”
means an amount equal to the sum of Tangible Net Worth of the Parent plus Total Debt plus (without duplication) the Specified Amount.

 

“Total Debt”
means all Indebtedness of the Parent and its Subsidiaries, on a consolidated basis, which appears on a balance sheet calculated in accordance
with GAAP plus, (a) without duplication (i) the face amount of all outstanding letters of credit in respect of which the Parent
or any Subsidiary has any actual or contingent reimbursement obligation (excluding letters of credit which are issued to support the
reinsurance obligations of Subsidiaries of the Parent which have been fully collateralized and letters of credit which are issued to
support the capital requirements at Lloyd’s of London, otherwise known as “Funds at Lloyd’s”), (ii) the
maximum aggregate amount (giving effect to any legally enforceable netting agreements) that the Parent and its Subsidiaries would be
required to pay if all Swap Agreements of the Parent and its Subsidiaries with respect to interest on indebtedness for money borrowed
were terminated at any date of determination and (iii) the principal amount of all Guarantees of Indebtedness by the Parent and
its Subsidiaries; provided that this clause (iii) shall not include Guarantees between or among the Parent and/or
its consolidated Subsidiaries, minus (b) that portion of the outstanding principal amount of all Trust Preferred Securities and
similar long-term hybrid capital that is deemed to constitute equity, as determined in accordance with S&P’s methodology at
such time (but only to the extent that such amount does not exceed 15% of Total Capitalization) the amount described in this clause
(b) being the “Specified Amount”.

 

    -38-

     

    

 

“Transactions”
means the execution, delivery and performance by the Borrowers of this Agreement and the other Credit Documents, the borrowing of Loans
and other credit extensions hereunder, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

 

“Treaty Lender”
means a Lender which is not a QPP Lender and which (a) is treated as resident of a Treaty State for the purposes of the relevant
Treaty, (b) does not carry on a business in the United Kingdom through a permanent establishment with which the Lender’s participation
in the Loans or Commitment is effectively connected and (c) which is entitled to claim the benefits of such Treaty with respect
to payments made by any UK Borrower hereunder.

 

“Treaty State”
means a jurisdiction which has entered into a double taxation agreement (a “Treaty”) with the United Kingdom which makes
provision for full exemption from Tax imposed by the United Kingdom on interest.

 

“Trust Preferred Securities”
means those securities listed on Schedule 1.04 hereto.

 

“Trust Preferred Security
Indebtedness” means any Indebtedness of a Borrower or a Subsidiary arising under Trust Preferred Securities.

 

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

 

“UK
Borrower” means any Borrower (i) that is organized or formed under the laws of the United Kingdom or (ii) payments
from which under this Agreement or any Credit Document are subject to withholding Taxes imposed by the laws of the United Kingdom.

 

“UK
Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended
from time to time) promulgated by the United Kingdom Financial Conduct Authority,
which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unsecured Letter
of Credit” means a Letter of Credit which is not a Secured Letter of Credit.

 

    -39-

     

    

 

“U.S.
Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which
the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the
entire day for purposes of trading in United States government securities.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S.
Special Resolution Regime” has the meaning assigned to it in ‎Section 9.20.

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Wholly-Owned Subsidiary”
of a Person means (a) any subsidiary all of the outstanding voting securities of which shall at the time be owned or controlled,
directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned
Subsidiaries of such Person, or (b) any partnership, limited liability company, association, joint venture or similar business organization
100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled (other than in the
case of Foreign Subsidiaries, director’s qualifying shares and/or other nominal amounts of shares required to be held by Persons
other than the Parent and its Subsidiaries under applicable law).

 

“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down and Conversion
Powers” means, (a) with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under
the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule,
and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability
arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide
that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect
of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    -40-

     

    

 

SECTION 1.02. Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving
Loan”) or by Type (e.g., a “Term Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g., a “Term
Benchmark Revolving Loan” or an “RFR Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g.,
a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”) or
by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”).

 

SECTION 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law”
shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations
thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all
Governmental Authorities. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications
set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded
to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts
and contract rights.

 

SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the Borrower Representative notifies the Administrative
Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of any change occurring after the date
hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower
Representative that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn
or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, (i) without
giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Borrower or any Subsidiary
at “fair value”, as defined therein, and (ii) in a manner such that any obligations relating to a lease that, in accordance
with GAAP as in effect on the Effective Date, would be accounted for by the Parent as an operating lease shall be accounted for as obligations
relating to an operating lease and not as obligations relating to a Capitalized Lease (and shall not constitute Indebtedness hereunder).

 

    -41-

     

    

 

SECTION 1.05. Foreign
Currency Calculations. (a) For purposes of determining the Dollar Equivalent of any Advance denominated in a Foreign Currency
or any related amount, the Administrative Agent shall determine the Exchange Rate as of the applicable Exchange Rate Date with respect
to each Foreign Currency in which any requested or outstanding Advance or Letter of Credit is denominated and shall apply such Exchange
Rates to determine such amount (in each case after giving effect to any Advance to be made or repaid on or prior to the applicable date
for such calculation).

 

(b)            For
purposes of any determination hereunder (including determinations under Section 6.01, 6.02, 6.04, 6.09
or 6.10 or under Article VII), all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies
other than Dollars shall be translated into Dollars at the appropriate currency Exchange Rate; provided that no Default shall
arise as a result of any limitation set forth in Dollars in Section 6.01 or 6.02 being exceeded solely as a result
of changes in Exchange Rates from those rates applicable at the time or times Indebtedness or Liens were initially consummated in reliance
on the exceptions under such Sections. For purposes of any determination under Section 6.04, 6.09 or 6.10,
the amount of each investment, asset disposition or other applicable transaction denominated in a currency other than Dollars shall be
translated into Dollars at the applicable Exchange Rate. Such Exchange Rates shall be determined in good faith by the Borrowers.

 

SECTION 1.06. Interest
Rates; LIBORBenchmark
Notification. The interest rate on Term Benchmark Loansa
Loan denominated in Dollars is determined by reference to the LIBO Rate, which is derived
from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks
may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would
no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor
to the ICE Benchmark Administrator, the “IBA”) for
purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank
offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine thedollars
or a Foreign Currency may be derived from an interest rate on Term Benchmark Loans denominated
in Dollars. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer
available or in certain other circumstances as set forth inbenchmark
that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition
Event, Section 2.14(c) of this Agreement, Section 2.14(cb)
provides a mechanism for determining an alternative rate of interest. The Administrative Agent will
notify the Borrowers, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Term
Benchmark Loans denominated in Dollars is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, the administration, submission,
performance or any other matter related to the London interbank offeredany
interest rate or other ratesused
in the definition of “LIBO Rate”this
Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation,
whether the composition or characteristics of any such alternative, successor or replacement reference rate,
as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic
equivalence of, the LIBO Rateexisting
interest rate being replaced or have the same volume or liquidity as did the London interbank
offeredany
existing interest rate prior to its discontinuance or unavailability. The
Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest
rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant
adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services
in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the
definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or
any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any
such rate (or component thereof) provided by any such information source or service.

 

    -42-

     

    

 

SECTION 1.07.
Divisions.
For all purposes under the Credit Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,
right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the
subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired
on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE II

 

The Credits

 

SECTION 2.01. Commitments.
(a)(a) Subject
to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans denominated in Dollars and Foreign Currencies
to the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such
Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment or (ii) the sum of the total Revolving
Credit Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

(b)            Subject
to the terms and conditions set forth herein, each Lender agrees to make a Term Loan denominated in Dollars to Parent on the Effective
Date in a principal amount that will not result in (a) such Lender’s Term Loan exceeding such Lender’s Term Commitment
or (b) the sum of the Term Loans exceeding the total Term Commitments; provided that the joint and several liability provisions
of Section 2.20 shall remain in full force and effect with respect to the Term Loan. No amount of the Term Loan which is
repaid or prepaid by the Borrowers may be reborrowed hereunder.

 

SECTION 2.02. Loans
and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Revolving Commitments. Each Term Loan shall be made as a part of a Borrowing consisting of
Term Loans made by the Lenders ratably in accordance with their respective Term Commitments. The failure of any Lender to make any Loan
required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required hereby.

 

    -43-

     

    

 

(b)            Subject
to Section 2.14, each Revolving Borrowing shall be comprised (A) in the case of Borrowings in Dollars, entirely of ABR
Loans or Term Benchmark Loans and (B) in the case of Borrowings in any other Foreign Currency, entirely of Term Benchmark Loans
or RFR Loans, as applicable, in each case of the same Foreign Currency, as the Borrower Representative may request in accordance herewith.
Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with
the terms of this Agreement.

 

(c)            At
the commencement of each Interest Period for any Term Benchmark Revolving Borrowing, such Borrowing shall be in an aggregate amount that
is an integral multiple of $1,000,000 (or, for any Foreign Currency Borrowing, an approximate equivalent thereof as determined by the
Administrative Agent) and not less than $1,000,000 (or, for any Foreign Currency Borrowing, an approximate equivalent thereof as determined
by the Administrative Agent). At the time that each ABR Borrowing and/or RFR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that an ABR Borrowing and a RFR Borrowing
may be in an aggregate amount (i) that is equal to the entire unused balance of the total Revolving Commitments or (ii) that
is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Borrowings of more than
one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of
twelve Term Benchmark Revolving Borrowings or RFR Borrowings outstanding. Notwithstanding the foregoing, Loans which are not denominated
in Dollars may be made in amounts and increments in the applicable Foreign Currency satisfactory to the Administrative Agent.

 

(d)            Notwithstanding
any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing
if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date or Revolving Maturity Date, as applicable.

 

(e)            Notwithstanding
any other provision of this Agreement, each Lender at its option may make any Loan by causing any domestic or foreign office, branch
or Affiliate of such Lender (an “Applicable Lending Installation”) to make such Loan that has been designated by such
Lender to the Administrative Agent. All terms of this Agreement shall apply to any such Applicable Lending Installation of such Lender
and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such Applicable Lending Installation.
Each Lender may, by written notice to the Administrative Agent and the Borrower Representative, designate replacement or additional Applicable
Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made. Any exercise of such
option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

 

    -44-

     

    

 

SECTION 2.03. Requests
for Borrowings. To request a Borrowing, the Borrower Representative shall notify the Administrative Agent of such request by telephone
(a) in the case of a Term Benchmark Borrowing in Dollars, not later than 10:00 a.m., Local Time, three U.S.
Government Securities Business Days before the date of the proposed Borrowing, (b) in the case of a Term Benchmark Borrowing
denominated in Euros, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing, (c) in
the case of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, five RFR Business Days before the
date of the proposed Borrowing or (d) in the case of an ABR Borrowing, not later than 10:00 a.m., Local Time, one Business Day before
the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy (or by electronic communication if, after the date hereof, arrangements for doing so shall be approved by the Administrative
Agent) to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower
Representative. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 

(i)            the
Borrower to which the proceeds of the requested Borrowing shall be disbursed;

 

(ii)            the
aggregate amount of the requested Borrowing;

 

(iii)            the
currency (which may be Dollars or a Foreign Currency) in which such Borrowing is to be denominated;

 

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

 

(v)            whether
such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing;

 

(vi)            in
the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and

 

(vii)            the
location and number of the account of a Borrower to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

 

If
no election as to currency of a Borrowing is specified, then the requested Borrowing shall be made in Dollars. If no election
as to the Type of such Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing, unless such Borrowing is denominated
in a Foreign Currency, in which case such Borrowing shall be a Term Benchmark Borrowing or an RFR Borrowing, as applicable. If no Interest
Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower Representative shall be deemed to have
selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

SECTION 2.04. [Intentionally
Omitted].

 

    -45-

     

    

 

SECTION 2.05. [Intentionally
Omitted].

 

SECTION 2.06. Letters
of Credit. (a) Several Letters of Credit.

 

(i)            Subject
to the terms and conditions set forth herein, the Borrower Representative may request the Issuing Agent to issue, on behalf of each Revolving
Lender, letters of credit denominated in Dollars or Foreign Currencies for the joint and several account of the Borrowers, in substantially
the form attached hereto as Exhibit C or in such other form reasonably acceptable to the Administrative Agent and the Issuing
Agent (each such letter of credit, a “Several Letter of Credit” and collectively, the “Several Letters of
Credit”) (which form may include having such Several Letters of Credit, though issued for the joint and several account of
the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial
counterparties or creditors of such Subsidiaries), at any time and from time to time during the Availability Period. It is the intention
of the parties to this Agreement that Several Letters of Credit issued to support reinsurance-related obligations shall have terms and
conditions necessary to qualify such Several Letters of Credit as permissible collateral under applicable law and, subject to the terms
and conditions of this Agreement, the Issuing Agent and the Revolving Lenders agree to issue such Several Letters of Credit. In the event
of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by any Borrower to, or entered into by any Borrower with, the Issuing Agent relating to any
Several Letter of Credit, the terms and conditions of this Agreement shall control.

 

(ii)            By
the issuance of a Several Letter of Credit (or an amendment to a Several Letter of Credit increasing the amount thereof) by the Issuing
Agent and without any further action on the part of the Issuing Agent or the Revolving Lenders, each Revolving Lender hereby acquires
an obligation under such Several Letter of Credit equal to such Revolving Lender’s Applicable Percentage under the Revolving Credit
Facility (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters
of Credit) of the aggregate amount to be drawn under such Several Letter of Credit (subject to the provisions in this Agreement regarding
Limited Fronting Lenders). The obligations of each Revolving Lender under and in respect of each Several Letter of Credit are several,
and the failure by any Revolving Lender to perform its obligations hereunder or under any Letter of Credit shall not affect the obligations
of the Borrowers toward any other party hereto nor shall any other such party be liable for the failure by such Revolving Lender to perform
its obligations hereunder or under any Several Letter of Credit.

 

    -46-

     

    

 

(iii)            Each
Several Letter of Credit shall be executed and delivered by the Issuing Agent in the name and on behalf of, and as attorney-in-fact for,
each Revolving Lender and the Issuing Agent shall act under each Several Letter of Credit, and each Several Letter of Credit shall expressly
provide that the Issuing Agent shall act, as the agent of each Revolving Lender, to (a) receive drafts, other demands for payment
and other documents presented by the beneficiary under such Several Letter of Credit, (b) determine whether such drafts, demands
and documents are in compliance with the terms and conditions of such Several Letter of Credit and (c) notify such Revolving Lender
and the Borrowers that a valid drawing has been made and the date that the related Several Unpaid Drawing is to be made (and the Issuing
Agent agrees to promptly make such determination and give such notice to the Revolving Lenders and the Borrowers); provided that,
the Issuing Agent shall have no obligation or liability for any Several Unpaid Drawing under such Several Letter of Credit, and each
Several Letter of Credit shall expressly so provide. Each Revolving Lender hereby irrevocably appoints and designates the Issuing Agent
as its attorney-in-fact, acting through any duly authorized officer of the Issuing Agent, to execute and deliver in the name and on behalf
of such Revolving Lender each Several Letter of Credit to be issued by such Revolving Lender hereunder and to take the other actions
described in clauses (a) through (c) above. Promptly upon the request of the Issuing Agent, each Revolving Lender
will furnish to the Issuing Agent such powers of attorney or other evidence as any beneficiary of any Several Letter of Credit may reasonably
request in order to demonstrate that the Issuing Agent has the power to act as attorney-in-fact for such Lender to execute and deliver
such Several Letter of Credit.

 

(iv)            Each
Revolving Lender in respect of the issuance of Letters of Credit represents that on the date of this Agreement (or, if later, the date
such Revolving Lender becomes a party to this Agreement) it is a NAIC Approved Bank or it has in effect a Limited Fronting Agreement
with a Limited Fronting Lender. Each Revolving Lender in respect of the issuance of Letters of Credit agrees to use commercially reasonable
efforts in order to, at all times, (i) be listed on the NAIC Approved Bank List or (ii) maintain in effect a Limited Fronting
Agreement with a Limited Fronting Lender. If at any time any Revolving Lender shall cease to be a NAIC Approved Bank, such Revolving
Lender shall promptly notify the Borrower Representative and the Administrative Agent.

 

(v)            In
the event that any Revolving Lender or any other Person acceptable to the Borrowers and the Administrative Agent which is listed on the
NAIC Bank List agrees (in its sole and absolute discretion) to act as a Limited Fronting Lender for any Non-NAIC Approved Bank pursuant
to which such Limited Fronting Lender will itself honor the obligations of such Non-NAIC Approved Bank in respect of Several Letters
of Credit as if, and to the extent, such Limited Fronting Bank were originally named on such Several Letters of Credit, and upon such
other terms and conditions as such parties may agree (including fees payable by such Non-NAIC Approved Bank to such Limited Fronting
Lender) (such agreement, a “Limited Fronting Lender Agreement”), the following provisions shall apply (in addition
to any other provisions hereof relating to Limited Fronting Lenders):

 

(A)            Upon
the issuance of any Several Letter of Credit pursuant hereto, with respect to any Non-NAIC Approved Bank under such Several Letter of
Credit, each applicable Limited Fronting Lender, in reliance upon the agreement of such Non- NAIC Approved Bank set forth in this Section,
agrees (A) to issue through the Issuing Agent, in addition to its own obligations as a Revolving Lender under such Several Letter
of Credit, severally such Several Letter of Credit in an amount equal to such Non-NAIC Approved Bank's Applicable Percentage under the
Revolving Credit Facility (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such
Several Letters of Credit) of the stated amount of such Several Letter of Credit (or the portion thereof for which such Limited Fronting
Lender has agreed to be a Limited Fronting Lender), and (B) to amend or extend each Several Letter of Credit previously issued by
it as a Limited Fronting Lender for such Revolving Lender;

 

    -47-

     

    

 

(B)            With
respect to any Several Letter of Credit issued by a Limited Fronting Lender pursuant to clause (A) above, such Revolving
Lender agrees to purchase participations (as provided in Section 2.06(a)(vi)) in the obligations of such Limited Fronting
Lender under such Several Letter of Credit attributable to such Revolving Lender for which such Limited Fronting Lender has agreed to
act as a Limited Fronting Lender hereunder; and

 

(C)            Such
Revolving Lender in respect of the issuance of Letters of Credit shall promptly furnish a copy of its Limited Fronting Agreement to the
Borrowers and the Administrative Agent.

 

Notwithstanding anything herein to the contrary,
no Revolving Lender shall have any obligation to agree to act hereunder as a Limited Fronting Lender for any other Person unless such
Revolving Lender has entered into a Limited Fronting Lender Agreement in its sole and absolute discretion.

 

(vi)            In
the event any Revolving Lender purchases a participation in the Letter(s) of Credit of its Limited Fronting Lender pursuant to Section 2.06(a)(v),
then, without any further action on the part of any party, such Limited Fronting Lender grants to such Revolving Lender, and such Revolving
Lender hereby acquires from such Limited Fronting Lender, a participation in such Limited Fronting Lender’s Applicable Percentage
(or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit)
of the relevant Letters of Credit attributable to such Revolving Lender for which such Limited Fronting Lender has agreed to act as a
Limited Fronting Lender hereunder. Each Revolving Lender purchasing a participation hereunder acknowledges and agrees that its obligation
to acquire such participations in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction
or termination of the Commitments. In consideration and in furtherance of the foregoing, such Revolving Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent, for account of the applicable Limited Fronting Lender an amount equal to the
amount of each payment made by such Limited Fronting Lender in respect of the portion of such Letter of Credit in which such Revolving
Lender holds a participation, promptly upon the request of such Limited Fronting Lender at any time from the time such payment is made
until such payment is reimbursed by the Borrowers or at any time after any reimbursement payment is required to be refunded to the Borrowers
for any reason or at any time as may be set forth in the Limited Fronting Lender Agreement between such Limited Fronting Lender and such
Revolving Lender. Such payment by such Revolving Lender shall be made for account of the applicable Limited Fronting Lender without any
offset, abatement, withholding or reduction whatsoever. To the extent that any Revolving Lender has made payments pursuant to this paragraph
to reimburse a Limited Fronting Lender in respect of any participation interests purchased hereunder in respect of any Letter of Credit,
promptly following receipt by the Administrative Agent of any payment from the Borrowers or any other account party pursuant to Section 2.06(e) in
respect of such Letter of Credit, the Administrative Agent shall distribute such payment to such Limited Fronting Lender and such Revolving
Lender, in each case as their interests may appear. Any payment made by a Revolving Lender in respect of its participation pursuant to
this paragraph to reimburse the applicable Limited Fronting Lender for any payment made in any respect of any drawing under a Letter
of Credit shall not relieve the Borrower or any other account party of its obligation to reimburse the amount of such drawing pursuant
to the terms of this Agreement.

 

    -48-

     

    

 

(b)            Fronted
Letters of Credit.

 

(i)            Subject
to the terms and conditions set forth herein, the Borrower Representative may request any Fronting Bank to issue (and any Fronting Bank,
in its sole discretion may issue), one or more Letters of Credit denominated in Dollars or Foreign Currencies for the joint and several
account of the Borrowers, in a form reasonably acceptable to the Administrative Agent and the Fronting Bank (each such letter of credit,
a “Fronted Letter of Credit” and collectively, the “Fronted Letters of Credit”) (which form may
include having such Fronted Letters of Credit, though issued for the joint and several account of the Borrowers, reflect on their face
Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial counterparties or creditors of such
Subsidiaries), at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms
and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by any Borrower to, or entered into by any Borrower with, the Fronting Bank relating to any Fronted Letter of Credit, the terms and conditions
of this Agreement shall control. Upon the effectiveness of this Agreement, the Existing Letter of Credit shall, without any further action
by any party, be deemed to have been issued as a Letter of Credit hereunder by JPMCB on the date of such effectiveness and shall for
all purposes hereof be treated as a Fronted Letter of Credit under this Agreement.

 

(ii)            By
the issuance of a Fronted Letter of Credit (or an amendment to a Fronted Letter of Credit increasing the amount thereof) and without
any further action on the part of the Fronting Bank or the Revolving Lenders, the Fronting Bank hereby grants to each Revolving Lender,
and each Revolving Lender hereby acquires from the Fronting Bank (each such Revolving Lender, in its capacity under this Section 2.06(b) a
 “Fronting Participant”), a participation in such Fronted Letter of Credit equal to such Lender’s Applicable
Percentage under the Revolving Credit Facility of the aggregate amount available to be drawn under such Fronted Letter of Credit. In
consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative
Agent, for the account of the applicable Fronting Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made
by the Fronting Bank under the Fronted Letters of Credit and not reimbursed by the Borrowers on the date due as provided in paragraph
(e) of this Section, or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Fronted Letters
of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Fronted Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments,
and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Upon any change in the Revolving
Commitments or Applicable Percentages with respect to the Revolving Credit Facility of the Revolving Lenders pursuant to this Agreement
(including pursuant to Section 2.20), it is hereby agreed that, with respect to all outstanding Fronted Letters of Credit
and Fronted Unpaid Drawings, there shall be an automatic adjustment to the participations pursuant to this Section 2.06 to
reflect the new Applicable Percentages with respect to the Revolving Credit Facility of the assignor and assignee Revolving Lender or
of all Revolving Lenders with Revolving Commitments, as the case may be.

 

    -49-

     

    

 

(iii)            In
the event that any Fronting Bank makes any payment under any Fronted Letter of Credit and the Borrowers fail to make such payment when
due pursuant to Section 2.06(e), such amount (which, if denominated in a currency other than Dollars, shall be converted
into Dollars at the Exchange Rate) shall bear interest at the Alternate Base Rate and the Administrative Agent shall notify each Fronting
Participant of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Fronting Participant’s
Applicable Percentage under the Revolving Credit Facility thereof. Promptly following receipt of such notice, each Fronting Participant
shall pay to the Administrative Agent its Applicable Percentage under the Revolving Credit Facility of the payment then due from the
Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly
pay to the Fronting Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent
of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Fronting
Bank, or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Fronting Bank, then to
such Revolving Lenders and the Fronting Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph
to reimburse the Fronting Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not
constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement.

 

(c)            Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower Representative shall hand deliver or telecopy (or transmit by
electronic communication, if arrangements for doing so have been approved by the applicable LC Issuer) to the applicable LC Issuer and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting
the issuance of a Several Letter of Credit or Fronted Letter of Credit, as applicable, or identifying the Letter of Credit to be amended,
renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on
which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount and currency
of such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit will be a Secured Letter of
Credit or an Unsecured Letter of Credit and such other information as shall be necessary to prepare, amend, renew or extend such Letter
of Credit. If requested by the applicable LC Issuer, the Borrower Representative also shall submit a letter of credit application on
the applicable LC Issuer’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit each Borrower shall
be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure
shall not exceed the Dollar Equivalent of an amount equal to the Revolving Commitments and (ii) the sum of the total Revolving Credit
Exposures shall not exceed the total Revolving Commitments.

 

    -50-

     

    

 

(d)            Expiration
Date. Unless approved by the applicable LC Issuer and each Revolving Lender, each Letter of Credit shall expire at or prior to the
close of business on the date one year or less after the date of the issuance of such Letter of Credit (or, in the case of any renewal
or extension thereof, one year or less after such renewal or extension); provided that any Letter of Credit will include, if requested,
customary “evergreen” provisions; provided further that (i) no Letter of Credit shall have an expiry date more
than one year after the Revolving Maturity Date, (ii) the applicable LC Issuer shall be under no obligation to renew or extend any
Letter of Credit after the Revolving Maturity Date and (iii) with respect to of any Letter of Credit expiring after the Revolving
Maturity Date, the Borrowers shall cash collateralize such Letter of Credit on or before the date five (5) Business Days prior to
the Revolving Maturity Date in the manner and to the extent described in Section 2.06(j).

 

(e)            Reimbursement.
If any Revolving Lender or any Fronting Bank shall make any LC Disbursement in respect of a Letter of Credit, it may notify the Borrowers
and shall promptly notify the Administrative Agent (which shall promptly notify the Borrowers) and the Borrowers shall reimburse such
LC Disbursement by paying to the Administrative Agent, for the account of such Revolving Lender or such Fronting Bank, as applicable,
an amount equal to such LC Disbursement calculated as of the date such LC Disbursement is made not later than 3:00 p.m., Local Time,
on the second Business Day following the date that such LC Disbursement is made, if the Borrower Representative shall have received notice
of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Borrower Representative
prior to such time on such date, then not later than 3:00 p.m., Local Time, on (i) the second Business Day following the date that
the Borrower Representative receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt,
or (ii) the Business Day immediately following the second Business Day after the day that the Borrower Representative receives such
notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrowers may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 (but without regard to the minimum and
multiples specified in such Section) that such payment be financed with an ABR Revolving Borrowing in an equivalent amount of such LC
Disbursement and, to the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by
the resulting ABR Revolving Borrowing.

 

    -51-

     

    

 

(f)            Obligations
Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by any Revolving
Lender or any Fronting Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrowers’ obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor any LC Issuer, nor any of their
Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter
of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of applicable LC Issuer; provided that the foregoing
shall not be construed to excuse any LC Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers
that are caused by the such LC Issuer’s failure to exercise care when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of any LC Issuer (as finally determined by a court of competent jurisdiction), such LC Issuer shall be
deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof,
the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms
of a Letter of Credit, the applicable LC Issuer may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment
upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)            Disbursement
Procedures. The applicable LC Issuer shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit. The applicable LC Issuer shall promptly notify the Administrative Agent and the Borrower
Representative by telephone (confirmed by telecopy) of such demand for payment and whether such LC Issuer has made or will make an LC
Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their
obligation to reimburse such LC Issuer and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)            Interim
Interest. If any Revolving Lender or any Fronting Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse
such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from
and including the date such LC Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement, at the
rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrowers fail to reimburse such LC Disbursement
when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant
to this paragraph shall be for the account of (i) each Revolving Lender pro rata in accordance with its Applicable Percentage with
respect to the Revolving Credit Facility, in the case of Several Letters of Credit or (ii) the applicable Fronting Bank, in the
case of Fronted Letters of Credit, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to
paragraph (b)(iii) of this Section to reimburse the applicable Fronting Bank shall be for the account of such Revolving
Lender to the extent of such payment.

 

    -52-

     

    

 

(i)            Replacement
of the Issuing Agent. The Issuing Agent may be replaced at any time by written agreement among the Borrowers, the Administrative
Agent, the Revolving Lenders, the replaced Issuing Agent and the successor Issuing Agent. At the time any such replacement shall become
effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Agent pursuant to Section 2.12(b).
From and after the effective date of any such replacement, (i) the successor Issuing Agent shall have all the rights and obligations
of the Issuing Agent under this Agreement with respect to the applicable Letters of Credit to be issued thereafter and (ii) references
herein to the term “Issuing Agent” shall be deemed to refer to such successor or to any previous Issuing Agent, or to such
successor and all previous Issuing Agent, as the context shall require. After the replacement of an Issuing Agent hereunder, the replaced
Issuing Agent shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Agent under this Agreement
with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j)            Cash
Collateralization. If (i) any Event of Default shall occur and be continuing and if all outstanding Loans have been declared
to be due and payable pursuant to Article VII, then, on the Business Day that the Borrowers receive notice from the Administrative
Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an
account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount
in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to
deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrowers described in clause (h) or
(i) of Article VII or (ii) any Letter of Credit shall have an expiration date after the Revolving Maturity
Date, on the date five Business Days prior to the Revolving Maturity Date the Borrowers shall deposit in an account with the Administrative
Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, (A) in the case of Letters of Credit
denominated in Dollars, an amount in cash in Dollars equal to 105% of the face amount of such Letters of Credit and (B) in the case
of Letters of Credit denominated in a Foreign Currency, in cash in Dollars equal to 120% of the face amount of such Letter of Credit
or, at the request of the Issuing Agent or the Fronting Bank, as applicable, in cash in the relevant Foreign Currency equal to 105% of
the face amount of such Letter of Credit. Any such deposit shall be held by the Administrative Agent as collateral for the payment and
performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse the Revolving Lenders or the Fronting Bank, as applicable, for LC Disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations
of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other
obligations of the Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral hereunder (i) as
a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers
within three Business Days after all Events of Default have been cured or waived and (ii) as a result of the expiration of a Letter
of Credit extending past the Revolving Maturity Date, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers
within three Business Days after the surrender or expiration of such Letter of Credit.

 

    -53-

     

    

 

(k)            LC
Issuer Agreements. Each LC Issuer agrees that, unless otherwise requested by the Administrative Agent, such LC Issuer shall report
in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) during
the immediately preceding week in respect of all Letters of Credit issued by such LC Issuer, including all issuances, extensions, amendments
and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day
on which such LC Issuer expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal
or extension, and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding
after giving effect to such issuance, amendment, renewal or extension (and whether the amount thereof changed), it being understood that
such LC Issuer shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of
Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement,
(iii) on each Business Day on which such LC Issuer makes any LC Disbursement, the date of such LC Disbursement and the amount of
such LC Disbursement, (iv) on any Business Day on which the Borrowers fail to reimburse an LC Disbursement required to be reimbursed
to such LC Issuer (or any Revolving Lender, with respect to any Several Letter of Credit that such LC Issuer issued) on such day, the
date of such failure and the amount and currency of such LC Disbursement and (v) on any other Business Day, such other information
as the Administrative Agent shall reasonably request. Such reports shall be provided to any Lender upon such Lender’s request.

 

(l)            Collateral
for Secured Letters of Credit. If a Borrower requests that any Letter of Credit be issued as a Secured Letter of Credit pursuant
to Section 2.06(c), then at or prior to the time of issuance of such Letter of Credit such Borrower shall deposit (or cause
to be deposited) with the Collateral Agent Eligible Collateral having an aggregate Loan Value in an amount which results in the aggregate
Loan Value of all such Eligible Collateral being at least equal to 100% of the face amount of such Secured Letters of Credit. If at any
time the aggregate LC Exposure associated with such Letters of Credit shall exceed the amount of such Eligible Collateral deposited with
the Collateral Agent, such Borrower shall, within three Business Days of receipt of written request therefor from the Administrative
Agent, deposit (or cause to be deposited) with the Collateral Agent such additional Eligible Collateral as may be required to eliminate
such excess. If such Borrower shall fail to provide such additional Eligible Collateral within such time period, such Letter of Credit
shall (from and after such third Business Day until such excess has been eliminated) be treated as an Unsecured Letter of Credit for
purposes of determining the fees payable to the Lenders with respect thereto pursuant to Section 2.12(b). The Administrative
Agent shall determine the Dollar Equivalent of the LC Exposure in respect of Secured Letters of Credit from time to time in its discretion.
For the avoidance of doubt, any cash collateral deposited with the Collateral Agent pursuant to Section 2.06(j) shall
constitute Eligible Collateral under this Section 2.06(l).

 

    -54-

     

    

 

(m)            Adjustment
of Applicable Percentages. Upon (i) each addition of a new Revolving Lender hereunder and (ii) each change in the Revolving
Commitment of a Revolving Lender pursuant to this Agreement, including pursuant to an increase in the commitments pursuant to Section 2.09(d),
then (A) in the case of each outstanding Several Letter of Credit, with the consent of the beneficiary thereunder to the extent
required by the terms thereof or under applicable law (including, if applicable, the Uniform Customs and Practices for Documentary Credits
governing such Several Letter of Credit), the Administrative Agent shall promptly amend such Several Letter of Credit to specify the
Revolving Lenders that are parties thereto, after giving effect to such event, and such Revolving Lenders’ respective Applicable
Percentages (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters
of Credit) as of the effective date of such amendment and (B) in the case of each outstanding Fronted Letter of Credit, the participation
interest of each Revolving Lender therein shall automatically be adjusted to reflect, and each Lender shall have a participation in such
Fronted Letter of Credit equal to, such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn
under such Fronted Letter of Credit after giving effect to such event. However, it is acknowledged by the Administrative Agent and the
Revolving Lenders that amendments of outstanding Several Letters of Credit may not be immediately effected. Accordingly, whether or not
Several Letters of Credit are amended as contemplated hereby, the Revolving Lenders agree that they shall purchase and sell participations
or otherwise make or effect such payments among themselves (but through the Administrative Agent) so that payments by the Revolving Lenders
of drawings under Several Letters of Credit and payments by the Borrowers of LC Disbursements and interest thereon are, except as otherwise
expressly set forth herein, in each case shared by the Revolving Lenders in accordance with the respective Applicable Percentages (or
other applicable shares if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of
the Revolving Lenders from time to time in effect.

 

SECTION 2.07. Funding
of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of immediately available funds by 12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting
the amounts so received, in like funds, to the account specified pursuant to Section 2.03, which shall be an account of a
Borrower maintained with the Administrative Agent in New York City (or, in the case of Loans denominated in a Foreign Currency, in such
other location as may be designated by the Administrative Agent) and designated by the Borrowers in the applicable Borrowing Request;
provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall
be remitted by the Administrative Agent to the Lenders pro rata in accordance with their respective Applicable Percentage with respect
to the Revolving Credit Facility (in the case of Several Letters of Credit) or the applicable Fronting Bank (in the case of Fronted Letters
of Credit).

 

    -55-

     

    

 

 

(b)            Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such
Lender has made such share available on such date in accordance with this Section 2.07 and may, in reliance upon such assumption,
make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available
to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, (x) the
greater of the Federal Funds Effectiveapplicable
Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation (in the case of a Borrowing denominated in Dollars) or (y) the rate reasonably determined by
the Administrative Agent to be the cost to it of funding such amount (in the case of a Borrowing denominated in a Foreign Currency) or
(ii) in the case of the Borrowers, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

 

(c)            In
the event that the Borrowers have made a Non-Pro Rata Issuance Election and thereafter the Borrowers request a Revolving Loan, such Revolving
Loan shall, subject to the other terms and provisions hereof, be advanced first, by those Non-NAIC Approved Banks that do not participate
in the issuance, renewal, extension or amendment of one or more Several Letters of Credit as the result of such Non-Pro Rata Issuance
Election until, after giving effect thereto, the Revolving Credit Exposure owing to the Lenders are held by the Lenders pro rata in accordance
with their respective Revolving Commitments and second, by the Lenders (including such Non-NAIC Approved Banks) pro rata in accordance
with their respective Revolving Commitments; provided that, for the avoidance of doubt, the aggregate outstanding amount of the
Revolving Credit Exposure of such Lender shall not exceed the Revolving Commitment of such Lender notwithstanding the provisions of this
Section 2.07(c).

 

SECTION 2.08. Interest
Elections. (a) Each Borrowing initially shall be of the Type and
Agreed Currency specified in the applicable Borrowing Request and, in the case of a Term Benchmark Revolving Borrowing, shall
have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower Representative may elect to convert
such Borrowing to a different Type, in the case of Borrowings denominated in Dollars, or to continue such Borrowing and, in the case
of a Term Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower Representative may
elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered
a separate Borrowing.

 

(b)            To
make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election by telephone
by the time that a Borrowing Request would be required under Section 2.03 if the Borrower Representative were requesting
a Borrowing of the Type and denominated in the currency resulting from such election to be made on the effective date of such election.
Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower
Representative.

 

    -56-

     

    

 

(c)            Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)            the
currency and amount of Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be
specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)            the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)            whether
the resulting Borrowing is to be an ABR Borrowing (in
the case of Borrowings denominated in Dollars), a Term Benchmark Borrowing or an RFR
Borrowing (in
the case of Borrowings denominated in Sterling); and

 

(iv)            if
the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period”;.

 

If any such Interest Election Request requests
a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower Representative shall be deemed to have selected
an Interest Period of one month’s duration.

 

(d)            Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing.

 

(e)            If
the Borrower Representative fails to deliver a timely Interest Election Request with respect to a Term Benchmark Revolving Borrowing
in
Dollars prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converteddeemed
to have
an ABRInterest
Period that is one month. If the Borrower Representative fails to deliver a timely and complete Interest Election Request with respect
to a Term Benchmark Borrowing (unless such Borrowing is denominated
in a Foreign Currency, in which case prior
to the end of the Interest Period therefor, then, unless such Term
Benchmark Borrowing shallis
repaid as provided herein, the Borrower Representative shall be deemed to have selected that such Term Benchmark Borrowing shall automatically
be continued as a Term Benchmark Borrowing in its original ForeignAgreed
Currency with an Interest Period of one month’s duration
commencing on at
the last dayend
of such Interest Period). Notwithstanding any
contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the
Required Lenders, so notifies the Borrower Representative,
then, so long as an Event of Default is continuing (i) no outstanding Revolving
Borrowing may be converted to or continued as a Term Benchmark Borrowing, and
(ii) unless repaid, (x) each
Term Benchmark Revolving Borrowing and
each RFR Borrowing, in each case denominated in Dollars shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto, and (iiiy)
unless repaid, each Term Benchmark Borrowing and
each RFR Borrowing, in each case denominated in a Foreign Currency shall be
continued as a Term Benchmark Borrowing with an Interest Period of one month’s durationbear
interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; provided that, if the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable
Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars
shall either be (A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Foreign
Currency) at the end of the Interest Period, as applicable, therefor or (B) prepaid at the end of the applicable Interest Period,
as applicable, in full; provided that if no election is made by the Borrower Representative by the earlier of (x) the date that
is three Business Days after receipt by the Borrower Representative of such notice and (y) the last day of the current Interest
Period for the applicable Term Benchmark Loan, the Borrower Representative shall be deemed to have elected clause (A) above.

 

    -57-

     

    

 

SECTION 2.09. Termination
and Reduction and Increase of Commitments. (a) Unless previously terminated (or extended pursuant to Section 2.22),
the Revolving Commitments shall terminate on the Revolving Maturity Date. The Term Commitments shall terminate upon the making of the
Term Loan on the Effective Date.

 

(b)            The
Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction
of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the
Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving
Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Commitments.

 

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

 

(d)            The
Borrower Representative at its option may, from time to time, after the Effective Date, seek to increase the total Revolving Commitments
by up to an aggregate amount of $100,000,000 (resulting in maximum total Revolving Commitments of $300,000,000) upon at least three (3) Business
Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such increase (which shall
not be less than $10,000,000 or such lesser amount to which the Administrative Agent may agree) and shall certify that no Default has
occurred and is continuing. After delivery of such notice, the Parent, in its discretion, may offer the increase (which may be declined
by any Lender in its sole discretion) in the total Revolving Commitments on either a ratable basis to the Lenders or on a non pro-rata
basis to one or more Lenders and/or to other Lenders or entities that are NAIC Approved Banks and are reasonably acceptable to the Administrative
Agent, the Issuing Agent, the Fronting Banks and the Borrower Representative; provided that no increase may be offered to any
entity that is an Ineligible Institution. No increase in the total Revolving Commitments shall become effective until the existing or
new Lenders extending such incremental Revolving Commitment amount and the Borrowers shall have delivered to the Administrative Agent
a document in form and substance reasonably satisfactory to the Administrative Agent pursuant to which (i) any such existing Lender
agrees to the amount of its Revolving Commitment increase, (ii) any such new Lender agrees to its Revolving Commitment and agrees
to assume and accept the obligations and rights of a Lender hereunder, (iii) the Borrowers accept such incremental Revolving Commitments,
(iv) the effective date of any increase in the Revolving Commitments is specified and (v) the Borrowers certify that on such
date the conditions for a new Loan set forth in Section 4.02 are satisfied. Upon the effectiveness of any increase in the
total Revolving Commitments pursuant hereto, (i) each Lender (new or existing) shall be deemed to have accepted an assignment from
the existing Lenders, and the existing Lenders shall be deemed to have made an assignment to each new or existing Lender accepting a
new or increased Revolving Commitment, of an interest in each then outstanding Revolving Loan (in each case, on the terms and conditions
set forth in the Assignment and Assumption) and (ii) the LC Exposure of the existing and new Lenders shall be adjusted as contemplated
by Section 2.06(m) such that, after giving effect to such assignments and adjustments, all Revolving Credit Exposure
hereunder is held ratably by the Lenders in proportion to their respective Revolving Commitments. Assignments pursuant to the preceding
two sentences shall be made in exchange for, and substantially contemporaneously with the payment to the assigning Lenders of, the principal
amount assigned. Payments received by assigning Lenders pursuant to this Section in respect of the principal amount of any Term
Benchmark Loan shall, for purposes of Section 2.16 be deemed prepayments of such Loan. Any increase of the total Revolving
Commitments pursuant to this Section 2.09(d) shall be subject to receipt by the Administrative Agent from the Borrowers
of such supplemental opinions, resolutions, certificates and other documents as the Administrative Agent may reasonably request. No consent
of any Lender (other than the Lenders agreeing to new or increased Revolving Commitments) shall be required for any incremental Revolving
Commitment provided or Revolving Loan made pursuant to this Section 2.09(d).

 

    -58-

     

    

 

SECTION 2.10. Repayment
of Loans; Evidence of Debt. (a) The Borrowers hereby jointly and severally unconditionally promise to pay (i) to the Administrative
Agent for the account of each applicable Lender the then unpaid principal amount of each Revolving Loan on the Revolving Maturity Date
and (ii) to the Administrative Agent for the account of each applicable Lender the unpaid principal amount of its Term Loan on the
Term Loan Maturity Date.

 

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

 

(c)            The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and
Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof.

 

    -59-

     

    

 

(d)            The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima
facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or
the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers
to repay the Loans in accordance with the terms of this Agreement.

 

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

 

(f)            If
as of any date a determination is required or authorized to be made under the Credit Documents the aggregate Revolving Credit Exposure
of the Lenders exceeds the aggregate Revolving Commitments of the Lenders, the Borrowers shall within two (2) Business Days prepay
the Loans in the amount of such excess. To the extent that, after the prepayment of all Loans an excess of the Credit Exposure over the
aggregate Revolving Commitments still exists, the Borrowers shall promptly cash collateralize the Letters of Credit in the manner described
in Section 2.06(j) in an amount sufficient to eliminate such excess.

 

(g)            The
Administrative Agent will determine the Dollar Equivalent of the aggregate LC Exposure and the Dollar Equivalent of each Loan on each
Exchange Rate Date. If at any time the sum of such amounts exceeds 105% of the aggregate Revolving Commitments of the Lenders, the Borrowers
shall within two (2) Business Days prepay the Revolving Loans in an amount sufficient to reduce the sum of such amounts to no greater
than the amount of the aggregate Revolving Commitments of the Lenders. To the extent that, after the prepayment of all Loans an excess
of the sum of such amounts over the aggregate Revolving Commitments still exists, the Borrowers shall promptly cash collateralize the
Letters of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess.

 

SECTION 2.11. Prepayment
of Loans. (a) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part
and without prepayment or penalty, subject to prior notice in accordance with paragraph (b) of this Section.

 

(b)            The
Borrower Representative shall notify the Administrative Agent by telephone (confirmed by telecopy or
electronic mail) of any prepayment hereunder (i) in the case of prepayment of (x) a
Term Benchmark Borrowing (denominated
in Dollars or Euros), not later than 11:00 a.m., Local Time, three Business Days before
the date of prepayment, (ii) in the case of prepayment of an RFR Revolving Borrowing denominated in Sterling, not later than 11:00
a.m., Local Time, five RFR Business Days before the date of prepayment or (iiiiv)
in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., Local Time, one Business Day before the date of prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof
to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the
Revolving Commitments as contemplated by Section 2.09(d), then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.09(d). Promptly following receipt of any such notice relating to a Borrowing,
the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall
be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied
by accrued interest to the extent required by Section 2.13.

 

    -60-

     

    

 

SECTION 2.12. Fees.
(a) Subject to Section 2.21(a), the Borrowers agree to pay to the Administrative Agent for the account of each Lender
a commitment fee in Dollars, which shall accrue at the Applicable Rate on such Lender’s Applicable Percentage under the Revolving
Credit Facility of the daily amount of the difference between the Revolving Commitment of such Lender and the Revolving Credit Exposure
of such Lender during the period from and including the date hereof to but excluding the date on which such Revolving Commitment terminates.
Accrued commitmentCommitment
fees accrued
through and including the last day of March, June, September and December of each year shall be payable quarterly
in arrears on the fifth Business Day after receipt by the Borrowers of an invoice with respect to such feesfee
and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof.
All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

 

(b)            Subject
to Section 2.21(c), the Borrowers agree to pay (i) to the Administrative Agent for the account of each Lender a participation
fee with respect to its credit exposure in respect of Letters of Credit (whether in the form of participations in Fronted Letters of
Credit or as a ratable issuer of Several Letters of Credit), equal to (A) in the case of Unsecured Letters of Credit, the Applicable
Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans on the average daily amount available to be drawn
under such Unsecured Letter of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) and (B) in the
case of Secured Letters of Credit, at the applicable rate per annum set forth on Schedule 1.02 under the caption “Secured
Letter of Credit Fee” on the average daily amount available to be drawn under such Secured Letter of Credit, in each case, during
the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates
and the date on which such Lender ceases to have any LC Exposure, and (ii) to each Fronting Bank a fronting fee, which shall accrue
at the rate or rates per annum separately agreed upon between the Borrowers and such Fronting Bank on the average daily amount of the
LC Exposure in respect of Fronted Letters of Credit issued by it (excluding any portion thereof attributable to unreimbursed LC Disbursements)
during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments
and the date on which there ceases to be any LC Exposure, as well as the applicable LC Issuer’s standard fees and commissions with
respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and
December of each year shall be payable on the fifth Business Day following receipt by the Borrowers of an invoice thereof,
commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable
on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments
terminate shall be payable on demand. Any other fees payable to the applicable LC Issuer pursuant to this paragraph shall be payable
within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

    -61-

     

    

 

(c)            The
Borrowers agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed
upon between the Borrowers and the Administrative Agent.

 

(d)            All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing
Agent or the applicable Fronting Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation
fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.
(a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 

(b)            (i) The
Loans comprising each Term Benchmark Borrowing shall bear interest at the applicable Term Benchmark
Borrowing shall bear interest at the Adjusted
Term SOFR Rate or the Adjusted EURIBOR Rate, as applicable, for the Interest Period in effect
for such Borrowing plus the Applicable Rate and (ii) the Loans comprising of each
RFR Borrowing shall bear interest at the Loan
shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple RFR plus
the Applicable Rate.

 

(c)            Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any of the Borrowers hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable
to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate
applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d)            Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, upon the final maturity thereof and, in
the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to
paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any
Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid
or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark
Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of
such conversion.

 

    -62-

     

    

 

(e)            All
interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Borrowings computed by reference
to the Daily Simply RFR denominated in Sterling shall be computed on the basis of a year of 365 days, (ii) interest on Borrowings
denominated in any other Foreign Currency for which it is required by applicable law or customary to compute interest on the basis of
a year of 365 days or, if required by applicable law or customary, 366 days in a leap year, shall be computed on such basis, and (iii) interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on
the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). TheAll
interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the
applicable date of determination. A determination of the applicable Alternate Base Rate, Adjusted
EurocurrencyTerm
SOFR Rate, LIBOTerm
SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate, Adjusted Daily Simple RFR or Daily Simple RFR
shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

SECTION 2.14. Alternate
Rate of Interest. (a) If priorSubject
to the commencement of any Interest Period for a Term Benchmark Borrowing denominated in
any currency or at any time for a RFR Loanclauses
(b), (c), (d), (e) and (f) of this ‎Section 2.14, if:

 

(i)            the
Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior
to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate
and reasonable means do
not exist for ascertaining the Adjusted Term SOFR Rate or the Adjusted
EURIBOR Rate (including by means of an Interpolated Ratebecause
the Relevant Screen Rate is not available or published on a current basis), iffor
the applicable) Agreed
Currency and such Interest Period or (B) at any time, that adequate and reasonable means do
not exist for ascertaining the applicable
Adjusted Eurocurrency Rate, the LIBO Rate,
the Adjusted EURIBOR Rate or the EURIBOR as applicable, for such Interest
Period, or the Adjusted Daily Simple RFR orfor
the Daily Simple RFRapplicable
Agreed Currency; or

 

(ii)            the
Administrative Agent is advised by the Required Lenders that (A) prior
to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted
EurocurrencyTerm
SOFR Rate or the Adjusted EURIBOR Rate, as
for
the applicable, for Agreed
Currency and such Interest Period will not adequately and fairly reflect the
cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed
Currency and such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making
or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period, which
notice is accompanied by a written rationale for the determination of the Required Lenders, which will be shared with the Borrowersthe
applicable Agreed Currency;

 

    -63-

     

    

 

then the Administrative Agent shall give notice
thereof to the BorrowersBorrower
Representative and the Lenders by telephone or,
telecopy or
electronic mail as promptly as practicable thereafter and, until (x) the
Administrative Agent notifies the BorrowersBorrower
Representative and the Lenders that the circumstances giving rise to such notice no longer exist,
(i) with
respect to the relevant Benchmark and (y) the Borrower Representative delivers
a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms
of Section 2.03, (A) for Loans denominated in Dollars, any Interest Election Request that requests the conversion
of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and
any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or
a RFR Borrowing Request,
as applicable, denominated in such currency shall be ineffective, (ii) such Borrowing shall be
converted to or continued asfor
(x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject
of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted
Daily Simple RFR for
Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above and (B) for Loans denominated in a Foreign
Currency, any Interest Election Request that requests the conversion of any Revolving Borrowing
to, or continuation of any Revolving Borrowing as, a Term
Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing or an
RFR Borrowing, in each case, for the relevant Benchmark, shall be ineffective; provided that if the circumstances giving rise to such
notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark
Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower Representative’s receipt of the notice from
the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark
Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower
Representative and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark
and (y) the Borrower Representative delivers a new Interest Election Request in accordance with the terms of Section 2.08 or
a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, any Term Benchmark
Loan shall on the last day of the Interest Period applicable thereto (A) ifto
such Borrowing is denominated in Dollars, an ABR Borrowing or (B) if such Borrowing
isLoan,
be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for
Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for
Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (B) for Loans
denominated in a Foreign Currency, a Loan that bears(1) any
Term Benchmark Loan shall, on the last day of the Interest Period applicable to
such Loan bear interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided
that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central
Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any
Foreign Currency shall either be (1) converted to an ABR Borrowing denominated
in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) at the end of the Interest
Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest Period, as applicable, in full; provided
that if no election is made by,
at the Borrower Representative by the earlier of (x) the date that is three Business
Days after receipt by the Borrower Representative of such notice and (y) the last day of the current Interest Period for the’s
election prior to such day: (A) be prepaid by the Borrowers on such day or (B) solely for the purpose of calculating the interest
rate applicable to
such Term Benchmark Loan, the Borrower Representativesuch
Term Benchmark Loan denominated in any Foreign Currency shall be deemed to have elected clause
(A) above; and (iii) if any Borrowing Request requests
a Term Benchmark Borrowing or a RFR Borrowing, as applicable, in such currency, such Borrowing shall
be made as an ABR Borrowing (if such Borrowing is requested to be madebe
a Term Benchmark Loan denominated in Dollars) or and
shall be made as a Borrowing bearingaccrue
interest at the rate described under (ii)(B) above.

 

    -64-

     

    

 

(b)            If,
after the date hereof, any Change in Law shall make it unlawful or impossible for any of the Lenders to honor its obligations hereunder
to make or maintain any Term Benchmark Loan, RFR Loan or any ABR Loan as to which the interest rate is determined by reference to the
Adjusted Eurocurrencysame
interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at
the Central Bank Rate, for
the LIBO Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate,
the Daily Simply RFR or the Adjusted Daily Simple RFR,
as applicable, such Lender shall promptly give notice thereof to the Administrative Agent andapplicable
Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines
(which determination shall promptly give notice to the
Parent and the other Lenders. Thereafter, until the Administrative Agent notifies
the Parent that such circumstances no longer exist, (i) the obligations of the Lenders to make Term
Benchmark Loans,be
conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, any
outstanding affected RFR Loan or ABR Loans as
to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate, Adjusted EURIBOR Rate or
the Adjusted Daily Simple RFR, as applicable, and the right of the Borrowers
to convert any Loan to a Term Benchmark Loan or RFR Loan or continue any Loan as a Term Benchmark Loan, RFR Loan or an ABR Loan as to
which the interest rate is determined by reference to the Adjusted Eurocurrency Rate, Adjusted EURIBOR Rate or the
Adjusted Daily Simple RFR, as applicable, shall be suspended and thereafter the Borrowers may select
only ABR Loans as to which the interest rate is not determined by reference to the Adjusted Eurocurrency Rate hereunder, (ii) all
ABR Loans shall cease to be determined by reference to the Adjusted Eurocurrency Rate and (iii) if any of the Lenders may not lawfully
continue to maintain a Term Benchmark Loan to the end of the then current Interest Period applicable
thereto, the applicable Loan shall immediately be converted to an ABR Loan as to which the interest rate
is not determined by reference to the Adjusted Eurocurrency Rate for the remainder of such Interest Perioddenominated
in any Foreign Currency, at the Borrower's election, shall either (A) be converted into ABR Loans denominated
in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately
or (B) be prepaid in full immediately.

 

(b)            Notwithstanding
anything to the contrary herein or in any other Credit Document (and, for the avoidance of doubt, any Swap Agreement shall be deemed
not to be a “Credit Document” for purposes of this ‎Section 2.14), if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if
a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” with
respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further
action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined
in accordance with clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Currency for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document
in respect of any Benchmark setting at or after 5:00 p.m. (Local Time) on the fifth (5th) Business Day after the date notice of
such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this
Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection
to such Benchmark Replacement from Lenders comprising the Required Lenders of each affected Class, as applicable.

 

    -65-

     

    

 

(c)            If
at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances
set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth
in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate, the EURIBOR Screen
Rate or the Daily Simple RFR, as applicable, the has made a public statement that the administrator of the LIBO Screen Rate, the EURIBOR
Screen Rate or the Daily Simple RFR, as applicable, is insolvent (and there is no successor administrator that will continue publication
of the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable,), (x) the administrator of the LIBO Screen
Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, has made a public statement identifying a specific date after which
the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, will permanently or indefinitely cease to be published
by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate, the EURIBOR Screen Rate or the
Daily Simple RFR, as applicable), (y) the supervisor for the administrator of the LIBO Screen Rate, the EURIBOR Screen Rate or the
Daily Simple RFR, as applicable, has made a public statement identifying a specific date after which the LIBO Screen Rate, the EURIBOR
Screen Rate or the Daily Simple RFR, as applicable, will permanently or indefinitely cease to be published or (z) the
supervisor for the administrator of the
LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, or a Governmental Authority having jurisdiction over
the Administrative Agent has
made a public statement identifying a specific date after which the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR,
as applicable, may no longer be used for determining interest rates for loans,
then the Administrative Agent and the Borrower shall endeavor to establish
an alternate rate of interest to the LIBO Rate, the EURIBOR Rate or the Daily Simple RFR, as applicable, that gives due consideration
to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and
shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement
as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided
that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to
be zero for the purposes of this Agreement. Notwithstanding anything
to the contrary in Section 9.02, such amendment shall become effective
without any further action or consent of any other party to this Agreement so long as the
Administrative Agent shall not have received, within five Business
Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating
that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this
clause (c) (but only to the extent the LIBO Screen Rate the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, for the
applicable currency and such Interest Period (if applicable) is not available or published at such time on a current basis), (x) any
Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as,
a Eurocurrency Borrowing
denominated in such currency shall be ineffective, (y) with respect
to Term Benchmark Borrowings, such Borrowing shall be converted to or continued as on
the last day of the Interest Period applicable thereto (A) if
such Borrowing is denominated in Dollars, an ABR Borrowing or (B) if such Borrowing is denominated
in a Foreign Currency, a Loan that bears interest
at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided
that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest
error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans
denominated in any Foreign Currency shall either be (1) converted
to an ABR Borrowing denominated in Dollars (in an amount equal to
the Dollar Equivalent of such Foreign Currency) at the end of the Interest
Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest Period, as applicable, in full; provided
that if no election is made by the Borrower Representative by the earlier of (x) the date that is three Business
Days after receipt by the Borrower Representative of such notice and (y) the last day of the current Interest Period for the applicable
Term Benchmark Loan, the Borrower Representative
shall be deemed to have elected clause
(A) above; and (z) if any Borrowing Request requests a Term Benchmark Borrowing or a RFR Borrowing in
such currency, such Borrowing shall be made as an ABR Borrowing (if such Borrowing is requested to be made in Dollars) or shall be made
as a Borrowing bearing interest at the rate described under (ii)(B) above.Notwithstanding
anything to the contrary herein
or in any other Credit Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time
to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Benchmark
Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any
other Credit Document.

 

    -66-

     

    

 

(d)            The
Administrative Agent will promptly notify the Borrower Representative and the Lenders of (i) any occurrence of a Benchmark Transition
Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming
Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement
or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this ‎Section 2.14, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required
pursuant to this ‎Section 2.14.

 

(e)            Notwithstanding
anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate or EURIBOR Rate) and either (A) any
tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or
(B) the regulatory supervisor for the administrator of such
Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no
longer representative, then the Administrative Agent may
modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or
non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer,
subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then
the Administrative Agent may
modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously
removed tenor.

 

    -67-

     

    

 

(f)            Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower Representative may revoke
any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, either (x) the Borrowers will be deemed to have converted
any request for (1) a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to (A) an
RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark
Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition
Event or (y) any Term Benchmark Borrowing or RFR Borrowing denominated
in a
Foreign Currency shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark
is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable,
will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Foreign Currency is outstanding
on the date of the Borrower Representative’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect
to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed
Currency is implemented pursuant to this ‎Section 2.14, (A) for Loans denominated in Dollars any Term Benchmark Loan shall
on the last day of the Interest Period applicable to
such Loan be converted by the Administrative Agent to,
and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings
is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is
the subject of a Benchmark Transition Event, on such day and (B) for Loans denominated
in a Foreign Currency, (1) any
Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest
at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines
(which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency
cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall,
at the Borrower Representative’s election prior to such day: (A) be prepaid by the Borrowers on such day or (B) solely
for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any
Foreign Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate
applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank
Rate for the applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination
shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined,
any outstanding affected RFR Loans denominated in any Foreign Currency, at the
Borrower Representative’s
election, shall either (A) be converted into ABR Loans denominated in
Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately
or (B) be prepaid in full immediately.

 

    -68-

     

    

 

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

 

(i)            impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except
any such reserve requirement reflected in the Adjusted Eurocurrency Rate or Adjusted
EURIBOR Rate, as applicable) or any LC Issuer;

 

(ii)            impose
on any Lender or any LC Issuer or the Londonapplicable
offshore interbank market for
the applicable Agreed Currency any other condition, cost or expense (other than Taxes)
affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)            subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (e) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making, converting into, continuing or maintaining any Loan (or of
maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such LC Issuer or such other Recipient of participating
in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such LC Issuer
or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender, such LC
Issuer or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such LC Issuer
or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)            If
any Lender or any LC Issuer determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender’s or such LC Issuer capital or on the capital of such Lender’s or such LC Issuer’s
holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such
Lender, or the Letters of Credit issued by such LC Issuer, to a level below that which such Lender or such LC Issuer or such Lender’s
or such LC Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or such LC Issuer’s policies and the policies of such Lender’s or such LC Issuer’s holding company with respect to
capital adequacy or liquidity), then from time to time the Borrowers will pay to such Lender or such LC Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or such LC Issuer or such Lender’s or such LC Issuer’s holding
company for any such reduction suffered.

 

(c)            A
certificate of a Lender or an LC Issuer setting forth the amount or amounts necessary to compensate such Lender or such LC Issuer or
its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered
to the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such LC Issuer,
as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

    -69-

     

    

 

(d)            Failure
or delay on the part of any Lender or any LC Issuer to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or such LC Issuer’s right to demand such compensation; provided that the Borrowers shall not be required
to compensate a Lender or an LC Issuer pursuant to this Section for any increased costs or reductions incurred more than 270 days
prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Borrower Representative of the Change in Law giving
rise to such increased costs or reductions and of such Lender’s or such LC Issuer’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day
period referred to above shall be extended to include the period of retroactive effect thereof.

 

Notwithstanding the above,
a Lender will not be entitled to demand compensation for any increased cost or reduction set forth in this Section 2.15 at
any time if it is not the general practice of such Lender to demand such compensation from similarly situated borrowers in similar circumstances
at such time.

 

SECTION 2.16. Break
Funding Payments.

 

(a)            InWith
respect to Loans that are not RFR Loans, in the event of (i) the payment of any principal
of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of
Default or as a result of anyan
optional or mandatory prepayment pursuant to Section 2.11of
Loans), (ii) the conversion of any Term Benchmark Loan other than on the last day of the
Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and
is revoked in accordance therewith) or,
(iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by athe
Borrower pursuant to Section 2.19, then, in
any such event, the Borrowers shall compensate each Lender for the loss, cost and expense (excluding
any loss of anticipated profits or loss of margin) attributable
to such event. In the case or
(v) the failure by the Borrower to make any payment of a
Term Benchmarkany
Loan, such or
drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or any payment
thereof in a different currency, then, in any such event, each Borrower shall compensate each Lender for the loss,
cost orand
expense attributable
to any Lendersuch
event (other than loss of anticipated profits). A certificate of any Lender setting forth any amount or amounts that such Lender is entitled
to receive pursuant to this Section shall be deemeddelivered
to be an amount determined bythe
Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such
Lender to be the excess, if any,amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(b)            With
respect to RFR Loans, in the event of (xi) the
amountpayment
of interest which would have accrued on theany
principal amount of suchany
RFR Loan had such event not occurred, at the applicable Benchmark
Rate that would have been applicable to such Loan, for the period from the dateother
than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment
of Loans), (ii) the failure to borrow or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether
such event to the last day ofnotice
may be revoked under Section 2.11(b) and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other
than on the then current Interest Period
therefor (Payment
Date applicable thereto as a result of a request by the Borrower Representative pursuant to Section 2.19 or,
in (iv) the
case of a failure by
any Borrower to borrow, convert or continue, for the
period that would have been the Interest Period for such Loan), over (y) the amount of interest which would accrue on such principal
amount for such period at the interest rate which such Lender would bid were it to bid, at the date of such event, for Dollar deposits
in the applicable currency of a comparable amount and period from other banks in the eurocurrency marketmake
any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled
due date or any payment thereof in a different currency, then, in any such
event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event (other
than loss of anticipated profits).
A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section and
setting forth in reasonable detail the basis for such claim, including supporting documentation and computations, shall
be delivered to the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount
shown as due on any such certificate within 10 Business Daysdays
after receipt thereof.

 

    -70-

     

    

 

SECTION 2.17. Taxes.
(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Borrower under any Credit Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment
by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is
an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17)
the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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

 

(c)            Evidence
of Payments. As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 2.17,
such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

 

(d)            Indemnification
by the Borrowers. The Borrowers shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a Lender
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

 

    -71-

     

    

 

(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (e).

 

(f)            Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Credit Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the
Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything
to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender.

 

(ii)            Without
limiting the generality of the foregoing, in the event that any Borrower is a U.S. Person,

 

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

 

    -72-

     

    

 

(B)            any
Foreign Lender (with respect to such Borrower) shall, to the extent it is legally entitled to do so, deliver to such Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative
Agent), whichever of the following is applicable:

 

(1)            in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Credit Document, an executed IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption
from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Credit Document, IRS Form W-8BEN-E or IRS Form W-8BEN establishing
an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

(2)            in
the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed IRS Form W-8ECI;

 

(3)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit B-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of such Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed IRS Form W-8BEN-E or IRS Form W-8BEN;
or

 

(4)            to
the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2
or Exhibit B-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-4
on behalf of each such direct and indirect partner;

 

    -73-

     

    

 

(C)            any
Foreign Lender (with respect to such Borrower) shall, to the extent it is legally entitled to do so, deliver to such Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative
Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit
such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

(iii)            Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability
to do so.

 

(g)            Additional
United Kingdom Withholding Tax Matters.

 

(i)            Without
limiting the generality of the foregoing and subject to (ii) below, each Lender and each UK Borrower which makes a payment to such
Lender shall cooperate in completing as soon as reasonably possible any procedural formalities necessary for such UK Borrower to obtain
authorization to make such payment without withholding or deduction or subject to a reduced rate of withholding or deduction for Taxes
imposed under the laws of the United Kingdom and renew such authorization where it expires or ceases to have effect.

 

(ii)            (A) 
A Lender on the day on which this Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes
such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its
name in Schedule 2.01; and

 

    -74-

     

    

 

(B)  a Lender
which becomes a Lender hereunder after the day on which this Agreement closes that (x) holds a passport under the HMRC DT Treaty
Passport scheme and (y) wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction
of tax residence to the Borrower Representative and in the relevant documentation it executes to becomes a Lender, and

 

(C)  Upon satisfying
either clause (A) or (B) above, such Lender shall have satisfied its obligation under paragraph (g)(i) above.

 

(iii)            If
a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above,
the UK Borrower(s) shall duly complete and file HMRC form DTTP2 with HMRC within 30 days of the date of this Agreement in respect
of a Lender falling within Section 2.17(g)(ii)(A) and within 30 days of the date a Lender falling under Section 2.17(g)(ii)(B) becomes
a Lender under this Agreement (a “Borrower DTTP Filing”) with respect to such Lender, and shall promptly provide such
Lender with a copy of such filing; provided that, if:

 

(A)            (A) 
each UK Borrower making a payment to such Lender has not made a Borrower DTTP Filing in
respect of such Lender; or

 

(B)            (B) 
each UK Borrower making a payment to such Lender has made a Borrower DTTP Filing in respect
of such Lender but:

 

(1)            (1) such
Borrower DTTP Filing has been rejected by HM Revenue & Customs; or

 

(2)            (2) HM
Revenue & Customs has not given such UK Borrower authority to make payments to such Lender without a deduction for tax within
60 days of the date of such Borrower DTTP Filing;

 

and
in each case, such UK Borrower has notified that Lender in writing of either (1) or (2) above, then such Lender and such UK
Borrower shall co-operate in completing any additional procedural formalities necessary for such UK Borrower to obtain authorization
as soon as reasonably possible to make that payment without withholding or deduction for Taxes imposed under the laws of the United
Kingdom.

 

(iv)            If
a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above,
no UK Borrower shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of
that Lender's Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.

 

(v)            Each
UK Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of such Borrower DTTP Filing to the Administrative Agent
for delivery to the relevant Lender.

 

    -75-

     

    

 

(vi)            Each
Lender shall promptly notify the Parent and Administrative Agent if it determines in its sole discretion that it ceases to be entitled
to claim the benefits of an income tax treaty to which the United Kingdom is a party with respect to payments made by any UK Borrower
hereunder.

 

(vii)            A
Lender on the day on which this Agreement closes which is a Qualifying Lender solely by virtue of (b)(ii) of the definition of Qualifying
Lender gives a Tax Confirmation by entering into this Agreement.

 

(viii)            A
Lender which has given a Tax Confirmation shall promptly notify the Parent and Administrative Agent if there is any change in the position
from that set out in the Tax Confirmation.

 

(ix)            A
QPP Lender shall promptly notify the Parent and Administrative Agent if it becomes aware of any change in the position from that set
out in the QPP Certificate.

 

(x)            If
the UK Borrower receives a notification from H.M. Revenue & Customs that a QPP Certificate given by a Lender has no effect,
the UK Borrower shall promptly provide a copy of such notification to the Parent and Administrative Agent for delivery to the relevant
Lender.

 

(h)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant
to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been
paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information
relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)            Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Credit Document.

 

    -76-

     

    

 

(j)            Defined
Terms. For purposes of this Section 2.17, the term “Lender” includes the LC Issuers and the term “applicable
law” includes FATCA.

  

(k)            For
purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrowers and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

SECTION 2.18. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Except as otherwise provided herein with respect to the reimbursement
of LC Disbursements, each of the Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest,
fees or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, Local Time,
on the date when due, in immediately available funds, without set off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes
of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 10 South Dearborn, Floor
19, Chicago, Illinois 60603 (or, for payments denominated in a Foreign Currency, to J.P. Morgan Europe Limited, 125 London Wall,
London EC2Y 5AJ), except payments to be made directly to an LC Issuer as expressly provided herein and except that payments pursuant
to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative
Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to
the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period
of such extension. All payments hereunder of (i) principal or interest in respect of any Loan shall be made in the currency in which
such Loan is denominated or (ii) any other amount due hereunder or under another Credit Document shall be made in Dollars. Any payment
required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative
Agent shall at or before such time have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

(b)            If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties,
and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

 

(c)            If
any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and participations in LC Disbursements and Term Loans and accrued interest thereon than the proportion received by
any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans
and participations in LC Disbursements of other Lenders without recourse or warranty from the other Lenders except as contemplated by
Section 9.04 in respect of assignments to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations
in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any of the Borrowers
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to
the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each of the Borrowers
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against any of the Borrowers rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

 

    -77-

     

    

 

(d)            Unless
the Administrative Agent shall have received notice from the Borrower Representative prior to the date on which any payment is due to
the Administrative Agent for the account of the Lenders or any LC Issuer hereunder that the Borrowers will not make such payment, the
Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the applicable LC Issuer, as the case may be, the amount due. In such event, if the Borrowers
have not in fact made such payment, then each of the Lenders or the applicable LC Issuer, as the case may be, severally agrees to repay
to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such LC Issuer with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent,
(i) at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation (in the case of an amount denominated in Dollars) and (ii) the rate reasonably determined
by the Administrative Agent to be the cost to it of funding such amount (in the case of an amount denominated in a Foreign Currency).

 

(e)            If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(e), 2.07(c), 2.18(d) or
9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply
any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative
Agent or the applicable LC Issuer to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations
are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future
funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

SECTION 2.19.
Mitigation Obligations; Replacement of Lenders. (a)     If any
Lender or LC Issuer requests compensation under Section 2.15, or if any of the Borrowers is required to pay any Indemnified
Taxes or additional amounts to any Lender or LC Issuer or any Governmental Authority for the account of any Lender or LC Issuer pursuant
to Section 2.17, then such Lender or LC Issuer, as applicable, (at the written request of such Borrower) shall use reasonable
efforts to designate a different lending office for funding or booking its Loans, LC Disbursements or participations in LC Disbursements
(as applicable) hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender or LC Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender or LC Issuer
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or LC Issuer. The Borrowers hereby agree
to pay all reasonable costs and expenses incurred by any Lender or LC Issuer in connection with any such designation or assignment.

 

    -78-

     

    

 

(b)            If
any Lender or LC Issuer requests compensation under Section 2.15, or if any of the Borrowers is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender or LC Issuer pursuant to Section 2.17, or
if any Lender or LC Issuer becomes a Defaulting Lender, a Non-NAIC Approved Bank or a Non-Consenting Lender, then the Borrowers may,
at their sole expense and effort, upon notice to such Lender or LC Issuer and the Administrative Agent, require such Lender or LC Issuer
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may
be another Lender or LC Issuer, if a Lender or LC Issuer accepts such assignment); provided that (i) the Borrower Representative
shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, each LC Issuer),
which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the
case of all other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15
or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation
or payments and (iv) such assignee shall not be an Ineligible Institution. A Lender shall not be required to make any such assignment
and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require
such assignment and delegation cease to apply.

 

(c)            The
Borrowers may, subject to the terms and conditions set forth in this clause (c), request that all Several Letters of Credit that
are required to be issued or that are outstanding during the period that a Non-NAIC Approved Bank (i) does not have a Limited Fronting
Lender and (ii) continues to be a Revolving Lender hereunder be issued or renewed, extended or amended, as applicable, by the Revolving
Lenders on a pro rata basis that excludes the Revolving Commitment of such Non-NAIC Approved Bank, provided that, if the Borrowers
elect to request that any Several Letter of Credit be issued, renewed, extended or amended on an adjusted pro rata basis, (i) such
issuance, renewal, extension or adjustment shall be made only to the extent that it would not cause the Revolving Credit Exposure owing
to any Revolving Lender to exceed such Revolving Lender’s Revolving Commitment and (ii) thereafter, if the Borrowers elect
to request a Revolving Loan, such Revolving Loan shall be advanced as provided in Section 2.07(c).

 

    -79-

     

    

 

SECTION 2.20. Joint
and Several Liability of the Borrowers.

 

(a)            Each
of the Borrowers shall be jointly and severally liable hereunder and under each of the other Credit Documents with respect to all Loans
and all other Obligations, regardless of which of the Borrowers actually receives the proceeds of the Loans or the benefit of any other
extensions of credit hereunder, or the manner in which the Borrowers, the Administrative Agent, the Lenders or the applicable LC Issuer
accounts therefore in their respective books and records. In furtherance and not in limitation of the foregoing, (i) each Borrower’s
obligations and liabilities with respect to proceeds of Loans which it receives or Letters of Credit issued for its account, and related
fees, costs and expenses, and (ii) each Borrower’s obligations and liabilities arising as a result of the joint and several
liability of Borrowers hereunder with respect to proceeds of Loans received by, or Letters of Credit issued for the account of, any of
the other Borrowers, together with the related fees, costs and expenses, shall be separate and distinct obligations, both of which are
primary obligations of such Borrower. The joint and several liability of each of the Borrowers shall not be impaired or released by (A) the
failure of the Administrative Agent, any Lender or the applicable LC Issuer, any successors or assigns thereof, or any holder of any
of the Obligations to assert any claim or demand or to exercise or enforce any right, power or remedy against any Borrower, any Subsidiary,
any other Person or otherwise; (B) any extension or renewal for any period (whether or not longer than the original period) or exchange
of any of the Obligations or the release or compromise of any obligation of any nature of any Person with respect thereto; (C) the
surrender, release or exchange of all or any part of any property securing payment, performance and/or observance of any of the Obligations
or the compromise or extension or renewal for any period (whether or not longer than the original period) of any obligations of any nature
of any Person with respect to any such property; (D) any action or inaction on the part of the Administrative Agent, any Lender
or the applicable LC Issuer, or any other event or condition with respect to any other Borrower, including any such action or inaction
or other event or condition, which might otherwise constitute a defense available to, or a discharge of, such Borrower, or a guarantor
or surety of or for any or all of the Obligations; and (E) any other act, matter or thing (other than indefeasible payment in full
or performance of the Obligations) which would or might, in the absence of this provision, operate to release, discharge or otherwise
prejudicially affect the obligations of such Borrower or any other Borrower.

 

(b)            Notwithstanding
any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the joint obligations of a Borrower
shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of Section 548 of Chapter
11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar
U.S. or foreign statute or common law) then the Obligations of each Borrower hereunder shall be limited to the maximum amount that is
permissible under applicable law (whether foreign, federal or state and including, without limitation, the federal Bankruptcy Code).

 

(c)            To
the extent that any Borrower shall make a payment under this Section 2.20 of all or any of the Obligations (other than Loans
the proceeds of which were received by such Borrower) (a “Surety Payment”) that, taking into account all other Surety
Payments then previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid
if each Borrower had paid the aggregate Obligations satisfied by such Surety Payment in the same proportion that such Borrower’s
 “Allocable Amount” (as defined below) (as determined immediately prior to such Surety Payment) bore to the aggregate Allocable
Amounts of each of the Borrowers as determined immediately prior to the making of such Surety Payment, then, following indefeasible payment
in full in cash of the Obligations and termination of the Commitments, such Borrower shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable
Amounts in effect immediately prior to such Surety Payment. As of any date of determination, the “Allocable Amount”
of any Borrower shall be equal to the maximum amount of the claim that could then be recovered from such Borrower under this Section 2.20
without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar U.S. or foreign statute or common law. This Section 2.20(c) is
intended only to define the relative rights of Borrowers and nothing set forth in this Section 2.20(c) is intended to
or shall impair the obligations of Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and payable
in accordance with the terms of this Agreement, including Section 2.20(a). Nothing contained in this Section 2.20(c) shall
limit the liability of any Borrower to pay the Loans made directly or indirectly to that Borrower and accrued interest, fees and expenses
with respect thereto for which such Borrower shall be primarily liable. The parties hereto acknowledge that the rights of contribution
and indemnification hereunder shall constitute assets of the Borrowers to which such contribution and indemnification is owing. The rights
of the indemnifying Borrowers against other Borrowers under this Section 2.20(c) shall be exercisable only upon the
full and indefeasible payment of the Obligations and the termination of the Commitments.

 

    -80-

     

    

 

(d)            The
liability of Borrowers under this Section 2.20 is in addition to and shall be cumulative with all liabilities of each Borrower
to the Administrative Agent and Lenders under this Agreement and the other Credit Documents to which such Borrower is a party, without
any limitation as to amount.

 

SECTION 2.21. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following
provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)            fees
shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12;

 

(b)            the
Revolving Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders,
the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02),
provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects
such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender;

 

(c)            if
any LC Exposure with respect to Fronted Letters of Credit exists at the time a Lender becomes a Defaulting Lender then:

 

(i)            all
or any part of such LC Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable
Percentages under the Revolving Credit Facility but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving
Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving
Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time; and

 

    -81-

     

    

 

(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one
Business Day following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for
so long as such LC Exposure is outstanding;

 

(iii)            if
the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to Section 2.21(c), the
Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to
such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)            if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 2.21(c), then the fees payable to the Lenders
pursuant to Section 2.12 shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages under
the Revolving Credit Facility; or

 

(v)            if
any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to Section 2.21(c), then,
without prejudice to any rights or remedies of any LC Issuer or any other Lender hereunder, all facility fees that otherwise would have
been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Revolving Commitment that
was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure shall be payable to the Fronting Banks until such LC Exposure is cash collateralized and/or reallocated; and

 

(d)            so
long as any Lender is a Defaulting Lender, no Fronting Bank shall be required to issue, amend or increase any Fronted Letter of Credit,
unless it is satisfied that the related exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or
cash collateral will be provided by the Borrowers in accordance with Section 2.21(c), and participating interests in any
such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and
Defaulting Lenders shall not participate therein).

 

(e)            If
(i) a Bankruptcy Event or
a Bail-In Action with respect to a Lender Parent shall occur following the date hereof
and for so long as such event shall continue or (ii) any Fronting Bank has a good faith belief that any Lender has defaulted in
fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, such Fronting Bank shall
not be required to issue, amend or increase any Letter of Credit, unless such Fronting Bank shall have entered into arrangements with
a Borrower or such Lender, satisfactory to such Fronting Bank to defease any risk to it in respect of such Lender hereunder.

 

(f)            In
the event that the Administrative Agent, the Borrowers and each Fronting Bank each agrees that a Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the
inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Loans of the other
Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Applicable Percentage.

 

    -82-

     

    

 

SECTION 2.22. Extension
of Revolving Maturity Date.

 

(a)            Requests
for Extension. The Parent may, on up to two (2) occasions and by notice to the Administrative Agent (who shall promptly notify
the Lenders) not less than sixty (60) days prior to the then effective Revolving Maturity Date (the “Extension Date”),
request that each Lender extend such Lender’s Revolving Maturity Date for an additional one year from the Revolving Maturity Date
then in effect hereunder (the “Existing Termination Date”).

 

(b)            Lender
Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given
not later than the date that is ten (10) Business Days after receipt of notice from the Administrative Agent of the Borrower’s
request for an extension (the “Notice Date”) advise the Administrative Agent whether or not such Lender agrees to
such extension (each such Lender that determines to so extend its Revolving Maturity Date, being an “Extending Lender”
and each Lender that determines not to so extend its Revolving Maturity Date, being a “Non-Extending Lender”). In
the event that a Lender that does not so advise the Administrative Agent on or before the Notice Date such Lender shall be deemed to
be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.

 

(c)            Notification
by Administrative Agent. The Administrative Agent shall notify the Parent of each Lender’s determination under this Section no
later than the date fifteen (15) days prior to the Extension Date (or, if such date is not a Business Day, on the next preceding Business
Day).

 

(d)            Additional
Revolving Commitment Lenders. If (and only if) the Required Lenders have agreed to extend the Revolving Maturity Date then in effect
hereunder, the Parent shall have the right at any time prior to the date 30 days prior to the existing Revolving Maturity Date applicable
to any Non-Extending Lender to replace such Non-Extending Lender with, and add as “Lenders” under this Agreement, one or
more entities that are not Ineligible Institutions with the consent of the Administrative Agent and each Fronting Bank (such consent
not to be unreasonably withheld or denied) (each, an “Additional Revolving Commitment Lender”) in accordance with
the provisions contained in Section 2.09(d), provided that each of such Additional Revolving Commitment Lenders shall
have entered into an Assignment and Assumption Agreement pursuant to which such Additional Revolving Commitment Lender shall, effective
as of the date of the Assignment and Assumption, accept a new or incremental Revolving Commitment which results in there being aggregate
Revolving Commitments in an amount no greater than the aggregate amount of Revolving Commitments before giving effect to assignments
contemplated by this Section 2.22(d).

 

(e)            Minimum
Extension Requirement. If (and only if) the Required Lenders have agreed so to extend the Revolving Maturity Date then in effect
hereunder as described in this Section 2.22, then, effective as of such Extension Date, the Revolving Maturity Date of each
Extending Lender and each Additional Revolving Commitment Lender shall be extended to the date falling one year after the Existing Termination
Date (except that, if such date is not a Business Day, such date shall be the next preceding Business Day) and each Additional Revolving
Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement; provided, however,
that there shall be no change in the Revolving Maturity Date of any Non-Extending Lender that has not been replaced by an Additional
Revolving Commitment Lender (each a “Non-Replaced Lender”).

 

    -83-

     

    

 

(f)            Conditions
to Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Revolving Maturity Date pursuant to this Section shall
not be effective with respect to any Lender unless:

 

(i)            no
Default shall have occurred and be continuing on the date of such extension and after giving effect thereto;

 

(ii)            the
representations and warranties contained in Article V or any other Credit Document are true and correct on and as of the
date of such extension and after giving effect thereto, as though made on and as of such date, except to the extent any such representation
or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct
on and as of such earlier date;

 

(iii)            since
the date of the financial statements most recently delivered pursuant to Section 5.01(a) or (c), no event, circumstance
or development shall have occurred that has had or could reasonably be expected to have a Material Adverse Effect;

 

(iv)            the
Parent shall have delivered to the Administrative Agent a certificate dated the Effective Date in form satisfactory to the Administrative
Agent as to the satisfaction of the conditions set forth in clauses (i) – (iii) above and other relevant
documentation, including legal opinions, reasonably requested by the Administrative Agent; and

 

(v)            on
the Revolving Maturity Date of each Non-Replaced Lender, the Borrowers shall prepay any Loans outstanding on such date (and pay any additional
amounts required pursuant to Section 2.16) to the extent necessary to repay, nonratably, the Loans of such Non-Replaced Lenders
and the Revolving Commitment of such Non-Replaced Lenders shall be terminated. The Applicable Percentages under the Revolving Credit
Facility of the remaining Lenders shall be revised accordingly as of such date.

 

(g)            Conflicting
Provisions. This Section shall supersede any provisions in Section 2.18 or 9.02 to the contrary.

 

    -84-

     

    

 

ARTICLE III

 

Representations and Warranties

 

Each of the Borrowers represents
and warrants to the Administrative Agent and the Lenders that:

 

SECTION 3.01. Organization;
Powers. Each of the Parent and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization and has all requisite power and authority to carry on its business as now conducted and, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to
do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization;
Enforceability. The Transactions are within the Borrowers’ corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrowers and constitutes
a legal, valid and binding obligation of the Borrowers, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

 

SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will
not violate any applicable law or regulation or the charter, by-laws, memorandum or articles of association or other organizational documents
of the Parent or any of its Subsidiaries or any order of any Governmental Authority applicable to the Parent or any of its Subsidiaries
and (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent or any
of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent or any of its Subsidiaries,
but only to the extent that such violation or default could reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.04. Financial
Condition; No Material Adverse Change. (a) The Borrowers have heretofore furnished to the Lenders the consolidated balance sheet
and statements of income, stockholders equity and cash flows (including consolidating statements and schedules) of the Parent as of and
for the fiscal years ended December 31, 20162020
and December 31, 20172021,
reported on without qualification by Ernst & Young LLP, independent public accountants. Such financial statements present fairly,
in all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries
as of such dates and for such periods in accordance with GAAP.

 

(b)            Since
December 31, 20172021,
there has been no material adverse change in the business, assets, operations or financial condition of the Parent and its Subsidiaries,
taken as a whole.

 

SECTION 3.05. Properties.
(a) The Parent and its Subsidiaries have good title to, or valid leasehold interests in, all their real and personal property material
to their business, taken as a whole, except for minor defects in title that do not interfere with their ability to conduct their business
as currently conducted or to utilize such properties for their intended purposes.

 

(b)            Each
of the Parent and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual
property material to its business, and, to the knowledge of the Borrowers, the use thereof by the Parent and its Subsidiaries does not
infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

    -85-

     

    

 

SECTION 3.06. Litigation.
There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Borrowers, threatened against or affecting the Parent or any of its Subsidiaries (i) that could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

 

SECTION 3.07. Compliance
with Laws and Agreements. Each of the Parent and its Subsidiaries is in compliance with: (i) the charter, by-laws, memorandum
or articles of association or other organizational documents applicable to it and (ii) all laws, regulations and orders of any Governmental
Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

SECTION 3.08. Investment
Company Status. Neither the Parent nor any of its Subsidiaries is an “investment company” as defined in, or subject to
regulation under, the Investment Company Act of 1940.

 

SECTION 3.09. Taxes.
Each of the Parent and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Parent or such Subsidiary, as applicable, has set aside on its books adequate reserves
or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.10. ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated
benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87)
did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market
value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent
financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded
Plans.

 

SECTION 3.11. Insurance
Licenses. As of the Effective Date, (i) Schedule 3.11 attached hereto lists all of the jurisdictions in which any Significant
Insurance Subsidiary holds active licenses and is authorized to transact insurance business, (ii) no such license is the subject
of a proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to any Borrower’s
knowledge, no such suspension or revocation has been threatened by any Governmental Authority, except as could not reasonably be expected
to result in a Material Adverse Effect, (iii) Schedule 3.11 also indicates the type or types of insurance in which each such
Insurance Subsidiary is permitted to engage with respect to each license therein listed, and (iv) none of the Significant Insurance
Subsidiaries transacts any insurance business, directly or indirectly, in any state other than those enumerated in Schedule 3.11.

 

    -86-

     

    

 

SECTION 3.12. Subsidiaries.
As of the Effective Date, the Parent has no Subsidiaries other than those Subsidiaries listed on Schedule 3.12. Schedule 3.12
correctly sets forth, as of the Effective Date, (i) the percentage ownership (direct or indirect) of the Parent in the Equity
Interests of its Subsidiaries and also identifies the direct owner thereof, (ii) the jurisdiction of organization of each such Subsidiary
and (iii) with respect to each such Subsidiary, whether such Subsidiary is a Significant Subsidiary or Significant Insurance Subsidiary;
provided that the identification of Significant Subsidiaries on Schedule 3.12 may be provided within thirty (30) days after
the Effective Date. Notwithstanding anything in Section 9.02 to the contrary, Schedule 3.12 shall be amended to reflect
such Significant Subsidiaries upon identification thereof as contemplated thereby.

 

SECTION 3.13. Material
Agreements. Neither the Parent nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material
Adverse Effect.

 

SECTION 3.14. Disclosure.

 

(a)            Each
of the Borrowers has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its
Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf
of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder
taken as a whole (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that projected financial
information is as to future events and is not to be viewed as fact and that actual results during the period or periods covered by any
such information may differ significantly from the projected results and such differences may be material).

 

(b)            As
of the Effective Date, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date
to any Lender in connection with this Agreement is true and correct in all respects.

 

SECTION 3.15. Solvency.
The Parent and its Subsidiaries are, on a consolidated basis, Solvent.

 

SECTION 3.16. Foreign
Pension Plan. Except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect,
(i) each Foreign Pension Plan has been maintained in compliance with its terms and in compliance with the requirements of any and
all applicable laws, statutes, rules, regulations and orders (including all funding requirements and the respective requirements of the
governing documents for each such Foreign Pension Plan) and has been maintained, where required, in good standing with applicable regulatory
authorities, (ii) all contributions required to be made with respect to a Foreign Pension Plan have been timely made, (iii) no
actions or proceedings have been taken or instituted to terminate or wind up a Foreign Pension Plan, and (iv) neither any Borrower
nor any Subsidiary has incurred any obligation in connection with the termination of or withdrawal from any Foreign Pension Plan. The
present value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of
the Parent’s most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed
by more than $10,000,000 the current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities.

 

    -87-

     

    

 

SECTION 3.17. Anti-Corruption
Laws and Sanctions. The Borrowers have implemented and maintain in effect policies and procedures reasonably designed to ensure compliance
in all material respects by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and the Borrowers, their Subsidiaries and their respective directors and officers and to the knowledge
of the Borrowers its employees and agents (under the control of any Borrower or Subsidiary), are in compliance with Anti-Corruption Laws
and applicable Sanctions in all material respects. None of (a) the Borrowers, any Subsidiary or to the knowledge of the Borrowers
or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrowers, any agent
(under the control of any Borrower or Subsidiary) of the Borrowers or any Subsidiary that will act in any capacity in connection with
or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or
other transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions. The
foregoing representations in this ‎Section 3.17 will not apply to any party hereto to which Council Regulation (EC) 2271/96
(the “Blocking Regulation”) applies, if and to the extent that such representations are or would be unenforceable pursuant
to, or would otherwise result in a breach and/or violation of, (i) any provision of the Blocking Regulation (or any law or regulation
implementing the Blocking Regulation in any member state of the European Union) or (ii) any similar blocking or anti-boycott law
in the United Kingdom.

 

SECTION 3.18. EEAAffected
Financial Institutions. No Loan PartyBorrower
is an EEAAffected
Financial Institution.

 

SECTION 3.19. Plan
Assets; Prohibited Transactions. None of the Borrowers or any of their Subsidiaries is an entity deemed to hold “plan assets”
(within the meaning of the Plan Asset Regulations) and neither the execution, delivery nor performance of the transactions contemplated
under this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

SECTION 3.20.
Margin
Regulations. The Borrowers and their Subsidiaries are not engaged and will not engage, principally or as one of their important activities,
in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and
no part of the proceeds of any Borrowing or Letter of Credit extension hereunder will be used to buy or carry any Margin Stock. Following
the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets
(either of the Borrowers only or of the Borrowers and their Subsidiaries on a consolidated basis) will be Margin Stock.

 

    -88-

     

    

 

ARTICLE IV

 

Conditions

 

SECTION 4.01. Effective
Date. The obligations of the Lenders to make Loans and of any Lender or LC Issuer to issue Letters of Credit hereunder shall not
become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

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

 

(b)            The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Effective Date) of (i) Willkie Farr & Gallagher LLP, US counsel for the Borrowers, (ii) Conyers Dill &
Pearman, Bermuda counsel for the Borrowers, (iii) Willkie Farr & Gallagher (UK) LLP, UK counsel for the Borrowers and (iv) in
house counsel to Argo US, in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating
to the Borrowers, this Agreement or the Transactions as the Administrative Agent shall reasonably request. The Borrowers hereby request
such counsel to deliver such opinion.

 

(c)            The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the Borrowers, the authorization of the Transactions and any other legal
matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative
Agent and its counsel.

 

(d)            The
Administrative Agent shall have received a certificate relating to the solvency of each of the Borrowers in form and substance reasonably
satisfactory to the Administrative Agent.

 

(e)            The
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial
Officer of the Parent, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02,
stating (i) the Rating of Argo US and (ii) the Rating of each Insurance Subsidiary of Argo US.

 

(f)            All
obligations of the Borrowers under the Existing Agreement (other than any contingent indemnification obligations or obligations in respect
of outstanding letters of credit thereunder which are continued under this Agreement) shall have been or shall substantially contemporaneously
be repaid in full and all commitments to extend credit pursuant to such agreement shall be terminated.

 

    -89-

     

    

 

(g)            The
Lenders shall have received audited (without qualification) consolidated financial statements of Argo Group International Holdings, Ltd.
for the fiscal years ended December 31, 2016 and December 31, 2017.

 

(h)            The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to
the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrowers hereunder.

 

(i)            All
governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the
financing contemplated by this Agreement and the continuing operations of the Parent and its Subsidiaries shall have been obtained and
be in full force and effect.

 

(j)            (i) The
Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other information regarding
the Borrowers requested in connection with applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act, to the extent requested in writing to the Borrowers at least 10 days prior to the Effective Date and (ii) to
the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days
prior to the Effective Date, any Lender that has requested, in a written notice to such Borrower at least 10 days prior to the Effective
Date, a Beneficial Ownership Certification in relation to such Borrower shall have received such Beneficial Ownership Certification (provided
that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this
clause (j)(ii) shall be deemed to be satisfied).

 

The Administrative Agent shall notify the Borrower
Representative and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of the Lenders to make Loans and of any Lender or LC Issuer to issue Letters of Credit hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., Chicago
time, on November 30, 2018 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time).

 

SECTION 4.02. Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Lender or LC Issuer to issue,
amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a)            The
representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all material respects (except
that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be
true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of
such Letter of Credit, as applicable, except to the extent such representations and warranties expressly relate to an earlier date (in
which case such representations and warranties shall be true and correct in all material respects (except that any representation or
warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects)
as of such earlier date).

 

    -90-

     

    

 

(b)            At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing.

 

(c)            If
a Secured Letter of Credit is being requested, (i) the Borrowers shall have executed a Security Agreement and Control Agreement
and the Administrative Agent shall have received such resolutions, certificates and opinions with respect thereto as the Administrative
Agent may reasonably request and (ii) the Borrowers shall have collateralized such Letter of Credit as set forth in, and to the
extent required by, Section 2.06(l).

 

Each Borrowing and each issuance, amendment, renewal or extension
of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters
specified in paragraphs (a) and (b) of this Section.

 

ARTICLE V

 

Affirmative Covenants

 

Until the Commitments have
expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full
and all Letters of Credit shall have expired or terminated (or, in the case of any Letter of Credit extending past the Revolving Maturity
Date, been cash collateralized in accordance with Section 2.06(j)) and all LC Disbursements shall have been reimbursed, each
of the Borrowers covenants and agrees with the Lenders that:

 

SECTION 5.01. Financial
Statements; Ratings Change and Other Information. The Borrowers will furnish to the Administrative Agent for distribution to each
Lender:

 

(a)            within
90 days after the end of each fiscal year of the Parent, audited consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year for the Parent and its consolidated subsidiaries. The consolidated financial
statements will set forth in each case in comparative form the figures for the previous fiscal year as available, all reported on by
Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern”
or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Parent
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

(b)            with
respect to Argonaut Insurance Company, Colony Insurance Company, Rockwood Casualty Insurance Company, Argo Re, Ltd and other Significant
Insurance Subsidiaries created subsequent to the Effective Date, as soon as available, and in any event (i) within 15 days after
the date required to be filed, a copy of each such entity’s statutory Annual Statement for such year ended December 31, as
filed with the insurance department (or other equivalent insurance regulatory authority) of the state or other jurisdiction of domicile
of such entity, and (ii) within 15 days after the date required to be filed, a copy of each such entity’s audited or unaudited,
as the case may be, financial statements for such year ended December 31, as filed with the insurance department (or other equivalent
insurance regulatory authority) of the state or other jurisdiction of domicile of such entity. The financial statements referred to in
this Section 5.01(b)(ii) shall fairly present in all material respects the statutory financial position of each such
entity as of the dates therein specified and the statutory results of operations and cash flow of each such entity for the periods therein
specified, and shall be prepared in conformity with SAP (or an equivalent standard in the applicable jurisdiction). The financial statements
referred to in sub-clause (ii) of this Section 5.01(b) shall, if required, be accompanied by an audit report
thereon of Ernst & Young LLP or such other firm of independent auditors of recognized national standing selected by the Parent
that is reasonably satisfactory to the Administrative Agent to the effect that such financial statements present fairly, in all material
respects, the financial position of each such entity as of the end of the fiscal year being reported on in conformity with SAP and that
the examination of such auditors in connection with such financial statements has been conducted in accordance with generally accepted
auditing standards and included such tests of the accounting records and such other auditing procedures as said auditors deemed necessary
in the circumstances.

 

    -91-

     

    

 

(c)            within
60 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent (commencing with the fiscal quarter
ending September 30, 2018), unaudited consolidated balance sheet and related statements of operations, stockholders’ equity
and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year for the Parent and its consolidated
subsidiaries. The consolidated financial statements will set forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year as available, all certified by
a Financial Officer of either the Parent or the Borrower Representative as presenting fairly in all material respects the financial condition
and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(d)            concurrently
with any delivery of financial statements under clause (a) or (c) above, a certificate of a Financial Officer
of either the Parent or the Borrower Representative (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.09 and 6.10, (iii) stating whether any change in GAAP
or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04
and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate
and (iv) solely with respect to certificates delivered with Section 5.01(a) deliveries, updated versions of Schedules
3.11 and 3.12 providing current lists of the information required thereby;

 

(e)            (i) promptly
after the same become publicly available, copies of all 10-K and 10-Q reports (or successor forms thereof) and other material reports
and other materials filed by any Borrower or a Subsidiary with the SEC or with any national securities exchange, as the case may be,
in any event other than routine reports which are required to be provided to any of the above-listed entities concerning the management
of employee benefit plans, including, without limitation, stock purchases or the exercise of stock options made under any such employee
benefit plan and (ii) upon request by any Lender, copies of any 8-K reports (or any successor form thereof) or proxy statements
filed by any Borrower or a Subsidiary with the SEC or with any national securities exchange;

 

    -92-

     

    

 

(f)            promptly
after S&P or any other nationally recognized rating agency shall have announced a change in Rating, written notice of such rating
change;

 

(g)            promptly
after A.M. Best, S&P or any other nationally recognized rating agency shall have announced a change in its financial strength
rating of an Insurance Subsidiary or any Affiliate thereof, or shall have first assigned a rating thereto, written notice of such changed
or initial rating;

 

(h)            promptly
after the creation of any Significant Subsidiary or of any Person becoming a Significant Subsidiary, notice of such creation or occurrence;
and

 

(i)            promptly
following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of
the Parent or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably
request, including any actuarial reports prepared regarding any Insurance Subsidiary, provided, that the delivery of any actuarial
reports shall be subject to the consent of the applicable independent actuarial consulting firm (if then required) and (y) information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know
your customer” and anti-money laundering rules and regulations, including the Act and the Beneficial Ownership Regulation.

 

Information required to be delivered pursuant
to the foregoing Section 5.01(a), (c) and (e) shall be deemed to have been delivered on the date
on which the Borrowers deliver copies of such information to the Administrative Agent on behalf of the Lenders or on the date on which
the Borrowers provide notice (including notice by electronic transmission) to the Administrative Agent that such information has been
posted on the SEC website on the Internet at sec.gov/edgar/searches.htm or at another website identified in such notice and accessible
by the Lenders without charge.

 

SECTION 5.02. Notices
of Material Events. The Borrowers will furnish to the Administrative Agent for distribution to each Lender as soon as possible but
in any event within five (5) Business Days after any officer of a Borrower becomes aware thereof, written notice of the following:

 

(a)            the
occurrence of any Default;

 

(b)            the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any
Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect;

 

(c)            the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Parent and its Subsidiaries in an aggregate amount exceeding $15,000,000;

 

(d)            the
receipt by the Parent or any Subsidiary of any notice from any Governmental Authority, trustee or actuary in relation to any non-compliance
with any laws, regulations and rules applicable to any Foreign Pension Plan, including funding requirements and the respective requirements
of the governing documents for such Foreign Pension Plan, which could reasonably be expected to result in liability of the Parent and
its Subsidiaries in an aggregate amount which, either alone or with any other such events which have occurred, exceeds $15,000,000;

 

    -93-

     

    

 

(e)            (i) the
receipt by any Borrower or any Insurance Subsidiary of any notice from any Governmental Authority of the expiration without renewal,
revocation or suspension of, or the institution of any proceedings to revoke or suspend, any license now or hereafter held by any Insurance
Subsidiary which is required to conduct insurance business in compliance with all applicable laws and regulations, other than such expiration,
revocation or suspension which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
(ii) the receipt of any notice from any Governmental Authority of the institution of any disciplinary proceedings against or in
respect of any Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit
for cause by any Governmental Authority which, if adversely determined, could reasonably be expected to have a Material Adverse Effect
or (iii) any judicial or administrative order limiting or controlling the insurance business of any Insurance Subsidiary (and not
the insurance industry generally) which has been issued or adopted and which could reasonably be expected to have a Material Adverse
Effect;

 

(f)            any
change in the information provided in the Beneficial Ownership Certification delivered to any Lender in connection with this Agreement
that would result in a material change to the list of beneficial owners identified in such certification; and

 

(g)            any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section shall
be accompanied by a statement of a Financial Officer or other executive officer of either the Parent or the Borrower Representative setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03. Existence;
Conduct of Business. The Borrowers will, and will cause each Subsidiary to, do or cause to be done all things necessary to preserve,
renew and keep in full force and effect (i) its legal existence and (ii) the rights, licenses, permits, privileges and franchises
(including without limitation, certificates of authority and other required insurance licenses) material to the conduct of the business
of the Borrowers and their Subsidiaries, taken as a whole, except, in the case of clause (ii), where failure to do so, individually
or in the aggregate, could not be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit
any merger, consolidation, Division, liquidation or dissolution permitted under Section 6.03.

 

SECTION 5.04. Payment
of Obligations. The Borrowers will, and will cause each Subsidiary to, pay its obligations, including Tax liabilities, that, if not
paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (b) such Borrower or such Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest
could not reasonably be expected to result in a Material Adverse Effect.

 

    -94-

     

    

 

SECTION 5.05. Maintenance
of Properties; Insurance. The Borrowers will, and will cause each Subsidiary to, (a) keep and maintain all property material
to the conduct of the business of the Borrowers and their Subsidiaries taken as a whole in good working order and condition, ordinary
wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and
against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar
locations.

 

SECTION 5.06. Books
and Records; Inspection Rights. The Borrowers will, and will cause each Subsidiary to, keep proper books of record and account in
which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrowers
will, and will cause each Subsidiary to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable
prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs,
finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested.

 

SECTION 5.07. Compliance
with Laws. The Borrowers will, and will cause each Subsidiary to, comply with all applicable laws, rules, regulations and orders
of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. The Borrowers will maintain in effect and enforce policies and
procedures reasonably designed to ensure compliance in all material respects by the Borrowers, their Subsidiaries and their respective
directors, officers, employees and agents under their control with Anti-Corruption Laws and applicable Sanctions.

 

SECTION 5.08. Use
of Proceeds and Letters of Credit. The proceeds of the Loans and the Letters of Credit will be used only for general corporate purposes,
including working capital and acquisitions permitted hereby (and, for the avoidance of doubt, repayment in full of the obligations under
the Existing Agreement). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails
a violation of any of the Regulations of the Board, including Regulations T, U and X. Notwithstanding anything herein to the contrary,
no Letter of Credit hereunder shall be issued to support the capital requirements at Lloyd’s of London, otherwise known as “Funds
at Lloyd’s”. The Borrowers will not request any Borrowing or Letter of Credit, and the Borrowers shall not use, and shall
procure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of
any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) 
in any manner that would result in the violation of any Sanctions applicable to any party hereto. The
foregoing clauses (B) and (C) of this ‎Section 5.08 will not apply to any party hereto to which the Blocking Regulation
applies, if and to the extent that such representations are or would be unenforceable pursuant to, or would otherwise result in a breach
and/or violation of, (i) any provision of the Blocking Regulation (or any law or regulation implementing the Blocking Regulation
in any member state of the European Union) or (ii) any similar blocking or anti-boycott law in the United Kingdom.

 

    -95-

     

    

 

ARTICLE VI

 

Negative Covenants

 

Until the Commitments have
expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters
of Credit have expired or terminated (or, in the case of any Letter of Credit extending past the Revolving Maturity Date, been cash collateralized
in accordance with Section 2.06(j)) and all LC Disbursements shall have been reimbursed, each of the Borrowers covenants
and agrees with the Lenders that:

 

SECTION 6.01. Indebtedness.
The Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)            Indebtedness
created hereunder;

 

(b)            Indebtedness
and commitments to provide Indebtedness existing on the date hereof and set forth on Schedule 6.01 (and any guaranties by the
Borrowers thereof) and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal
amount thereof;

 

(c)            Indebtedness
of any Borrower to any Subsidiary and of any Subsidiary to any Borrower or any other Subsidiary;

 

(d)            Guarantees,
including Net Worth Maintenance agreements or similar capital support or credit enhancement agreements, by the Parent or any Subsidiary
of the obligations of the Parent or any Wholly-Owned Subsidiary of the Parent; provided, however, that (i) this clause
(d) shall not permit any Guarantee by a Subsidiary which is not a Borrower of the obligations of a Borrower unless such Subsidiary
has also guaranteed the Obligations pursuant to a guarantee in form and substance reasonably satisfactory to the Administrative Agent),
(ii) no Subsidiary other than a Borrower shall Guarantee the Indebtedness of any Special Purpose Entity and (iii) any Guarantee
by a Borrower of the Indebtedness of a Special Purpose Entity shall rank pari passu with, or be subordinated to, the Obligations;

 

(e)            Indebtedness
in respect of Trust Preferred Securities or other instruments of the same or a similar character issued by a trust or other special purpose
entity formed by a Borrower as to which no Subsidiary (other than a Borrower, such trust or other special purpose entity) has any obligation,
together with all guaranty obligations owing by a Borrower in respect thereof and constituting Subordinated Indebtedness;

 

(f)            Indebtedness
assumed in connection with any Acquisition, provided that such Indebtedness is not incurred in contemplation of such Acquisition
and no other Subsidiary (other than the Subsidiary being acquired, if applicable) has any liability or obligations in respect of such
Indebtedness;

 

(g)            Indebtedness
in respect of (i) collateralized letters of credit in the ordinary course of business of insurance or reinsurance operations or
(ii) letters of credit which are to support the capital requirements applicable to the Borrowers or any Subsidiary at Lloyd’s
of London;

 

    -96-

     

    

 

(h)            Indebtedness
in respect of letters of credit in the ordinary course of business as long as with respect to any such letter of credit at the time of
issuance of any such letter of credit no Default shall have occurred and be continuing or would result from such issuance;

 

(i)            Indebtedness
incurred by the Borrowers and Special Purpose Entities in addition to the foregoing to the extent that after giving effect thereto the
Borrowers are in compliance with Section 6.09; and

 

(j)            Indebtedness
incurred by the Subsidiaries of the Borrowers (which Subsidiaries are not themselves Borrowers), provided that the aggregate outstanding
principal amount of Indebtedness permitted by this clause shall not at any time exceed $100,000,000.

 

For
purposes of determining compliance with this Section 6.01, the Borrowers will be entitled to divide an item of Indebtedness
that meets the criteria of one of the categories of Indebtedness described in clauses (a) through (i) above between
such applicable clause and any other clause of this Section 6.01 the criteria of which such item of Indebtedness also
meets.

 

SECTION 6.02. Liens.
The Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset
now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect
of any thereof, except:

 

(a)            Permitted
Encumbrances;

 

(b)            Liens
which (x) do not secure Indebtedness and (y) are incurred in the ordinary course of business, including Liens granted in connection
with any Swap Agreement or investments, trades, facilities or other arrangements with any counterparty, securities or other broker/dealer
or clearing exchange; provided that the aggregate amount of all obligations secured pursuant to this clause (b) shall
at no time exceed $150,000,000; and

 

(c)            Liens
on cash or debt securities and other investments pursuant to Section 6.04(a) securing (i) Indebtedness permitted
pursuant to Section 6.01(g) or (ii) obligations under or in respect of any Primary Policy, Reinsurance Agreement, Industry
Loss Warranty and/or collateralized trusts, withheld balances or other collateral or security arrangements in the ordinary course of
reinsurance or insurance business.

 

For purposes of determining compliance with this
Section 6.02, the Borrowers will be entitled to divide an item of Liens that meets the criteria of one of the categories
of Liens described in clauses (a) and (b) above between or among such applicable clause and any other clause
of this Section 6.02 the criteria of which such item of Liens also meets.

 

SECTION 6.03. Fundamental
Changes. (a) The Borrowers will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person,
or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person or liquidate or dissolve,
except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any
Person may merge into or consolidate with a Borrower in a transaction in which such Borrower is the surviving corporation, (ii) any
Subsidiary (other than a Borrower) may merge into or consolidate with any Person in a transaction in which the surviving entity is a
Borrower or a Subsidiary, (iii) a Person may be merged into a Borrower or any Subsidiary pursuant to a Permitted Acquisition, (iv) any
Subsidiary that is an LLC may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the
assets of the applicable Dividing Person are held by one or more Wholly-Owned Subsidiaries at such time, or, with respect to assets not
so held by one or more Wholly-Owned Subsidiaries, such Division, in the aggregate would otherwise result in an Asset Disposition permitted
by Section 6.03(b),
and (v) any Subsidiary (other than a Borrower) may liquidate or dissolve if the Borrowers determine in good faith that
such liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders; provided
that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted
unless also permitted by Section 6.04.

 

    -97-

     

    

 

(b)            The
Borrowers will not, nor will they permit any Subsidiary to, make any Asset Disposition except for (i) Asset Dispositions expressly
permitted by Sections 6.06 or 6.07 and,
(ii) other Asset Dispositions of property that, together with all other property of the
Borrowers and the Subsidiaries previously leased, sold or disposed of in Asset Dispositions made pursuant to this Section 6.03(b) during
the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, do not constitute a Substantial
Portion of the property of the Parent and its Subsidiaries; provided that under no circumstances shall the Equity Interests in
a Borrower be included in a permitted Asset Disposition (except
with respect to the transactions contemplated by the Specified S1200 Sale to the extent permitted by the following clause (iii)) and
(iii) other Asset Dispositions of property pursuant to the consummation of the Specified S1200 Sale so long as no Event of Default
under Sections 7(a), (b), (h) or (i) shall have occurred and be continuing at the time of the consummation of such sale.

 

(c)            The
Borrowers will not, and will not permit any Subsidiary to, engage to any material extent in any business other than businesses of the
type conducted by the Parent and its Subsidiaries on the date of execution of this Agreement and businesses complementary, reasonably
related or incidental thereto.

 

SECTION 6.04. Investments
and Acquisitions. The Borrowers will not, and will not permit any Subsidiary to, purchase, hold or acquire (including pursuant to
any merger with, or as a Division Successor pursuant to the Division of, any Person that was not a Wholly-Owned Subsidiary prior to such
merger or Division) any capital stock or other equity securities (including any option, warrant or other right to acquire any of the
foregoing) of any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other
Person constituting a business unit, except:

 

(a)            investments
complying with the terms of the Argo Investment Policy;

 

(b)            subject
to the provisions of this Section 6.04 and, as applicable, the requirements contained in the definition of Permitted Acquisition,
the Parent and its Wholly-Owned Subsidiaries may from time to time (i) effect Permitted Acquisitions for aggregate consideration
(including Equity Interests and the assumption of Indebtedness) such that the Borrowers remain in compliance with the financial covenants
set forth in Sections 6.09 and 6.10 and (ii) make investments in joint ventures; provided that (A) no
Default is existing either at the time of the consummation of such proposed investment and immediately after giving effect thereto; provided
that with respect to a Permitted Acquisition whose consummation is not conditioned on the availability of, or on obtaining, third
party financing (including the assumption or incurrence of Indebtedness in connection therewith), the determination of whether this condition
has been satisfied may be made, at the election of the Borrowers, at the time of the execution of the definitive agreement with respect
to such Permitted Acquisition; provided further that no Default under Article VII(a) or (b) shall
exist on the date of consummation of such Permitted Acquisition; (B) with respect to any such proposed investment for aggregate
consideration (including Equity Interests and the assumption of Indebtedness) exceeding $85,000,000, (1) the Rating shall be at
least BBB- both immediately before the consummation of such proposed investment and immediately after giving effect thereto (and after
giving effect to any adjustment of the Rating associated with the consummation of such proposed investment) and (2) the Administrative
Agent shall have received written notice of any such proposed investment and information materials related thereto in form and substance
reasonably satisfactory to it from the Borrower Representative not less than 5 days prior to the consummation of such investment (or
such shorter period as may be agreed to by the Administrative Agent in its sole discretion) and (C) the aggregate amount invested
in joint ventures pursuant to this Section 6.04(b) (valued at initial cost less dividends and capital distributions)
shall not exceed $85,000,000;

 

    -98-

     

    

 

(c)            investments
of any Person in existence at the time such Person becomes a Subsidiary pursuant to a Permitted Acquisition; provided that such
investment was not made in connection with or in anticipation of such Person becoming a Subsidiary; and

 

(d)            investments
by the Parent or any Subsidiary in any Subsidiary.

 

SECTION 6.05. Swap
Agreements. The Borrowers will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a) non-speculative
Swap Agreements entered into to hedge or mitigate risks to which a Borrower or any Subsidiary has (or reasonably expects to have) actual
exposure (other than those in respect of Equity Interests of a Borrower or any of its Subsidiaries), (b) non-speculative Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to
another floating rate or otherwise) with respect to any interest-bearing liability or investment of a Borrower or any Subsidiary, (c) Swap
Agreements entered into in connection with any Restricted Payments permitted to be made under Section 6.06(a)(ii) and
(d) Swap Agreements entered into in accordance with the terms of the Argo Investment Policy.

 

SECTION 6.06. Restricted
Payments. The Borrowers will not, and will not permit any Subsidiary to, declare, pay or make, or agree to declare, pay or make,
directly or indirectly, any Restricted Payment, except:

 

(a)            (i) the
Parent may declare and pay publicly announced and regularly scheduled dividends on its issued and outstanding common stock that is traded
publicly on a national securities exchange, and (ii) the Parent or any Subsidiary may make stock repurchases and declare and make
other Restricted Payments, in each case of or relating to the Equity Interests of the Parent, after the Effective Date; provided,
however that no Restricted Payment shall be permitted to be declared, and no Restricted Payment (other than dividends declared
in compliance herewith) shall be permitted to be paid, under this clause (a) if any Default is existing either at the time
of the proposed Restricted Payment or immediately after giving effect thereto;

 

    -99-

     

    

 

(b)            Parent
may pay dividends payable solely in its common stock;

 

(c)            (i) any
Wholly-Owned Subsidiary may declare and pay dividends to its equity holder, (ii) any Subsidiary that is not a Wholly-Owned Subsidiary
may declare and pay dividends pro rata to its equity holders and (iii) any Subsidiary may declare and pay or make other Restricted
Payments to any of the Borrowers or to a Wholly-Owned Subsidiary; provided, however, that Argo US shall not make any Restricted
Payment pursuant to this clause (c) upon the occurrence and during the continuance of a Default or if a Default would result
therefrom; and

 

(d)            the
Parent or any Subsidiary may make Restricted Payments in respect of Trust Preferred Securities or other instruments described in Section 6.01(e) so
long as no Default is existing either at the time of the proposed Restricted Payment or immediately thereafter.

 

SECTION 6.07. Transactions
with Affiliates. The Borrowers will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or
assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any
of its Affiliates, except (a) at prices and on terms and conditions not less favorable to such Borrower or such Subsidiary than
could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Parent and
its Wholly Owned Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.06
and (d) as permitted by Section 6.01(d) or Section 6.04.

 

SECTION 6.08. Restrictive
Agreements. The Borrowers will not, and will not permit any Subsidiary to, directly or indirectly, enter into, incur or permit to
exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrowers
or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets to secure the obligations of the Borrowers
hereunder or under any guaranty thereof, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect
to its Equity Interests or to make or repay loans or advances to the Borrowers or any other Subsidiary or to Guarantee Indebtedness of
the Borrowers or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed
by law, regulation or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date
hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding
the scope of, any such restriction or condition) or to restrictions and conditions similar to those set forth in the Trust Preferred
Securities upon the ability of special purpose trust Subsidiaries and other entities to pay dividends or make distributions related to
Indebtedness of the same or similar character as the Trust Preferred Securities, (iii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary or assets pending such sale, provided
that such restrictions and conditions apply only to the Subsidiary or assets to be sold and such sale is permitted hereunder, (iv) clause
(a) of the foregoing shall not apply to customary provisions in joint venture agreements entered into in the ordinary course
of business that restrict pledges or transfers of ownership interests in such Persons, (v) clause (a) of the foregoing
shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if
such restrictions or conditions apply only to the property or assets securing such Indebtedness and (vi) clause (a) of
the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof.

 

    -100-

     

    

 

SECTION 6.09. Maximum
Leverage Ratio. The Borrowers will not permit the Leverage Ratio to exceed .35 to 1.00 atas
of the end of any timefiscal
quarter.

 

SECTION 6.10. Tangible
Net Worth. The Parent will not permit at,
as of the end of any timefiscal
quarter, its Tangible Net Worth to be less than the sum of (i) $1,160,000,0001,151,400,000
plus (ii) 50% of the positive Net Income of the Parent and its Subsidiaries for each fiscal quarter ending after
JuneSeptember 30,
20182022
plus (iii) 50% of the net proceeds received by the Parent and its Subsidiaries from the issuance and sale of Equity
Interests of the Parent or any Subsidiary (other than the issuance to the Parent or a Wholly-Owned Subsidiary and the issuance in connection
with any director or employee stock plan or other director or employee compensation arrangements), including any conversion of debt securities
of the Parent or any Subsidiary into Equity Interests after JuneSeptember 30,
20182022;
provided, that, notwithstanding the foregoing, this clause (iii) shall not include any such net proceeds received to the extent
such net proceeds are used to repay senior Indebtedness that is pari passu with the Obligations.

 

SECTION 6.11. Sale
and Leaseback Transactions. Except for Sale and Leaseback Transactions entered into in the ordinary course of business with respect
to real property owned by the Borrowers on the Effective Date or acquired thereafter pursuant to a Permitted Acquisition or with respect
to any personal property, the Borrowers will not, and will not permit any Subsidiary to, enter into or suffer to exist any Sale and Leaseback
Transaction.

 

SECTION 6.12. Rating.
The Borrowers will cause all Significant Insurance Subsidiaries of Argo US to at all times maintain an AM Best Financial Strength Rating
of at least B++.

 

ARTICLE VII

 

Events of Default

 

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

 

(a)            any
of the Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement or any
cash collateral amount due pursuant to Section 2.06(j) when and as the same shall become due and payable (including
under Section 2.20 hereof), whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

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

 

(c)            any
representation or warranty made or deemed made by or on behalf of any of the Borrowers or any Subsidiary in or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to
have been incorrect when made or deemed made;

 

    -101-

     

    

 

(d)            any
of the Borrowers shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02, 5.03
(with respect to such Borrower’s existence), 5.08 or in Article VI;

 

(e)            any
of the Borrowers shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a
period of 30 days after notice thereof from the Administrative Agent to the Borrower Representative (which notice will be given at the
request of any Lender);

 

(f)            any
of the Borrowers or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness (other than the Obligations), when and as the same shall become due and payable (giving effect to any applicable
cure period relating thereto);

 

(g)            any
event or condition occurs that results in any Material Indebtedness or any Trust Preferred Security Indebtedness becoming due prior to
its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders
of any Material Indebtedness or Trust Preferred Security Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness or Trust Preferred Security Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;

 

(h)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, winding-up, administration,
reorganization or other relief in respect of any of the Borrowers or any Significant Subsidiary or its debts, or of a substantial part
of its assets, under any Federal, state or foreign bankruptcy, insolvency, administration, receivership or similar law now or hereafter
in effect or (ii) the appointment of a liquidator, receiver, trustee, custodian, sequestrator, conservator, administrator, administrative
receiver or similar official for any of the Borrowers or any Significant Subsidiary or for a substantial part of its assets, and, in
any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of
the foregoing shall be entered;

 

(i)            any
of the Borrowers or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
winding-up, administration, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of
a liquidator, receiver, trustee, custodian, sequestrator, conservator, administrator or similar official for any of the Borrowers or
any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any
action for the purpose of effecting any of the foregoing;

 

    -102-

     

    

 

(j)            any
Borrower or any Significant Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due;

 

(k)            one
or more judgments for the payment of money in an aggregate amount in excess of $30,000,000 shall be rendered against any Borrower, any
Significant Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets
of any Borrower or any Significant Subsidiary to enforce any such judgment;

 

(l)            an
ERISA Event or circumstance in respect of any Foreign Pension Plan shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events and such circumstances that have occurred, could reasonably be expected to result in
a Material Adverse Effect and continues unremedied for five (5) Business Days;

 

(m)            a
Change in Control shall occur;

 

(n)            obligations
owing in connection with the Trust Preferred Securities or any other Subordinated Indebtedness shall at any time and for any reason cease
to be fully subordinated to the Obligations outstanding in connection with the Credit Documents;

 

(o)            any
governmental authority revokes or fails to renew any material license, permit or franchise of any Borrower or any Significant Insurance
Subsidiary, or any Borrower or any Significant Insurance Subsidiary for any reason loses any material license, permit or franchise, or
any Borrower or any Significant Insurance Subsidiary suffers the imposition of any restraining order, escrow, suspension or impound of
funds in connection with any proceeding (judicial or administrative) with respect to any material license, permit or franchise, which
could reasonably be expected to result in losses or liability of the Borrowers or any of the Significant Insurance Subsidiaries, individually
or in the aggregate, in excess of $15,000,000 and such event shall continue unremedied for a period of five (5) Business Days;

 

then, and in every such event (other than an
event with respect to any of the Borrowers described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower Representative, take either or both of the following actions, at the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to any of the Borrowers described
in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder,
shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrowers.

 

    -103-

     

    

 

ARTICLE VIII

 

The Administrative Agent

 

Each of the Lenders and each
of the LC Issuers hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such
actions and powers as are reasonably incidental thereto.

 

The bank serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in
any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

The Administrative Agent shall
not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in
writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative
Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in
the absence of its own gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent
jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is
given to the Administrative Agent by the Borrower Representative or a Lender, and the Administrative Agent shall not be responsible for
or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement,
(ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent.

 

    -104-

     

    

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not
incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

The Administrative Agent may
perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent, including JP Morgan Europe Ltd. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to
any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by
notifying the Lenders, the LC Issuers and the Borrowers. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Borrowers, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may, on behalf of the Lenders and the LC Issuers, appoint a successor Administrative Agent which shall be a bank with an office
in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by
a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrowers
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers
and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03
shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

 

If the Person serving as Administrative
Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted
by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation
with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”),
then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

    -105-

     

    

 

Each Lender acknowledges and
agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise
or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course
of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and
to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the
United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder and in deciding whether or to the extent to which it will continue as a lender or assign or otherwise transfer
its rights, interests and obligations hereunder.

 

The Administrative Agent shall
be permitted from time to time to designate one of its Affiliates to perform the duties to be performed by the Administrative Agent hereunder
with respect to Loans and Borrowings denominated in Foreign Currencies. The provisions of this Article VIII shall apply to
any such Affiliate mutatis mutandis.

 

The Lenders identified on the
front page of this Agreement as Co-Syndication Agents or Co-Documentation Agents shall not have any right, power, obligation, liability,
responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none
of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments
with respect to such Lenders as it makes with respect to the Administrative Agent in this Article VIII.

 

Each
of the Lenders and the LC Issuers irrevocably authorize the Administrative Agent, at its option and in its discretion: (a) to release
any Lien on any property granted to or held by the Administrative Agent under any Security Document (i) upon termination of the
Commitments of the Lenders under this Agreement and payment in full of all Obligations (other than contingent indemnification obligations
and unasserted expense reimbursement obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit
that have been cash collateralized or backstopped to the reasonable satisfaction of the applicable LC Issuer), (ii) that is sold
or otherwise disposed of (other than to a Borrower) or to be sold or otherwise disposed of as part of or in connection with any conveyance,
sale, transfer or other disposition expressly permitted hereunder or under any other Credit Document, or (iii) subject to Section 9.02,
if approved, authorized or ratified in writing by the Required Lenders; and (b) in accordance with the terms of this Agreement,
to release AIH and AUA from their respective obligations under this Agreement as a “Borrower” and from all other respective
obligations under the Credit Documents upon consummation of the Specified S1200 Sale in accordance with 6.03(b)(iii). Upon request by
the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
its interest in particular types or items of property, or to release AUA or AIH from its obligations under the Credit Documents pursuant
to this paragraph. In each case as specified in this paragraph, the Administrative Agent will, at the Borrowers’ expense, execute
and deliver to the applicable Borrower such documents as such Borrower may reasonably request to evidence the release of any such item
of Collateral from the assignment and security interest granted under the Security Documents or to release AUA or AIH from its obligations
under the Credit Documents (including, without limitation, a short-form release agreement in form and substance reasonably acceptable
to AUA and/or AIH and the Administrative Agent), in each case in accordance with the terms of the Credit Documents and this paragraph.
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien
thereon, or any certificate prepared by any Borrower in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

    -106-

     

    

 

Each
Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its
sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously
transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such
Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such
Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each
day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the
Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender
shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment
with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without
limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any
Lender under this ‎paragraph shall be conclusive, absent manifest error. Each Lender hereby further agrees that if it receives a
Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from,
that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment
Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an
error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment
(or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and,
upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest
thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date
such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation from time to time in effect. Each Borrower hereby agrees that
(x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or
portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount
and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by any Borrower;
provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent
any such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by
the Administrative Agent from any Borrower for the purpose of making such erroneous Payment. Each party’s obligations under this
paragraph shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the
replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any
Credit Document.

 

    -107-

     

    

 

ARTICLE IX

 

Miscellaneous

 

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

 

(i)            if
to any Borrower, to it c/o Argo Group US, Inc., 175 East Houston Street711
Broadway, Suite 1300400,
San Antonio, Texas 7820578215,
Attention of Jay BullockScott
Kirk, (email: jay.bullockScott.Kirk@argolimited.com);
with a copy to Lynn Geurin, (email: lgeurin@argogroupus.com) and Craig ComeauxAllison
Kiene, (email: ccomeauxallison.kiene@argogroupus.com);

 

(ii)            if
to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 S. Dearborn, 9th Floor
L2,
Suite IL1-03641-0480,
Chicago, IL 60603, Attention of Danielle Babine (TelecopyJeffrey
Lenhard (Telephone No.:
(312302)
325-3190634-7061
and email: jeffrey.lenhard@chase.com);

 

(iii)            if
to the Administrative Agent for Term Benchmark Loans and/or RFR Loans in Foreign Currencies, to J.P. Morgan Europe Limited, 125 London
Wall, London EC1W 2JD, Attention of Ching Loh/The Manager, Telecopy No. +44(0) 207 777 2360);

 

(iv)            if
to the Issuing Agent, to it at JPMorgan Chase Bank, N.A., 10 S. Dearborn, Floor L2S, Suite IL1-0480, Chicago, IL 60603, Attention
of Muoy Lim (Telecopy No. (888) 303-9732); and

 

(v)            if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed
to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent
provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

    -108-

     

    

 

(b)            Notices
and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems or other electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to
Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the
Borrower Representative may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent
otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i),
of notification that such notice or communication is available and identifying the website address therefor; provided that, for
both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business
day for the recipient.

 

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

 

(d)            Electronic
Systems.

 

(i)            Each
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to
the LC Issuers and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially
similar Electronic System.

 

(ii)            Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in
the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any
Agent Party in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers, any Lender, any LC Issuer or any
other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s
transmission of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of any Borrower pursuant to any Credit Document or the transactions
contemplated therein which is distributed by the Administrative Agent, any Lender or any LC Issuer by means of electronic communications
pursuant to this Section, including through an Electronic System.

 

    -109-

     

    

 

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

 

(b)            Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders;
provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal
amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse
any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected
thereby, (iv) change any portion of this Agreement in a manner that would alter the pro rata nature of payments, loans and Commitment
reductions under this Agreement, without the written consent of each Lender, (v) change any of the provisions of this Section or
the definitions of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required
to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent
of each Lender, (vi) release any Borrower from any of its joint and several liabilities in respect of the Obligations without the
written consent of each Lender (provided,
that, notwithstanding the foregoing or anything to the contrary set forth herein, no consent of any Lender, LC Issuer or the Administrative
Agent shall be required with respect to such release of AIH and/or AUA as set forth herein upon the consummation of the Specified S1200
Sale in accordance with Section 6.03(b)(iii)) or (vii) change any provision
of Sections 2.06(d), 2.06(j), 2.10(g) or 2.10(h) without the consent of each Lender adversely affected
thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or any LC Issuer hereunder without the prior written consent of the Administrative Agent or any LC Issuer, as the case may be.

 

(c)            Notwithstanding
the foregoing, Schedule 3.11 hereto shall be deemed amended without the consent of any other party solely to reflect revisions
or supplements of the type described in the parenthetical in the first sentence of Section 3.11 upon the delivery by the
Borrower Representative to the Administrative Agent of a revised Schedule 3.11 reflecting such revisions and supplements.

 

    -110-

     

    

 

(d)            Notwithstanding
the foregoing, no amendment or amendment and restatement of this Agreement which is in all other respects approved by the Lenders in
accordance with this Section 9.02 shall require the consent or approval of any Lender (i) which immediately after giving
effect to such amendment or amendment and restatement, shall have no Commitment or other obligation to maintain or extend credit under
this Agreement (as so amended or amended and restated), including, without limitation, any obligation in respect of any drawing under
or participation in any Letter of Credit and (ii) which, substantially contemporaneously with the effectiveness of such amendment
or amendment and restatement, is paid in full all amounts owing to it hereunder (including, without limitation principal, interest and
fees, but excluding unmatured contingent obligations). From and after the effectiveness of any such amendment or amendment and restatement,
any such Lender shall be deemed to no longer be a “Lender” hereunder or a party hereto; provided, that any such Lender
shall retain the benefit of indemnification and other provisions hereof which, by the terms hereof would survive a termination of this
Agreement.

 

(e)            Notwithstanding
the foregoing, upon the execution and delivery of all documentation required by Section 2.09(e) to be delivered in connection
with an increase to the aggregate Revolving Commitments, the Administrative Agent, the Borrowers and the new or existing Lenders whose
Revolving Commitments have been affected may and shall enter into an amendment hereof (which shall be binding on all parties hereto and
the new Lenders) solely for the purpose of reflecting any new Lenders and their new Revolving Commitments and any increase in the Revolving
Commitment of any existing Lender.

 

(f)            Notwithstanding
the foregoing, the Administrative Agent and the Borrowers may amend any Credit Document to correct administrative or technical errors
or omissions, or to effect administrative changes that are not adverse to any Lender and any such amendment shall become effective without
any further consent of any other party to such Credit Document.

 

SECTION 9.03. Expenses;
Indemnity; Damage Waiver;
Limitation of Liability. (a) The Borrowers shall pay (i) all reasonable, documented out of pocket expenses incurred
by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one firm of legal counsel
for the Administrative Agent plus any required local counsel, in connection with the syndication of the credit facilities provided for
herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether
or not the transactions contemplated hereby or thereby shall be consummated), (ii) without duplication of amounts otherwise payable
hereunder, all reasonable, documented out-of-pocket expenses incurred by any LC Issuer in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable, documented out-of-pocket expenses
incurred by the Administrative Agent, any LC Issuer or any Lender, including the fees, charges and disbursements of (A) (1) one
primary counsel and, as deemed appropriate by the Administrative Agent, one additional local counsel and/or regulatory counsel in each
applicable jurisdiction for the Administrative Agent and (2) one primary counsel and, as deemed appropriate by the Lenders, one
additional local and/or regulatory counsel for all the Lenders in each applicable jurisdiction (as well as additional counsel for the
Lenders in light of actual or potential conflicts of interest), and (B) a financial advisor for the Administrative Agent, the LC
Issuers and the Lenders, in connection with the enforcement or protection of its rights in connection with this Agreement, including
its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of
-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

    -111-

     

    

 

(b)            The
Borrowers shall indemnify the Administrative Agent, each LC Issuer and each Lender, and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee,
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations
hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit
or the use of the proceeds therefrom (including any refusal by any LC Issuer to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of its
Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of its Subsidiaries, or (iv) any actual
or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by any Borrower or any of the Borrowers’ directors, shareholders or creditors,
and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses resulting from the gross negligence or willful
misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that
represent losses, claims or damages arising from any non-Tax claim.

 

(c)            To
the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent or any LC Issuer under paragraph
(a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such LC Issuer, as
the case may be, such Lender’s Revolving Commitment Exposure Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such LC Issuer
in its capacity as such.

 

(d)            To
the extent permitted by applicable law, (i) the
Borrowers shall not assert, and the
Borrowers hereby waive, any claim against any Indemniteethe
Administrative Agent, any Arranger, any Syndication Agent, any Co-Documentation Agent any LC Issuer and any Lender, and any Related Party
of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any losses, claims (including
intraparty claims), demands, damages or liabilities of any kind arising from the use by others of information or other materials (including,
without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including
the internet) except to the extent arising from the gross negligence or willful misconduct of the Administrative Agent, any Arranger,
any Syndication Agent, any Co-Documentation Agent any LC Issuer and any Lender, or any Lender-Related Person, and (ii) no party
hereto shall assert, and each such party hereby waives, any losses, claims (including intraparty claims), demands, damages or liabilities
of any kind against any other party hereto, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement,
any other Credit Document, or any agreement or instrument contemplated hereby or
thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof;
provided that, nothing in this ‎clause
(d) shall relieve any Borrowerthe
Borrowers of any obligation it may have to indemnify an Indemnitee,
as provided in ‎Section 9.03(b), against any
special, indirect, consequential or punitive damages asserted against such Indemnitee
by a third party.

 

    -112-

     

    

 

(e)            All
amounts due under this Section shall be payable not later than ten days after written demand therefor.

 

SECTION 9.04. Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), except
that (i) the Borrowers may not assign or otherwise transfer any of their respective rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), Participants (to
the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the LC Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.

 

(b)            (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the
Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(ii)            the
Parent; provided that after the passage of ten (10) Business Days from receipt of written notice to the Parent from the Administrative
Agent of a proposed assignment without the Parent giving the Administrative Agent written notice of the Parent’s objection to such
assignment, the Parent shall be deemed to have consented to such assignment; provided further that no consent of the Parent shall
be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is
continuing, any other assignee;

 

(iii)            the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment
to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment;

 

    -113-

     

    

 

(iv)            the
Issuing Agent; and

 

(v)            each
Fronting Bank.

 

(vi)            Assignments
shall be subject to the following additional conditions:

 

(vii)            except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall
not be less than $5,000,000 unless the Parent and the Administrative Agent otherwise consent, provided that no such consent of
the Parent shall be required if an Event of Default has occurred and is continuing;

 

(viii)            each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all
the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(ix)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500; and

 

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

 

For the purposes of this Section 9.04(b),
the term “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender, (c) any Borrower or any of their Affiliates, (d) a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof (provided
that such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been
established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not
such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and
(z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans
and similar extensions of credit in the ordinary course of its business) or (e) solely with respect to the Revolving Credit Facility,
any Person which is not an NAIC Approved Bank.

 

    -114-

     

    

 

(xi)            Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall,
to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16,
2.17 and 9.03); provided, however, that no Lender may assign any obligation under a Several Letter of Credit
unless such Several Letter of Credit is either amended or returned by the beneficiary and reissued by the Issuing Agent, removing or
amending, as the case may be, the assigning Lender’s percentage obligations and replacing or amending the same with the percentage
obligations of the assignee. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section.

 

(xii)            The
Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and
principal amount of (and stated interest on) the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent,
the LC Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Borrowers, any LC Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(xiii)            Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable,
an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and
the parties to the Assignment and Assumption are participants), the assignee’s completed Administrative Questionnaire (unless the
assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and
any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning
Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.06(e), 2.07(b),
2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and
record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued
interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided
in this paragraph.

 

    -115-

     

    

 

 

(c)            Any
Lender may, without the consent of the Borrowers, the Administrative Agent or any LC Issuer, sell participations to one or more banks
or other entities (a “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the LC Issuers
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.
The Borrowers agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject
to the requirements and limitations therein, including the requirements under 2.17(f) and (g) (it being understood that the
documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and
documentation required under Section 2.17(g) will
be delivered to the Borrowers and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject
to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than
its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results
from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation
agrees, at any Borrower’s request and expense, to use reasonable efforts to cooperate with such Borrower to effectuate the provisions
of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to
Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal
amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the
 “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in
any Commitments or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary
to establish that such Commitment or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.

 

    -116-

     

    

 

(d)            Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest
shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

SECTION 9.05. Survival.
All covenants, agreements, representations and warranties made by the Borrowers herein and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive
the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Administrative Agent, LC Issuer or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under
this Agreement is outstanding and unpaid or any Letter of Credit is outstanding (unless, in the case of Fronted Letters of Credit, such
Fronted Letters of Credit have been cash collateralized or backstopped in a manner reasonably satisfactory to the applicable Fronting
Banks and the Administrative Agent) and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15,
2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of
the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of
Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

SECTION 9.06. Counterparts;
Integration; Effectiveness. (a) This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it
shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which,
when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

 

    -117-

     

    

 

(b)            Delivery
of an executed counterpart of a signature page of (x) this
Agreement,
(y) any other Credit Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the
avoidance of doubt, any notice delivered pursuant to ‎Section 9.01), certificate, request, statement, disclosure or authorization
related to this Agreement, any other Credit Document and/or the transactions
contemplated hereby and/or
thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by
telecopy, emailed pdf. or any other electronic means that reproduces an image of thean
actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement,
such other Credit Document or such Ancillary Document, as applicable. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to any
document to be signed in connection with this Agreement and
the transactions contemplated hereby,
any other Credit Document and/or any Ancillary Document shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in any
electronic form (including
deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page),
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures;
provided that nothing herein shall require the Administrative Agent to accept Electronic
Signatures in any
form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing,
(i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the
Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any Borrower without further verification
thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of
the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without
limiting the generality of the foregoing, each Borrower hereby (A) agrees that, for all purposes, including without limitation,
in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative
Agent, the Lenders, and the Borrowers, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page and Records
Act /or
any other similar state lawselectronic
images of this Agreement, any other Credit Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability
as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this
Agreement, any other Credit Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall
be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic
records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper
record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any
other Credit Document and/or any Ancillary Document based solely
on the Uniform Electronic Transactions Actlack
of paper original copies of this Agreement, such other Credit Document and/or such Ancillary Document, respectively, including with respect
to any signature pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities arising solely
from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising
as a result of the failure of any Borrower to use any available security measures in connection with the execution, delivery or transmission
of any Electronic Signature.

 

    -118-

     

    

 

SECTION 9.07. Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction.

 

SECTION 9.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for
the credit or the account of any of the Borrowers against any of and all the obligations of such Person now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although
such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.

 

SECTION 9.09. Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the
law of the State of New York.

 

(b)            Each
of the Borrowers hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted
by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
shall affect any right that the Administrative Agent, any LC Issuer or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against the Borrowers or their respective properties in the courts of any jurisdiction.

 

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

 

(d)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

SECTION 9.10. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    -119-

     

    

 

SECTION 9.11. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 9.12. Confidentiality.
Each of the Administrative Agent, the LC Issuers and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any Governmental Authority (including any self-regulatory authority, such as the NAIC), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower
and its obligations, (g) with the consent of the Borrowers or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any LC
Issuer or any Lender on a non-confidential basis from a source other than the Borrowers. For the purposes of this Section, “Information”
means all information received from the Borrowers relating to any Borrower or its business, other than any such information that is available
to the Administrative Agent, any LC Issuer or any Lender on a non-confidential basis prior to disclosure by the Borrowers and other than
information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers,
that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN THE PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE PARENT AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

    -120-

     

    

 

ALL INFORMATION, INCLUDING
REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING,
THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWERS AND THEIR
AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES) AND ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION
THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

SECTION 9.13. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together
with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above
the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender.

 

SECTION 9.14. USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”) hereby notifies the Borrowers that pursuant to the requirements of the Act, it
is required to obtain, verify and record information that identifies such Person, which information includes the names and addresses
of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Act.

 

SECTION 9.15. Conversion
of Currencies. (a)  If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder
in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could
be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

 

(b)            The
obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable
Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency
in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that,
on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable
Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment
Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the
Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable
Creditor against such loss. The obligations of the Borrowers contained in this Section 9.15 shall survive the termination
of this Agreement and the payment of all other amounts owing hereunder.

 

    -121-

     

    

 

SECTION 9.16. Appointment
and Authorization of Borrower Representative.

 

(a)            Each
Borrower hereby designates, appoints, authorizes and empowers Argo US as its agent to act as specified in the capacity of Borrower Representative
under this Agreement and each of the other Credit Documents and Argo US hereby acknowledges such designation, authorization and empowerment,
and accepts such appointment. Each Borrower hereby irrevocably authorizes and directs the Borrower Representative to take such action
on its behalf under the respective provisions of this Agreement and the other Credit Documents, and any other instruments, documents
and agreements referred to herein or therein, and to exercise such powers and to perform such duties hereunder and thereunder as are
specifically delegated to or required of the Borrower Representative by the respective terms and provisions hereof and thereof, and such
other powers as are reasonably incidental thereto, including, without limitation, to take the following actions for and on such Borrower’s
behalf:

 

(i)            to
submit on behalf of each Borrower Borrowing Requests, and notices of conversion or continuation of Loans to the Administrative Agent
in accordance with the provisions of this Agreement, each such notice to be submitted by the Borrower Representative to the Administrative
Agent as soon as practicable after its receipt of a request to do so from a Borrower; and

 

(ii)            to
submit on behalf of each Borrower requests for the issuance of Letters of Credit in accordance with the provisions of this Agreement,
each such request for the issuance of a Letter of Credit to be submitted by the Borrower Representative as soon as practicable after
its receipt of a request to do so from any Borrower.

 

(b)            The
Borrower Representative is further authorized and directed by each of the Borrowers to take all such actions on behalf of such Borrower
necessary to exercise the specific powers granted in clauses (i) and (ii) above and to perform such other duties
hereunder and under the other Credit Documents, and deliver such documents as delegated to or required of the Borrower Representative
by the terms hereof or thereof. The Administrative Agent and each Lender may regard any notice or other communication pursuant to any
Credit Documents from the Borrower Representative as a notice or communication from all Borrowers, and may give any notice or communication
required or permitted to be given to any Borrower or Borrowers hereunder to the Borrower Representative on behalf of such Borrower or
Borrowers. Each Borrower agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on
its behalf by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon
and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.

 

    -122-

     

    

 

(c)            The
Borrower Representative may perform any of its duties hereunder or under any of the other Credit Documents by or through its agents or
employees.

 

(d)            Each
Borrower (other than Argo US) hereby irrevocably appoints Argo US as its agent to receive on behalf of itself and its property service
of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be
made by mailing or delivering a copy of such process to such Borrower in care of Argo US at its address set forth in Section 9.01(a) hereto.
Each Borrower hereby irrevocably authorizes and directs Argo US to accept such service on its behalf.

 

SECTION 9.17. No
Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”) may have economic interests that conflict with those of the Parent, its stockholders and/or its Affiliates.
The Borrowers agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between any Lender, on the one hand, and any Borrower, its stockholders or its Affiliates, on the
other. The Borrowers acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise
of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand,
and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed
an advisory or fiduciary responsibility in favor of the Borrowers, its stockholders or its Affiliates with respect to the transactions
contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether
any Lender has advised, is currently advising or will advise the Borrowers, their respective stockholders or Affiliates on other matters)
or any other obligation to the Borrowers except the obligations expressly set forth in the Credit Documents and (y) each Lender
is acting solely as principal and not as the agent or fiduciary of the Borrowers, their management, stockholders, creditors or any other
Person. The Borrowers acknowledge and agree that it has consulted its own legal and financial advisors to the extent it deemed appropriate
and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.
The Borrowers agree that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary
or similar duty, to the Borrowers in connection with such transactions or the process leading thereto.

 

SECTION 9.18. Termination
of Existing Agreement. The Lenders party to this Agreement, in their capacities as “Lenders” under the Credit Agreement
dated as of March 3, 2017 among the Borrowers, the lenders party thereto and the Administrative Agent (as amended, the “Existing
Agreement”), constituting the Required Lenders (as such term is defined in the Existing Agreement) thereunder, hereby waive
(a) the notice required pursuant to Section 2.11(b) thereof of the prepayment of obligations thereunder contemplated
by Section 4.01(f) hereof and (b) the notice required pursuant to Section 2.09(c) thereof to terminate
the Commitments (as such term is defined in the Existing Agreement) thereunder and agree with Borrower that upon effectiveness of this
Agreement, the Existing Agreement, the other Credit Documents (as such term is defined in the Existing Agreement), the Commitments (as
such term is defined in the Existing Agreement) and the Obligations (as such term is defined in the Existing Agreement) (other than those
that expressly survive termination) will be terminated without any further act of any Person.

 

    -123-

     

    

 

SECTION 9.19. Acknowledgment
and Consent to Bail-In of EEAAffected
Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEAAffected
Financial Institution arising under any Credit Document may be subject to the write-downWrite-Down
and conversion powers of an EEAConversion
Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto that is an EEAAffected
Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)              a
reduction in full or in part or cancellation of any such liability;

 

(ii)             a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAAffected
Financial Institution, its parent entity, or a bridge institution that may be issued to it or
otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect
to any such liability under this Agreement or any other Credit Document; or

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the write-downWrite-Down
and conversion powers of any EEAConversion
Powers of the applicable Resolution Authority.

 

SECTION 9.20.
Acknowledgement
Regarding Any Supported QFCs. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit
Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to
be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the
Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing,
it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the
rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    -124-

     

    

 

SECTION 9.21.
SECTION 9.20. Certain ERISA Matters. (a) Each Lender (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a
Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each
Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of theany
Borrower or any other Loan Party, that at least one of the following is and
will be true:

 

(i)              (i) such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection
with the Loans, the Letters of Credit or the Commitments,

 

(ii)             (ii) the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)            (iii) (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)            (iv) such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

    -125-

     

    

 

(b)            (b) In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such
Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt,
to or for the benefit of the Borrower or any other Loan PartyBorrowers,
that none of the Administrative Agent, or any Arranger, any Co-Syndication Agent, any Co-Documentation Agent or any of their respective
Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, any Credit Document or any documents related to hereto or thereto).

 

(c)            (c) The
Administrative Agent, and each Arranger, Co-Syndication Agent and Co-Documentation Agent hereby informs the Lenders that each such Person
is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated
hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and
any other Credit Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount
less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may
receive fees or other payments in connection with the transactions contemplated hereby, the Credit Documents or otherwise, including
structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction
fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

[Signature pages follows]

 

    -126-

     

    

 

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

 

	 	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 
	 	ARGO GROUP US, INC.
	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 
	 	ARGO INTERNATIONAL HOLDINGS LIMITED
	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 
	 	ARGO UNDERWRITING AGENCY LIMITED
	 	 
	 	By	         
	 	Name:
	 	Title:

 

[Signature Page to Argo Credit Agreement]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., individually
    and as Administrative Agent
	 	 
	 	By	                
	 	Name:
	 	Title:

 

[Signature Page to Argo Credit Agreement]

 

     

     

    

 

	 	[LENDER]
	 	 
	 	By	      
	 	Name:
	 	Title:

 

[Signature Page to Argo Credit Agreement]

 

     

     

    

 

Schedule 1.02

 

PRICING SCHEDULE

 

	Applicable 
 Margin	 	Level I
 Status	 	 	Level II 
 Status	 	 	Level III 
 Status	 	 	Level IV 
 Status	 	 	Level V 
 Status	 
	Term Benchmark Spread for Revolving Loans	 	 	1.25	%	 	 	1.375	%	 	 	1.50	%	 	 	1.75	%	 	 	2.125	%
	Alternate Base Rate Spread for Revolving Loans	 	 	.25	%	 	 	.375	%	 	 	.50	%	 	 	.75	%	 	 	1.125	%
	RFR Spread for Revolving Loans	 	 	1.25	%	 	 	1.375	%	 	 	1.50	%	 	 	1.75	%	 	 	2.125	%
	Term Benchmark Spread for Term Loans	 	 	1.00	%	 	 	1.125	%	 	 	1.25	%	 	 	1.50	%	 	 	1.875	%
	Alternate Base Rate Spread for Term Loans	 	 	.00	%	 	 	.125	%	 	 	.25	%	 	 	.50	%	 	 	.875	%
	RFR Spread for Term Loans	 	 	1.00	%	 	 	1.125	%	 	 	1.25	%	 	 	1.50	%	 	 	1.875	%

 

	Applicable Fee Rate	 	Level I 
 Status	 	 	Level II 
 Status	 	 	Level III 
 Status	 	 	Level IV 
 Status	 	 	Level V 
 Status	 
	Commitment Fee	 	 	.15	%	 	 	.20	%	 	 	.225	%	 	 	.275	%	 	 	.375	%
	Letter of Credit Fee	 	 	1.25	%	 	 	1.375	%	 	 	1.50	%	 	 	1.75	%	 	 	2.125	%
	Secured Letter of Credit Fee	 	 	.30	%	 	 	.35	%	 	 	.40	%	 	 	.50	%	 	 	.575	%

 

“Level I
Status” exists at any date if, on such date, the S&P Rating or Fitch Rating is BBB+ or better or the Moody’s Rating is
Baa1 or better.

 

“Level II
Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status and (ii) the S&P
Rating or Fitch Rating is BBB or better or the Moody’s Rating is Baa2 or better.

 

     

     

    

 

“Level III
Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status or Level II Status and
(ii) the S&P Rating or Fitch Rating is BBB- or better or the Moody’s Rating is Baa3 or better.

 

“Level IV
Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status, Level II Status or Level
III Status and (ii) the S&P Rating or Fitch Rating is BB+ or better or the Moody’s Rating is Ba1 or better.

 

“Level V
Status” exists at any date if, on such date, the Borrowers have not qualified for Level I Status, Level II Status, Level III Status
or Level IV Status.

 

“Fitch Rating”
means, at any time, the issuer credit rating (or comparable rating) issued by Fitch and then in effect with respect to Argo US or Parent.

 

“Moody’s
Rating” means, at any time, the issuer credit rating (or comparable rating) issued by Moody’s and then in effect with respect
to Argo US or Parent.

 

“Rating”
means a Moody’s Rating, a Fitch Rating or an S&P Rating.

 

“S&P
Rating” means, at any time, the issuer credit rating issued by S&P and then in effect with respect to Argo US or Parent.

 

The Applicable Rate shall
be determined in accordance with the foregoing table based on the Borrowers’ Status as determined from the then-current Moody’s
Rating, Fitch Rating and S&P Ratings. The Rating in effect on any date for the purposes of this Schedule is that in effect at the
close of business on such date. If at any time only one Rating exists, then Status shall be determined on the basis of the existing Rating.
If at any time a Borrower has no Moody’s Rating, no Fitch Rating and no S&P Rating, Level V Status shall exist. If at any time
a different credit rating is issued by either Moody’s, Fitch or S&P, then the highest of such credit ratings shall apply (with
the credit rating for Level I being the highest and the credit rating for Level V being the lowest), unless there is a split in credit
ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lowest credit rating shall apply.

 

If on any date of determination
of the Moody’s Rating, Fitch Rating or S&P Rating, as applicable, there exists both an Argo US rating by such rating agency
and a Parent rating by such rating agency and there is a split between such ratings, then the higher of such ratings shall apply for
purposes of determining the Moody’s Rating, Fitch Rating or S&P Rating, as applicable, (unless there is a split in the ratings
of such ratings agency by more than one level, in which case the level that is one level higher than the lower rating shall apply).

 

Until adjusted after the Effective
Date, Level III Status shall be deemed to exist.

 

    2

     

    

 

Schedule 1.03

 

ADVANCE RATES

 

	Eligible
    Collateral	Advance
    Rate

    (expressed as a percentage of

 principal amount)
	Cash:

     

    Dollars and any overnight or other investment money market funds
    of the Collateral Agent or Administrative Agent (or an Affiliate of the Collateral Agent or Administrative Agent) at which a Collateral
    Account is held
	100%
	Time
    Deposits, CDs, Money Market Deposits and Money Market Mutual Funds:

     

    Time deposits, certificates of deposit and money market deposits,
    denominated in Dollars, of any commercial bank incorporated in the United States with a rating of at least (i) AA- from S&P,
    (ii) Aa3 from Moody’s or (ii) AA- from Fitch and maturing within two years from the date of determination. Money
    market mutual funds with institutions not affiliated with the Lenders with same-day liquidity and with a rating of (i) AAA from
    S&P, (ii) Aaa from Moody's, (iii) AAA from Fitch or (iv) 1 by the NAIC Securities Valuation Office.
	90%
	U.S.
    Government Securities:

     

    Securities issued or directly and fully guaranteed or insured
    by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged
    in support thereof).
	With
    maturities of (x) two years or less from the date of determination, 95%, (y) more than two years and ten years or less
    from the date of determination, 90% and (z) more than ten years from the date of determination, 85%
	Investment
    Grade Municipal Bonds Level I:

     

    Municipal bonds maturing within eleven years from the date of
    determination rated at least (i) AAA from S&P, (ii) Aaa from Moody's or (iii) AAA from Fitch.
	90%
	Investment
    Grade Nonconvertible Corporate Bonds Level I:

     

    Nonconvertible corporate bonds denominated in Dollars or Foreign
    Currencies which are traded publicly maturing within eleven years from the date of determination rated (a) at least (i) AA-
    from S&P, (ii) Aa3 from Moody's or (iii) AA- from Fitch, or (b) in the case of corporate bonds rated solely by
    DBRS, at least AA low from DBRS.
	With
    maturities of (x) two years or less from the date of determination, 90% and (y) more than two years and eleven years or
    less from the date of determination, 85%

 

     

     

    

 

	Eligible
    Collateral	Advance
    Rate

    (expressed as a percentage of

 principal amount)
	Investment
    Grade Nonconvertible Corporate Bonds Level II:

     

    Nonconvertible corporate bonds denominated in Dollars or Foreign
    Currencies which are traded publicly, maturing within eleven years from the date of determination rated (a) at least (i) A-
    from S&P, (ii) A3 from Moody's or (iii) A- from Fitch, or (b) in the case of corporate bonds rated solely by DBRS,
    at least A low from DBRS.
	80%
	Commercial
    Paper:

     

    Commercial paper issued by any entity organized in the United
    States and denominated in Dollars and maturing not more than one year after the date of determination rated at least (i) A-1
    or the equivalent thereof by S&P, (ii) P-1 or the equivalent thereof by Moody's or (iii) F-1 or the equivalent thereof
    by Fitch.
	90%
	Agency
    Securities:

     

    (i) Single-class mortgage participation certificates in book-entry
    form and denominated in Dollars backed by single-family residential mortgage loans, the full and timely payment of interest at the
    applicable certificate rate and the ultimate collection of principal of which are guaranteed by the Federal Home Loan Mortgage Corporation
    (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations, pass-through certificates backed
    by adjustable rate mortgages, securities paying interest or principal only and similar derivative securities); (ii) single-class
    mortgage pass-through certificates in book-entry form and denominated in Dollars backed by single-family residential mortgage loans,
    the full and timely payment of interest at the applicable certificate rate and ultimate collection of principal of which are guaranteed
    by the Federal National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, pass-through certificates
    backed by adjustable rate mortgages, collateralized mortgage obligations, securities paying interest or principal only and similar
    derivative securities); and (iii) single-class fully modified pass-through certificates in book-entry form and denominated in
    Dollars backed by single-family residential mortgage loans, the full and timely payment of principal and interest of which is guaranteed
    by the Government National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage
    obligations, pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar
    derivatives securities), in each case rated at least CD AA- by S&P, (ii) Aa3 by Moody's or (iii) AA- by Fitch.
	With
    a weighted average life from the date of determination of (x) two years or less from the date of determination, 95%, (y) more
    than two years and ten years or less from the date of determination, 90% and (z) more than ten years from the date of determination,
    85%

 

    2

     

    

 

	Eligible
    Collateral	Advance
    Rate

    (expressed as a percentage of

 principal amount)
	Asset-Backed
    Securities:

     

    Asset-backed securities denominated in Dollars rated at least
    (i) AAA by S&P, (ii) Aaa by Moody's or AAA by Fitch; provided that (x) such securities are backed by credit card
    receivables, automobile loans, commercial mortgages or utility charges (as in rate reduction bonds) and have a weighted average life
    from the date of determination of 10 years or less and (y) asset-backed securities will not constitute Eligible Collateral if
    they are certificated securities that cannot be paid or delivered by book entry (and all asset-backed securities issued by an issuer
    incorporated in the United States of America must be capable of settlement through DTC).
	85%
	Other
    Securities:

     

    All other cash, investments, obligations or securities.
	0%

 

    3

     

    

 

Schedule 2.01

 

Commitments

 

As
of the Amendment No. 3 Effective Date

 

	Lender	Revolving
    Commitments	Outstanding

Term Loan

 Commitments

‌Loans
	Qualifying Lender?

 Y/N

    DTTP Reference

 Number (if 

applicable)

	JPMorgan
    Chase Bank, N.A.	$30,000,000	$25,000,000‌$0	USA
    13/M/0268710/DTTP
	Wells
    Fargo Bank, N.A.	$30,000,000	$25,000,000‌$0	USA
    13/W/61173/DTTP
	Bank
    of America, N.A.	$30,000,000	$25,000,000‌$0	USA 13/B/7418/DTTP

	U.S.
    Bank National Association	$25,000,000	$15,250,000‌$0	 
	HSBC
    Bank USA, N.A.	$25,000,000	$0	 
	HSBC
    Bank Bermuda Ltd.	$0	$15,250,000‌$0	 
	Barclays
    Bank PLC	$20,000,000	$6,500,000‌$0	 
	Frost
    Bank	$20,000,000	$6,500,000‌$0	 
	PNC
    Bank N.A.	$20,000,000	$6,500,000‌$0	 
	Goldman
    Sachs Bank USA	$20,000,000	$0	 
	TOTAL	$200,000,000‌$220,000,000	$125,000,000‌$0	 

 

    4

     

    

 

Schedule 2.17(g)

 

QPP Certificate

 

	To:	     [●] as [Parent or Administrative Agent]
	 	 
	From:	     [Lender]
	 	 
	Dated:	     [●]

 

Dear Sirs,

 

[Parent] – [US$325,000,000] Credit Agreement

dated [●] (as amended) (the “Credit Agreement”)

 

		1.	We
                                            refer to the Credit Agreement. This is a QPP Certificate. Terms defined in the Credit Agreement
                                            have the same meaning in this QPP Certificate unless given a different meaning in this QPP
                                            Certificate.

 

		2.	We
                                            confirm that:

 

		(a)	we
                                            are beneficially entitled to all interest payable to us as a Lender under the Loan;

 

		(b)	we
                                            are a resident of a qualifying territory; and

 

		(c)	we
                                            are beneficially entitled to the interest which is payable to us on the Loan for genuine
                                            commercial reasons, and not as part of a tax advantage scheme.

 

These confirmations together form a
creditor certificate.

 

		3.	In
                                            this QPP Certificate the terms "resident", "qualifying territory", "scheme",
                                            "tax advantage scheme" and "creditor certificate" have the meaning given
                                            to them in the Qualifying Private Placement Regulations 2015 (2015 No. 2002).

 

[Name of Lender]

 

By:

 

[This QPP Certificate is required where a lender is a person eligible
for the UK withholding tax exemption for qualifying private placements; a separate QPP Certificate should be provided by each such lender.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]