Document:

Credit Agreement for $600 million dated as of April 2, 2004

 Exhibit 10.2 
  
 EXECUTION COPY 
  
 $600,000,000 
  
 THREE-YEAR 
 CREDIT AGREEMENT 
  
 Dated as of April 2, 2004 
  
 Among 
  
 ACE LIMITED 
  
 ACE BERMUDA INSURANCE LTD. 
  
 ACE TEMPEST REINSURANCE LTD. 
  
 ACE INA HOLDINGS INC. 
  
 as Borrowers 
  
 and 
  
 THE INITIAL LENDERS NAMED
HEREIN 
  
 as Initial Lenders 
  
 and 
  
 BARCLAYS CAPITAL 
  
 as Syndication Agent 
  
 Citibank, N.A. 
 Bank of America, N.A.

 Lloyds TSB Bank plc 
  
 as Co-Documentation Agents 
  
 JPMORGAN CHASE BANK  
  
 as Administrative Agent 
  
 J.P. MORGAN SECURITIES INC. 
 BARCLAYS CAPITAL

  
 as Joint Lead Arrangers and Joint Bookrunners

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE

	 ARTICLE 1
 DEFINITIONS AND ACCOUNTING TERMS
	  	 
			
	 Section 1.01.
	 	 Certain Defined Terms
	  	1
	 Section 1.02.
	 	 Computation of Time Periods; Other Definitional Provisions
	  	19
	 Section 1.03.
	 	 Accounting Terms and Determinations
	  	19
		
	 ARTICLE 2
 AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF
CREDIT
	  	 
			
	 Section 2.01.
	 	 The Committed Advances and the Letters of Credit
	  	19
	 Section 2.02.
	 	 Making the Committed Advances
	  	20
	 Section 2.03.
	 	 The Competitive Bid Advances
	  	22
	 Section 2.04.
	 	Issuance and Renewals and Drawings, Participations and Reimbursement with Respect to Letters of Credit	  	26
	 Section 2.05.
	 	 Repayment of Advances
	  	29
	 Section 2.06.
	 	 Termination or Reduction of the Commitments
	  	31
	 Section 2.07.
	 	 Prepayments
	  	31
	 Section 2.08.
	 	 Interest
	  	32
	 Section 2.09.
	 	 Fees
	  	33
	 Section 2.10.
	 	 Conversion of Advances
	  	34
	 Section 2.11.
	 	 Increased Costs, Etc
	  	35
	 Section 2.12.
	 	 Payments and Computations
	  	37
	 Section 2.13.
	 	 Taxes
	  	38
	 Section 2.14.
	 	 Sharing of Payments, Etc
	  	41
	 Section 2.15.
	 	 Use of Proceeds
	  	42
	 Section 2.16.
	 	 Defaulting Lenders
	  	42
	 Section 2.17.
	 	 Replacement of Affected Lender
	  	45
	 Section 2.18.
	 	 Certain Provisions Relating to the Issuing Bank and Letters of Credit.
	  	45
	 Section 2.19.
	 	 Downgrade Event with Respect to a Lender
	  	47
	 Section 2.20.
	 	 Downgrade Event or Other Event with Respect to the Issuing Bank
	  	49
	 Section 2.21.
	 	 Non-Dollar Letters of Credit
	  	50
	 Section 2.22.
	 	 Increase in Commitments
	  	52
	 Section 2.23.
	 	 Registry
	  	53
		
	 ARTICLE 3
 CONDITIONS OF LENDING AND ISSUANCES OF LETTERS OF CREDIT
	  	 
			
	 Section 3.01.
	 	Conditions Precedent to Effectiveness	  	54

  

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	 Section 3.02.
	 	 Conditions Precedent to Each Committed Borrowing and Issuance, Extension or Increase of a Letter of Credit
	  	56
	 Section 3.03.
	 	 Conditions Precedent to Each Competitive Bid Borrowing
	  	57
		
	 ARTICLE 4
 REPRESENTATIONS AND WARRANTIES
	  	 
			
	 Section 4.01.
	 	 Representations and Warranties of the Borrowers
	  	57
		
	 ARTICLE 5
 COVENANTS OF THE BORROWERS
	  	 
			
	 Section 5.01.
	 	 Affirmative Covenants
	  	61
	 Section 5.02.
	 	 Negative Covenants
	  	63
	 Section 5.03.
	 	 Reporting Requirements
	  	67
	 Section 5.04.
	 	 Financial Covenants
	  	70
		
	 ARTICLE 6
 EVENTS OF DEFAULT
	  	 
			
	 Section 6.01.
	 	 Events Of Default
	  	70
	 Section 6.02.
	 	 Actions in Respect of the Letters of Credit upon Default
	  	73
		
	 ARTICLE 7
 THE GUARANTY
	  	 
			
	 Section 7.01.
	 	 The Guaranty
	  	74
	 Section 7.02.
	 	 Guaranty Unconditional
	  	74
	 Section 7.03.
	 	 Discharge only upon Payment in Full; Reinstatement in Certain Circumstances
	  	75
	 Section 7.04.
	 	 Waiver by the Guarantors
	  	75
	 Section 7.05.
	 	 Subrogation
	  	75
	 Section 7.06.
	 	 Stay of Acceleration
	  	76
	 Section 7.07.
	 	 Continuing Guaranty; Assignments
	  	76
		
	 ARTICLE 8
 THE AGENTS
	  	 
			
	 Section 8.01.
	 	 Authorization and Action
	  	77
	 Section 8.02.
	 	 Agents’ Reliance, Etc
	  	77
	 Section 8.03.
	 	 JPMCB and Affiliates
	  	78
	 Section 8.04.
	 	 Lender Credit Decision
	  	78
	 Section 8.05.
	 	 Indemnification
	  	78
	 Section 8.06.
	 	 Successor Agents
	  	79
	 Section 8.07.
	 	 Co-Documentation Agents
	  	79

  

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	 	 	 ARTICLE 9
 MISCELLANEOUS
	  	 
			
	 Section 9.01.
	 	 Amendments, Etc
	  	80
	 Section 9.02.
	 	 Notices, Etc
	  	80
	 Section 9.03.
	 	 No Waiver; Remedies
	  	81
	 Section 9.04.
	 	 Costs and Expenses
	  	81
	 Section 9.05.
	 	 Right of Set-off
	  	83
	 Section 9.06.
	 	 Successors; Participations and Assignments
	  	83
	 Section 9.07.
	 	 Designated Lenders
	  	85
	 Section 9.08.
	 	 Execution in Counterparts
	  	86
	 Section 9.09.
	 	 No Liability of the Issuing Bank
	  	86
	 Section 9.10.
	 	 Confidentiality
	  	86
	 Section 9.11.
	 	 Jurisdiction, Etc
	  	87
	 Section 9.12.
	 	 Governing Law
	  	88
	 Section 9.13.
	 	 Waiver of Jury Trial
	  	88
	 Section 9.14.
	 	 Nature of Borrowers’ Obligations
	  	88
	 Section 9.15.
	 	 USA Patriot Act
	  	88

  

			
	 SCHEDULES
	  	 
		
	 Pricing Schedule
	  	 
	 Commitment Schedule
	  	 
	 Schedule 4.01(b)
	  	 Subsidiaries

	 Schedule 5.02(a)
	  	 Liens

  

			
	 EXHIBITS
	  	 
		
	 Exhibit A
	  	 Form of Note

	 Exhibit B-1
	  	 Form of Notice of Committed Borrowing

	 Exhibit B-2
	  	 Form of Notice of Competitive Bid Borrowing

	 Exhibit C
	  	 Form of Assignment and Assumption Agreement

	 Exhibit D-1
	  	 Form of Opinion of Cayman Islands Counsel to the Parent

	 Exhibit D-2
	  	 Form of Opinion of New York Counsel to the Loan Parties

	 Exhibit D-3
	  	 Form of Opinion of Bermuda Counsel to the ACE Bermuda and ACE Tempest

	 Exhibit E
	  	 Form of Designation Agreement

  
  

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 THREE-YEAR CREDIT AGREEMENT 
  
 THREE-YEAR CREDIT AGREEMENT dated as of April 2, 2004 among ACE Limited, a Cayman Islands company (the
“Parent”), ACE Bermuda Insurance Ltd. (“ACE Bermuda”), ACE Tempest Reinsurance Ltd. (“ACE Tempest”) and ACE INA Holdings Inc. (“ACE INA”) (ACE Bermuda, ACE Tempest and ACE
INA, together with the Parent, the “Borrowers”), the banks, financial institutions and other institutional lenders listed on the signature pages hereof as the Initial Lenders (the “Initial Lenders”), Barclays
Capital, the investment banking division of Barclays Bank PLC (“Barclays”), as syndication agent (together with any successor syndication agent appointed pursuant to Article 8, the “Syndication Agent”), Bank of
America, N.A., Citibank, N.A. and Lloyds TSB Bank plc, as co-documentation agents (together with any successor documentation agent appointed pursuant to Article 8, the “Co-Documentation Agents”), JPMorgan Chase Bank
(“JPMCB”), as administrative agent (together with any successor administrative agent appointed pursuant to Article 8, the “Administrative Agent” and, together with the Syndication Agent and the Co-Documentation
Agents, the “Agents”) for the Lenders (as hereinafter defined) and J.P. Morgan Securities Inc. and Barclays as Joint Lead Arrangers and Joint Bookrunners. 
  
 In consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 Section 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
  
 “Account Party” with respect to any outstanding or proposed Letter of Credit means the Borrower for the account of which such Letter of
Credit was or is proposed to be issued. 
  
 “ACE
Bermuda” has the meaning specified in the recital of parties to this Agreement. 
  
 “ACE INA” has the meaning specified in the recital of parties to this Agreement. 
  
 “ACE Tempest” has the meaning specified in the recital of parties to this Agreement. 
  
 “Additional Lender” has the meaning set forth in Section
2.22. 
  
 “Adjusted Consolidated Debt” means, at
any time, an amount equal to (i) the then outstanding Consolidated Debt of the Parent and its Subsidiaries plus 

 (ii) to the extent exceeding an amount equal to 15% of Total Capitalization, the then issued and outstanding amount of
Preferred Securities (other than any Mandatorily Convertible Preferred Securities). 
  
 “Administrative Agent” has the meaning specified in the recital of parties to this Agreement. 
  
 “Administrative Agent’s Account” means the account of the Administrative Agent maintained by the Administrative Agent with JPMCB, at
its office at 270 Park Avenue, New York, New York 10017, Account No. 323222587, Attention: Loan Agency Group, or such other account as the Administrative Agent shall specify in writing to the Lenders. 
  
 “Administrative Questionnaire” means, with respect to each
Lender, an administrative questionnaire in the form prepared by the Administrative Agent, completed by such Lender and returned to the Administrative Agent (with a copy to the Borrowers). 
  
 “Advance” means a Committed Advance, a Competitive Bid Advance or a Letter of Credit Advance. 

 
 “Affected Lender” means any Lender that (i) has made, or
notified any Borrower that an event or circumstance has occurred which may give rise to, a demand for compensation under Section 2.11(a) or (b) or Section 2.13 (but only so long as the event or circumstance giving rise to such demand or notice is
continuing), (ii) has notified any Borrower (which notice has not been withdrawn) of any event or circumstance of a type described in Section 2.11(c) or (d) or (iii) is a Downgraded Lender. 
  
 “Affiliate” means, as to any Person, any other Person that,
directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the Voting Interests of such Person or to
direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 
  
 “Agents” has the meaning specified in the recital of parties to this Agreement. 
  
 “Agreement Currency” has the meaning specified in Section
2.21(g). 
  
 “Applicable Facility Fee Percentage”
means, as of any date, a percentage per annum determined by reference to the Pricing Schedule. 
  
 “Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurodollar Lending Office in the
case of a Eurodollar Rate Advance 
  

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 and, in the case of a Competitive Bid Advance, the office of such Lender notified by such Lender to the Administrative
Agent as its Applicable Lending Office with respect to such Competitive Bid Advance. 
  
 “Applicable Margin” means, as of any date, a percentage per annum determined by reference to the Pricing Schedule. 
  
 “Approved Investment” means any Investment that was made by the Parent or any of its Subsidiaries pursuant
to investment guidelines set forth by the board of directors of the Parent which are consistent with past practices. 
  
 “Assignee” has the meaning specified in Section 9.06(c). 
  
 “Available Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn
under such Letter of Credit at such time or at any future time (assuming compliance at such time or such future time with all conditions to drawing). 
  
 “Bankruptcy Law” means any proceeding of the type referred to in Section 6.01(f) or Title 11, U.S. Code, or any similar foreign, federal
or state law for the relief of debtors. 
  
 “Base
Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
  
 (a) the rate of interest announced publicly by JPMCB in New York, New York, from time to time, as JPMCB’s prime rate; and 
  
 (b) 2 of 1% per annum above the Federal Funds Rate. 
  
 “Base Rate Advance” means an Advance that bears interest as
provided in Section 2.08(a)(i). 
  
 “Borrowers”
has the meaning specified in the recital of parties to this Agreement. 
  
 “Borrowers’ Account” means the account of one or more Borrowers maintained by such Borrower(s) with The Bank of Bermuda Limited at its office at 6 Front Street, Hamilton, Bermuda HM12 Account No. 18000035, Attention:
Paula Saints, or such other account as the Parent shall specify in writing to the Administrative Agent or such other account as the Borrowers (or any one of them) shall specify in writing to the Administrative Agent. 
  
 “Borrowing” means a Committed Borrowing or a Competitive Bid
Borrowing. 
  
 “Business Day” means a day of the
year on which banks are not required or authorized by law to close in New York City and, if the applicable Business Day relates to any Eurodollar Rate Advances or LIBO Rate Advances, on which dealings are carried on in the London interbank market.

  

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 “Capitalized Leases” means all leases that have been or should be, in accordance with
GAAP, recorded as capitalized leases. 
  
 “Change of
Control” means the occurrence of any of the following: (a) any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the
Securities Exchange Act of 1934), directly or indirectly, of Voting Interests of the Parent (or other securities convertible into such Voting Interests) representing 30% or more of the combined voting power of all Voting Interests of the Parent or
(b) a majority of the board of directors of the Parent shall not be Continuing Members. 
  
 “Co-Documentation Agents” has the meaning specified in the recital of parties to this Agreement. 
  
 “Commitment” means (i) with respect to each Lender listed on the Commitment Schedule, the amount set forth opposite such Lender’s
name on the Commitment Schedule, (ii) with respect to any Person which becomes a Lender pursuant to Section 2.22, the amount of the Commitment undertaken by such Additional Lender pursuant to the documentation under Section 2.22 and (iii) with
respect to any Person which becomes a Lender pursuant to Section 9.06(c), the amount of the transferor Lender’s Commitment assigned to it pursuant to Section 9.06(c), in each case as such amount may be changed from time to time pursuant to
Section 2.06, 2.22 or 9.06(c); provided that, if the context so requires, the term “Commitment” means the obligation of a Lender to extend credit up to such amount to the Borrowers hereunder. 
  
 “Commitment Schedule” means the Schedule hereto denominated
as such. 
  
 “Committed Advance” has the meaning
specified in Section 2.01(a). 
  
 “Committed
Borrowing” means a borrowing consisting of simultaneous Committed Advances of the same Type made by the Lenders to the same Borrower. 
  
 “Committed Facility” means, at any time, the aggregate amount of the Lenders’ Commitments at such time. 
  
 “Competitive Bid Advance” means an advance by a Lender to
any Borrower as part of a Competitive Bid Borrowing resulting from the competitive bidding procedure described in Section 2.03 and refers to a Fixed Rate Advance or a LIBO Rate Advance. 
  
 “Competitive Bid Borrowing” means a borrowing consisting of simultaneous Competitive Bid Advances from each
of the Lenders whose offer to make one or more Competitive Bid Advances as part of such borrowing has been accepted under the competitive bidding procedure described in Section 2.03. 
  

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 “Confidential Information” means information that any Loan Party furnishes to any Agent
or any Lender, but does not include any such information that is or becomes generally available to the public other than as a result of a breach by such Agent or any Lender of its obligations hereunder or that is or becomes available to such Agent
or such Lender from a source other than the Loan Parties that is not, to the best of such Agent’s or such Lender’s knowledge, acting in violation of a confidentiality agreement with a Loan Party. 
  
 “Consolidated” refers to the consolidation of accounts in
accordance with GAAP. 
  
 “Consolidated Net
Income” means, for any period, the net income of the Parent and its Consolidated Subsidiaries, determined on a Consolidated basis for such period. 
  
 “Consolidated Net Worth” means at any date the Consolidated stockholders’ equity of the Parent and its Consolidated Subsidiaries
determined as of such date, provided that such determination for purposes of Section 5.04 shall be made without giving effect to adjustments pursuant to Statement No. 115 of the Financial Accounting Standards Board of the United States of America.

  
 “Contingent Obligation” means, with respect
to any Person, any obligation or arrangement of such Person to guarantee or intended to guarantee any Debt, leases, dividends or other payment obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with
recourse or sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any
obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary
obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof;
provided, however, that Contingent Obligations shall not include any obligations of any such Person arising under insurance contracts entered into in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an
amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such 
  

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 primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent
Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as determined by such Person in good faith. 
  
 “Continuing Member” means a member of the Board of Directors
of the Parent who either (i) was a member of the Parent’s Board of Directors on the date of execution and delivery of this Agreement by the Parent and has been such continuously thereafter or (ii) became a member of such Board of Directors
after such date and whose election or nomination for election was approved by a vote of the majority of the Continuing Members then members of the Parent’s Board of Directors. 
  
 “Conversion”, “Convert” and “Converted” each refer to a conversion of
Advances of one Type into Advances of the other Type pursuant to Section 2.10 or 2.11. 
  
 “Debenture” means debt securities issued by ACE INA or the Parent to a Special Purpose Trust in exchange for proceeds of Preferred Securities and common securities of such Special Purpose Trust.

  
 “Debt” of any Person means, without
duplication for purposes of calculating financial ratios, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the
ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations
of such Person as lessee under Capitalized Leases (excluding imputed interest), (f) all obligations of such Person under acceptance, letter of credit or similar facilities, (g) all obligations of such Person to purchase, redeem, retire, defease or
otherwise make any payment in respect of any Equity Interests (except for obligations to pay for Equity Interests within customary settlement periods) in such Person or any other Person or any warrants, rights or options to acquire such capital
stock (excluding payments under a contract for the forward sale of ordinary shares of such Person issued in a public offering), valued, in the case of Redeemable Preferred Interests, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends, (h) all Contingent Obligations of such Person in respect of Debt (of the types described above) of any other Person and (i) all indebtedness and other payment obligations referred to in clauses (a)
through (h) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such
Person, even though such Person has not assumed or become liable for the payment of such 
  

 6 

 indebtedness or other payment obligations; provided, however, that the amount of Debt of such Person under clause (i)
above shall, if such Person has not assumed or otherwise become liable for any such Debt, be limited to the lesser of the principal amount of such Debt or the fair market value of all property of such Person securing such Debt; provided further that
“Debt” shall not include obligations in respect of insurance or reinsurance contracts entered into in the ordinary course of business or any obligations of such Person (1) to purchase securities (or other property) which arise out
of or in connection with the sale of the same or substantially similar securities (or other property) or (2) to return collateral consisting of securities arising out of or in connection with the loan of the same or substantially similar securities;
provided further that, solely for purposes of Section 5.04 and the definitions of “Adjusted Consolidated Debt” and “Total Capitalization”, “Debt” shall not include (x) any contingent obligations of
any Person under or in connection with acceptance, letter of credit or similar facilities or (y) obligations of the Parent or ACE INA under any Debentures or under any subordinated guaranty of any Preferred Securities or obligations of a Special
Purpose Trust under any Preferred Securities. 
  
 “Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 
  
 “Defaulted Advance” means, with respect to any Lender at any time, the portion of any Advance required to
be made by such Lender to any Borrower pursuant to Section 2.01 or 2.02 at or prior to such time that has not been made by such Lender or by the Administrative Agent for the account of such Lender pursuant to Section 2.02(d) as of such time.

  
 “Defaulted Amount” means, with respect to any
Lender at any time, any amount required to be paid by such Lender to any Agent or any other Lender hereunder or under any other Loan Document at or prior to such time that has not been so paid as of such time, including, without limitation, any
amount required to be paid by such Lender to (a) the Administrative Agent pursuant to Section 2.02(d) to reimburse the Administrative Agent for the amount of any Committed Advance made by the Administrative Agent for the account of such Lender, (b)
the Issuing Bank pursuant to Section 2.04(c) to purchase a portion of a Letter of Credit Advance made by the Issuing Bank, (c) any other Lender pursuant to Section 2.14 to purchase any participation in Committed Advances owing to such other Lender
and (d) any Agent or the Issuing Bank pursuant to Section 8.05 to reimburse such Agent or the Issuing Bank for such Lender’s ratable share of any amount required to be paid by the Lenders to such Agent or the Issuing Bank as provided therein.

  
 “Defaulting Lender” means, at any time, any
Lender that, at such time, (a) owes a Defaulted Advance or a Defaulted Amount or (b) shall take any action or be the subject of any action or proceeding of a type described in Section 6.01(f). 
  

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 “Designated Lender” means, with respect to any Designating Lender, an Eligible Designee
designated by it pursuant to Section 9.07(a) as a Designated Lender for purposes of this Agreement. 
  
 “Designating Lender” means, with respect to each Designated Lender, the Lender that designated such Designated Lender pursuant to Section
9.07(a). 
  
 “Dollar Equivalent” has the meaning
specified in Section 2.21(h). 
  
 “Domestic Lending
Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire or such other office of such Lender as such Lender may from time to time
specify to any Borrower and the Administrative Agent. 
  
 “Downgrade Account” has the meaning specified in Section 2.19(a). 
  
 “Downgrade Event” means, with respect to any Lender, a reduction of the credit rating for the senior unsecured unsupported long-term debt of such Lender by S&P or Moody’s. 
  
 “Downgraded Lender” means any Lender which has a credit
rating of less than A- (in the case of S&P) or A3 (in the case of Moody’s) for its senior unsecured unsupported long-term debt or which does not have any credit rating on such debt from one of S&P or Moody’s. 
  
 “Downgrade Notice” has the meaning specified in Section
2.19(a). 
  
 “Effective Date” means the first
date on which the conditions set forth in Article 3 shall have been satisfied. 
  
 “Eligible Designee” means a special purpose entity that (i) is organized under the laws of the United States or any state thereof, (ii) is engaged in making, purchasing or otherwise investing in
commercial loans in the ordinary course of its business and (iii) issues (or the parent of which issues) commercial paper rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s. 

 
 “Environmental Action” means any action, suit, demand,
demand letter, claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, any Environmental Permit or
Hazardous Material or arising from alleged injury or threat to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions
or damages and (b) by any governmental or regulatory authority or third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
  

 8 

 “Environmental Law” means any Federal, state, local or foreign statute, law, ordinance,
rule, regulation, code, order, writ, judgment, injunction, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including, without limitation,
those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
  
 “Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law. 
  
 “Equity Interests” means, with respect
to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of
such shares (or such other interests), and other ownership or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are authorized or otherwise existing on any date of determination. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. 
  
 “ERISA Affiliate”
means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan Party, or under common control with any Loan Party, within the meaning of Section 414 of the Internal Revenue Code or Section 4001 of ERISA.

  
 “Eurocurrency Liabilities” has the meaning
specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Eurodollar Lending
Office” in its Administrative Questionnaire (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Parent and the Administrative Agent.

  
 “Eurodollar Rate” means, for any Interest
Period for all Eurodollar Rate Advances comprising part of the same Committed Borrowing, an interest rate per annum equal to the rate per annum appearing on Dow Jones Markets (Telerate) Page 3750 (or any successor page) as the London interbank
offered rate for deposits in U.S. dollars at 11:00 a.m. (London time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period (provided that, if for any reason such rate is not available, the term
“Eurodollar 
  

 9 

 Rate” shall mean, for any Interest Period for all Eurodollar Rate Advances comprising part of the same
Committed Borrowing, the rate per annum appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for
a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates). 
  
 “Eurodollar Rate Advance” means an Advance that bears
interest as provided in Section 2.08(a)(ii). 
  
 “Eurodollar Rate Reserve Percentage” for any Interest Period for all Eurodollar Rate Advances comprising part of the same Committed Borrowing means the reserve percentage applicable two Business Days before the first day of
such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or
other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that
includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 
  
 “Events of Default” has the meaning specified in Section 6.01. 
  
 “Existing Agreements” means (i) the Third Amended and Restated 364-Day Credit Agreement dated as of April
4, 2003 and (ii) the Amended and Restated Five-Year Credit Agreement dated as of May 8, 2000, each among the Borrowers and the lenders, agents and other parties thereto, as amended to the Effective Date. 
  
 “Existing Letter of Credit” means LOC #S876241, issued by
Mellon Bank, N.A., in the amount of $63,905,865.00, for the benefit of Liberty Mutual Insurance Company, expiring 12/31/04. 
  
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it. 
  
 “Fee
Letter” means the fee letter dated March 15, 2004 between the Parent and the Administrative Agent. 
  

 10 

 “Fiscal Year” means a fiscal year of the Parent and its Consolidated Subsidiaries ending
on December 31 in any calendar year. 
  
 “Fixed Rate
Advances” has the meaning specified in Section 2.03(a)(i). 
  
 “Foreign Government Scheme or Arrangement” has the meaning specified in Section 4.01(l)(ii). 
  
 “Foreign Plan” has the meaning specified in Section 4.01(l)(ii). 
  
 “GAAP” has the meaning specified in Section 1.03. 
  
 “Guarantor” means each of the Borrowers. 
  
 “Guaranty” means the undertaking by each of the Guarantors
under Article 8. 
  
 “Hazardous Materials” means
(a) petroleum or petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or
regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law. 
  
 “Hedge Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other hedging
agreements. 
  
 “Indemnified Party” has the
meaning specified in Section 9.04(b). 
  
 “Initial
Lenders” has the meaning specified in the recital of parties to this Agreement. 
  
 “Interest Period” means, for each Eurodollar Rate Advance comprising part of the same Committed Borrowing and each LIBO Rate Advance comprising part of the same Competitive Bid Borrowing, the period
commencing on the date of such Eurodollar Rate Advance or LIBO Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day of the period selected by the Borrower requesting such
Borrowing or Conversion pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the applicable Borrower
pursuant to the provisions below. The duration of each such Interest Period shall be one or two weeks or one, two, three or six months, as the Borrower requesting such Borrowing or Conversion may, upon notice received by the Administrative Agent not
later than 11:00 a.m. (New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 
  
 (a) such Borrower may not select any Interest Period with respect to any Eurodollar Rate Advance that ends after the Termination Date; 
  

 11 

 (b) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same
Committed Borrowing or for LIBO Rate Advances comprising part of the same Competitive Bid Borrowing shall be of the same duration; 
  
 (c) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be
extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the
next preceding Business Day; and 
  
 (d) whenever the first day of
any Interest Period (other than a one or two week Interest Period) occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of
months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 
  
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. 
  
 “Investment” in
any Person means any loan or advance to such Person, any purchase or other acquisition of any Equity Interests or Debt or the assets comprising a division or business unit or a substantial part or all of the business of such Person, any capital
contribution to such Person or any other direct or indirect investment in such Person, including, without limitation, any acquisition by way of a merger or consolidation and any arrangement pursuant to which the investor incurs Debt of the types
referred to in clause (h) or (i) of the definition of “Debt” in respect of such Person; provided, however, that any purchase by any Loan Party or any Subsidiary of any catastrophe-linked instruments which are (x) issued for the
purpose of transferring traditional reinsurance risk to the capital markets and (y) purchased by such Loan Party or Subsidiary in accordance with its customary reinsurance underwriting procedures, or the entry by any Loan Party or any Subsidiary
into swap instruments relating to such instruments in accordance with such procedures, shall be deemed to be the entry by such Person into a reinsurance contract and shall not be deemed to be an Investment by such Person. 
  
 “Issuing Bank” means Barclays Bank PLC, JPMCB, Mellon Bank,
N.A., Wachovia Bank, National Association and any “New Issuing Bank” appointed in accordance with Section 2.20. Except as otherwise indicated, each reference to Issuing Bank means, with respect to any Letter of Credit, the Issuing
Bank which has issued such Letter of Credit. 
  

 12 

 “JPMCB” means JPMorgan Chase Bank, a New York banking corporation. 
  
 “Judgment Currency” has the meaning specified in Section
2.21(g). 
  
 “LC Participation Obligations” has
the meaning specified in Section 2.19(a). 
  
 “L/C Related
Documents” has the meaning specified in Section 2.05(b)(ii). 
  
 “Lender” means (i) each bank or other institution listed on the Commitment Schedule, (ii) each Person which becomes a Lender pursuant to Section 2.22 or Section 9.06(c) and (iii) their respective successors. 
  
 “Letter of Credit Advance” has the meaning specified in
Section 2.04(f). 
  
 “Letter of Credit Agreement”
has the meaning specified in Section 2.04(a). 
  
 “Letter
of Credit Business Day” means, for any Issuing Bank, a day of the year on which banks are not required or authorized by law to close in New York City and on which banks are not required or authorized by law to close in the city in which the
principal letter of credit operations of the Issuing Bank are located. 
  
 “Letters of Credit” has the meaning specified in Section 2.01(b). 
  
 “Letter of Credit Exposure” at any time means the sum at such time of (a) the aggregate outstanding amount of Letter of Credit Advances, (b) the aggregate Available Amounts of all outstanding Letters
of Credit and (c) the aggregate Available Amounts of all Letters of Credit which have been requested by a Borrower to be issued hereunder but have not yet been so issued. 
  
 “Letter of Credit Participating Interest” has the meaning specified in Section 2.04(d). 
  
 “Letter of Credit Participating Interest Commitment” has the
meaning specified in Section 2.04(d). 
  
 “LIBO
Rate” means, for any Interest Period for all LIBO Rate Advances comprising part of the same Competitive Bid Borrowing, an interest rate per annum equal to the rate per annum appearing on Dow Jones Markets (Telerate) Page 3750 (or any
successor page) as the London interbank offered rate for deposits in U.S. dollars at 11:00 a.m. (London time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period (provided that, if for any reason
such rate is not available, the term “LIBO Rate” shall mean for any Interest Period for all LIBO Rate Advances comprising part of the same Competitive Bid Borrowing, the rate per annum appearing on Reuters 
  

 13 

 Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of
all such rates). 
  
 “LIBO Rate Advances” has the
meaning specified in Section 2.03(a)(i). 
  
 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor
and any easement, right of way or other encumbrance on title to real property. 
  
 “Loan Documents” means (i) this Agreement, (ii) the Notes, (iii) the Fee Letter and (iv) each Letter of Credit Agreement, in each case as amended. 
  
 “Loan Parties” means the Borrowers. 
  
 “Mandatorily Convertible Preferred Securities” means units
comprised of (i) Preferred Securities or preferred shares of Parent and (ii) a contract for the sale of ordinary shares of the Parent. 
  
 “Margin Stock” has the meaning specified in Regulation U. 
  
 “Material Adverse Change” means any material adverse change in the business, financial condition,
operations or properties of the Parent and its Subsidiaries, taken as a whole. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, condition, operations or properties of the Parent and its Subsidiaries, taken as a whole, (b) the rights and remedies of
any Agent or any Lender under any Loan Document or (c) the ability of the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents. 
  

“Material Financial Obligation” means a principal amount of Debt and/or payment obligations in respect of any Hedge Agreement of the
Parent and/or one or more of its Subsidiaries arising in one or more related or unrelated transactions exceeding in the aggregate $50,000,000. 
  
 “Minimum Amount” has the meaning set forth in Section 5.04(b). 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a multiemployer plan, as defined
in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

  

 14 

 “Non-Dollar Letters of Credit” has the meaning specified in Section 2.21(a). 

 
 “Notes” means promissory notes of a Borrower,
substantially in the form of Exhibit A hereto, evidencing the obligation of such Borrower to repay the Loans made to it, and “Note” means any one of such promissory notes issued hereunder. 
  
 “Notice of Committed Borrowing” has the meaning specified in
Section 2.02(a). 
  
 “Notice of Competitive Bid
Borrowing” has the meaning specified in Section 2.03(a). 
  
 “OECD” means the Organization for Economic Cooperation and Development. 
  
 “Other Taxes” has the meaning specified in Section 2.13(b). 
  
 “Overnight Rate” has the meaning specified in Section 2.21(h). 
  
 “Parent” has the meaning specified in the recital of parties
to this Agreement. 
  
 “Participant” has the
meaning specified in Section 9.06(b). 
  
 “PBGC”
means the Pension Benefit Guaranty Corporation (or any successor). 
  
 “Pension Plan” means a “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to title IV of ERISA (other than any “multiemployer plan” as such term is defined
in section 4001(a)(3) of ERISA), and to which any Loan Party or any ERISA Affiliate may have any liability, including any liability by reason of having been a substantial employer within the meaning of section 4063 of ERISA at any time during the
preceding five years, or by reason of being deemed to be a contributing sponsor under section 4069 of ERISA. 
  
 “Permitted Liens” means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced or which are being contested in good faith by appropriate proceedings: (a) Liens for taxes, assessments and governmental charges or levies not yet due and payable; (b) Liens imposed by law, such as materialmen’s,
mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more than 90 days; (c) pledges or deposits to
secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations; and (d) easements, rights of way and other encumbrances on title to real property that do not render title to the property
encumbered thereby unmarketable or materially adversely affect the use of such property for its present purposes. 
  

 15 

 “Person” means an individual, partnership, corporation (including a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
  
 “Preferred Interests” means, with respect to any Person, Equity Interests issued by such Person that are
entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 
  
 “Preferred Securities” means (i) preferred securities issued
by a Special Purpose Trust which shall provide, among other things, that dividends shall be payable only out of proceeds of interest payments on the Debentures, or (ii) other instruments that may be treated in whole or in part as equity for rating
agency purposes while being treated as debt for tax purposes. 
  
 “Pricing Schedule” means the Schedule hereto denominated as such. 
  
 “Pro Rata Share” of any amount means, with respect to any Lender at any time, the product of such amount times a fraction the numerator of which is the amount of such Lender’s Commitment at such
time (or, if the Commitments shall have been terminated pursuant to Section 2.06 or 6.01, such Lender’s Commitment as in effect immediately prior to such termination) and the denominator of which is the Committed Facility at such time (or, if
the Commitments shall have been terminated pursuant to Section 2.05 or 6.01, the Committed Facility as in effect immediately prior to such termination). 
  
 “Redeemable” means, with respect to any Equity Interest, any Debt or any other right or obligation, any such Equity Interest, Debt, right
or obligation that (a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is
redeemable at the option of the holder. 
  
 “Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
  
 “Required Lenders” means, at any time, Lenders owed or holding at least a majority in interest of the sum of (a) aggregate principal
amount of the Committed Advances outstanding at such time and (b) the aggregate Available Amount of all Letters of Credit outstanding at such time, or, if no such principal amount and no Letters of Credit are outstanding at such time, Lenders
holding at least a majority in interest of the aggregate of the Commitments; provided, however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Required Lenders at such time (A) the

  

 16 

 aggregate principal amount of the Committed Advances owing to such Lender (in its capacity as a Lender) and outstanding
at such time, (B) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and (C) the Unused Commitment of such Lender at such time. 
  
 “Responsible Officer” means the Chairman, Chief Executive
Officer, President, Chief Financial Officer, Treasurer, Chief Accounting Officer or Chief Investment Officer of the Parent. 
  
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
  
 “Significant Subsidiary” means a Subsidiary of Parent that
is a “significant subsidiary” of the Parent under Regulation S-X promulgated by the Securities and Exchange Commission. 
  
 “Securitization Transaction” means any sale, assignment or other transfer by Parent or any Subsidiary of any accounts receivable, premium
finance loan receivables, lease receivables or other payment obligations owing to Parent or such Subsidiary or any interest in any of the foregoing, together in each case with any collections and other proceeds thereof, any collection or deposit
accounts related thereto, and any collateral, guaranties or other property or claims in favor of Parent or such Subsidiary supporting or securing payment by the obligor thereon of, or otherwise related to, any such receivables. 
  
 “Solvent” and “Solvency” mean, with respect
to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair
salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that
it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for
which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability. 
  
 “Special Purpose Trust” means a special purpose business trust established by the Parent or ACE INA of which the Parent or ACE INA will
hold all the common securities, which will be the issuer of Preferred Securities, and which will loan to the Parent or ACE INA (such loan being evidenced by the Debentures) the net proceeds of the issuance and sale of the Preferred Securities and
common securities of such Special Purpose Trust. 
  

 17 

 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited
liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the
time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company
or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.

  
 “Syndication Agent” has the meaning specified
in the recital of parties to this Agreement. 
  
 “Taxes” has the meaning specified in Section 2.13(a). 
  
 “Termination Date” means the earlier of April 2, 2007 and the date of termination in whole of the Commitments. 
  

“Total Capitalization” means, at any time, an amount (without duplication) equal to (i) the then outstanding Consolidated Debt of the
Parent and its Subsidiaries plus (ii) Consolidated stockholders equity of the Parent and its Subsidiaries plus (without duplication) (iii) the then issued and outstanding amount of Preferred Securities (including Mandatorily Convertible Preferred
Securities) and (without duplication) Debentures. 
  
 “Type” refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate. 
  
 “Unused Commitment” means, with respect to any Lender at any time, (a) such Lender’s Commitment at
such time minus (b) the sum of (i) the aggregate principal amount of all Committed Advances made by such Lender hereunder plus (ii) such Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of Credit hereunder and (B)
the aggregate principal amount of all Letter of Credit Advances made by the Issuing Bank pursuant to Section 2.04(c) and outstanding at such time (whether held by the Issuing Bank or the Lenders) and (C) the aggregate principal amount of all
Competitive Bid Advances hereunder. 
  
 “Voting
Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency. 
  

 18 

 “Welfare Plan” means a welfare plan, as defined in Section 3(1) of ERISA, that is
maintained for employees of any Loan Party or in respect of which any Loan Party could have liability. 
  
 “Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA. 
  
 Section 1.02. Computation of Time Periods; Other Definitional Provisions.
In this Agreement and the other Loan Documents in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding”. References in the Loan Documents to any agreement or contract “as amended” shall mean and be a reference to such agreement or contract
as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. 
  
 Section 1.03. Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect from time to time
(“GAAP”), applied on a basis consistent (except for changes concurred in by the Parent’s independent public accountants) with the most recent audited consolidated financial statements of the Parent and its Subsidiaries
delivered to the Lenders; provided that, if the Parent notifies the Administrative Agent that the Parent wishes to amend any covenant in Article 5 to eliminate the effect of any change in generally accepted accounting principles on the
operation of such covenant (or if the Administrative Agent notifies the Parent that the Required Lenders wish to amend Article 5 for such purpose), then the Parent’s compliance with such covenant shall be determined on the basis of generally
accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became effective (and, concurrently with the delivery of any financial statements required to be delivered hereunder, the
Parent shall provide a statement of reconciliation conforming such financial information to such generally accepted accounting principles as previously in effect), until either such notice is withdrawn or such covenant is amended in a manner
satisfactory to the Parent and the Required Lenders. 
  
 ARTICLE 2

 AMOUNTS AND TERMS OF THE ADVANCES
AND THE LETTERS OF CREDIT 
  
 Section 2.01. The Committed Advances and the Letters of Credit. (a) The Committed Advances. Each Lender severally agrees, on the terms and
conditions hereinafter set forth, to make advances (each a “Committed Advance”) to any Borrower from time to time on any Business Day during the period from the date hereof until the Termination Date in an amount for each such
Committed Advance not to exceed such Lender’s Unused Commitment at such time. Each 
  

 19 

 Committed Borrowing shall be in an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess
thereof and shall consist of Committed Advances made simultaneously by the Lenders ratably according to their Commitments. Within the limits of each Lender’s Unused Commitment in effect from time to time, each Borrower may borrow under this
Section 2.01, prepay pursuant to Section 2.07 and reborrow under this Section 2.01. 
  
 (b) Letters of Credit. The Issuing Bank agrees, on the terms and subject to the conditions herein set forth, to issue letters of credit (the “Letters of Credit”) for the account of any Borrower
on any Letter of Credit Business Day from time to time during the period from the date hereof until 30 days prior to the Termination Date. The Issuing Bank shall have no obligation to issue, and no Borrower shall request the issuance of, any Letter
of Credit hereunder if the Available Amount of such Letter of Credit exceeds, immediately before the time of such issuance, an amount equal to the total Unused Commitments of the Lenders at such time (as such amount shall be advised by the
Administrative Agent to the Issuing Bank as contemplated by Section 2.04). No Issuing Bank shall have any obligation to issue, and no Borrower shall request the issuance of, any Letter of Credit hereunder if the aggregate Available Amounts or the
aggregate stated amount of all Letters of Credit issued by such Issuing Bank would exceed, after giving effect to such issuance, the maximum amount set forth in a letter agreement between such Issuing Bank and Parent, on behalf of the Borrowers. The
Issuing Bank shall have no obligation to issue, and no Borrower shall request the issuance of, any Letter of Credit except within the following limitations: (i) each Letter of Credit shall be denominated in U.S. dollars (unless issued pursuant to
Section 2.21), (ii) each Letter of Credit shall be payable only against sight drafts (and not time drafts) and (iii) no Letter of Credit shall have an expiration date (including all rights of the applicable Borrower or the beneficiary to require
renewal) later than the earlier of 10 days prior to the Termination Date and one year after the date of issuance thereof, but a Letter of Credit may by its terms be automatically renewable annually unless the Issuing Bank notifies the beneficiary
thereof of its election not to renew such Letter of Credit; provided that the terms of each Letter of Credit that is automatically renewable annually shall not permit the expiration date (after giving effect to any renewal) of such Letter of
Credit in any event to be extended to a date later than 10 days prior to the Termination Date. The Issuing Bank shall have no obligation to issue any letter of credit which is unsatisfactory in form, substance or beneficiary to the Issuing Bank in
the exercise of its reasonable judgment consistent with its customary practice. 
  
 Section 2.02. Making the Committed Advances. (a) Except as otherwise provided in Section 2.03, each Committed Borrowing shall be made on notice, given not later than 11:00 a.m. (New York City time) on the third
Business Day prior to the date of the proposed Committed Borrowing in the case of a Committed Borrowing consisting of Eurodollar Rate Advances, or not later than 10:30 a.m. (New York City time) on the date of the proposed Committed Borrowing in the
case of a Committed Borrowing consisting of Base Rate 
  

 20 

 Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by
facsimile. Each such notice of a Committed Borrowing (a “Notice of Committed Borrowing”) shall be by telephone, confirmed immediately in writing, or facsimile, in substantially the form of Exhibit B-1 hereto, specifying therein the
requested (i) date of such Committed Borrowing, (ii) Type of Advances comprising such Committed Borrowing, (iii) aggregate amount of such Committed Borrowing and (iv) in the case of a Committed Borrowing consisting of Eurodollar Rate Advances,
initial Interest Period for such Committed Advances. Each Lender shall, before 12:00 noon (New York City time) on the date of such Committed Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at
the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Committed Borrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s
receipt of such funds and upon fulfillment of the applicable conditions set forth in Article 3, the Administrative Agent will make such funds available to the Borrower requesting such Committed Borrowing by crediting the applicable Borrowers’
Account. 
  
 (b) Anything in subsection (a) above to the contrary
notwithstanding, (i) no Borrower may select Eurodollar Rate Advances if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.10 or 2.11 and (ii) the Committed Advances may not be outstanding as
part of more than ten (10) separate Committed Borrowings. 
  
 (c)
Each Notice of Committed Borrowing shall be irrevocable and binding on the Borrower that requested such Committed Borrowing. In the case of any Committed Borrowing that the related Notice of Committed Borrowing specifies is to be comprised of
Eurodollar Rate Advances, the Borrower that requested such Committed Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice
of Committed Borrowing for such Committed Borrowing the applicable conditions set forth in Article 3, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by such Lender to fund the Committed Advance to be made by such Lender as part of such Committed Borrowing when such Committed Advance, as a result of such failure, is not made on such date.

  
 (d) Unless the Administrative Agent shall have received notice
from a Lender prior to the date of any Committed Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Committed Borrowing, the Administrative Agent may assume that such Lender has
made such portion available to the Administrative Agent on the date of such Committed Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower
requesting such Committed Borrowing on such date a corresponding amount. If and to the extent that such Lender shall not have so 
  

 21 

 made such ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay
or pay to the Administrative Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid or paid to the
Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at such time under Section 2.08 to Advances comprising such Committed Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall
pay to the Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Committed Advance as part of such Borrowing for all purposes. 
  
 (e) The failure of any Lender to make the Committed Advance to be made by it as part of any Committed Borrowing shall not
relieve any other Lender of its obligation, if any, hereunder to make its Committed Advance on the date of such Committed Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Committed Advance to be made by
such other Lender on the date of any Committed Borrowing. 
  
 Section 2.03. The Competitive Bid Advances. (a) Each Lender severally agrees that any Borrower may make Competitive Bid Borrowings under this Section 2.03 from time to time on any Business Day during the period from the date hereof
until the date occurring 7 days prior to the Termination Date in the manner set forth below; provided that, following the making of each Competitive Bid Borrowing, the aggregate amount of the Advances then outstanding plus the then Available
Amount of all Letters of Credit shall not exceed the aggregate amount of the Commitments of the Lenders. 
  
 (i) Any Borrower may request a Competitive Bid Borrowing under this Section 2.03 by delivering to the Administrative Agent, by telecopier,
a notice of a Competitive Bid Borrowing (a “Notice of Competitive Bid Borrowing”), in substantially the form of Exhibit B-2 hereto, specifying therein the requested (v) date of such proposed Competitive Bid Borrowing, (w) aggregate
amount of such proposed Competitive Bid Borrowing, (x) in the case of a Competitive Bid Borrowing consisting of LIBO Rate Advances, Interest Period, or in the case of a Competitive Bid Borrowing consisting of Fixed Rate Advances, maturity date for
repayment of each Fixed Rate Advance to be made as part of such Competitive Bid Borrowing (which maturity date may not be earlier than the date occurring 7 days after the date of such Competitive Bid Borrowing or later than the earlier of (I) 180
days after the date of such Competitive Bid Borrowing and (II) the Termination Date), (y) interest payment date or dates relating thereto, and (z) other terms (if any) to be applicable to such Competitive Bid Borrowing, not later than 10:30 A.M.
(New York City time) (A) at least one Business Day prior to the date of the proposed Competitive Bid Borrowing, if such Borrower shall specify in the Notice of Competitive Bid Borrowing that the rates of interest to be offered by the Lenders shall
be fixed rates per annum (the Advances comprising any such Competitive Bid Borrowing being referred 
  

 22 

 to herein as “Fixed Rate Advances”) and (B) at least four Business Days prior to the
date of the proposed Competitive Bid Borrowing, if such Borrower shall instead specify in the Notice of Competitive Bid Borrowing that the rates of interest to be offered by the Lenders are to be based on a margin above or below the LIBO Rate (the
Advances comprising such Competitive Bid Borrowing being referred to herein as “LIBO Rate Advances”). Each Notice of Competitive Bid Borrowing shall be irrevocable and binding on such Borrower. The Administrative Agent shall in turn
promptly notify each Lender of each request for a Competitive Bid Borrowing received by it from such Borrower by sending such Lender a copy of the related Notice of Competitive Bid Borrowing. 
  
 (ii) Each Lender may, if, in its sole discretion, it elects
to do so, irrevocably offer to make one or more Competitive Bid Advances to the Borrower requesting the Competitive Bid Advances as part of such proposed Competitive Bid Borrowing at a rate or rates of interest specified by such Lender in its sole
discretion, by notifying the Administrative Agent (which shall give prompt notice thereof to the Borrower requesting the Competitive Bid Borrowing), before 9:30 a.m. (New York City time) on the date of such proposed Competitive Bid Borrowing, in the
case of a Competitive Bid Borrowing consisting of Fixed Rate Advances and before 10:00 a.m. (New York City time) three Business Days before the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of
LIBO Rate Advances, of the minimum amount and maximum amount of each Competitive Bid Advance which such Lender would be willing to make as part of such proposed Competitive Bid Borrowing (which amounts may, subject to the proviso to the first
sentence of this Section 2.03(a), exceed such Lender’s Commitment, if any), the rate or rates of interest therefor and such Lender’s Applicable Lending Office with respect to such Competitive Bid Advance; provided that if the
Administrative Agent in its capacity as a Lender shall, in its sole discretion, elect to make any such offer, it shall notify the Borrower requesting such Competitive Bid Borrowing of such offer at least 30 minutes before the time and on the date on
which notice of such election is to be given to the Administrative Agent by the other Lenders. If any Lender shall elect not to make such an offer, such Lender shall so notify the Administrative Agent, before 10:00 a.m. (New York City time) on the
date on which notice of such election is to be given to the Administrative Agent by the other Lenders, and such Lender shall not be obligated to, and shall not, make any Competitive Bid Advance as part of such Competitive Bid Borrowing;
provided that the failure by any Lender to give such notice shall not cause such Lender to be obligated to make any Competitive Bid Advance as part of such proposed Competitive Bid Borrowing. 
  
 (iii) The Borrower requesting any particular Competitive Bid
Borrowing shall, in turn, before 10:30 a.m. (New York City time) on the 
  

 23 

 date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of
Fixed Rate Advances and before 11:00 a.m. (New York City time) three Business Days before the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of LIBO Rate Advances, either: 
  
 (x) cancel such Competitive Bid Borrowing by giving the
Administrative Agent notice to that effect, or 
  
 (y) accept one or more of the offers made by any Lender or Lenders pursuant to paragraph (ii) above, in its sole discretion, by giving notice to the Administrative Agent of the amount of each Competitive Bid Advance (which amount shall be
equal to or greater than the minimum amount, and equal to or less than the maximum amount, notified to such Borrower by the Administrative Agent on behalf of such Lender for such Competitive Bid Advance pursuant to paragraph (ii) above) to be made
by each such Lender as part of such Competitive Bid Borrowing, and reject any remaining offers made by Lenders pursuant to paragraph (ii) above by giving the Administrative Agent notice to that effect. The Borrower that requested such Competitive
Bid Borrowing shall accept the offers made by any Lender or Lenders to make Competitive Bid Advances in order of the lowest to the highest rates of interest offered by such Lenders. If two or more Lenders have offered the same interest rate, the
amount to be borrowed at such interest rate will be allocated among such Lenders in proportion to the amount that each such Lender offered at such interest rate. 
  
 (iv) If the Borrower that requested any particular Competitive Bid Borrowing notifies the Administrative
Agent that such Competitive Bid Borrowing is canceled pursuant to paragraph (iii)(x) above, the Administrative Agent shall give prompt notice thereof to the Lenders and such Competitive Bid Borrowing shall not be made. 
  
 (v) If the Borrower that requested any particular
Competitive Bid Borrowing accepts one or more of the offers made by any Lender or Lenders pursuant to paragraph (iii)(y) above, the Administrative Agent shall in turn promptly notify (A) each Lender that has made an offer as described in paragraph
(ii) above, of the date and aggregate amount of such Competitive Bid Borrowing and whether or not any offer or offers made by such Lender pursuant to paragraph (ii) above have been accepted by such Borrower, (B) each Lender that is to make a
Competitive Bid Advance as part of such Competitive Bid Borrowing, of the amount of each Competitive Bid Advance to be made by such Lender as part of such Competitive Bid Borrowing, and (C) each Lender that is to make a Competitive Bid Advance as
part of such Competitive Bid Borrowing, upon receipt, that the Administrative Agent has received forms of 
  

 24 

 documents appearing to fulfill the applicable conditions set forth in Article 3. Each Lender that is to
make a Competitive Bid Advance as part of such Competitive Bid Borrowing shall, before 12:00 noon (New York City time) on the date of such Competitive Bid Borrowing specified in the notice received from the Administrative Agent pursuant to clause
(A) of the preceding sentence or any later time when such Lender shall have received notice from the Administrative Agent pursuant to clause (C) of the preceding sentence, make available for the account of its Applicable Lending Office to the
Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s portion of such Competitive Bid Borrowing. Upon fulfillment of the applicable conditions set forth in Article 3 and after receipt by the
Administrative Agent of such funds, the Administrative Agent will make such funds available to the Borrower that requested such Borrowing at the Administrative Agent’s address referred to in Section 8.02. Promptly after each Competitive Bid
Borrowing the Administrative Agent will notify each Lender of the amount of the Competitive Bid Borrowing. 
  
 (vi) If the Borrower that requested any particular Competitive Bid Borrowing notifies the Administrative Agent that it accepts one or more
of the offers made by any Lender or Lenders pursuant to paragraph (iii)(y) above, such notice of acceptance shall be irrevocable and binding on such Borrower. Such Borrower shall indemnify each Lender against any loss, cost or expense incurred by
such Lender as a result of any failure to fulfill on or before the date specified in the related Notice of Competitive Bid Borrowing for such Competitive Bid Borrowing the applicable conditions set forth in Article 3, including, without limitation,
any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Competitive Bid Advance to be made by such Lender as part of such
Competitive Bid Borrowing when such Competitive Bid Advance, as a result of such failure, is not made on such date. 
  
 (b) Each Competitive Bid Borrowing shall be in an aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and, following
the making of each Competitive Bid Borrowing, the Borrowers shall be in compliance with the limitations set forth in the proviso to the first sentence of subsection (a) above. 
  
 (c) Within the limits and on the conditions set forth in this Section 2.03, any Borrower may from time to time borrow under
this Section 2.03, repay or prepay pursuant to subsection (d) below, and reborrow under this Section 2.03, provided that a Competitive Bid Borrowing shall not be made within three Business Days of the date of any other Competitive Bid
Borrowing. 
  
 (d) The Borrower to which any particular
Competitive Bid Borrowing is made shall repay the then unpaid principal amount of each Competitive Bid 
  

 25 

 Advance to the Administrative Agent for the account of each Lender that has made such Competitive Bid Advance, on the
maturity date of such Competitive Bid Advance (such maturity date being that specified by such Borrower as the last day of the Interest Period or the maturity date of such Competitive Bid Advance in the related Notice of Competitive Bid Borrowing
delivered pursuant to subsection (a)(i) above). No Borrower shall have any right to prepay any principal amount of any Competitive Bid Advance unless, and then only on the terms, specified by such Borrower for such Competitive Bid Advance in the
related Notice of Competitive Bid Borrowing delivered pursuant to subsection (a)(i) above. 
  
 (e) The Borrower to which any particular Competitive Bid Borrowing is made shall pay interest on the unpaid principal amount of each Competitive Bid Advance from the date of such Competitive Bid Advance to the date
the principal amount of such Competitive Bid Advance is repaid in full, at the rate of interest for such Competitive Bid Advance specified by the Lender making such Competitive Bid Advance in its notice with respect thereto delivered pursuant to
subsection (a)(ii) above, payable on the interest payment date or dates specified by such Borrower for such Competitive Bid Advance in the related Notice of Competitive Bid Borrowing delivered pursuant to subsection (a)(i) above. Upon the occurrence
and during the continuance of an Event of Default under Section 6.01(a) or 6.01(f) or at the request of the Required Lenders during the existence of any other Event of Default, such Borrower shall pay interest on the amount of unpaid principal of
and interest on each Competitive Bid Advance owing to a Lender, payable in arrears on the date or dates interest is payable thereon, at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on
such Competitive Bid Advance. 
  
 Section 2.04. Issuance and
Renewals and Drawings, Participations and Reimbursement with Respect to Letters of Credit. (a) Request for Issuance. A Borrower may from time to time request, upon at least three Letter of Credit Business Days’ written notice (given not
later than 11:00 a.m. New York City time on the last day permitted therefor), the Issuing Bank to issue or renew (other than any automatic renewal thereof) a Letter of Credit by: 
  
 (i) delivering to the Issuing Bank and the Administrative Agent a written request to such effect, specifying
the date on which such Letter of Credit is to be issued (which shall be a Letter of Credit Business Day), the expiration date thereof, the Available Amount thereof, the name and address of the beneficiary thereof and the form thereof, and

  
 (ii) in the case of the issuance of a Letter
of Credit, delivering to the Issuing Bank a completed agreement and application with respect to such Letter of Credit as the Issuing Bank may specify for use in connection with such requested Letter of Credit (a “Letter of Credit
Agreement”), together with such other certificates, documents and other papers as are specified in such Letter of Credit Agreement. 
  

 26 

 The Administrative Agent shall, promptly upon receiving such notice, notify the Lenders of such proposed Letter of Credit
(which notice shall specify the Available Amount and term of such proposed Letter of Credit) or such proposed renewal of a Letter of Credit (which notice shall specify the term of such renewal), and shall determine, as of 11:00 a.m. (New York City
time) on the Business Day immediately preceding such proposed issuance, whether such proposed Letter of Credit complies with the limitations set forth in Section 2.01 hereof. If such limitations set forth in Section 2.01 are not satisfied or if the
Required Lenders have given notice to the Administrative Agent to cease issuing or renewing Letters of Credit as contemplated by this Agreement, the Administrative Agent shall immediately notify the Issuing Bank (in writing or by telephone
immediately confirmed in writing) that the Issuing Bank is not authorized to issue or renew, as the case may be, such Letter of Credit. If the Issuing Bank issues or renews a Letter of Credit, it shall deliver the original of such Letter of Credit
to the beneficiary thereof or as the Account Party shall otherwise direct, and shall promptly notify the Administrative Agent thereof and furnish a copy thereof to the Administrative Agent. 
  
 (b) Request for Extension or Increase. An Account Party may from time
to time request the Issuing Bank to extend the expiration date of an outstanding Letter of Credit or increase (or, with the consent of the beneficiary, decrease) the Available Amount of or the amount available to be drawn on such Letter of Credit.
Such extension or increase shall for all purposes hereunder be treated as though such Account Party had requested issuance of a replacement Letter of Credit (except only that the Issuing Bank may, if it elects, issue a notice of extension or
increase in lieu of issuing a new Letter of Credit in substitution for the outstanding Letter of Credit). 
  
 (c) Limitations on Issuance, Extension, Renewal and Amendment. As between the Issuing Bank, on the one hand, and the Agents and the Lenders, on the
other hand, the Issuing Bank shall be justified and fully protected in issuing or renewing a proposed Letter of Credit unless it shall have received notice from the Administrative Agent as provided in Section 2.04(a) hereof that it is not authorized
to do so (and, in the case of automatic renewals, ten days shall have passed following the date of the Issuing Bank’s receipt of such notice), notwithstanding any subsequent notices to the Issuing Bank, any knowledge of a Default, any knowledge
of failure of any condition specified in Article 3 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement Letters of Credit or
Letter of Credit Agreements, or waive compliance with any condition of issuance, renewal or payment, without the consent of, and without liability to, any Agent or any Lender, provided that any such amendment, modification or supplement that extends
the expiration date or increases the Available Amount of or the amount available to be drawn on an outstanding Letter of Credit shall be subject to Section 2.01. 
  
 (d) Letter of Credit Participating Interests. Concurrently with the issuance of each Letter of Credit, the Issuing
Bank automatically shall be deemed, 
  

 27 

 irrevocably and unconditionally, to have sold, assigned, transferred and conveyed to each other Lender, and each other
Lender automatically shall be deemed, irrevocably and unconditionally, severally to have purchased, acquired, accepted and assumed from the Issuing Bank, without recourse to, or representation or warranty by, the Issuing Bank, an undivided interest,
in a proportion equal to such Lender’s Pro Rata Share, in all of the Issuing Bank’s rights and obligations in, to or under such Letter of Credit, the related Letter of Credit Agreement, all reimbursement obligations with respect to such
Letter of Credit, and all collateral, guarantees and other rights from time to time directly or indirectly securing the foregoing (such interest of each Lender being referred to herein as a “Letter of Credit Participating Interest”,
it being understood that the Letter of Credit Participating Interest of the Issuing Bank is the interest not otherwise attributable to the Letter of Credit Participating Interests of the other Lenders). Each Lender irrevocably and unconditionally
agrees to the immediately preceding sentence, such agreement being herein referred to as such Bank’s “Letter of Credit Participating Interest Commitment”. Amounts, other than Letter of Credit Advances made by a Lender other
than the Issuing Bank and other than Letter of Credit commissions under Section 2.09(d)(i), payable from time to time under or in connection with a Letter of Credit or Letter of Credit Agreement shall be for the sole account of the Issuing Bank. On
the date that any Assignee becomes a party to this Agreement in accordance with Section 9.07 hereof, Letter of Credit Participating Interests in all outstanding Letters of Credit held by the Lender from which such Assignee acquired its interest
hereunder shall be proportionately reallocated between such Assignee and such assignor Lender (and, to the extent such assignor Lender is the Issuing Bank, the Assignee shall be deemed to have acquired a Letter of Credit Participating Interest from
the Issuing Bank to such extent). Notwithstanding any other provision hereof, each Lender hereby agrees that its obligation to participate in each Letter of Credit, its obligation to make the payments specified in Section 2.04(e), and the right of
the Issuing Bank to receive such payments in the manner specified therein, are each absolute, irrevocable and unconditional and shall not be affected by any event, condition or circumstance whatever. The failure of any Lender to make any such
payment shall not relieve any other Lender of its funding obligation hereunder on the date due, but no Lender shall be responsible for the failure of any other Lender to meet its funding obligations hereunder. 
  
 (e) Payment by Lenders on Account of Unreimbursed Draws. If the
Issuing Bank makes a payment under any Letter of Credit and is not reimbursed in full therefor on such payment date in accordance with Section 2.05(b), the Issuing Bank may notify the Administrative Agent thereof (which notice may be by telephone),
and the Administrative Agent shall forthwith notify each Lender (which notice may be by telephone promptly confirmed in writing) thereof. No later than the Administrative Agent’s close of business on the date such notice is given (if notice is
given by 2:00 p.m. New York City time) or 10:00 a.m. New York City time the following day (if notice is given after 2:00 p.m. New York City time or in the case of any Lender whose Applicable Lending Office is located in Europe), each Lender will pay
to the Administrative Agent, for the 
  

 28 

 account of the Issuing Bank, in immediately available funds, an amount equal to such Lender’s Pro Rata Share of the
unreimbursed portion of such payment by the Issuing Bank. Amounts received by the Administrative Agent for the account of the Issuing Bank shall be forthwith transferred, in immediately available funds, to the Issuing Bank. If and to the extent that
any Lender fails to make such payment to the Administrative Agent for the account of the Issuing Bank on such date, such Lender shall pay such amount on demand, together with interest, for the Issuing Bank’s own account, for each day from and
including the date of the Issuing Bank’s payment to but not including the date of repayment to the Issuing Bank (before and after judgment) at a rate per annum for each day (i) from and including the date of such payment by the Issuing Bank to
and including the second Business Day thereafter equal to the Federal Funds Rate and (ii) thereafter equal to the Base Rate. 
  
 (f) Letter of Credit Advances. The term “Letter of Credit Advance” is used in this Agreement in accordance with the meanings set
forth in this paragraph 2.04(f). The making of any payment by the Issuing Bank under a Letter of Credit is sometimes referred to herein as the making of a Letter of Credit Advance by the Issuing Bank in the amount of such payment. The making of any
payment by a Lender for the account of the Issuing Bank under Section 2.04(e) on account of an unreimbursed drawing on a Letter of Credit is sometimes referred to herein as the making of a Letter of Credit Advance to the applicable Borrower by such
Lender. The making of such a Letter of Credit Advance by a Lender with respect to an unreimbursed drawing on a Letter of Credit shall reduce, by a like amount, the outstanding Letter of Credit Advance of the Issuing Bank with respect to such
unreimbursed drawing. 
  
 (g) Letter of Credit Reports. The
Issuing Bank will furnish to the Administrative Agent prompt written notice of each issuance of a Letter of Credit (including the Available Amount and expiration date thereof), amendment to a Letter of Credit, cancellation of a Letter of Credit and
payment on a Letter of Credit. The Administrative Agent will furnish (A) to each Lender prior to the tenth Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued during the preceding month
and payments and reductions in Available Amount during such month on all Letters of Credit and (B) to each Lender prior to the tenth Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount
during the preceding calendar quarter of all Letters of Credit. 
  
 (h) Existing Letter of Credit. The Existing Letter of Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be a Letter of Credit hereunder and shall be (and Mellon Bank, N.A. as the
applicable Issuing Bank thereof shall be) entitled to all rights and benefits provided by the terms and conditions hereof. 
  
 Section 2.05. Repayment of Advances. (a) Committed Advances. Each Borrower shall repay to the Administrative Agent for the ratable account
of the Lenders on the Termination Date the aggregate outstanding principal amount of the Committed Advances then outstanding. 
  

 29 

 (b) Account Party’s Reimbursement Obligation. (i) Each Account Party hereby agrees to
reimburse the Issuing Bank (by making payment to the Administrative Agent for the account of the Issuing Bank in accordance with Section 2.12) in the amount of each payment made by the Issuing Bank under any Letter of Credit issued for such Account
Party’s account, such reimbursement to be made on the date such payment under such Letter of Credit is made by the Issuing Bank (but not earlier than the date which is one Business Day after notice of such payment under such Letter of Credit or
of the drawing giving rise to such payment under such Letter of Credit is given to such Account Party). Such reimbursement obligation shall be payable without further notice, protest or demand, all of which are hereby waived, and an action therefor
shall immediately accrue. To the extent such payment by such Account Party is not timely made, such Account Party hereby agrees to pay to the Administrative Agent, for the respective accounts of the Issuing Bank and the Lenders which have funded
their respective shares of such amount remaining unpaid by such Account Party, on demand, interest thereon at the rate then applicable to Base Rate Advances under . Each Letter of Credit Advance shall be a Base Rate Advance. 
  
 (ii) The obligation of each Account Party to reimburse the
Issuing Bank for any payment made by the Issuing Bank under any Letter of Credit, and the obligation of each Lender under Section 2.04(e) with respect thereto, shall be unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement, the applicable Letter of Credit Agreement and any other applicable agreement or instrument under all circumstances, including, without limitation, the following circumstances: 
  
 (A) any lack of validity or enforceability of any Loan
Document, any Letter of Credit Agreement, any Letter of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”); 
  
 (B) any change in the time, manner or place of payment of,
or in any other term of, all or any of the obligations of any Borrower or any other Person in respect of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents;

  
 (C) the existence of any claim, set-off,
defense or other right that any Borrower or any other Person may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), the Issuing Bank
or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction; 
  

 30 

 (D) any statement or any other document presented under a Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
  
 (E) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit; 
  
 (F) any
exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the obligations of any Borrower or any other Person in respect of the
L/C Related Documents; or 
  
 (G) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitation, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or a guarantor.

  
 (c) Rescission. If any amount received by the Issuing
Bank on account of any Letter of Credit Advance shall be avoided, rescinded or otherwise returned or paid over by the Issuing Bank for any reason at any time, whether before or after the termination of this Agreement (or the Issuing Bank believes in
good faith that such avoidance, rescission, return or payment is required, whether or not such matter has been adjudicated), each Lender will (except to the extent a corresponding amount received by such Lender on account of its Letter of Credit
Advance relating to the same payment on a Letter of Credit has been avoided, rescinded or otherwise returned or paid over by such Lender), promptly upon notice from the Administrative Agent or the Issuing Bank, pay over to the Administrative Agent
for the account of the Issuing Bank its Pro Rata Share of such amount, together with its Pro Rata Share of any interest or penalties payable with respect thereto. 
  
 Section 2.06. Termination or Reduction of the Commitments. The Parent may, upon at least three Business Days’
notice to the Administrative Agent, terminate in whole or reduce in part the unused portion of the Commitments; provided, however, that each partial reduction (i) shall be in an aggregate amount of $10,000,000 or an integral multiple of
$1,000,000 in excess thereof and (ii) shall be made ratably among the Lenders in accordance with their Commitments. 
  
 Section 2.07. Prepayments. Each Borrower may, upon notice given not later than 11:00 a.m. (New York City Time) on the Business Day on which such
prepayment is to be made, in the case of Base Rate Advances, or on the third Business Day prior to the date on which such prepayment is to be made, in the case of Eurodollar Rate Advances, in each case to the Administrative Agent 
  

 31 

 stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given such Borrower
shall, prepay the outstanding aggregate principal amount of the Committed Advances comprising part of the same Committed Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the aggregate principal
amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof (except that prepayment of any Letter of Credit Advance may
be made in any amount so long as such Letter of Credit Advance is paid in full or, after giving effect to such prepayment, the aggregate principal amount of all Letter of Credit Advances is an integral multiple of $1,000,000) and (y) if any
prepayment of a Eurodollar Rate Advance is made on a date other than the last day of an Interest Period for such Committed Advance, such Borrower shall also pay any amounts owing pursuant to Section 9.04(c). All prepayments in respect of Eurodollar
Rate Advances shall be made together with accrued interest to the date of such prepayment on the principal amount prepaid. 
  
 Section 2.08. Interest. (a) Scheduled Interest. Each Borrower shall pay interest on the unpaid principal amount of each Advance owing to
each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 
  
 (i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the Base
Rate in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the Termination Date. 
  
 (ii) Eurodollar Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a
rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus (B) the Applicable Margin in effect from time to time, payable in arrears on
the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such
Eurodollar Rate Advance shall be Converted or paid in full. 
  
 (iii) Regulation D Compensation. Each Lender that is subject to reserve requirements of the Board of Governors of the Federal Reserve System (or any successor) may require the applicable Borrower to pay,
contemporaneously with each payment of interest on Eurodollar Rate Advances, additional interest on the related Eurodollar Rate Advances of such Lender at the rate per annum equal to the excess of (i)(A) the applicable Eurodollar Rate, divided by
(B) one minus the Eurodollar Rate Reserve Requirement over (ii) the rate specified in clause (i)(A). Any Lender wishing to require payment of such additional interest shall so notify such Borrower directly, in which case such additional interest on

  

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 the Eurodollar Rate Advances of such Lender shall be payable to such Lender at the place indicated in
such notice with respect to each Interest Period commencing after the giving of such notice. 
  
 (b) Default Interest. Upon the occurrence and during the existence of an Event of Default under Section 6.01(a) or 6.01(f) or at the request of the Required Lenders during the existence of any other Event of
Default, each Borrower shall pay interest on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above and at a rate per annum equal at all times to 2% per
annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable under the Loan Documents that is
not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate
per annum required to be paid, in the case of interest, on the Type of Advance on which such interest has accrued pursuant to clause (a)(i) or (a)(ii) above and, in all other cases, on Base Rate Advances pursuant to clause (a)(i) above. 

 
 (c) Notice of Interest Period and Interest Rate. Promptly after
receipt of a Notice of Borrowing pursuant to Section 2.01(a), a notice of Conversion pursuant to Section 2.10 or a notice of selection of an Interest Period pursuant to the terms of the definition of “Interest Period”, the
Administrative Agent shall give notice to the Borrowers and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above. 
  
 Section 2.09. Fees. (a) Facility Fee. The Borrowers agree to
pay to the Administrative Agent for the account of the Lenders a facility fee, from the Effective Date until the Termination Date, payable in arrears quarterly on the last day of each March, June, September and December, commencing on June 30, 2004,
and on the Termination Date, at the rate of the Applicable Facility Fee Percentage on the average daily Commitment of each Lender during such quarter (whether used or unused); provided, however, that no facility fee shall accrue on the Unused
Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 
  
 (b) Agents’ Fees. Each Borrower agrees that it shall pay to each Agent for its own account such fees as may from time to time be agreed between such Borrower and such Agent. 
  
 (c) Letter of Credit Fees, Etc. (i) Each Borrower agrees that it shall
pay to the Administrative Agent for the account of each Lender a commission, payable in arrears quarterly on the last day of each calendar quarter commencing June 30, 2004, and on the earliest to occur of the full drawing, expiration, termination or
cancellation of any Letter of Credit and on the Termination Date, on such Lender’s Pro Rata Share of the average daily aggregate Available 
  

 33 

 Amount during such quarter of all Letters of Credit issued for the account of such Borrower outstanding from time to time
at the rate equal to the then Applicable Margin. 
  
 (ii) Each
Borrower agrees that it shall pay to the Issuing Bank, for its own account, such commissions, issuance fees, fronting fees, transfer fees and other fees and charges in connection with the issuance or administration of each Letter of Credit issued
for the account of such Borrower as such Borrower and the Issuing Bank shall agree in a side letter. 
  
 Section 2.10. Conversion of Advances. (a) Optional. Each Borrower may on any Business Day, upon notice given to the Administrative Agent not
later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Section 2.11, Convert all or any portion of the Committed Advances of one Type comprising the same
Committed Borrowing into Committed Advances of the other Type; provided, however, that any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01 for a
Committed Borrowing, no Conversion of any Committed Advances shall result in more separate Committed Borrowings than permitted under Section 2.02(b) and each Conversion of Committed Advances comprising part of the same Committed Borrowing shall be
made ratably among the Lenders in accordance with their respective Commitments. Each such notice of Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Committed Advances to be Converted and
(iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for such Committed Advances. Each notice of Conversion shall be irrevocable and binding on such Borrower. 
  
 (b) Mandatory. (i) On the date on which the aggregate unpaid principal
amount of Eurodollar Rate Advances comprising any Committed Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $10,000,000, such Committed Advances shall automatically Convert into Base Rate Advances at the end of the
applicable Interest Period. 
  
 (ii) If the Borrowers shall fail
to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify the
Borrowers and the Lenders, whereupon each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance. 
  
 (iii) Upon the occurrence and during the existence of an Event of Default under Section 6.01(a) or 6.01(f) or at the request
of the Required Lenders during the existence of any other Event of Default, (x) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (y) the obligation
of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended. 
  

 34 

 Section 2.11. Increased Costs, Etc. (a) If, due to either (i) the introduction of or any change in
or in the interpretation of, in each case after the date hereof, any law or regulation or (ii) the compliance with any guideline or request issued after the date hereof from any central bank or other governmental authority (whether or not having the
force of law), there shall be any increase in the cost to any Lender of agreeing to make or of making, funding or maintaining Eurodollar Rate Advances or LIBO Rate Advances or of agreeing to issue or of issuing or maintaining or participating in
Letters of Credit (excluding, for purposes of this Section 2.11, any such increased costs resulting from (x) Taxes or Other Taxes (as to which Section 2.13 shall govern) and (y) changes in the basis of taxation of overall net income or overall gross
income by the United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office or any political subdivision thereof), then the Borrowers agree to pay, from time to time,
within ten days after demand by such Lender (with a copy of such demand to the Administrative Agent), which demand shall include a statement of the basis for such demand and a calculation in reasonable detail of the amount demanded, to the
Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrowers by such Lender, shall be
conclusive and binding for all purposes, absent manifest error. 
  
 (b) If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation, in each case after the date hereof, or (ii) the compliance with any guideline or request issued after the date hereof from any
central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the amount of capital required or expected to be maintained by any Lender or any corporation controlling such Lender as a result of
or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of such type, then, within ten days after demand by such Lender or such corporation (with a copy of such demand to the Administrative Agent), which
demand shall include a statement of the basis for such demand and a calculation in reasonable detail of the amount demanded, the Borrowers agree to pay to the Administrative Agent for the account of such Lender, from time to time as specified by
such Lender, additional amounts sufficient to compensate such Lender in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital to be allocable to the existence of such Lender’s commitment
to lend or to issue or participate in Letters of Credit hereunder or to the issuance or maintenance of or participation in any Letters of Credit. A certificate as to such amounts submitted to the Borrowers by such Lender shall be conclusive and
binding for all purposes, absent manifest error. 
  
 (c) If, prior
to the first day of any Interest Period with respect to any Eurodollar Rate Advances, the Required Lenders notify the Administrative Agent 
  

 35 

 that the Eurodollar Rate for such Interest Period for such Committed Advances will not adequately reflect the cost to
such Lenders of making, funding or maintaining their Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon each such Eurodollar Rate Advance will (i) in the case
of requested new Eurodollar Rate Advances, be made as or remain Base Rate Advances or as a Eurodollar Rate Advance with a different Interest Period as to which the Required Lenders have not given such a notice and (ii) in the case of existing
Eurodollar Rate Advances, automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances or be continued as a Eurodollar Rate Advance with a different Interest Period as to which the Required Lenders
have not given such notice. 
  
 (d) Notwithstanding any other
provision of this Agreement, if the introduction of or any change in or in the interpretation of any law or regulation, in each case after the date hereof, shall make it unlawful, or any central bank or other governmental authority shall assert that
it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or LIBO Rate Advances or to continue to fund or maintain Eurodollar Rate Advances or LIBO Rate Advances hereunder,
then, on notice thereof and demand therefor by such Lender to the Borrowers through the Administrative Agent, (i) each Eurodollar Rate Advance or LIBO Rate Advance, as the case may be, of such Lender will automatically, upon such demand, Convert
into a Base Rate Advance or an Advance that bears interest at the rate set forth in Section 2.08(a)(i), as the case may be, and (ii) the obligation of such Lender to make Eurodollar Rate Advances or LIBO Rate Advances or to Convert Committed
Advances into Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrowers that such Lender has determined that the circumstances causing such suspension no longer exist (it being understood that such Lender
shall make and maintain Base Rate Advances in the amount that would otherwise be made and maintained by such Lender as Eurodollar Advances absent the circumstances described above). 
  
 (e) Each Lender shall promptly notify the Borrowers and the Administrative Agent of any event of which it has actual
knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s good faith judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by the Borrowers to
pay any amount pursuant to subsection (a) or (b) above or pursuant to Section 2.13 or (ii) the occurrence of any circumstances of the nature described in subsection (c) or (d) above (and, if any Lender has given notice of any event described in
clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify the Borrowers and the Administrative Agent). Without limiting the foregoing, each Lender will designate a different Applicable Lending Office if
such designation will avoid (or reduce the cost to the Borrowers of) any event described in clause (i) or (ii) of the preceding sentence and such designation will not, in such Lender’s good faith judgment, be otherwise disadvantageous to such
Lender. 
  

 36 

 (f) Notwithstanding the provisions of subsections (a) and (b) above or Section 2.13 (and without limiting
subsection (e) above), if any Lender fails to notify the Borrowers of any event or circumstance that will entitle such Lender to compensation pursuant subsection (a) or (b) above or Section 2.13 within 120 days after such Lender obtains actual
knowledge of such event or circumstance, then such Lender shall not be entitled to compensation, from the Borrowers for any amount arising prior to the date which is 120 days before the date on which such Lender notifies the Borrowers of such event
or circumstance. 
  
 Section 2.12. Payments and Computations.
(a) The applicable Borrower shall make each payment hereunder and under the applicable Notes, irrespective of any right of counterclaim or set-off (except as otherwise provided in Section 2.16), not later than 12:00 noon (New York City time) on
the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds, with payments being received by the Administrative Agent after such time being deemed to have been received on the next
succeeding Business Day. The Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such payment by such Borrower is in respect of principal, interest, facility fees or any other amount then payable hereunder and
under the Notes to more than one Lender, to such Lenders for the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such respective amount then payable to such Lenders and (ii) if such payment by such
Borrower is in respect of any amount then payable hereunder to one Lender, to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. 
  
 (b) Each Borrower hereby authorizes each Lender, if an Event of Default under
Section 6.01(a) has occurred and is continuing, to charge from time to time against any or all of such Borrower’s accounts with such Lender any amount owing under this Agreement that resulted in such Event of Default. 
  
 (c) All computations of interest on Base Rate Advances (and any other amount
payable by reference to the Base Rate) when the Base Rate is determined by reference to JPMCB’s prime rate shall be made by the Administrative Agent on the basis of a year of 365 or, if applicable, 366 days; all other computations of interest,
fees and Letter of Credit commissions shall be made by the Administrative Agent on the basis of a year of 360 days. All such computations shall be made for the actual number of days (including the first day but excluding the last day) occurring in
the period for which such interest, fees or commissions are payable. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall be conclusive and binding for all purposes, absent manifest error. 

 
 (d) Whenever any payment hereunder or under the Notes shall be stated to
be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fee, as the case may be; provided,
however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances or LIBO Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

  

 37 

 (e) Unless the Administrative Agent shall have received notice from any Borrower required to make any
payment prior to the date on which any payment is due to any Lender hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on
such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each such Lender on such due date an amount equal to the amount then due such Lender. If and to the extent such Borrower shall not have so made
such payment in full to the Administrative Agent, each such Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is
distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate. 
  
 Section 2.13. Taxes. (a) Any and all payments by any Loan Party hereunder or under the Notes shall be made, in accordance with Section 2.12, free
and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and each Agent, taxes that are
imposed on its overall net income and any branch profits taxes by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) and any branch profits taxes by the state or foreign jurisdiction
under the laws of which such Lender or such Agent, as the case may be, is organized or any political subdivision thereof and, in the case of each Lender, taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof)
and any branch profits taxes by the state or foreign jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities
in respect of payments hereunder or under the Notes being herein referred to as “Taxes”). If any Loan Party shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note to any Lender
or any Agent, (i) the sum payable by such Loan Party shall be increased as may be necessary so that after such Loan Party and the Administrative Agent have made all required deductions (including deductions applicable to additional sums payable
under this Section 2.13) such Lender or such Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make all such deductions and (iii) such Loan Party shall
pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
  
 (b) In addition, each Loan Party shall pay any present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise from
any payment made hereunder or under the Notes or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or the Notes (herein referred to as “Other Taxes”). 
  

 38 

 (c) Each Loan Party shall indemnify each Lender and each Agent for and hold them harmless against the
full amount of Taxes and Other Taxes, and for the full amount of taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.13, imposed on or paid by such Lender or such Agent (as the case may be) and any liability
(including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification payment shall be made within 30 days from the date such Lender or such Agent (as the case may be) makes written demand
therefor. 
  
 (d) Within 30 days after the date of any payment of
Taxes, each Loan Party shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment. In the case of any payment hereunder or under the Notes by or on
behalf of a Loan Party through an account or branch outside the United States or by or on behalf of a Loan Party by a payor that is not a United States person, if such Loan Party determines that no Taxes are payable in respect thereof, such Loan
Party shall furnish, or shall cause such payor to furnish, to the Administrative Agent, at such address, an opinion of counsel acceptable to the Administrative Agent stating that such payment is exempt from Taxes. For purposes of subsections (d) and
(e) of this Section 2.13, the terms “United States” and “United States person” shall have the meanings specified in Section 7701(a)(9) and 7701(a)(10) of the Internal Revenue Code, respectively. 
  
 (e) Each Lender organized under the laws of a jurisdiction outside the United
States shall, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender or the initial Issuing Bank, as the case may be, and on the date on which it becomes a Lender in the case of each other Lender,
and from time to time thereafter as requested in writing by the Parent (but only so long thereafter as such Lender remains lawfully able to do so), provide each of the Administrative Agent and the Parent with two original Internal Revenue Service
forms W-8BEN or W-8ECI or (in the case of a Lender that has certified in writing to the Administrative Agent that it is not a “bank” as defined in Section 881(c)(3)(A) of the Internal Revenue Code) form W-8 (and, if such Lender
delivers a form W-8, a certificate representing that such Lender is not a “bank” for purposes of Section 881(c)(3)(A) of the Internal Revenue Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the
Internal Revenue Code) of the Parent and is not a controlled foreign corporation related to the Parent (within the meaning of Section 864(d)(4) of the Internal Revenue Code)), as appropriate, or any successor or other form prescribed by the Internal
Revenue Service, certifying that such Lender is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or the Notes or, in the case of a Lender providing a form W-8, certifying that such
Lender is a foreign corporation, partnership, estate or trust. If the forms provided by a Lender at the time such Lender first becomes a party to this Agreement indicate a United States interest withholding tax rate in excess of 
  

 39 

 zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender provides the
appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such forms; provided, however, that if, at the effective date of the
Assignment and Acceptance pursuant to which a Lender becomes a party to this Agreement, the Lender assignor was entitled to payments under subsection (a) of this Section 2.13 in respect of United States withholding tax with respect to interest paid
at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includible in Taxes) United States withholding tax, if any, applicable with respect to
the Lender assignee on such date. If any form or document referred to in this subsection (e) requires the disclosure of information, other than information necessary to compute the tax payable and information required on the date hereof by Internal
Revenue Service form W-8BEN,W-8ECI or W-8 (and the related certificate described above), that the Lender reasonably considers to be confidential, the Lender shall give notice thereof to the Parent and shall not be obligated to include in such form
or document such confidential information. 
  
 (f) For any period
with respect to which a Lender which may lawfully do so has failed to provide the Parent with the appropriate form described in subsection (e) above (other than if such failure is due to a change in law occurring after the date on which a
form originally was required to be provided or if such form otherwise is not required under subsection (e) above), such Lender shall not be entitled to indemnification under subsection (a) or (c) of this Section 2.13 with respect to Taxes imposed by
the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form required hereunder, the Parent shall take such steps as such Lender shall reasonably request
to assist such Lender to recover such Taxes. 
  
 (g) Each Lender
represents and warrants to the Borrowers that, as of the date such Lender becomes a party to this Agreement, such Lender is entitled to receive payments hereunder from the Borrowers without deduction or withholding for or on account of any Taxes.

  
 (h) If a Lender or the Administrative Agent shall become aware
that it is entitled to claim a refund from a governmental authority in respect of Taxes or Other Taxes as to which it has been indemnified by the Borrowers, or with respect to which the Borrowers have paid additional amounts, pursuant to this
Section 2.13, it shall promptly notify the Borrowers of the availability of such refund claim and shall, within 30 days after receipt of a request by the Borrowers, make a claim to such governmental authority for such refund at the Borrowers’
expense, if obtaining such refund would not, in the good faith judgment of the Lender or Administrative Agent entitled to such refund, be materially disadvantageous to such Lender or the Administrative Agent; provided that nothing in this
Section 2.13(h) shall be construed to require any Lender or the Administrative Agent to institute any administrative proceeding (other than the filing of a claim for any such refund) or judicial proceeding to obtain any such refund. If a Lender or
the 
  

 40 

 Administrative Agent determines, in its sole discretion, that it has received a refund in respect of any Taxes or Other
Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section 2.13, it shall within 60 days from the date of such receipt pay over such refund to the Borrowers
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrowers under this Section 2.13 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Lender or the
Administrative Agent and without interest (other than interest paid by the relevant governmental authority with respect to such refund); provided, however, that the Borrowers, upon request of such Lender or the Administrative Agent, agree to repay
the amount paid over to the Borrowers (plus penalties, interest or other charges) to such Lender or the Administrative Agent in the event such Lender or the Administrative Agent is required to repay such refund to such governmental authority.
Nothing in this Section 2.13(h) shall be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrowers or any other Person.

  
 (i) Any Lender or the Administrative Agent claiming any
indemnity payment or additional amounts payable pursuant to this Section 2.13 shall use reasonable efforts (consistent with legal and regulatory restrictions) to file any certificate or document reasonably requested by the Parent or to change the
jurisdiction of its Applicable Lending Office if the making of such a filing or change would avoid the need for or reduce the amount of any such indemnity payment or additional amounts that may thereafter accrue and would not, in the determination
of such Lender or the Administrative Agent, as the case may be, be otherwise disadvantageous to such Lender or the Administrative Agent. 
  
 Section 2.14. Sharing of Payments, Etc. If any Lender shall obtain at any time any payment (whether voluntary, involuntary, through the exercise of
any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 9.07) (a) on account of obligations due and payable to such Lender hereunder and under the Notes at such time in excess of its ratable share (according
to the proportion of (i) the amount of such obligations due and payable to such Lender at such time to (ii) the aggregate amount of the obligations due and payable to all Lenders hereunder and under the Notes at such time) of payments on account of
the obligations due and payable to all Lenders hereunder and under the Notes at such time obtained by all the Lenders at such time or (b) on account of obligations owing (but not due and payable) to such Lender hereunder and under the Notes at such
time in excess of its ratable share (according to the proportion of (i) the amount of such obligations owing to such Lender at such time to (ii) the aggregate amount of the obligations owing (but not due and payable) to all Lenders hereunder and
under the Notes at such time) of payments on account of the obligations owing (but not due and payable) to all Lenders hereunder and under the Notes at such time obtained by all of the Lenders at such time, such Lender shall forthwith purchase from
the other 
  

 41 

 Lenders such interests or participating interests in the obligations due and payable or owing to them, as the case may
be, as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such
purchase from each other Lender shall be rescinded and such other Lender shall repay to the purchasing Lender the purchase price to the extent of such Lender’s ratable share (according to the proportion of (i) the purchase price paid to such
Lender to (ii) the aggregate purchase price paid to all Lenders) of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such other Lender’s required repayment to (ii)
the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Each Borrower agrees that any Lender so purchasing an interest or
participating interest from another Lender pursuant to this Section 2.14 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such interest or participating interest, as the
case may be, as fully as if such Lender were the direct creditor of such Borrower in the amount of such interest or participating interest, as the case may be. 
  

Section 2.15. Use of Proceeds. The proceeds of the Advances shall be available (and each Borrower agrees that it shall use such proceeds) to
provide working capital, and for other general corporate purposes of the Borrowers and their respective Subsidiaries. 
  
 Section 2.16. Defaulting Lenders. (a) In the event that, at any one time, (i) any Lender shall be a Defaulting Lender, (ii) such Defaulting Lender
shall owe a Defaulted Advance to any Borrower and (iii) such Borrower shall be required to make any payment hereunder or under any other Loan Document to or for the account of such Defaulting Lender, then such Borrower may, to the fullest extent
permitted by applicable law, set off and otherwise apply the obligation of such Borrower to make such payment to or for the account of such Defaulting Lender against the obligation of such Defaulting Lender to make such Defaulted Advance. In the
event that, on any date, any Borrower shall so set off and otherwise apply its obligation to make any such payment against the obligation of such Defaulting Lender to make any such Defaulted Advance on or prior to such date, the amount so set off
and otherwise applied by such Borrower shall constitute for all purposes of this Agreement and the other Loan Documents an Advance by such Defaulting Lender made on the date of such setoff. Such Committed Advance shall be considered, for all
purposes of this Agreement, to comprise part of the Committed Borrowing in connection with which such Defaulted Advance was originally required to have been made pursuant to Section 2.01, even if the other Committed Advances comprising such
Borrowing shall be Eurodollar Rate Advances on the date such Committed Advance is deemed to be made pursuant to this subsection (a). Each Borrower shall notify the Administrative Agent at any time such Borrower exercises its right of set-off
pursuant to this subsection (a) and shall set forth in such notice (A) the name of 
  

 42 

 the Defaulting Lender and the Defaulted Advance required to be made by such Defaulting Lender and (B) the amount set off
and otherwise applied in respect of such Defaulted Advance pursuant to this subsection (a). Any portion of such payment otherwise required to be made by such Borrower to or for the account of such Defaulting Lender which is paid by such Borrower,
after giving effect to the amount set off and otherwise applied by such Borrower pursuant to this subsection (a), shall be applied by the Administrative Agent as specified in subsection (b) or (c) of this Section 2.16. 
  
 (b) In the event that, at any one time, (i) any Lender shall be a Defaulting
Lender, (ii) such Defaulting Lender shall owe a Defaulted Amount to any Agent or any of the other Lenders and (iii) any Borrower shall make any payment hereunder or under any other Loan Document to the Administrative Agent for the account of such
Defaulting Lender, then the Administrative Agent may, on its behalf or on behalf of such other Agents or such other Lenders and to the fullest extent permitted by applicable law, apply at such time the amount so paid by such Borrower to or for the
account of such Defaulting Lender to the payment of each such Defaulted Amount to the extent required to pay such Defaulted Amount. In the event that the Administrative Agent shall so apply any such amount to the payment of any such Defaulted Amount
on any date, the amount so applied by the Administrative Agent shall constitute for all purposes of this Agreement and the other Loan Documents payment, to such extent, of such Defaulted Amount on such date. Any such amount so applied by the
Administrative Agent shall be retained by the Administrative Agent or distributed by the Administrative Agent to such other Agents or such other Lenders, ratably in accordance with the respective portions of such Defaulted Amounts payable at such
time to the Administrative Agent, such other Agents and such other Lenders and, if the amount of such payment made by such Borrower shall at such time be insufficient to pay all Defaulted Amounts owing at such time to the Administrative Agent, such
other Agents and such other Lenders, in the following order of priority: 
  
 (i) first, to the Agents for any Defaulted Amounts then owing to the Agents, ratably in accordance with such respective Defaulted Amounts then owing to the Agents; 
  
 (ii) second, to the Issuing Bank for any amount then
due and payable to it, in its capacity as such, by such Defaulting Lender, ratably in accordance with such amounts then due and payable to such Issuing Bank; and 
  
 (iii) third, to any other Lenders for any Defaulted Amounts then owing to such other Lenders, ratably
in accordance with such respective Defaulted Amounts then owing to such other Lenders. 
  
 Any portion of such amount paid by such Borrower for the account of such Defaulting Lender remaining, after giving effect to the amount applied by the Administrative Agent pursuant to this subsection (b), shall be applied by the
Administrative Agent as specified in subsection (c) of this Section 2.16. 
  

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 (c) In the event that, at any one time, (i) any Lender shall be a Defaulting Lender, (ii) such Defaulting
Lender shall not owe a Defaulted Advance or a Defaulted Amount and (iii) any Borrower, any Agent or any other Lender shall be required to pay or distribute any amount hereunder or under any other Loan Document to or for the account of such
Defaulting Lender, then such Borrower or such Agent or such other Lender shall pay such amount to the Administrative Agent to be held by the Administrative Agent, to the fullest extent permitted by applicable law, in escrow or the Administrative
Agent shall, to the fullest extent permitted by applicable law, hold in escrow such amount otherwise held by it. Any funds held by the Administrative Agent in escrow under this subsection (c) shall be deposited by the Administrative Agent in an
account with JPMCB, in the name and under the control of the Administrative Agent, but subject to the provisions of this subsection (c). The terms applicable to such account, including the rate of interest payable with respect to the credit balance
of such account from time to time, shall be JPMCB’s standard terms applicable to escrow accounts maintained with it. Any interest credited to such account from time to time shall be held by the Administrative Agent in escrow under, and applied
by the Administrative Agent from time to time in accordance with the provisions of, this subsection (c). The Administrative Agent shall, to the fullest extent permitted by applicable law, apply all funds so held in escrow from time to time to the
extent necessary to make any Advances required to be made by such Defaulting Lender and to pay any amount payable by such Defaulting Lender hereunder and under the other Loan Documents to the Administrative Agent or any other Lender, as and when
such Advances or amounts are required to be made or paid and, if the amount so held in escrow shall at any time be insufficient to make and pay all such Advances and amounts required to be made or paid at such time, in the following order of
priority: 
  
 (i) first, to the Agents for
any amounts then due and payable by such Defaulting Lender to the Agents hereunder, ratably in accordance with such amounts then due and payable to the Agents; 
  

(ii) second, to the Issuing Bank for any amount then due and payable to it, in its capacity as such, by such Defaulting Lender,
ratably in accordance with such amounts then due and payable to such Issuing Bank; 
  
 (iii) third, to any other Lenders for any amount then due and payable by such Defaulting Lender to such other Lenders hereunder,
ratably in accordance with such respective amounts then due and payable to such other Lenders; and 
  
 (iv) fourth, to such Borrower for any Advance then required to be made by such Defaulting Lender pursuant to the Commitment of such
Defaulting Lender. 
  

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 In the event that any Lender that is a Defaulting Lender shall, at any time, cease to be a Defaulting Lender, any funds
held by the Administrative Agent in escrow at such time with respect to such Lender shall be distributed by the Administrative Agent to such Lender and applied by such Lender to the obligations owing to such Lender at such time under this Agreement
and the other Loan Documents ratably in accordance with the respective amounts of such obligations outstanding at such time. 
  
 (d) The rights and remedies against a Defaulting Lender under this Section 2.16 are in addition to other rights and remedies that such Borrower may have
against such Defaulting Lender with respect to any Defaulted Advance and that any Agent or any Lender may have against such Defaulting Lender with respect to any Defaulted Amount. 
  
 Section 2.17. Replacement of Affected Lender. At any time any Lender is an Affected Lender, the Borrowers may replace
such Affected Lender as a party to this Agreement with one or more other Lenders and/or Assignees, and upon notice from the Borrowers such Affected Lender shall assign, and without recourse or warranty, its Commitment, its Committed Advances, its
Letter of Credit Advances, its obligations to fund Letter of Credit payments, its participation in, and its rights and obligations with respect to, Letters of Credit, and all of its other rights and obligations hereunder to such other Lenders and/or
Assignees for a purchase price equal to the sum of the principal amount of the Committed Advances so assigned, all accrued and unpaid interest thereon, such Affected Lender’s ratable share of all accrued and unpaid fees payable pursuant to
Section 2.09, any amounts payable pursuant to Section 9.04(c) as a result of such Affected Lender receiving payment of any Eurodollar Rate Advance prior to the end of an Interest Period therefor (assuming for such purpose that receipt of payment
pursuant to such Assignment and Acceptance constitutes payment of such Eurodollar Rate Advances) and all other obligations owed to such Affected Lender hereunder. 
  
 Section 2.18. Certain Provisions Relating to the Issuing Bank and Letters of Credit. 
  
 (a) Letter of Credit Agreements. The representations, warranties and
covenants by the Borrowers under, and the rights and remedies of the Issuing Bank under, any Letter of Credit Agreement relating to any Letter of Credit are in addition to, and not in limitation or derogation of, representations, warranties and
covenants by the Borrowers under, and rights and remedies of the Issuing Bank and the Lenders under, this Agreement and applicable law. Each Account Party acknowledges and agrees that all rights of the Issuing Bank under any Letter of Credit
Agreement shall inure to the benefit of each Lender to the extent of its Letter of Credit Participating Interest Commitment as fully as if such Lender was a party to such Letter of Credit Agreement. In the event of any inconsistency between the
terms of this Agreement and any Letter of Credit Agreement, this Agreement shall prevail. 
  

 45 

 (b) Certain Provisions. The Issuing Bank shall have no duties or responsibilities to any Agent or
any Lender except those expressly set forth in this Agreement, and no implied duties or responsibilities on the part of the Issuing Bank shall be read into this Agreement or shall otherwise exist. The duties and responsibilities of the Issuing Bank
to the Lenders and the Agents under this Agreement and the other Loan Documents shall be mechanical and administrative in nature, and the Issuing Bank shall not have a fiduciary relationship in respect of any Agent, any Lender or any other Person.
The Issuing Bank shall not be liable for any action taken or omitted to be taken by it under or in connection with this Agreement or any Loan Document or Letter of Credit, except as specifically set forth in . The Issuing Bank shall not be under any
obligation to ascertain, inquire or give any notice to any Agent or any Lender relating to (i) the performance or observance of any of the terms or conditions of this Agreement or any other Loan Document on the part of any Borrower, (ii) the
business, operations, condition (financial or otherwise) or prospects of the Borrowers or any other Person, or (iii) the existence of any Default. The Issuing Bank shall not be under any obligation, either initially or on a continuing basis, to
provide any Agent or any Lender with any notices, reports or information of any nature, whether in its possession presently or hereafter, except for such notices, reports and other information expressly required by this Agreement to be so furnished.
The Issuing Bank shall not be responsible for the execution, delivery, effectiveness, enforceability, genuineness, validity or adequacy of this Agreement or any Loan Document. 
  
 (c) Administration. The Issuing Bank may rely upon any notice or other communication of any nature (written or oral,
including but not limited to telephone conversations, whether or not such notice or other communication is made in a manner permitted or required by this Agreement or any other Loan Document) purportedly made by or on behalf of the proper party or
parties, and the Issuing Bank shall not have any duty to verify the identity or authority of any Person giving such notice or other communication. The Issuing Bank may consult with legal counsel (including, without limitation, in-house counsel for
the Issuing Bank or in-house or other counsel for the Borrowers), independent public accountants and any other experts selected by it from time to time, and the Issuing Bank shall not be liable for any action taken or omitted to be taken in good
faith in accordance with the advice of such counsel, accountants or experts. Whenever the Issuing Bank shall deem it necessary or desirable that a matter be proved or established with respect to any Borrower, Agent or Lender, such matter may be
established by a certificate of such Borrower, Agent or Lender, as the case may be, and the Issuing Bank may conclusively rely upon such certificate. The Issuing Bank shall not be deemed to have any knowledge or notice of the occurrence of any
Default unless the Issuing Bank has received notice from a Lender, an Agent or a Borrower referring to this Agreement, describing such Default, and stating that such notice is a “notice of default”. 
  
 (d) Indemnification of Issuing Bank by Lenders. Each Lender hereby
severally agrees to reimburse and indemnify the Issuing Bank and each of its directors, officers, employees and agents (to the extent not reimbursed by the 
  

 46 

 Borrowers and without limitation of the obligations of the Borrowers to do so), in accordance with its Pro Rata Share,
from and against any and all amounts, losses, liabilities, claims, damages, expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of any kind or nature (including, without limitation, the reasonable fees and
disbursements of counsel (other than in-house counsel) for the Issuing Bank or such other Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Issuing Bank or such other
Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Issuing Bank, in its capacity as such, or such other Person, as a result of, or arising out of, or in any way related to or by reason
of, this Agreement, any other Loan Document or any Letter of Credit, any transaction from time to time contemplated hereby or thereby, or any transaction financed in whole or in part or directly or indirectly with the proceeds of any Letter of
Credit, provided, that no Lender shall be liable for any portion of such amounts, losses, liabilities, claims, damages, expenses, obligations, penalties, actions, judgments, suits, costs or disbursements to the extent resulting from the gross
negligence or willful misconduct of the Issuing Bank or such other Person, as finally determined by a court of competent jurisdiction. 
  
 (e) Issuing Bank in its Individual Capacity. With respect to its Commitments and the obligations owing to it, the Issuing Bank shall have the same
rights and powers under this Agreement and each other Loan Document as any other Lender and may exercise the same as though it were not the Issuing Bank, and the term “Lenders” and like terms shall include the Issuing Bank in its
individual capacity as such. The Issuing Bank and its affiliates may, without liability to account to any Person, make loans to, accept deposits from, acquire debt or equity interests in, act as trustee under indentures of, act as agent under other
credit facilities for, and engage in any other business with, any Borrower and any stockholder, subsidiary or affiliate of any Borrower, as though the Issuing Bank were not the Issuing Bank hereunder. 
  
 Section 2.19. Downgrade Event with Respect to a Lender. (a) If a
Downgrade Event shall occur with respect to (i) any Downgraded Lender or (ii) any other Lender and, as a result thereof, such other Lender becomes a Downgraded Lender, then the Issuing Bank may, by notice to such Downgraded Lender, the
Administrative Agent and the Parent within 45 days after such Downgrade Event (any such notice, a “Downgrade Notice”), request that the Borrowers use reasonable efforts to replace such Lender as a party to this Agreement pursuant to
.. If such Lender is not so replaced within 45 days after receipt by the Borrowers of such Downgrade Notice, then: (x) if no Default exists and such Downgraded Lender has not exercised its right to remain a Lender hereunder pursuant to clause
(y) below, the following shall occur concurrently: 
  
 (A) the Committed Facility shall be reduced by the amount of the Commitment of such Downgraded Lender, 
  

 47 

 (B) the Borrowers shall prepay all amounts owed to such Downgraded Lender hereunder or in
connection herewith (including any amount payable pursuant to Section 9.04(c) as a result of such Downgraded Lender receiving payment of any Eurodollar Rate Advance prior to the end of an Interest Period therefor), 
  
 (C) if, upon the reduction of the Committed Facility under
clause (A) above and the payment under clause (B) above, the sum of the principal amount of all Advances plus the Available Amount of all Letters of Credit (valuing the Available Amount of, and Letter of Credit Advances of the Issuing Bank in
respect of, any Non-Dollar Letter of Credit at the Dollar Equivalent thereof as of the time of such calculation) would exceed the amount of the Committed Facility, then the Borrowers will immediately eliminate such excess by prepaying Committed
Advances and/or causing the Available Amount of one or more Letters of Credit to be reduced, and 
  
 (D) upon completion of the events described in clauses (A), (B) and (C) above, such Downgraded Lender shall cease to be a party to this
Agreement; provided that the provisions of Sections 2.11, 2.13 and 9.04 of this Agreement shall continue to inure to the benefit of each such Downgraded Lender. 
  
 or (y) if a Default exists or, not later than 30 days after receipt of such Downgrade Notice, such Downgraded Lender notifies the Borrowers,
the Issuing Bank and the Administrative Agent that such Downgraded Lender elects to provide (in a manner reasonably satisfactory to the Issuing Bank) cash collateral to the Issuing Bank for (or if such Downgraded Lender is unable, without regulatory
approval, to provide cash collateral, a letter of credit reasonably satisfactory to the Issuing Bank covering) its contingent obligations to reimburse the Issuing Bank for any payment under any Letter of Credit as provided in Section 2.04(e) (its
“LC Participation Obligations”), such Downgraded Lender shall be obligated to (and each Lender agrees that in such circumstances it will) deliver to the Issuing Bank (I) immediately, cash collateral (or, as aforesaid, a letter of
credit) in an amount equal to its LC Participation Obligations and (II) from time to time thereafter (so long as it is a Downgraded Lender), cash collateral (or, as aforesaid, a letter of credit) sufficient to cover any increase in its LC
Participation Obligations as a result of any proposed issuance of or increase in a Letter of Credit. Any funds provided by a Downgraded Lender for such purpose shall be maintained in a segregated deposit account in the name of the Issuing Bank at
the Issuing Bank’s principal office in the United States (a “Downgrade Account”). The funds so deposited in any Downgrade Account shall be used only in accordance with the following provisions of this Section 2.19. 

 
 (b) If any Downgraded Lender shall be required to fund its participation
in a payment under a Letter of Credit pursuant to Section 2.04(e), then the Issuing 
  

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 Bank shall apply the funds deposited in the applicable Downgrade Account by such Downgraded Lender to fund such
participation. The deposit of funds in a Downgrade Account by any Downgraded Lender shall not constitute a Letter of Credit Advance (and the Downgraded Lender shall not be entitled to interest on such funds except as provided in clause (c) below)
unless and until (and then only to the extent that) such funds are used by the Issuing Bank to fund the participation of such Downgraded Lender pursuant to the first sentence of this clause (b). 
  
 (c) Funds in a Downgrade Account shall be invested in such investments as may
be agreed between the Issuing Bank and the applicable Downgraded Lender, and the income from such investments shall be distributed to such Downgraded Lender from time to time (but not less often than monthly) as agreed between the Issuing Bank and
such Downgraded Lender. The Issuing Bank will (i) from time to time, upon request by a Downgraded Lender, release to such Downgraded Lender any amount on deposit in the applicable Downgrade Account in excess of the LC Participation Obligations of
such Downgraded Lender and (ii) upon the earliest to occur of (A) the effective date of any replacement of such Downgraded Lender as a party hereto pursuant to an Assignment and Acceptance, (B) the termination of such Downgraded Lender’s
Commitment pursuant to clause (a) or (C) the first Letter of Credit Business Day after receipt by the Issuing Bank of evidence (reasonably satisfactory to the Issuing Bank) that such Lender is no longer a Downgraded Lender, release to such Lender
all amounts on deposit in the applicable Downgrade Account. 
  
 (d) At any time any Downgraded Lender is required to maintain cash collateral with the Issuing Bank pursuant to this Section 2.19, the Issuing Bank shall have no obligation to issue or increase any Letter of Credit unless such Downgraded
Lender has provided sufficient funds as cash collateral to the Issuing Bank to cover all LC Participation Obligations of such Downgraded Lender (including in respect of the Letter of Credit to be issued or increased). 
  
 Section 2.20. Downgrade Event or Other Event with Respect to the Issuing
Bank. At any time that the Issuing Bank is a Downgraded Lender or at such other times as the Issuing Bank and the Borrowers may agree, the Borrowers may, upon not less than three Letter of Credit Business Days’ notice to the Issuing Bank
(in this Section sometimes referred to as the “Old Issuing Bank”) and the Administrative Agent, designate any Lender (so long as such Lender has agreed to such designation) as an additional “Issuing Bank” hereunder
(in this Section sometimes referred to as the “New Issuing Bank”). Such notice shall specify the date (which shall be a Letter of Credit Business Day) on which the New Issuing Bank is to become an additional “Issuing
Bank” hereunder. From and after such date, all new Letters of Credit requested to be issued hereunder shall be issued by the New Issuing Bank. From and after such date (and until the first date on which no Letters of Credit issued by the
Old Issuing Bank are outstanding and no reimbursement obligations are owed to the Old Issuing Bank, on which date the Old Issuing Bank shall cease to be an Issuing Bank hereunder), references in this Agreement to the “Issuing Bank”
shall be deemed to refer (a) to the Old Issuing 
  

 49 

 Bank, with respect to Letters of Credit issued by it, (b) to the New Issuing Bank, with respect to Letters of Credit
issued or to be issued by it, and (c) to each of the Old Issuing Bank and the New Issuing Bank, with respect to other matters. Notwithstanding the fact that an Old Issuing Bank shall cease to be an “Issuing Bank” hereunder, all of
the exculpatory, indemnification and similar provisions hereof in favor of the “Issuing Bank” shall inure to such Old Issuing Bank’s benefit as to any actions taken or omitted by it while it was an “Issuing
Bank” under this Agreement. The Borrowers agree that after any appointment of a New Issuing Bank hereunder, the Borrowers shall use reasonable commercial efforts to promptly replace (or otherwise cause the applicable beneficiary to return
to the Old Issuing Bank for cancellation) each letter of credit issued by the Old Issuing Bank. 
  
 Section 2.21. Non-Dollar Letters of Credit. (a) The Borrowers, the Administrative Agent, the Issuing Bank and the Lenders (i) agree that the
Issuing Bank may (in its sole discretion) issue Letters of Credit (“Non-Dollar Letters of Credit”) in currencies other than U.S. dollars and (ii) further agree as follows with respect to such Non-Dollar Letters of Credit:

  
 (b) The Borrowers agree that their reimbursement obligations
under Section 2.05(b) and any resulting Letter of Credit Advance, in each case in respect of a drawing under any Non-Dollar Letter of Credit, (i) shall be payable in Dollars at the Dollar Equivalent of such obligation in the currency in which such
Non-Dollar Letter of Credit was issued (determined on the date of payment) and (ii) shall bear interest at a rate per annum equal to (A) in the case of amounts owed to the Issuing Bank, the sum of the Overnight Rate plus the Applicable Margin
for Eurodollar Rate Advances plus 2% and (B) in the case of amounts owing to any other Lender, the Base Rate plus 2%, in each case for each day from and including the date on which the applicable Account Party is to reimburse the Issuing Bank
pursuant to Section 2.05(b) to but excluding the date such obligation is paid in full. 
  
 (c) Each Lender agrees that its obligation to pay the Issuing Bank such Lender’s Pro Rata Share of the unreimbursed portion of any payment by the Issuing Bank under Section 2.04(e) in respect of a drawing under
any Non-Dollar Letter of Credit shall be payable in Dollars at the Dollar Equivalent of such obligation in the currency in which such Non-Dollar Letter of Credit was issued (calculated on the date of payment) (and any such amount which is not paid
when due shall bear interest at a rate per annum equal to the Overnight Rate plus, beginning on the third Business Day after such amount was due, the Applicable Margin for Eurodollar Rate Advances). 
  
 (d) For purposes of determining whether there is availability for the
Borrowers to request any Advance or to request the issuance or extension of, or any increase in, any Letter of Credit, the Dollar Equivalent amount of the Available Amount of each Non-Dollar Letter of Credit shall be calculated as of the date such
Advance is to be made or such Letter of Credit is to be issued, extended or increased. 
  

 50 

 (e) For purposes of determining the letter of credit fee under Section 2.09(d), the Dollar Equivalent
amount of the Available Amount of any Non-Dollar Letter of Credit shall be determined on each of (i) the date of an issuance, extension or change in the Available Amount of such Non-Dollar Letter of Credit, (ii) the date of any payment by the
Issuing Bank in respect of a drawing under such Non-Dollar Letter of Credit, (iii) the last day of each calendar month and (iv) each day on which the Commitments are to be reduced pursuant to Section 2.06 (it being understood that no requested
reduction shall be permitted to the extent that, after making a calculation pursuant this clause (e), such reduction would be greater than the unused portion of the Commitments). 
  
 (f) If, on the last day of any calendar month, the sum of the principal amount of all Advances plus the Available Amount of
all Letters of Credit (valuing the Available Amount of, and Letter of Credit Advances in respect of, any Non-Dollar Letter of Credit at the Dollar Equivalent thereof as of such day) would exceed the amount of the Committed Facility, then the
Borrowers will immediately eliminate such excess by prepaying Committed Advances and/or causing the Available Amount of one or more Letters of Credit to be reduced. 
  
 (g) If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due in respect of any
Non-Dollar Letter of Credit in one currency into another currency, the rate of exchange used shall be that at which in accordance with its normal banking procedures the Issuing Bank could purchase the first currency with such other currency on the
Letter of Credit Business Day preceding that on which final judgment is given. The obligation of any Account Party in respect of any such sum due from it to the Issuing Bank or any Lender hereunder shall, notwithstanding any judgment in a currency
(the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement and the applicable Non-Dollar Letter of Credit (the “Agreement Currency”), be
discharged only to the extent that on the Letter of Credit Business Day following receipt by the Issuing Bank or such Lender of any sum adjudged to be so due in the Judgment Currency, the Issuing Bank or such Lender may in accordance with normal
banking procedures 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 Issuing Bank or such Lender in the Agreement Currency, the applicable
Account Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Issuing Bank or such Lender, as applicable, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum
originally due to the Issuing Bank or such Lender in such currency, the Issuing Bank and each Lender agrees to return the amount of any excess to the applicable Account Party (or to any other Person who may be entitled thereto under applicable law).

  
 (h) For purposes of this Section, “Dollar
Equivalent” means, in relation to an amount denominated in a currency other than U.S. dollars, the amount of U.S. dollars which could be purchased with such amount by the Issuing Bank in accordance with its customary procedures (and giving
effect to any 
  

 51 

 transaction costs) at the quoted foreign exchange spot rate of the Issuing Bank at the time of determination; and
“Overnight Rate” means, for any day, the rate of interest per annum at which overnight deposits in the applicable currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be
offered for such day by the Issuing Bank to major banks in the London or other applicable offshore interbank market. The Overnight Rate for any day which is not a Letter of Credit Business Day (or on which dealings are not carried on in the
applicable offshore interbank market) shall be the Overnight Rate for the immediately preceding Letter of Credit Business Day. 
  
 Section 2.22. Increase in Commitments. (a) From time to time subsequent to the Effective Date, the Borrowers jointly may, upon at least 30
days’ notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount of the Commitments by an amount which (i) is not less than $25,000,000 with respect to any
such request nor (ii) when aggregated with all prior increases in the Commitments pursuant to this Section 2.22, is not in excess of $1,000,000,000. The Borrowers may increase the aggregate amount of the Commitments by (i) having another lender or
other lenders (each, an “Additional Lender”) become party to this Agreement, (ii) agreeing with any Lender to increase its Commitment hereunder or (iii) a combination of the procedures described in clauses (i) and (ii) of this
sentence; provided that the sum of the increases in the Commitments of the Lenders plus the Commitments of the Additional Lenders shall not in the aggregate exceed the amount of the requested increase. 
  
 (b) An increase in the aggregate amount of the Commitments pursuant to this
Section 2.22 shall become effective upon the receipt by the Administrative Agent of an agreement in form and substance satisfactory to the Administrative Agent signed by the Borrowers, by each Additional Lender and by each other Lender whose
Commitment is to be increased, setting forth the new Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof, together with such
evidence of appropriate corporate authorization on the part of the Borrowers with respect thereto and such opinions of counsel for the Borrowers with respect thereto as the Administrative Agent may reasonably request. At the time of any increase in
the aggregate amount of the Commitments pursuant to this Section 2.22, the Borrowers shall represent (i) that, immediately before and after any such increase is made, no Default has occurred and is continuing and (ii) that the representations and
warranties of the Borrowers contained in the Loan Documents are true in all material respects on and as of the date such increase is made, except for such representations or warranties which by their terms are made as of a specified date, which
shall be true and correct as of such specified date. 
  

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 (c) Upon any increase in the amount of the Commitments pursuant to this Section 2.22: 
  
 (i) the applicable Borrower shall (A) at the end of the
current Interest Period, in the case of any Eurodollar Rate Advances then outstanding and (B) within five Business Days, in the case of any Base Rate Advances then outstanding, prepay or repay each such Advance then outstanding in its entirety and,
to the extent such Borrower elects to do so and subject to the conditions specified in Article 3, such Borrower shall reborrow Committed Advances from the Lenders in proportion to their respective Commitments after giving effect to such increase,
until such time as all outstanding Committed Advances are held by the Lenders in such proportion; provided that if at any time after such increase but prior to such prepayment or repayment an Event of Default shall have occurred and shall have
continued unremedied for a period of at least five Business Days, the Lenders whose Commitments have not been increased pursuant to clause (b) of this Section (each, a “Non-Increasing Lender”) shall sell to each Lender whose
Commitment has been assumed or increased pursuant to clause (b) of this Section (each, an “Increased Commitment Lender”), and each Increased Commitment Lender shall purchase from each Non-Increasing Lender, such participations in
the Committed Advances then outstanding in an amount such that, after giving effect to all such purchases and sales, all outstanding Committed Advances are held by the Lenders in proportion to their respective Commitments, after giving effect to
such assumptions and increases; and 
  
 (ii) each
existing Non-Increasing Lender shall be deemed, without further action by any party hereto, to have sold to each Increased Commitment Lender and each Increased Commitment Lender shall be deemed, without further action by any party hereto, to have
purchased from each Non-Increasing Lender, a participation on the terms specified in this Article 2 in each Letter of Credit in an amount such that, after giving effect to all such purchases and sales, the outstanding Letter of Credit Exposure is
held by the Lenders in proportion to their respective Commitments after giving effect to such assumptions and increases. 
  
 (d) Any increase in the Commitments pursuant to this Section 2.22 shall be subject to the prior written approval of each Issuing Bank. 
  
 Section 2.23. Registry. (a) The Administrative Agent shall maintain a
register (a “Register”) on which it will record the Commitment of each Lender, each Advance made by each Lender and each repayment of any such Advance made to such Lender. Any such recordation by the Administrative Agent on a
Register shall be conclusive, absent manifest error. With respect to any Lender, the assignment or other transfer of the Commitment of such Lender and the rights to the principal of, and interest on, any Advance made pursuant to this Agreement shall
not be effective until such assignment or other transfer is recorded on the applicable Register and otherwise complies with Section 9.06. The Register shall be available at the offices where kept by the Administrative Agent for inspection by the
Borrowers and any Lender at any reasonable time upon reasonable prior notice to the Administrative Agent. Each Lender shall record on its internal 
  

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 records (including computerized systems) the foregoing information as to its own Commitment and Advances. Failure to make
any such recordation, or any error in such recordation, shall not affect the obligations of any Borrower under the Loan Documents. 
  
 (b) Each Borrower hereby agrees that, upon the request of any Lender at any time, any or all of such Lender’s Advances shall be evidenced by one or
more Notes of such Borrower payable to the order of such Lender and representing the obligation of such Borrower to pay the unpaid principal amount of such Advances to such Borrower made by such Lender, with interest as provided herein on the unpaid
principal amount of such Advances from time to time outstanding. 
  
 ARTICLE 3 
 CONDITIONS OF LENDING AND ISSUANCES
OF LETTERS OF CREDIT 
  
 Section 3.01. Conditions Precedent to Effectiveness. This Agreement shall not become effective, and no Lender shall be obligated to make any Advance and the Issuing Bank shall not be obligated to issue any
Letter of Credit hereunder, until each of the following conditions precedent is satisfied: 
  
 (a) The Administrative Agent shall have received counterparts of this Agreement duly executed by each of the parties listed on the signature pages hereof (or in the case of any party as to which such an executed
counterpart shall not have been received, the Administrative Agent shall have received evidence satisfactory to it of the execution and delivery of a counterpart hereof by such party). 
  
 (b) The Administrative Agent shall have received the following in form and substance reasonably satisfactory to the
Administrative Agent (unless otherwise specified) and in sufficient copies for each Lender: 
  
 (i) Certified copies of the resolutions of the Board of Directors of each Loan Party approving the transactions contemplated by the Loan
Documents and each Loan Document to which it is or is to be a party, and of all documents evidencing other necessary corporate action and governmental and other third party approvals and consents, if any, with transactions contemplated by the Loan
Documents and each Loan Document to which it is or is to be a party. 
  
 (ii) A copy of a certificate of the Secretary of State or other appropriate official of the jurisdiction of incorporation of (x) ACE INA, dated reasonably near the Effective Date, certifying (A) as to a true and
correct copy of its charter and each amendment thereto on file in such Secretary’s office and (B) that (1) such amendments are the only amendments to its charter on file in such Secretary’s office, (2) in the case of ACE INA, it has paid
all franchise taxes to the date of such certificate and (C) it is duly incorporated and in good standing or presently subsisting 
  

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 under the laws of the State of the jurisdiction of its incorporation and (y) each other Loan Party, dated
reasonably near the Effective Date, certifying as to the good standing (or existence) of such Loan Party. 
  
 (iii) A certificate of each Loan Party, signed on behalf of such Loan Party by its President or a Vice President and its Secretary or any
Assistant Secretary, dated the Effective Date (the statements made in which certificate shall be true on and as of the Effective Date), certifying as to (A) in the case of ACE INA, the absence of any amendments to the charter of such Loan Party
since the date of the Secretary of State’s certificate referred to in Section 3.01(ii)(C), (B) a true and correct copy of the bylaws (in the case of ACE INA) or the constitutional documents (in the case of each other Loan Party) of such Loan
Party as in effect on the date on which the resolutions referred to in Section 3.01(ii)(B) were adopted and on the Effective Date, (C) the due incorporation and good standing or valid existence of such Loan Party as a corporation organized under the
laws of the jurisdiction of its incorporation, and the absence of any proceeding for the dissolution or liquidation of such Loan Party, (D) the truth of the representations and warranties contained in the Loan Documents as though made on and as of
the Effective Date and (E) the absence of any event occurring and continuing, or resulting from the Effective Date, that constitutes a Default. 
  
 (iv) A certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the names and true signatures of the officers
of such Loan Party authorized to sign each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder. 
  

(v) A favorable opinion of (A) Maples and Calder, Cayman Islands counsel for the Parent, in substantially the form of Exhibit D-1
hereto and as to such other matters as any Lender through the Administrative Agent may reasonably request, (B) Mayer, Brown, Rowe & Maw LLP, New York counsel for the Loan Parties, in substantially the form of Exhibit D-2 hereto and as to such
other matters as any Lender through the Administrative Agent may reasonably request, and (C) Conyers Dill & Pearman, Bermuda counsel for ACE Bermuda and ACE Tempest, in substantially the form of Exhibit D-3 hereto and as to such other matters as
any Lender through the Administrative Agent may reasonably request. 
  
 (c) There shall have occurred no material adverse change since December 31, 2003 in the business, financial condition, operations or properties of the Parent and its Subsidiaries, taken as a whole. 
  
 (d) There shall exist no action, suit, investigation, litigation or
proceeding affecting any Loan Party or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator that (x) could be 
  

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 reasonably expected to have a Material Adverse Effect or (y) would reasonably be expected to materially adversely affect
the legality, validity or enforceability of any Loan Document or the other transactions contemplated by the Loan Documents. 
  
 (e) The Borrowers shall have paid all accrued fees of the Agents and the Lenders and all accrued expenses of the Agents (including the accrued fees and
expenses of counsel to the Administrative Agent and local counsel on behalf of all of the Lenders), in each case to the extent then due and payable. 
  
 (f) The Borrowers shall have repaid all principal amounts outstanding under the Existing Agreements, together with all accrued interest, fees and other
accrued amounts payable thereunder to the Effective Date, and no letters of credit or other credit extensions shall be outstanding thereunder (it being understood that the Existing Letter of Credit shall become a Letter of Credit hereunder).

  
 The Lenders that are parties to the Existing Agreements,
comprising the “Required Lenders” as defined in each of the Existing Agreements, and the Borrowers hereby agree that the commitments under the Existing Agreements shall terminate automatically on and as of the Effective Date, without
notice or further action by any party under the Existing Agreements, and all accrued interest, fees and other accrued amounts thereunder shall be due and payable on the Effective Date. 
  
 Section 3.02. Conditions Precedent to Each Committed Borrowing and Issuance, Extension or Increase of a Letter of Credit.
The obligation of each Lender to make a Committed Advance on the occasion of each Committed Borrowing (including the initial Committed Borrowing), and the obligation of the Issuing Bank to issue, extend or increase a Letter of Credit (including
the initial issuance), shall be subject to the further conditions precedent that on the date of such Committed Borrowing or issuance, extension or increase (a) the following statements shall be true (and each of the giving of the applicable Notice
of Committed Borrowing or request for issuance, extension, or increase, and the acceptance by the Borrower that requested such Committed Borrowing of the proceeds of such Committed Borrowing or of such issuance, extension or increase shall
constitute a representation and warranty by such Borrower that both on the date of such notice and on the date of such Committed Borrowing or such issuance, extension or increase such statements are true): 
  
 (i) the representations and warranties contained in Section
4.01 are correct in all material respects on and as of such date, before and after giving effect to such Committed Borrowing and to the application of the proceeds therefrom or such issuance, extension or increase, as though made on and as of such
date, other than any such representations or warranties that, by their terms, refer to a specific date other than the date of such Committed Borrowing or the date of such issuance, extension or increase, in which case as of such specific date; and

  

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 (ii) no Default has occurred and is continuing, or would result from such Committed
Borrowing or the application of the proceeds therefrom or from such issuance, extension or increase; and 
  
 (b) the Administrative Agent shall have received such other approvals, opinions or documents as any Lender or the Issuing Bank through the Administrative
Agent may reasonably request. 
  
 Section 3.03. Conditions
Precedent to Each Competitive Bid Borrowing. The obligation of each Lender that is to make a Competitive Bid Advance on the occasion of a Competitive Bid Borrowing (including the initial Competitive Bid Borrowing) to make such Competitive Bid
Advance as part of such Competitive Bid Borrowing is subject to the conditions precedent that (a) the Administrative Agent shall have received the written confirmatory Notice of Competitive Bid Borrowing with respect thereto, and (b) on the date of
such Competitive Bid Borrowing the following statements shall be true (and each of the giving of the applicable Notice of Competitive Bid Borrowing and the acceptance by the Borrower that requested such Competitive Bid Borrowing of the proceeds of
such Competitive Bid Borrowing shall constitute a representation and warranty by such Borrower that on the date of such Competitive Bid Borrowing such statements are true): 
  
 (i) the representations and warranties contained in Section 4.01 are correct in all material respects on and
as of the date of such Competitive Bid Borrowing, before and after giving effect to such Competitive Bid Borrowing and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or
warranties that, by their terms, refer to a specific date other than the date of such Competitive Bid Borrowing, in which case as of such specific date, and 
  
 (ii) no Default has occurred and is continuing, or would result from such Competitive Bid Borrowing or from the application of the
proceeds therefrom. 
  
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 4.01. Representations and Warranties of the Borrowers. Each Borrower represents and warrants as follows:

  
 (a) Each Loan Party and each of its Subsidiaries (i) is duly
organized or formed, validly existing and, to the extent such concept applies, in good standing under the laws of the jurisdiction of its incorporation or formation, (ii) is duly qualified and in good standing as a foreign corporation or other
entity in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed except where the failure to so 
  

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 qualify or be licensed would not be reasonably likely to have a Material Adverse Effect and (iii) has all requisite power
and authority (including, without limitation, all governmental licenses, permits and other approvals) to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted, except where the failure
to have any license, permit or other approval would not be reasonably likely to have a Material Adverse Effect. All of the outstanding Equity Interests in each Borrower (other than the Parent) have been validly issued, are fully paid and
non-assessable and (except for any Preferred Securities issued after the date of this Agreement) are owned, directly or indirectly, by the Parent free and clear of all Liens. 
  
 (b) Set forth on Schedule 4.01(b) hereto is a complete and accurate list of all Subsidiaries of each Loan Party as of the
Effective Date. 
  
 (c) The execution, delivery and performance by
each Loan Party of each Loan Document to which it is or is to be a party and the consummation of the transactions contemplated by the Loan Documents, are within such Loan Party’s corporate powers, have been duly authorized by all necessary
corporate action, and do not (i) contravene such Loan Party’s constitutional documents, (ii) violate any law, rule, regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System), order, writ,
judgment, injunction, decree, determination or award, (iii) conflict with or result in the breach of, or constitute a default under, any contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting
any Loan Party, any of its Subsidiaries or any of their properties or (iv) except for the Liens created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Loan
Party or any of its Subsidiaries. No Loan Party or any of its Subsidiaries is in violation of any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or in breach of any such contract, loan agreement,
indenture, mortgage, deed of trust, lease or other instrument, the violation or breach of which could be reasonably likely to have a Material Adverse Effect. 
  
 (d) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third
party is required for (i) the due execution, delivery, recordation, filing or performance by any Loan Party of any Loan Document to which it is or is to be a party or the other transactions contemplated by the Loan Documents, or (ii) the exercise by
any Agent or any Lender of its rights under the Loan Documents, except for the authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect. 
  
 (e) This Agreement has been, and each other Loan Document when delivered
hereunder will have been, duly executed and delivered by each Loan Party party thereto. This Agreement is, and each other Loan Document when delivered hereunder will be, the legal, valid and binding obligation of each Loan Party party thereto,
enforceable against such Loan Party in accordance with its terms. 
  

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 (f) There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of
its Subsidiaries, including any Environmental Action, pending or, to such Loan Party’s knowledge, threatened before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or (ii) would
reasonably be expected to affect the legality, validity or enforceability of any Loan Document or the transactions contemplated by the Loan Documents. 
  
 (g) The Consolidated balance sheet of the Parent and its Subsidiaries as at December 31, 2003, and the related Consolidated statement of income and of
cash flows of the Parent and its Subsidiaries for the Fiscal Year then ended, accompanied by an unqualified opinion of PricewaterhouseCoopers LLP, independent public accountants, copies of which have been furnished to each Lender, fairly present the
Consolidated financial condition of the Parent and its Subsidiaries as at such date and the Consolidated results of operations of the Parent and its Subsidiaries for the Fiscal Year ended on such date, all in accordance with generally accepted
accounting principles applied on a consistent basis, and, as of the Effective Date, since December 31, 2003, there has been no Material Adverse Change. 
  
 (h) No information, exhibit or report furnished by or on behalf of any Loan Party to any Agent or any Lender in connection with the negotiation and
syndication of the Loan Documents or pursuant to the terms of the Loan Documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made therein not misleading as at the date it was
dated (or if not dated, so delivered). 
  
 (i) Following
application of the proceeds of each Advance hereunder, Margin Stock will constitute less than 25% of the value of those assets of any Borrower which are subject to any limitation on sale, pledge or other disposition hereunder. 
  
 (j) Neither any Loan Party nor any of its Subsidiaries is an “investment
company”, or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940, as amended. Neither the
making of any Advances, nor the issuance of any Letters of Credit, nor the application of the proceeds or repayment thereof by any Borrower, nor the consummation of the other transactions contemplated by the Loan Documents, will violate any
provision of such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder. 
  
 (k) Each Loan Party is, individually and together with its Subsidiaries, Solvent. 
  
 (l) Except to the extent that any and all events and conditions under clauses (i) through (v) below of this paragraph (l) in
the aggregate are not reasonably expected to have a Material Adverse Effect, 
  

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 (i) Neither any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected
to incur any Withdrawal Liability to any Multiemployer Plan. 
  
 (ii) With respect to each scheme or arrangement mandated by a government other than the United States (a “Foreign Government Scheme or Arrangement”) and with respect to each employee benefit plan that
is not subject to United States law maintained or contributed to by any Loan Party or with respect to which any Subsidiary of any Loan Party may have liability under applicable local law (a “Foreign Plan”): 
  
 (x) Any employer and employee contributions required by law
or by the terms of any Foreign Government Scheme or Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices. 
  
 (y) The fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any
Foreign Plan funded through insurance or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the date hereof, with respect to all
current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles. 
  
 (z) Each Foreign Plan required to be registered has been
registered and has been maintained in good standing with applicable regulatory authorities. 
  
 (iii) During the twelve-consecutive-month period to the date of the execution and delivery of this Agreement and prior to any Borrowing
hereunder, no steps have been taken to terminate any Pension Plan, no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a lien under section 302(f) of ERISA and no minimum funding waiver has been applied
for or is in effect with respect to any Pension Plan. No condition exists or event or transaction has occurred or is reasonably expected to occur with respect to any Pension Plan which could result in any Loan Party or any ERISA Affiliate incurring
any material liability, fine or penalty. 
  
 (iv)
Each Pension Plan is in compliance in all respects with the applicable provisions of ERISA, the Internal Revenue Code and other federal or state laws. 
  

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 (v) No assets of any Loan Party are or are deemed under applicable law to be “plan
assets” within the meaning of Department of Labor Regulation §2510.3-101. 
  
 (m) (i) In the ordinary course of its business, each Borrower reviews the effect of Environmental Laws on the operations and properties of such Borrower and its Subsidiaries, in the course of which it identifies and
evaluates associated liabilities and costs (including, without limitation, any capital or operating expenditures required for clean-up or closure of properties presently or previously owned, any capital or operating expenditures required to achieve
or maintain compliance with environmental protection standards imposed by law or as a condition of any license, permit or contract, any related constraints on operating activities, including any periodic or permanent shutdown of any facility or
reduction in the level of or change in the nature of operations conducted thereat, and any actual or potential liabilities to third parties and any related costs and expenses). On the basis of this review, each Borrower has reasonably concluded that
such associated liabilities and costs, including the costs of compliance with Environmental Laws, are unlikely to have a Material Adverse Effect. 
  
 (ii) The operations and properties of each Loan Party and each of its Subsidiaries comply in all material respects with all applicable
Environmental Laws and Environmental Permits, except for non-compliances which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; Hazardous Materials have not been released, discharged or disposed
of on any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries that would reasonably be expected to have a Material Adverse Effect; and there are no Environmental Actions pending or threatened against any
Loan Party or its Subsidiaries, and no circumstances exist that could be reasonably likely to form the basis of any such Environmental Action, which (in either case), individually or in the aggregate with all other such pending or threatened actions
and circumstances would reasonably be expected to have a Material Adverse Effect. 
  
 (n) Each Loan Party and each of its Subsidiaries has filed, has caused to be filed or has been included in all material federal tax returns and all other material tax returns required to be filed and has paid all
taxes shown thereon to be due, together with applicable interest and penalties, except to the extent contested in good faith and by appropriate proceedings (in which case adequate reserves have been established therefor in accordance with GAAP).

  

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 ARTICLE 5 
 COVENANTS OF THE BORROWERS 
  
 Section 5.01. Affirmative Covenants. So long as any Advance or any other obligation of any Loan Party under any Loan Document shall remain unpaid,
any Letter of Credit shall be outstanding or any Lender shall have any Commitment hereunder, each Borrower will: 
  
 (a) Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply with all applicable laws, rules, regulations and orders, such
compliance to include, without limitation, compliance with Environmental Laws, Environmental Permits, ERISA and the Racketeer Influenced and Corrupt Organizations Chapter of the Organized Crime Control Act of 1970, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i)
all material taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful material claims that, if unpaid, might by law become a Lien upon its property; provided, however, that neither any
Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained.

  
 (c) Maintenance of Insurance. Maintain, and cause each
of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in
the same general areas in which the Parent or such Subsidiary operates (it being understood that the foregoing shall not apply to maintenance of reinsurance or similar matters which shall be solely within the reasonable business judgment of the
Parent and its Subsidiaries). 
  
 (d) Preservation of Corporate
Existence, Etc. Preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its existence, legal structure, legal name, rights (charter and statutory), permits, licenses, approvals, privileges and franchises; provided,
however, that the Parent and its Subsidiaries may consummate any merger, amalgamation or consolidation permitted under Section 5.02(c) and provided further that neither the Parent nor any of its Subsidiaries shall be required to preserve
any right, permit, license, approval, privilege or franchise if the Board of Directors of the Parent or such Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Parent or such
Subsidiary, as the case may be, and that the loss thereof is not disadvantageous in any material respect to the Parent, such Subsidiary or the Lenders. 
  
 (e) Visitation Rights. At any reasonable time and from time to time upon prior notice, permit the Agents (upon request made by any Agent or any
Lender), or any agents or representatives thereof, at the expense (so long as no Default has occurred and is continuing) of such Agents (or such Lender, as the case may be), to examine and make copies of and abstracts from the records and books of
account of, and visit the properties of, the Parent and any of its 
  

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 Subsidiaries, and to discuss the affairs, finances and accounts of the Parent and any of its Subsidiaries with any of
their officers or directors and with, so long as a representative of the Parent is present, their independent certified public accountants; provided that neither the Parent nor any of its Subsidiaries shall be required to disclose any
information subject to its attorney-client privilege. 
  
 (f)
Keeping of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Parent and each such
Subsidiary sufficient to permit the preparation of financial statements in accordance with GAAP. 
  
 (g) Maintenance of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that
are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
  
 (h) Transactions with Affiliates. Conduct, and cause each of its
Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates (other than any such transactions between Loan Parties or wholly-owned Subsidiaries of Loan Parties) on terms that are fair and
reasonable and no less favorable than it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate. 
  
 (i) Pari Passu ranking. Each Borrower shall procure that its obligations under the Loan Documents will rank at least pari passu with all its other
present and future unsecured and unsubordinated obligations, except for obligations which are mandatorily preferred by law applying to insurance companies generally. 
  
 Section 5.02. Negative Covenants. So long as any Advance or any other obligation of any Loan Party under any Loan
Document shall remain unpaid, any Letter of Credit shall be outstanding or any Lender shall have any Commitment hereunder, Parent will not, at any time: 
  
 (a) Liens, Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Lien
on or with respect to any of its properties of any character (including, without limitation, accounts) whether now owned or hereafter acquired, or assign or permit any of its Subsidiaries to assign, any accounts or other right to receive income,
except: 
  
 (i) Liens created under the Loan
Documents; 
  
 (ii) Permitted Liens; 

 
 (iii) Liens described on Schedule 5.02(a) hereto;

  

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 (iv) purchase money Liens upon or in any property acquired or held by the Parent or any
of its Subsidiaries in the ordinary course of business to secure the purchase price of such property or to secure Debt incurred solely for the purpose of financing the acquisition, construction or improvement of any property to be subject to such
Liens, or Liens existing on any property at the time of acquisition or within 180 days following such acquisition (other than any such Liens created in contemplation of such acquisition that do not secure the purchase price), or extensions, renewals
or replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend to or cover any property other than the property being acquired, constructed or improved, and no such extension,
renewal or replacement shall extend to or cover any property not theretofore subject to the Lien being extended, renewed or replaced; 
  
 (v) Liens arising in connection with Capitalized Leases; provided that no such Lien shall extend to or cover any assets other than
the assets subject to such Capitalized Leases; 
  
 (vi) (A) any Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event, (B) any Lien on any asset of any Person existing at the time such Person is merged or
consolidated with or into the Parent or any of it Subsidiaries in accordance with Section 5.02(c) and not created in contemplation of such event and (C) any Lien existing on any asset prior to the acquisition thereof by the Parent or any of its
Subsidiaries and not created in contemplation of such acquisition; 
  
 (vii) Liens securing obligations under credit default swap transactions determined by reference to, or Contingent Obligations in respect of, Debt issued by the Parent or one of its Subsidiaries; such Debt not to
exceed an aggregate principal amount of $550,000,000; 
  
 (viii) Liens arising in the ordinary course of its business which (A) do not secure Debt and (B) do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of its business;

  
 (ix) Liens on cash and Approved Investments
securing Hedge Agreements arising in the ordinary course of business; 
  
 (x) other Liens securing Debt or other obligations outstanding in an aggregate principal or face amount not to exceed at any time 5% of Consolidated Net Worth; 
  
 (xi) Liens consisting of deposits made by the Parent or any
insurance Subsidiary with any insurance regulatory authority or other statutory Liens or Liens or claims imposed or required by applicable 
  

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 insurance law or regulation against the assets of the Parent or any insurance Subsidiary, in each case in
favor of policyholders of the Parent or such insurance Subsidiary or an insurance regulatory authority and in the ordinary course of the Parent’s or such insurance Subsidiary’s business; 
  
 (xii) Liens on Investments and cash balances of the Parent
or any insurance Subsidiary (other than capital stock of any Subsidiary) securing obligations of the Parent or any insurance Subsidiary in respect of (i) letters of credit obtained in the ordinary course of business and/or (ii) trust arrangements
formed in the ordinary course of business for the benefit of cedents to secure reinsurance recoverables owed to them by the Parent or any insurance Subsidiary; 
  

(xiii) the replacement, extension or renewal of any Lien permitted by clause (iii) or (vi) above upon or in the same property
theretofore subject thereto or the replacement, extension or renewal (without increase in the amount (other than in respect of fees, expenses and premiums, if any) or change in any direct or contingent obligor) of the Debt secured thereby;

  
 (xiv) Liens securing obligations owed by any
Loan Party to any other Loan Party or owed by any Subsidiary of the Parent (other than a Loan Party) to the Parent or any other Subsidiary; 
  
 (xv) Liens incurred in the ordinary course of business in favor of financial intermediaries and clearing agents pending clearance of
payments for investment or in the nature of set-off, banker’s lien or similar rights as to deposit accounts or other funds; 
  
 (xvi) judgment or judicial attachment Liens, provided that the enforcement of such Liens is effectively stayed; 
  
 (xvii) Liens on securities arising out of repurchase
agreements with a term of not more than three months entered into with Lenders or their Affiliates or with securities dealers of recognized standing; provided that the aggregate amount of all assets of the Parent and its Subsidiaries subject
to such agreements shall not at any time exceed $1,000,000,000; and 
  
 (xviii) Liens securing up to an aggregate amount of $200,000,000 of obligations of ACE Tempest, the Parent or any wholly owned Subsidiary, arising out of catastrophe bond financing. 
  
 (b) Change in Nature of Business. Make any material change in the
nature of the business of the Parent and its Subsidiaries, taken as a whole, as carried on at the date hereof. 
  

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 (c) Mergers, Etc. Merge into, amalgamate or consolidate with any Person or permit any Person to
merge into it, or permit any of its Subsidiaries to do so, except that: 
  
 (i) any Subsidiary of the Parent may merge into, amalgamate or consolidate with any other Subsidiary of the Parent, provided that, in the case of any such merger, amalgamation or consolidation, the Person
formed by such merger, amalgamation or consolidation shall be a wholly owned Subsidiary of the Parent, provided further that, in the case of any such merger, amalgamation or consolidation to which a Borrower is a party, the Person formed by
such merger, amalgamation or consolidation shall be such Borrower; 
  
 (ii) any Subsidiary of any Borrower may merge into, amalgamate or consolidate with any other Person or permit any other Person to merge into, amalgamate or consolidate with it; provided that the Person
surviving such merger, amalgamation or consolidation shall be a wholly owned Subsidiary of such Borrower; 
  
 (iii) in connection with any sale or other disposition permitted under Section 5.02(d), any Subsidiary of the Parent may merge into,
amalgamate or consolidate with any other Person or permit any other Person to merge into, amalgamate or consolidate with it; and 
  
 (iv) the Parent or any other Borrower may merge into, amalgamate or consolidate with any other Person; provided that, in the case
of any such merger, amalgamation or consolidation, the Person formed by such merger, amalgamation or consolidation shall be the Parent or such Borrower, as the case may be; 
  
 provided, however, that in each case, immediately after giving effect thereto, no event shall occur and be continuing that
constitutes a Default. 
  
 (d) Sales, Etc., of Assets.
Sell, lease, transfer or otherwise dispose of or permit any other Borrower to sell, lease, transfer or otherwise dispose of, all or substantially all of its assets (excluding sales of investment securities in the ordinary course of business).

  
 (e) Restricted Payments. Declare or pay any dividends,
purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any distribution
of assets, Equity Interests, obligations or securities to its stockholders, partners or members (or the equivalent Persons thereof) as such or issue or sell any Equity Interests or accept any capital contributions, or permit any of its Subsidiaries
to do any of the foregoing, or permit any of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for value any Equity Interests in the Parent or to issue or sell any Equity Interests therein, if in any case referred to above,
a Default shall have occurred and be continuing at the time of such action or would result therefrom. 
  

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 (f) Accounting Changes. Make or permit, or permit any of its Subsidiaries to make or permit, any
change in accounting policies or reporting practices, except as permitted by GAAP. 
  
 Section 5.03. Reporting Requirements. So long as any Advance or any other obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding or any Lender shall
have any Commitment hereunder, the Parent will furnish to the Administrative Agent for distribution to the Lenders: 
  
 (a) Default Notice. As soon as possible and in any event within five days after the occurrence of each Default or any event, development or
occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Parent setting forth details of such Default, event, development or occurrence and the action
that the Parent or the applicable Subsidiary has taken and proposes to take with respect thereto. 
  
 (b) Annual Financials. (i) As soon as available and in any event within 90 days after the end of each Fiscal Year, a copy of the annual
Consolidated audit report for such year for the Parent and its Subsidiaries, including therein a Consolidated balance sheet of the Parent and its Subsidiaries as of the end of such Fiscal Year and Consolidated statements of income and cash flows of
the Parent and its Subsidiaries for such Fiscal Year, all reported on in a manner reasonably acceptable to the Securities and Exchange Commission in each case and accompanied by an opinion of PricewaterhouseCoopers LLP or other independent public
accountants of recognized standing reasonably acceptable to the Required Lenders, together with (A) a certificate of the Chief Financial Officer or Chief Accounting Officer of the Parent stating that no Default has occurred and is continuing, or if
a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken a proposes to take with respect thereto, and (B) a schedule in form reasonably satisfactory to the Administrative Agent of the
computations used by the Parent in determining, as of the end of such Fiscal Year, compliance with the covenants contained in Section 5.04. 
  
 (ii) As soon as available and in any event within 120 days after the end of each Fiscal Year, a copy of the annual Consolidated audit report for such year
for each Subsidiary Guarantor and its Subsidiaries, including therein a Consolidated balance sheet of such Subsidiary Guarantor and its Subsidiaries as of the end of such Fiscal Year and a Consolidated statement of income and a Consolidated
statement of cash flows of such Subsidiary Guarantor and its Subsidiaries for such Fiscal Year, in each case accompanied by an opinion acceptable to the Required Lenders of PricewaterhouseCoopers LLP or other independent public accountants of
recognized standing acceptable to the Required Lenders. 
  

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 (c) Quarterly Financials. As soon as available and in any event within 45 days after the end of
each of the first three quarters of each Fiscal Year, Consolidated balance sheets of the Parent and its Subsidiaries as of the end of such quarter and Consolidated statements of income and a Consolidated statement of cash flows of the Parent and its
Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and Consolidated statements of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for
the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in
reasonable detail and duly certified (subject to the absence of footnotes and normal year-end audit adjustments) by the Chief Financial Officer or Chief Accounting Officer of the Parent as having been prepared in accordance with GAAP, together with
(i) a certificate of said officer stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes to take with respect
thereto and (ii) a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by the Parent in determining compliance with the covenants contained in Section 5.04. 
  
 (d) Litigation. Promptly after the commencement thereof, notice of all
actions, suits, investigations, litigation and proceedings before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting any Loan Party or any of its Subsidiaries of the type
described in Section 4.01(f). 
  
 (e) Securities Reports.
Promptly after the sending or filing thereof, copies of all proxy statements, financial statements and reports that the Parent sends to its stockholders generally, and copies of all regular, periodic and special reports, and all registration
statements, that any Loan Party or any of its Subsidiaries files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor, or with any national securities exchange. 
  
 (f) ERISA. (i) ERISA Events. Promptly and in any event within
10 days after any Loan Party or any ERISA Affiliate institutes any steps to terminate any Pension Plan or becomes aware of the institution of any steps or any threat by the PBGC to terminate any Pension Plan, or the failure to make a required
contribution to any Pension Plan if such failure is sufficient to give rise to a lien under section 302(f) of ERISA, or the taking of any action with respect to a Pension Plan which could result in the requirement that any Loan Party or any ERISA
Affiliate furnish a bond or other security to the PBGC or such Pension Plan, or the occurrence of any event with respect to any Pension Plan which could result in any Loan Party or any ERISA Affiliate incurring any material liability, 
  

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 fine or penalty, or the incurrence by any Loan Party or any ERISA Affiliate of any liability with respect to the
withdrawal or partial withdrawal from any Multiemployer Plan or the receipt by any Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from 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, notice thereof and copies of all documentation relating thereto.

  
 (ii) Plan Annual Reports. Promptly upon request of any
Agent or any Lender, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Pension Plan. 
  
 (iii) Multiemployer Plan Notices. Promptly and in any event within 15 Business Days after receipt thereof by any Loan Party or any ERISA Affiliate
from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal Liability by any such Multiemployer Plan, (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any such
Multiemployer Plan or (C) the amount of liability incurred, or that may be incurred, by such Loan Party or any ERISA Affiliate in connection with any event described in clause (A) or (B); provided, however, that such notice and
documentation shall not be required to be provided (except at the specific request of any Agent or Lender, in which case such notice and documentation shall be promptly provided following such request) if such condition or event is not reasonably
expected to result in any Loan Party or any ERISA Affiliate incurring any material liability, fine, or penalty. 
  
 (g) Statutory Statements. As soon as available and in any event within 20 days after submission, each statutory statement of the Loan Parties (or
any of them) in the form submitted to The Supervisor of Insurance, the Insurance Division of the Bermuda Monetary Authority. 
  
 (h) Regulatory Notices, Etc. Promptly after any Responsible Officer of the Parent obtains knowledge thereof, (i) a copy of any notice from the
Bermuda Minister of Finance or the Registrar of Companies or any other person of the revocation, the suspension or the placing of any restriction or condition on the registration as an insurer of any Borrower under the Bermuda Insurance Act 1978
(and related regulations) or of the institution of any proceeding or investigation which could result in any such revocation, suspension or placing of such a restriction or condition, (ii) copies of any correspondence by, to or concerning any Loan
Party relating to an investigation conducted by the Bermuda Minister of Finance, whether pursuant to Section 132 of the Bermuda Companies Act 1981 (and related regulations) or otherwise and (iii) a copy of any notice of or requesting or otherwise
relating to the winding-up or any similar proceeding of or with respect to any Loan Party. 
  
 (i) Other Information. Such other information respecting the business, condition (financial or otherwise), operations, performance, properties or prospects of any Loan Party or any of its Subsidiaries as any
Agent, or any Lender through the Administrative Agent, may from time to time reasonably request. 
  

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 Information required to be delivered pursuant to clauses 5.03(b), 5.03(c) and 5.03(e) above shall be
deemed to have been delivered on the date on which the Parent provides notice to the Administrative Agent that such information has been posted on the Parent’s website on the Internet at the website address listed on the signature pages hereof,
at sec.gov/edaux/searches.htm or at another website identified in such notice and accessible by the Lenders without charge; provided that (x) such notice may be included in a certificate delivered pursuant to clause 5.03(b)(i)(A) or
5.01(c)(i) and (y) the Parent shall deliver paper copies of the information referred to in clauses 5.03(b), 5.03(c) and 5.03(e) to any Lender which requests such delivery. 
  
 Section 5.04. Financial Covenants. So long as any Advance or any other obligation of any Loan Party under any Loan
Document shall remain unpaid, any Letter of Credit shall be outstanding or any Lender shall have any Commitment hereunder, the Parent will: 
  
 (a) Adjusted Consolidated Debt to Total Capitalization Ratio. Maintain at all times a ratio of Adjusted Consolidated Debt to Total Capitalization
of not more than 0.35 to 1. 
  
 (b) Consolidated Net Worth.
Maintain at all times Consolidated Net Worth in an amount not less than the Minimum Amount. 
  
 For this purpose, the “Minimum Amount” is an amount equal to the sum of (i) the Base Amount plus (ii) (A) 25% of Consolidated Net Income for each fiscal quarter of the Parent, ending on or after the
date on which the current Base Amount became effective and before the last day of the current Fiscal Year, for which such Consolidated Net Income is positive and (B) 50% of any increase in Consolidated Net Worth during such period attributable to
the issuance of ordinary and preferred shares. The “Base Amount” shall be $6,000,000,000 as of December 31, 2003 and shall be reset on the last day of each Fiscal Year to equal the greater of (x) 70% of Consolidated Net Worth as of
the last day of such Fiscal Year and (y) the Minimum Amount in effect immediately prior to such last day. 
  
 ARTICLE 6 
 EVENTS OF DEFAULT 
  
 Section 6.01. Events Of Default. If any of the following events
(“Events of Default”) shall occur and be continuing: 
  
 (a) (i) any Borrower shall fail to pay any principal of any Advance or any reimbursement obligation in respect of any payment made by an Issuing Bank pursuant to a Letter of Credit when and as the same shall become due and payable or (ii)
any Borrower shall fail to pay any interest on any Advance, or any Loan 
  

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 Party shall fail to make any other payment under any Loan Document, in each case under this clause (ii) within five
Business Days after the same becomes due and payable; or 
  
 (b)
any representation or warranty made by any Loan Party (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made; or 
  
 (c) any Borrower shall fail to perform or observe any term, covenant or
agreement contained in Section 2.15, 5.01(d) (with respect to the Parent) or (e), 5.02, 5.03(a) or 5.04; or 
  
 (d) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or
observed if such failure shall remain unremedied for 30 days after the earlier of the date on which (i) a Responsible Officer becomes aware of such failure or (ii) written notice thereof shall have been given to such Loan Party by any Agent or any
Lender; or 
  
 (e) the Parent or any of its Subsidiaries shall
fail to pay any Material Financial Obligation (but excluding Debt outstanding hereunder) of the Parent or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Material Financial Obligation; or any other event shall occur or condition shall exist under
any agreement or instrument relating to any such Material Financial Obligation and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to
permit the acceleration of, the maturity of such Material Financial Obligation or otherwise to cause, or to permit the holder thereof to cause, such Material Financial Obligation to mature; or any such Material Financial Obligation shall be declared
to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Material Financial Obligation shall
be required to be made, in each case prior to the stated maturity thereof; or 
  
 (f) any Loan Party or any Significant Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for
the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party or any Significant Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar
official for it or for any substantial part of its property and, in the case of any such proceeding instituted 
  

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 against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding
shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other
similar official for, it or any substantial part of its property) shall occur; or any Loan Party or any Significant Subsidiary shall take any corporate action to authorize any of the actions set forth above in this subsection (f); or 
  
 (g) any final judgment or order for the payment of money in excess of
$100,000,000 shall be rendered against any Loan Party or any of its Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days
during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
  
 (h) any non-monetary judgment or order shall be rendered against any Loan Party or any of its Subsidiaries that could be reasonably likely to have a
Material Adverse Effect, and there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
  
 (i) any provision in Article 7 of this Agreement shall for any reason cease
to be valid and binding on or enforceable against any Loan Party (other than as a result of a transaction permitted hereunder), or any such Loan Party shall so state in writing; or 
  
 (j) a Change of Control shall occur; or 
  
 (k) Any Loan Party or any ERISA Affiliate shall incur or shall be reasonably expected to incur liability in excess of
$25,000,000 in the aggregate with respect to any Pension Plan or any Multiemployer Plan in connection with the occurrence of any of the following events or existence of any of the following conditions: 
  
 (i) Institution of any steps by any Loan Party, any ERISA
Affiliate or any other Person, including, without limitation, the PBGC to terminate a Pension Plan if as a result of such termination a Loan Party or any ERISA Affiliate could reasonably expect to be required to make a contribution to such Pension
Plan, or could reasonably expect to incur a liability or obligation; 
  
 (ii) A contribution failure occurs with respect to any Pension Plan sufficient to give rise to a lien under section 302(f) of ERISA; or 
  
 (iii) Any condition shall exist or event shall occur with respect to a Pension Plan that is reasonably
expected to result in any Loan Party or any ERISA Affiliate being required to furnish a bond or security to the PBGC or such Pension Plan, or incurring a liability or obligation. 
  

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 (l) any Loan Party or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan
that it has incurred Withdrawal Liability or a default, within the meaning of Section 4219(c)(5) of ERISA, has occurred with respect to such Multiemployer Plan which could cause any Loan Party or any ERISA Affiliate to incur a payment obligation in
excess of $25,000,000; 
  
 then, and in any such event, the Administrative Agent
(i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Commitments of each Lender and the obligation of each Lender to make Advances (other than Letter of Credit Advances by the Issuing
Bank or a Lender pursuant to Section 2.04(c)) and of the Issuing Bank to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and/or (ii) shall at the request, or may with the consent, of the Required Lenders, by
notice to the Borrowers, declare the Notes, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Notes, all such interest and all such amounts shall
become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that in the event of an actual or deemed entry of an
order for relief with respect to any Borrower under the Federal Bankruptcy Code, (x) the Commitments of each Lender and the obligation of each Lender to make Advances (other than Letter of Credit Advances by the Issuing Bank or a Lender pursuant to
Section 2.04(c)) and of the Issuing Bank to issue Letters of Credit shall automatically be terminated and (y) the Notes, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest
or any notice of any kind, all of which are hereby expressly waived by the Borrowers. 
  
 Section 6.02. Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required
Lenders, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Administrative Agent on behalf of the Lenders in same day funds
at the Administrative Agent’s office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the
Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of
Credit, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if
any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Lenders, as applicable, to the extent permitted by
applicable law. 
  

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 ARTICLE 7 
 THE GUARANTY 
  
 Section 7.01. The Guaranty. (a) Each Guarantor hereby jointly and severally, unconditionally, absolutely and irrevocably guarantees the full and punctual payment (whether at stated maturity, upon acceleration
or otherwise) of all amounts payable by each of the other Borrowers under the Loan Documents including, without limitation, the principal of and interest on each Note issued by such other Borrowers pursuant to this Agreement and for reimbursement
obligations with respect to Letters of Credit. Upon failure by a Borrower to pay punctually any such amount, each other Guarantor agrees to pay forthwith on demand the amount not so paid at the place and in the manner specified in this Agreement.

  
 (b) Each Guarantor (other than the Parent), and by its
acceptance of this Guaranty, the Administrative Agent and each Lender, hereby confirms that it is the intention of all such Persons that this Guaranty and the obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the obligations of each Guarantor (other than the
Parent) hereunder. To effectuate the foregoing intention, the Administrative Agent, the Lenders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor (other than the Parent) under this Article 7 at any time shall be
limited to the maximum amount as will result in the obligations of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 
  
 Section 7.02. Guaranty Unconditional. The obligations of each Guarantor under this Article 7 shall be unconditional, absolute and irrevocable and,
without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
  
 (a) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of any other obligor under any of the Loan Documents,
by operation of law or otherwise; 
  
 (b) any modification or
amendment of or supplement to any of the Loan Documents; 
  
 (c)
any release, non-perfection or invalidity of any direct or indirect security for any obligation of any other obligor under any of the Loan Documents; 
  

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 (d) any change in the corporate existence, structure or ownership of any obligor, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting any other obligor or its assets or any resulting release or discharge of any obligation of any other obligor contained in any of the Loan Documents; 
  
 (e) the existence of any claim, set-off or other rights which any obligor may
have at any time against any other obligor, the Administrative Agent, any Lender or any other corporation or person, whether in connection with any of the Loan Documents or any unrelated transactions, provided that nothing herein shall
prevent the assertion of any such claim by separate suit or compulsory counterclaim; 
  
 (f) any invalidity or unenforceability relating to or against any other obligor for any reason of any of the Loan Documents, or any provision of applicable law or regulation purporting to prohibit the payment by any
other obligor of the principal of or interest on any Note or any other amount payable under any of the Loan Documents; 
  
 (g) any law, regulation or order of any jurisdiction, or any other event, affecting any term of any obligation or the Lenders’ rights with respect
thereto; or 
  
 (h) any other act or omission to act or delay of
any kind by any obligor, the Administrative Agent, any Lender or any other corporation or person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to a
Guarantor’s obligations under this Article 7. 
  
 Section
7.03. Discharge only upon Payment in Full; Reinstatement in Certain Circumstances. Each Guarantor’s obligations under this Article 7 shall remain in full force and effect until the Commitments shall have terminated and the principal of
and interest on the Notes and all other amounts payable by the other Borrowers under the Loan Documents shall have been paid in full. If at any time any payment of the principal of or interest on any Note or any other amount payable by a Borrower
under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of such Borrower or otherwise, each Guarantor’s obligations under this Article 7 with respect to such payment
shall be reinstated as though such payment had been due but not made at such time. 
  
 Section 7.04. Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any
action be taken by any corporation or person against any other obligor or any other corporation or person. 
  
 Section 7.05. Subrogation. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or
hereafter acquire against any other Borrower or any other insider guarantor that arise from 
  

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 the existence, payment, performance or enforcement of such Guarantor’s obligations under or in respect of this
Guaranty or any other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any Lender against any other Borrower or
any other insider guarantor or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any other Borrower or any other
insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all amounts payable under this Guaranty shall have been paid
in full in cash, and the Commitments shall have expired or been terminated. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of all
amounts payable under this Guaranty, and (b) the Termination Date, such amount shall be received and held in trust for the benefit of the Lenders, shall be segregated from other property and funds of such Guarantor and shall forthwith be paid or
delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to all amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of
the Loan Documents, or to be held as collateral for any amounts payable under this Guaranty thereafter arising. If (i) any Guarantor shall make payment to any Lender of all or any amounts payable under this Guaranty, (ii) all amounts payable under
this Guaranty shall have been paid in full in cash, and (iii) the Termination Date shall have occurred, the Lenders will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and
without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the obligations resulting from such payment made by such Guarantor pursuant to this Guaranty. 
  
 Section 7.06. Stay of Acceleration. If acceleration of the time for
payment of any amount payable by any Borrower under any of the Loan Documents is stayed upon the insolvency, bankruptcy or reorganization of such Borrower, all such amounts otherwise subject to acceleration under the terms of this Agreement shall
nonetheless by payable by the Guarantors under this Article 7 forthwith on demand by the Administrative Agent made at the request of the requisite proportion of the Lenders. 
  
 Section 7.07. Continuing Guaranty; Assignments. This Guaranty is a continuing guaranty and shall (a) remain in full
force and effect until the latest of (i) the payment in full in cash of all amounts payable under this Guaranty and (ii) the Termination Date, (b) be binding upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be
enforceable by the Lenders and their successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Lender may assign or otherwise transfer all or any portion of its rights and
obligations under this Agreement 
  

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 (including, without limitation, all or any portion of its Commitments, the Advances owing to it and the Note or Notes
held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, in each case as and to the extent provided in Sections 9.06 and 9.07.

  
 ARTICLE 8 
 THE AGENTS 
  
 Section 8.01. Authorization and Action. Each Lender (in its capacity as a Lender) hereby appoints and authorizes each Agent to take such action as
agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of the Notes), no Agent shall be required to exercise any discretion or take any action, but shall be required to
act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders or all the Lenders where unanimity is required, and such instructions shall be binding upon all Lenders
and all holders of Notes; provided, however, that no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to this Agreement or applicable law. Each Agent agrees to give to each Lender
prompt notice of each notice given to it by any Borrower pursuant to the terms of this Agreement. 
  
 Section 8.02. Agents’ Reliance, Etc. Neither any Agent nor any of their respective directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each Agent: (a) may
consult with legal counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice
of such counsel, accountants or experts; (b) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with the
Loan Documents; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any Loan Document on the part of any Loan Party or to inspect the property (including the
books and records) of any Loan Party; (d) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created
or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; and (e) shall incur no liability under or in respect of any Loan Document 
  

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 by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram or telecopy)
reasonably believed by it to be genuine and signed or sent by the proper party or parties. 
  
 Section 8.03. JPMCB and Affiliates. With respect to its Commitments and the Committed Advances made by it, JPMCB shall have the same rights and powers under the Loan Documents as any other Lender and may
exercise the same as though it were not an Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMCB in its individual capacity. JPMCB and its affiliates may accept
deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with, any Loan Party, any of its Subsidiaries and any Person that may do business with or own
securities of any Loan Party or any such Subsidiary, all as if JPMCB were not Agent and without any duty to account therefor to the Lenders. 
  
 Section 8.04. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender
and based on the financial statements referred to in Section 8.04 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement. 
  
 Section 8.05. Indemnification. (a) Each
Lender severally agrees to indemnify each Agent (to the extent not promptly reimbursed by the Borrowers) from and against such Lender’s ratable share (determined as provided below) of any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Agent in any way relating to or arising out of the Loan Documents or any action
taken or omitted by such Agent under the Loan Documents; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from such Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for its ratable share of any costs and expenses (including,
without limitation, fees and expenses of counsel) payable by the Borrowers under Section 9.04, to the extent that such Agent is not promptly reimbursed for such costs and expenses by the Borrowers. 
  
 (b) For purposes of this Section 8.05, the Lenders’ respective ratable
shares of any amount shall be determined, at any time, according to the sum of (i) the aggregate principal amount of the Advances outstanding at such time and owing to the respective Lenders, (ii) their respective Pro Rata Shares of the aggregate
Available Amounts of all Letters of Credit outstanding at such time and 
  

 78 

 (iii) their respective Unused Commitments at such time. The failure of any Lender to reimburse any Agent promptly upon
demand for its ratable share of any amount required to be paid by the Lenders to such Agent as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse such Agent for its ratable share of such amount, but no Lender
shall be responsible for the failure of any other Lender to reimburse such Agent for such other Lender’s ratable share of such amount. Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and
obligations of each Lender contained in this Section 8.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents. 
  
 Section 8.06. Successor Agents. Any Agent may resign at any time by
giving written notice thereof to the Lenders and the Parent. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Agent, subject (so long as no Event of Default exists) to the consent of the Parent
(which consent shall not be unreasonably withheld). If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation
or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States or of any State thereof and
having a combined capital and surplus of at least $250,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent such successor Agent shall succeed to and become vested with all the rights, powers, discretion,
privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents. If within 45 days after written notice is given of the retiring Agent’s resignation or removal
under this Section 8.06 no successor Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (a) the retiring Agent’s resignation or removal shall become effective, (b) the retiring Agent shall thereupon
be discharged from its duties and obligations under the Loan Documents and (c) the Required Lenders shall thereafter perform all duties of the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders appoint a
successor Agent as provided above. After any retiring Agent’s resignation or removal hereunder as Agent shall have become effective, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Agent under this Agreement. 
  
 Section 8.07.
Co-Documentation Agents. The Co-Documentation Agents, in their capacity as such, shall not have any duties or obligations of any kind under this Agreement. 
  

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 ARTICLE 9 
 MISCELLANEOUS 
  
 Section 9.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or the Notes or any other Loan Document, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Required Lenders (and, in the case of an amendment, the Parent), and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided that no amendment, waiver or consent shall: 
  
 (a) unless in writing and signed by all of the Lenders (other than any Lender that is, at such time, a Defaulting Lender), do any of the following at any time: (i) waive any of the conditions specified in Section
3.01, (ii) change the number of Lenders or the percentage of (x) the Commitments, (y) the aggregate unpaid principal amount of the Advances or (z) the aggregate Available Amount of outstanding Letters of Credit that, in each case, shall be required
for the Lenders or any of them to take any action hereunder, (iii) reduce or limit the obligations of any Guarantor under Article 7 or release such Guarantor or otherwise limit such Guarantor’s liability with respect to the obligations owing to
the Agents and the Lenders, (iv) amend this Section 9.01 or any of the definitions herein that would have such effect, (v) extend the Termination Date or (vi) limit the liability of any Loan Party under any of the Loan Documents; 
  
 (b) unless in writing and signed by each affected Lender, do
any of the following at any time: (i) increase the Commitments of the Lenders or subject the Lenders to any additional obligations, (ii) reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder or (iii)
postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder; 
  
 provided further that no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above to take such
action, affect the rights or duties of such Agent under this Agreement or the other Loan Documents and no amendment, waiver or consent shall, unless in writing and signed by the Issuing Bank in addition to the Lenders above required to take such
action, affect the rights or duties of the Issuing Bank under this Agreement or the other Loan Documents (including, without limitation, any change in Section 2.01(b), 2.04, 2.05(b), 2.05(c), 2.09(c)(ii), 2.18, 2.19, 2.20, 2.21, 2.22 or 9.09).

  
 Section 9.02. Notices, Etc. All notices and other
communications provided for hereunder shall be in writing (including telegraphic or telecopy communication) and mailed, telegraphed, telecopied or delivered, if to any Borrower, at its address set forth below on the signature pages hereof; if to any
Lender, the address for notices specified in its Administrative Questionnaire; and 
  

 80 

 if to the Administrative Agent, at its address at 1111 Fannin, 10th Floor, Houston, TX 77002, Attention: Carla Kinney;
or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices and communications shall, when mailed, telegraphed or telecopied, be effective when deposited in the mails,
delivered to the telegraph company or transmitted by telecopier, respectively, except that notices and communications to any Agent pursuant to Article 2, 3 or 8 shall not be effective until received by such Agent. Manual delivery by telecopier of an
executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart thereof. 

 
 Section 9.03. No Waiver; Remedies. No failure on the part of any
Lender or any Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
  
 Section 9.04. Costs and Expenses. (a) The Borrowers agree to pay on demand (i) all reasonable costs and expenses of the Agents and of the Issuing
Bank in connection with the preparation, execution, delivery, administration, modification and amendment of the Loan Documents (including, without limitation, (A) all due diligence, collateral review, syndication, transportation, computer,
duplication, appraisal, audit, insurance, consultant, search, filing and recording fees and expenses and (B) the reasonable fees and expenses of a single counsel for the Agents and a single counsel for the Issuing Bank with respect thereto, with
respect to advising the Agents as to its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under the Loan Documents, with respect to negotiations with any Loan Party or with other creditors of any
Loan Party or any of its Subsidiaries arising out of any Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other
similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto) and (ii) all reasonable costs and expenses of each Agent, the Issuing Bank and each Lender in connection with the enforcement of the Loan Documents,
whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent,
the Issuing Bank and each Lender with respect thereto). 
  
 (b)
The Borrowers agree to indemnify and hold harmless each Agent, the Issuing Bank, each Lender and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from
and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in 
  

 81 

 each case arising out of or in connection with or by reason of (including, without limitation, in connection with any
investigation, litigation or proceeding or preparation of a defense in connection therewith) this Agreement, the actual or proposed use of the proceeds of the Advances, the Loan Documents or any of the transactions contemplated thereby, including,
without limitation, any acquisition or proposed acquisition by any Borrower or any of its Subsidiaries or Affiliates, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, shareholders or creditors or an Indemnified Party or any Indemnified Party is otherwise a party thereto and whether or not
the transactions contemplated by the Loan Documents are consummated. Each of the Borrowers also agrees not to assert any claim against any Agent, any Lender or any of their Affiliates, or any of their respective officers, directors, employees,
attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the credit facilities provided hereunder, the actual or proposed use of the proceeds of the Advances
or the Letters of Credit, the Loan Documents or any of the transactions contemplated by the Loan Documents. 
  
 (c) If any payment of principal of, or Conversion of, any Eurodollar Rate Advance or LIBO Rate Advance is made by any Borrower to or for the account of a
Lender other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.07, 2.10(b)(i) or 2.11(d), acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other
reason, or if any Borrower fails to make any payment or prepayment of an Advance for which a notice of prepayment has been given or that is otherwise required to be made, whether pursuant to Section 2.05, 2.07 or 6.01 or otherwise, the Borrowers
agree, within 10 days after demand by such Lender (with a copy of such demand to the Administrative Agent), which demand shall include a calculation in reasonable detail of the amount demanded, to pay to the Administrative Agent for the account of
such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including, without
limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 
  
 (d) Without prejudice to the survival of any other agreement of any Loan
Party hereunder or under any other Loan Document, the agreements and obligations of the Borrowers contained in Sections 2.11 and 2.13 and this Section 9.04 shall survive the payment in full of principal, interest and all other amounts payable
hereunder and under any of the other Loan Documents. 
  

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 Section 9.05. Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of
Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Agent and each Lender and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness at any time owing by such Agent, such Lender or such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under the Loan
Documents, irrespective of whether such Agent or such Lender shall have made any demand under this Agreement or such Note or Notes and although such obligations may be unmatured. Each Agent and each Lender agrees promptly to notify each Borrower
after any such set-off and application; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Agent and each Lender and their respective Affiliates under this
Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Agent, such Lender and their respective Affiliates may have. 
  
 Section 9.06. Successors; Participations and Assignments. (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, except that no Borrower may assign or otherwise transfer any of its rights and obligations under this Agreement without the prior written consent of all the
Lenders. 
  
 (b) Any Lender may at any time grant to one or more
banks or other institutions (each a “Participant”) participating interests in its Commitment or any or all of its Advances. If a Lender grants any such participating interest to a Participant, whether or not upon notice to the
Borrowers and the Administrative Agent, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the
obligations of the Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Lender will
not agree to any modification, amendment or waiver of this Agreement described in clauses (i)-(vi) of Section 9.01 without the consent of the Participant. The Borrower agrees that each Participant shall, to the extent provided in its participation
agreement, be entitled to the benefits of Sections 2.11, 2.13 and 9.04(c) and with respect to its participating interest. An assignment or other transfer which is not permitted by Section 9.06(c) or 9.06(d) shall be given effect for purposes of this
Agreement only to the extent of a participating interest granted in accordance with this subsection. 
  

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 (c) Any Lender may at any time assign to one or more banks or other institutions (each an
“Assignee”) all, or a proportionate part (equivalent to an initial Commitment of not less than $10,000,000) of all, of its rights and obligations under this Agreement and its Note, and such Assignee shall assume such rights and
obligations, pursuant to an Assignment and Assumption Agreement substantially in the form of Exhibit C hereto signed by such Assignee and such transferor Lender, with (and subject to) the subscribed consent of the Parent, each Issuing Bank and the
Administrative Agent (which consent shall not be unreasonably withheld or delayed); provided that (i) if an Assignee is an affiliate of such transferor Lender or was a Lender immediately before such assignment, no such consent of the Parent
shall be required, (ii) such assignment may, but need not, include rights of the transferor Lender in respect of outstanding Competitive Bid Advances, (iii) no such consent of the Parent shall be required if at the time an Event of Default exists,
(iv) such consent shall be deemed to have been given by the Parent, the Issuing Bank or the Administrative Agent, as the case may be, if it shall not have responded to a written request for consent within five Business Days of its receipt thereof
and (v) neither the Parent nor any of its Subsidiaries or Affiliates may be an Assignee. When such instrument has been signed and delivered by the parties thereto and such Assignee has paid to such transferor Lender the purchase price agreed between
them, such Assignee shall be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such instrument of assumption, and the transferor Lender shall be released from its obligations
hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection, the transferor Lender, the Administrative Agent and the Borrowers shall make
appropriate arrangements so that, if required, new Notes are issued to the Assignee. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such assignment in the
amount of $3,500. If the Assignee is not incorporated under the laws of the United States or a State thereof, it shall deliver to the Borrowers and the Administrative Agent certification as to exemption from deduction or withholding of United States
federal income taxes in accordance with Section 2.13(e). 
  
 (d)
Any Lender may at any time assign all or any portion of its rights under this Agreement and its Notes to a Federal Reserve Bank. No such assignment shall release the transferor Lender from its obligations hereunder. 
  
 (e) No Assignee, Participant or other transferee of any Lender’s rights
shall be entitled to receive any greater payment under Section 2.11 or 2.13 than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made with the Borrower’s prior written consent or
by reason of the provisions of Section 2.11 requiring such Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist. 
  

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 Section 9.07. Designated Lenders. (a) Subject to the provisions of this subsection (a), any Lender
may at any time designate an Eligible Designee to provide all or a portion of the Committed Advances and Competitive Bid Advances to be made by such Lender pursuant to this Agreement; provided that such designation shall not be effective
unless the Parent and the Administrative Agent consent thereto (which consents shall not be unreasonably withheld). When a Lender and its Eligible Designee shall have signed an agreement substantially in the form of Exhibit E hereto (a
“Designation Agreement”) and the Parent and the Administrative Agent shall have signed their respective consents thereto, such Eligible Designee shall become a Designated Lender for purposes of this Agreement. The Designating Lender
shall thereafter have the right to permit such Designated Lender to provide all or a portion of the Committed Advances and Competitive Bid Advances to be made by such Designating Lender pursuant to Section 2.01 or 2.03, and the making of such
Advances or portion thereof shall satisfy the obligation of the Designating Lender to the same extent, and as if, such Advances or portion thereof were made by the Designating Lender. As to any Advances or portion thereof made by it, each Designated
Lender shall have all the rights that a Lender making such Advances or portion thereof would have had under this Agreement and otherwise; provided that (x) its voting rights under this Agreement shall be exercised solely by its Designating
Lender and (y) its Designating Lender shall remain solely responsible to the other parties hereto for the performance of such Designated Lender’s obligations under this Agreement, including its obligations in respect of the Advances or portion
thereof made by it. No additional Note shall be required to evidence the Advances or portion thereof made by a Designated Lender; and the Designating Lender shall be deemed to hold its Notes as agent for its Designated Lender to the extent of the
Advances or portion thereof funded by such Designated Lender. Each Designating Lender shall act as administrative agent for its Designated Lender and give and receive notices and other communications on its behalf. Any payments for the account of
any Designated Lender shall be paid to its Designating Lender as administrative agent for such Designated Lender and neither the Borrower nor the Administrative Agent shall be responsible for any Designating Lender’s application of such
payments. In addition, any Designated Lender may, with notice to (but without the prior written consent of) the Parent and the Administrative Agent, (i) assign all or portions of its interest in any Advances to its Designating Lender or to any
financial institutions consented to by the Parent and the Administrative Agent that provide liquidity and/or credit facilities to or for the account of such Designated Lender to support the funding of Advances or portions thereof made by it and (ii)
disclose on a confidential basis any non-public information relating to its Advances or portions thereof to any rating agency, commercial paper dealer or provider of any guarantee, surety, credit or liquidity enhancement to such Designated Lender.

  
 (b) Each party to this Agreement agrees that it will not
institute against, or join any other person in instituting against, any Designated Lender any bankruptcy, insolvency, reorganization or other similar proceeding under any federal or state bankruptcy or similar law, for one year and a day after all

  

 85 

 outstanding senior indebtedness of such Designated Lender is paid in full. The Designating Lender for each Designated
Lender agrees to indemnify, save, and hold harmless each other party hereto for any loss, cost, damage and expense arising out of its inability to institute any such proceeding against such Designated Lender. This subsection (b) shall survive the
termination of this Agreement. 
  
 Section 9.08. Execution in
Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement. 
  
 Section 9.09. No Liability of the Issuing Bank. Each Borrower assumes
all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the Issuing Bank nor any of its officers, directors, employees or agents shall be liable or
responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even
if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the Issuing Bank against presentation of documents that do not strictly comply with the terms of a Letter of Credit, including
failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except that such Borrower shall have a claim
against the Issuing Bank, and the Issuing Bank shall be liable to such Borrower, to the extent of any direct, but not consequential, damages suffered by such Borrower that such Borrower proves were caused by (i) the Issuing Bank’s willful
misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any Letter of Credit comply with the terms of the Letter of Credit or (ii) the
Issuing Bank’s willful failure to make lawful payment under a Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the Letter of Credit. In furtherance and not in
limitation of the foregoing, the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary. 
  
 Section 9.10. Confidentiality. Neither any Agent nor any Lender shall
disclose any Confidential Information to any Person without the consent of the Parent, other than (a) to such Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and to actual or prospective
Assignees and Participants, and then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, Federal or foreign authority or examiner regulating such Lender or

  

 86 

 pursuant to any request of any self-regulatory body having or claiming authority to regulate or oversee any aspect of a
Lender’s business or that of any of its affiliates and (d) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Confidential
Information relating to the Loan Parties received by it from such Lender. 
  
 Section 9.11. Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or
Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party, 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 any such New York State court 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 any party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction. 

 
 (b) Each of the parties hereto irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that 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 of the other Loan Documents to
which it is a party in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. 
  
 (c) Each of the Borrowers hereby irrevocably
appoints CT Corporation System, with offices on the Effective Date at 111 Eighth Avenue, New York, New York, 10011, USA as its agent to receive, accept and acknowledge for and on its behalf service of any and all legal process, summons, notices and
documents which may be served in any such action or proceeding. If for any reason such agent shall cease to be available to act as such, the Borrowers agree to promptly designate a new agent satisfactory to the Administrative Agent in the Borough of
Manhattan, The City of New York to receive, accept and acknowledge for and on its behalf service of any and all legal process, summons, notices and documents which may be served in any such action or proceeding pursuant to the terms of this Section
9.11. In the event that any Borrower shall fail to designate such new agent, service of process in any such action or proceeding may be made on such Borrower by the mailing of copies thereof by express or overnight mail or overnight courier, postage
prepaid, to such Borrower at its address set forth opposite its signature below. 
  

 87 

 Section 9.12. Governing Law. This Agreement and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York. 
  
 Section
9.13. Waiver of Jury Trial. Each of the Borrowers, the Agents and the Lenders irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to
any of the Loan Documents, the Advances or the actions of any Agent or any Lender in the negotiation, administration, performance or enforcement thereof. 
  
 Section 9.14. Nature of Borrowers’ Obligations. Any payment obligation of the Borrowers or the Loan Parties under Section 2.09, 2.11, 2.13 or
9.04 shall be the joint and several obligation of each Borrower or Loan Party, as the case may be. 
  
 Section 9.15. USA Patriot Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of such Borrower and other
information that will allow such Lender to identify such Borrower in accordance with the Act. 
  

 88 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  
 ACE LIMITED 
 P.O. Box HM 1015 
 Hamilton HM DX 
 Bermuda 
 Telephone: +1 (441) 295-5200 
 Fax: +1 (441) 295-5221 
 www.acelimited.com 
  

	
	The Common Seal of ACE Limited was hereunto affixed in the presence of:
	
	  

	
	  

  

 Signature Page to ACE Three-Year Credit Agreement 

 ACE BERMUDA INSURANCE LTD. 
 P.O. Box HM 1015 
 Hamilton HM DX 
 Bermuda 
 Telephone: +1 (441) 295-5200 
 Fax: +1 (441) 296-7802 
  

	
	The Common Seal of ACE Bermuda Insurance Ltd. was hereunto affixed in the presence of:
	
	  

	
	  

  

 Signature Page to ACE Three-Year Credit Agreement 

 ACE TEMPEST REINSURANCE LTD. 
 P.O. Box HM 2702 
 Hamilton HM KX 
 Bermuda 
 Telephone: +1 (441) 292-2603 
 Fax: +1 (441) 292-2395 
  

	
	The Common Seal of ACE Tempest Reinsurance Ltd. was hereunto affixed in the presence of:
	
	  

	
	  

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 ACE INA HOLDINGS INC.

	 Two Liberty Place

	 1601 Chestnut Street

	 Philadelphia, PA 19103

	 Telephone: +1 (215) 640-1000

	 Fax: +1 (215) 640-2489

		
	 By:
	 	  

	 Title:
	 	 
	
	 Taxpayer Identification Number:

	  

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 JPMORGAN CHASE BANK, as Administrative Agent and as a Lender

		
	 By:
	 	  

	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 BARCLAYS BANK PLC, as Syndication Agent and as a Lender

		
	 By:
	 	  

	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 BANK OF AMERICA, N.A.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 CITIBANK, N.A.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 LLOYDS TSB BANK plc

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 ABN AMRO BANK N.V.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 BNP PARIBAS

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 CREDIT LYONNAIS NEW YORK BRANCH

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 HSBC BANK USA

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 MELLON BANK, N.A.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 ROYAL BANK OF CANADA

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 THE ROYAL BANK OF SCOTLAND plc

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

			
	 STATE STREET BANK AND TRUST COMPANY

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 Signature Page to ACE Three-Year Credit Agreement 

 PRICING SCHEDULE 
  
 Each of “Applicable Facility Fee Percentage” and “Applicable Margin” means, for any day,
the rate per annum set forth below in the row opposite such term and in the column corresponding to the Pricing Level and Usage that apply on such day: 
  

																			
	 Pricing Level

	  	Level I

	 	 	Level II

	 	 	Level III

	 	 	Level IV

	 	 	Level V

	 	 	Level VI

	 
	 Applicable Facility Fee Percentage
	  	0.060	%	 	0.080	%	 	0.100	%	 	0.125	%	 	0.150	%	 	0.200	%
							
	 Applicable Margin
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Usage < 33%
	  	0.190	%	 	0.270	%	 	0.350	%	 	0.425	%	 	0.500	%	 	0.675	%
	 Usage 3 33%
	  	0.290	%	 	0.370	%	 	0.450	%	 	0.525	%	 	0.625	%	 	0.800	%
							
	 Letter of Credit Fee
	  	0.240	%	 	0.320	%	 	0.400	%	 	0.475	%	 	0.5625	%	 	0.7375	%

  
 For purposes of this
Schedule, the following terms have the following meanings, subject to the concluding paragraph of this Schedule: 
  
 “Level I Pricing” applies on any day on which the Borrower’s long-term debt is rated A+ or higher by S&P or A1 or higher
by Moody’s. 
  
 “Level II Pricing” applies
on any day on which (i) the Borrower’s long-term debt is rated A or higher by S&P or A2 or higher by Moody’s and (ii) Level I Pricing does not apply. 
  
 “Level III Pricing” applies on any day on which (i) the Borrower’s long-term debt is rated A- or
higher by S&P or A3 or higher by Moody’s and (ii) neither Level I Pricing nor Level II Pricing applies. 
  
 “Level IV Pricing” applies on any day on which (i) the Borrower’s long-term debt is rated BBB+ or higher by S&P and/or
Baa1 or higher by Moody’s and (ii) none of Level I Pricing, Level II Pricing and Level III Pricing applies. 
  
 “Level V Pricing” applies on any day on which (i) the Borrower’s long-term debt is rated BBB or higher by S&P or Baa2 or
higher by Moody’s and (ii) none of Level I Pricing, Level II Pricing, Level III Pricing and Level IV Pricing applies. 
  
 “Level VI Pricing” applies on any day if no other Pricing Level applies on such day. 
  
 “Moody’s” means Moody’s Investors Service, Inc.

  
 “Pricing Level” refers to the determination
of which of Level I, Level II, Level III, Level IV, Level V or Level VI Pricing applies on any day. 
  
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

 The “Usage” applicable to any date is the percentage equivalent of a fraction the
numerator of which is the sum of the aggregate outstanding principal amount of the Advances at such date and the Available Amounts under all outstanding Letters of Credit at such date and the denominator of which is the aggregate amount of the
Commitments at such date. If for any reason any Advances or Letters of Credit remain outstanding following the termination of the Commitments, Usage will be deemed to be more than 33%. 
  
 The credit ratings to be utilized for purposes of this Schedule are those assigned to the senior unsecured long-term debt
securities of the Parent without third-party credit enhancement, and any rating assigned to any other debt security of the Parent shall be disregarded. The ratings in effect for any day are those in effect at the close of business on such day.

  
 In the case of split ratings from S&P and Moody’s,
the rating to be used to determine the applicable Pricing Level is the higher of the two (e.g., A+/A2 results in Level I Pricing); provided that if the split is more than one full rating category, the intermediate (or higher of the two
intermediate ratings) will be used (e.g. A+/A3 results in Level II Pricing and AA-/A3 results in Level I Pricing); and provided further that unless the Parent’s credit ratings qualify for at least Level V Pricing, no better Pricing Level
will be applicable. 

 Commitment Schedule 
  

				
	 Lender

	  	Commitment

	 JPMorgan Chase Bank
	  	$	49,000,000
	 Barclays Bank PLC
	  	$	49,000,000
	 Bank of America, N.A.
	  	$	43,000,000
	 Citibank, N.A.
	  	$	43,000,000
	 Lloyds TSB Bank plc
	  	$	43,000,000
	 ABN AMRO Bank N.V.
	  	$	39,000,000
	 Deutsche Bank AG New York Branch
	  	$	39,000,000
	 Wachovia Bank, National Association
	  	$	39,000,000
	 The Bank of Tokyo-Mitsubishi, Ltd., New York Branch
	  	$	32,000,000
	 BNP Paribas
	  	$	32,000,000
	 Credit Lyonnais New York Branch
	  	$	32,000,000
	 HSBC Bank USA
	  	$	32,000,000
	 Mellon Bank, N.A.
	  	$	32,000,000
	 Royal Bank of Canada
	  	$	32,000,000
	 The Royal Bank of Scotland plc
	  	$	32,000,000
	 State Street Bank and Trust Company
	  	$	32,000,000
	 	  	
	

	 Total
	  	$	600,000,000
	 	  	
	

 Exhibit 4.01(b) 
  
 ACE LIMITED GROUP OF COMPANIES 
 MARCH 31, 2004 
  

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	 	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE Limited
	  	Cayman Islands	  	Publicly held	 	Bermuda, holding company
				
	 ACE Bermuda Insurance Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance, reinsurance, general and long term; Mexico, reinsurance
				
	 ACE PCC Insurance Limited
	  	Guernsey	  	100%	 	Guernsey, protected cell rent-a-captive business
				
	 Paget Reinsurance International Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance/reinsurance
				
	 ACE Capital Re International Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance/reinsurance, general and long term
				
	 ACE KRE Holdings Limited
	  	Barbados	  	100%	 	Barbados, investment holding
				
	 ACE Capital Re USA Holdings Incorporated
	  	Delaware	  	100%	 	Delaware, investment holding
				
	 ACE Capital Re Overseas Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance/reinsurance, general and long term
				
	 ACE Capital Mortgage Reinsurance Company
 (EI# 06-1384770, NAIC# 10021, NY)
	  	New York	  	100%	 	New York, DC, mtg. guaranty insurance/reinsurance
				
	 ACE Capital Title Reinsurance Company
 (EI# 06-1434264, NAIC# 50028, NY)
	  	New York	  	100%	 	CA, MI, NY, TX, title insurance/reinsurance
				
	 ACE Capital Re Inc.
	  	New York	  	100%	 	New York, reinsurance intermediary
				
	 Oasis Investments Limited
	  	Bermuda	  	67%	 	Bermuda, Investment Holding
				
	 Oasis Investments 2 Ltd.
	  	Bermuda	  	67%	 	Bermuda, holding company
				
	 ACE Financial Solutions International, Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance management
				
	 ACE European Markets Reinsurance Limited
	  	Ireland	  	100%	 	Ireland, general and life reinsurance
				
	 ACE European Markets Insurance Limited
	  	Ireland	  	100%	 	EEA/Europe, direct non-life insurance, UK branch
				
	 Corporate Officers & Directors Assurance Ltd.
	  	Bermuda	  	100%	 	Bermuda, insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	 	 Jurisdictions in which Authorized
 and Type
of Business

	 Oasis Real Estate Company Ltd.
	  	Bermuda	  	100%	 	Bermuda, investment holding
				
	 Scarborough Property Holdings Ltd.
	  	Bermuda	  	40%	 	Bermuda, investment holding
				
	 Sovereign Risk Insurance Limited
	  	Bermuda	  	50%	 	Bermuda, insurance agent
				
	 Tripar Partnership
	  	Bermuda	  	98%
2% (CODA)	 	Bermuda, investment holding
				
	 ACE Realty Holdings Limited
	  	Bermuda	  	100%	 	Bermuda, investment holding
				
	 Oasis Personnel Limited
	  	Cayman Islands	  	100%	 	Cayman Islands, general services
				
	 Shipowners Insurance and Guaranty Co. Limited
	  	Bermuda	  	10% Series A
8% Series B	 	Bermuda, insurance
				
	 Intrepid Re Holdings Limited
	  	Bermuda	  	38.5%	 	Bermuda, holding
				
	 Intrepid Re Limited
	  	Bermuda	  	100%	 	Bermuda, Reinsurance
				
	 Freisenbruch-Meyer Insurance Ltd.
	  	Bermuda	  	40%	 	Bermuda, local and commercial insurance
				
	 Freisenbruch-Meyer Insurance Services Ltd.
	  	Bermuda	  	40%	 	Bermuda, local and commercial insurance
				
	 ACE Global Markets Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Group Holdings Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Tarquin
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Capital V Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s corporate member
				
	 ACE Leadenhall Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Underwriting Agencies Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s managing agent
				
	 ACE Trustees Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE London Group Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Capital Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s corporate member
				
	 ACE Capital III Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s corporate member
				
	 ACE Capital IV Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s corporate member
				
	 ACE London Holdings Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE Capital II Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s corporate member
				
	 ACE London Investments Limited
	  	United Kingdom	  	100%	 	UK, investment holding
				
	 ACE London Aviation Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s managing agent
				
	 ACE London Underwriting Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s managing agent
				
	 ACE Underwriting Services Limited
	  	United Kingdom	  	100%	 	UK, Lloyd’s service company
				
	 AGM Underwriting Limited
	  	United Kingdom	  	100%	 	UK, dormant

							
	 Name

	  	 Jurisdiction of
 Organization

	 	 Percentage
 Ownership

	 	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE London Services Limited
	  	United Kingdom	 	100%	 	UK, service company
				
	 ACE Capital VI Limited
	  	United Kingdom	 	100%	 	UK, Lloyd’s corporate member
				
	 ACE UK Limited
	  	United Kingdom	 	77%	 	UK, investment holding
				
	 ACE UK Holdings Limited
	  	United Kingdom	 	100%	 	UK, investment holding
				
	 ACE (MI) Limited
	  	United Kingdom	 	100%	 	UK, dormant
				
	 ACE (MS) Limited
	  	United Kingdom	 	100%	 	UK, dormant
				
	 ACE UK Underwriting Limited
	  	United Kingdom	 	100%	 	Lloyd’s managing agent
				
	 ACE (PM) Limited
	  	United Kingdom	 	100%	 	UK, investment holding
				
	 ACE UK Limited
	  	United Kingdom	 	23%	 	UK, investment holding
				
	 ACE Services Limited
	  	Cayman Islands	 	100%	 	Cayman Islands, general services
				
	 ACE Holdings (Gibraltar) Limited
	  	Gibraltar	 	100%	 	Gilbraltar, Bermuda permit, investment holding
				
	 ACE Gibraltar Limited
	  	Gibraltar	 	51%	 	Gilbraltar, insurance intermediary
				
	 ACE-ii Limited
	  	United Kingdom	 	100%	 	dormant, to become internet company
				
	 ACE-ii (Gibraltar) Limited
	  	Gibraltar	 	100%	 	dormant,
				
	 ACE Underwriting Services (Gibraltar) Limited
	  	Gibraltar	 	100%	 	dormant,
				
	 Arles Services Limited
	  	Gibraltar	 	100%	 	dormant,
				
	 AGC Holdings Limited
	  	Bermuda	 	100%	 	Bermuda, holding company
				
	 CGA Group Limited
	  	Bermuda	 	18.20%	 	Bermuda investment holding
				
	 CGA Investment Management, Inc.
	  	USA (Delaware)	 	100%	 	USA, investment
				
	 Commercial Guaranty Assurance Ltd.
	  	Bermuda	 	100%	 	Bermuda, insurance
				
	 Oasis Insurance Services Ltd.
	  	Bermuda	 	100%	 	Bermuda, general services
				
	 ACE Tempest Life Reinsurance Ltd.
	  	Bermuda	 	100%	 	Bermuda, insurance, reinsurance, general and long term (life, health, annuities)
				
	 ACE Tempest Reinsurance Ltd.
	  	Bermuda	 	100%	 	Bermuda, insurance/reinsurance, long term; Puerto Rico, reinsurance
				
	 Oasis Investments Limited
	  	Bermuda	 	33%	 	Bermuda, investment holding
				
	 Oasis Investments 2 Ltd.
	  	Bermuda	 	33%	 	Bermuda, holding company
				
	 St. George Holdings Ltd
	  	Cayman Islands	 	10.71%	 	Cayman Islands, investment holding
				
	 St. George Investments Ltd.
	  	Cayman Islands	 	100%	 	Cayman Islands, investment holding

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE INA Holdings Inc.
	  	USA (Delaware)	  	20%	  	USA, investment holding
				
	 ACE Prime Holdings Inc.
	  	USA (Delaware)	  	100%	  	USA, investment holding
				
	 ACE INA Holdings Inc.
	  	USA (Delaware)	  	80%	  	USA, investment holding
				
	 ACE Seguros S.A.
	  	Argentina	  	99.35%	  	Argentina, Insurance
				
	 Huatai Insurance Company of China, Limited
	  	China	  	 6.129%
 10% (ACE Tempest Reinsurance Ltd.)
 6% (ACE US
 Holdings, Inc.)
	  	China, property and casualty insurer
				
	 ACE Seguradora S.A.
	  	Brazil	  	 99.9%
 0.1%
(ACE Prime
 Holdings Inc.)
	  	Brazil, insurance
				
	 Servicios ACE INA S.A. de C.V.
	  	Mexico	  	 99.99%
 .00002% (ACE
 Prime Holdings
 Inc.)
	  	Mexico, service company
				
	 ACE Tempest Re USA, Inc.
	  	USA (Connecticut)	  	100%	  	CT, NJ, NY, OH, PA, SC, TX, reinsurance intermediary manager
				
	 INA Corporation
	  	USA (Pennsylvania)	  	100%	  	USA, investment holding company
				
	 ACE INA Properties, Inc.
	  	USA (Delaware)	  	100%	  	USA, holding company
				
	 Conference Facilities, Inc.
	  	USA (Pennsylvania)	  	100%	  	USA, owns & operates corporate facilities
				
	 INA Tax Benefits Reporting, Inc.
	  	USA (Delaware)	  	100%	  	USA, tax info & 3rd party reporting
				
	 INA Financial Corporation
	  	USA (Delaware)	  	100%	  	USA, investment holding
				
	 Brandywine Holdings Corporation
	  	USA (Delaware)	  	100%	  	USA, holding company
				
	 Brandywine Run-Off Services, Inc.
	  	USA (Delaware)	  	100%	  	USA, management company for 1792
				
	 Assurex Development Corporation
	  	USA (Ohio)	  	11.011%	  	USA, provides loans to insurance agents
				
	 Cravens, Dargan & Company, Pacific Coast
	  	USA (Delaware)	  	100%	  	USA, managing general agency
				
	 Cravens, Dargan & Company, Pacific Coast of
 Illinois, Inc.
	  	USA (Illinois)	  	100%	  	USA, managing general agency
				
	 Century Indemnity Company
 (EI# 05-6105395, NAIC #20710, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 Century Reinsurance Company
 (EI# 06-0988117, NAIC #35130, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, reinsurance
				
	 ACE American Reinsurance Company
 (EI# 23-1740414, NAIC#22705, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, reinsurance
				
	 Brandywine Reinsurance Company
 S.A.-N.V.
	  	Belgium	  	100%	  	Belgium, reinsurance
				
	 The 1792 Company
	  	USA (Delaware)	  	100%	  	USA, (former underwriting member of New York Insurance Exchange)
				
	 Century International Reinsurance Company Ltd.
	  	Bermuda	  	100%	  	Bermuda, insurance & reinsurance
				
	 INA Holdings Corporation
	  	USA (Delaware)	  	100%	  	USA, holding company
				
	 INATrust, fsb
	  	 Chartered by Office
 of Thrift
 Supervision
	  	100%	  	USA, savings bank
				
	 INA Reinsurance Company, Ltd.
	  	Bermuda	  	100%	  	Bermuda, reinsurance
				
	 ACE INA Financial Institution Solutions, Inc.
	  	USA (Delaware)	  	100%	  	 USA, floodplain determination &
 other services to
financial institutions

				
	 ESIS, Inc.
	  	USA (Pennsylvania)	  	100%	  	 USA, markets risk management
 Programs

				
	 NewMarkets Insurance Agency, Inc.
	  	USA (Delaware)	  	100%	  	USA, managing general agency
				
	 ACE INA Excess and Surplus Insurance Services, Inc.
	  	USA (Georgia)	  	100%	  	USA, excess & surplus lines broker
				
	 ACE INA Excess and Surplus Insurance Services, Inc.
	  	USA (Pennsylvania)	  	100%	  	USA, excess & surplus lines broker
				
	 ACE INA Excess and Surplus Insurance Services, Inc.
	  	USA (California)	  	100%	  	USA, excess & surplus lines broker
				
	 ACE INA Excess and Surplus Insurance Services, Inc.
	  	USA (Illinois)	  	100%	  	USA, excess & surplus lines broker
				
	 Excess and Surplus Insurance Services, Inc.
	  	USA (Texas)	  	100%	  	USA, managing general agency
				
	 ACE Financial Solutions, Inc.
	  	USA (Delaware)	  	100%	  	USA, premium finance company
				
	 Oasis US Inc.
	  	USA (Delaware)	  	100%	  	USA, general services
				
	 ACE Risk Solutions, Inc.
	  	USA (NewYork)	  	100%	  	USA, reinsurance intermediary
				
	 Indemnity Insurance Company of North America
 (EI# 06-1016108, NAIC #43575, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, Puerto Rico, USVI, insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE Indemnity Insurance Company
 (EI#92-0040526, NAIC #10030, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance
				
	 Allied Insurance Company
 (EI# 23-2021364, NAIC #36528, CA)
	  	USA (California)	  	100%	  	USA, insurance
				
	 ACE American Insurance Company
 (EI#95-2371728, NAIC# 22667, PA)
	  	USA (Pennsylvania)	  	100%	  	 USA, Korea, Puerto Rico USVI,
 Guam, Bermuda
permit,
 Taiwan (life), insurance

				
	 Pacific Employers Insurance Company
 (EI#95-1077060, NAIC# 22748, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, USVI, insurance
				
	 ACE Insurance Company of Texas
 (EI# 74-1480965, NAIC #22721, 22920, TX)
	  	USA (Texas)	  	100%	  	USA, insurance
				
	 Illinois Union Insurance Company
 (EI# 36-2759195, NAIC #27960, IL)
	  	USA (Illinois)	  	100%	  	USA, surplus lines insurer
				
	 Rain and Hail Insurance Service Incorporated
	  	USA (Iowa)	  	20%	  	 
				
	 INAMAR Insurance Underwriting Agency, Inc.
	  	USA (New Jersey)	  	100%	  	USA, insurance agency
				
	 INAMAR Insurance Underwriting Agency, Inc. of Massachusetts
	  	USA (Massachusetts)	  	100%	  	USA, general agency
				
	 INAMAR Insurance Underwriting Agency, Inc. of Texas
	  	USA (Texas)	  	100%	  	USA, general agency
				
	 INAMAR Insurance Underwriting Agency, Inc. of Ohio
	  	USA (Ohio)	  	100%	  	USA, general agency
				
	 Insurance Company of North America
 (EI# 23-0723970, NAIC #22713, PA)
	  	USA (Pennsylvania)	  	100%	  	 USA, Guam, Northern Mariana
 Islands, Philippines, Puerto
Rico,
 Taiwan (p/c), insurance

				
	 Bankers Standard Insurance Company
 (EI# 75-1320184, NAIC #18279, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance
				
	 Bankers Standard Fire and Marine Company
 (EI#75-6014863, NAIC #20591, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance
				
	 ACE Property and Casualty Insurance Company
 (EI# 06-0237820, NAIC, #20699, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, Puerto Rico, insurance
				
	 ACE Employers Insurance Company
 (EI# 23-2137343, NAIC #38741, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance
				
	 ACE Insurance Company of Ohio
 (EI#23-1859893, NAIC #22764, OH)
	  	USA (Ohio)	  	100%	  	USA, insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 INA Surplus Insurance Company
 (EI# 52-1208598, NAIC #42072, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, reinsurance
				
	 ACE Fire Underwriters Insurance Company
 (EI# 06-6032187, NAIC #20702, PA)
	  	USA (Pennsylvania)	  	100%	  	USA, insurance
				
	 Atlantic Employers Insurance Company
 (EI# 23-2173820, NAIC #38938, NJ)
	  	USA (New Jersey)	  	100%	  	USA, insurance
				
	 Cover-All Technologies, Inc.
	  	USA (Delaware)	  	7.41%	  	USA, develop software products for insurance industry
				
	 ALIC, Incorporated
	  	USA (Texas)	  	100%	  	 USA, general agency &
 attorney-in-fact for ACE
Lloyds

				
	 ACE American Lloyds Insurance
 Company (Sponsored Lloyds Association)
 (EI# 75-1365570, NAIC #18511, TX)
	  	USA (Texas)	  	100%	  	USA, Lloyds Association
				
	 ACE Insurance Company of Illinois
 (EI# 36-2709121, NAIC #22691, IL)
	  	USA (Illinois)	  	100%	  	USA, insurance
				
	 ACE Insurance Company of the Midwest
 (EI# 06-0884361, NAIC #26417, IN)
	  	USA (Indiana)	  	100%	  	USA, insurance
				
	 ACE Structured Products, Inc.
 (formerly INAPRO, Inc.)
	  	USA (Delaware)	  	100%	  	USA, insurance management services & underwriting
				
	 Recovery Services International, Inc.
	  	USA (Delaware)	  	100%	  	USA, subrogation, collection & recovery services
				
	 RSI Health Care Recovery, Inc.
	  	USA (Delaware)	  	100%	  	USA, subrogation, collection & recovery services
				
	 American Adjustment Company, Inc.
	  	USA (Delaware)	  	100%	  	USA, run-off of automobile guaranty Loans
				
	 American Lenders Facilities, Inc.
	  	USA (California)	  	100%	  	USA, collection & loan servicing for third parties
				
	 ACE INA International Holdings, Ltd.
	  	USA (Delaware)	  	100%	  	USA, international insurance & financial holding company
				
	 ACE Insurance S.A.
	  	Macau	  	99.94%	  	Macau, insurance
				
	 ACE CIIC Holdings Limited
	  	Cayman Islands	  	100%	  	Cayman Islands, holding company
				
	 ACE CIIC Insurance Company Egypt S.A.E.
	  	Egypt	  	51%	  	Egypt, insurance
				
	 ACE Life Insurance Company S.A.E.
	  	Egypt	  	99.98%	  	Egypt, life insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE Synergy Insurance Berhad
	  	Malaysia	  	51%	  	Malaysia, insurance
				
	 ACE Insurance S.A.-N.V.
	  	Belgium	  	 .0523%
 99.9477% (ACE
 INA Overseas
 Holdings, Inc.)
	  	Europe, insurance/reinsurance
				
	 ACE Seguros S.A.
	  	Chile	  	 66.53% (AIIH)
 18.70% (AFIA
 Finance
 Corporation)
 13.90% - (AFIA
 Finance Corp. Chile Limitada)
	  	Chile, insurance
				
	 ACE Seguros S.A.
	  	Colombia	  	99.958%	  	Colombia, insurance
				
	 ACE Seguros S.A.
	  	Ecuador	  	100%	  	Ecuador, insurance
				
	 ACE Seguros S.A.
	  	Mexico	  	99.9%	  	Mexico, insurance/assumed reinsurance
				
	 Brandywine Reinsurance Co. (UK) Ltd
	  	United Kingdom	  	100%	  	UK, reinsurance
				
	 ACE INA UK Limited
	  	United Kingdom	  	100%	  	UK, Greece, insurance
				
	 Eksupsiri Company Limited
	  	Thailand	  	 49%
 50.99% (Nam Ek)
	  	Thailand, holding company
				
	 ACE Life Assurance Co. Ltd.
	  	Thailand	  	 70%
 25%
(Oriental)
	  	Thailand, life insurance
				
	 Nam Ek Company Limited
	  	Thailand	  	49%	  	Thailand, holding company
				
	 Chilena Consolidata Seguros Generales, S.A.
	  	Chile	  	.65%	  	Chile, insurance
				
	 ACE Insurance Limited
	  	South Africa	  	100%	  	South Africa, insurance
				
	 ACE Insurance Limited
	  	New Zealand	  	100%	  	New Zealand, insurance/reinsurance
				
	 ACE International Management Corporation
	  	Pennsylvania	  	100%	  	Management Services
				
	 Cover Direct, Inc.
	  	USA (Delaware)	  	100%	  	Japan, direct marketing service Company
				
	 Victoria Hall Company Limited
	  	Bermuda	  	20%	  	Bermuda, investment holding
				
	 ACE INA G.B. Holdings, Ltd
	  	USA (Delaware)	  	100%	  	Delaware, UK, insurance holding
				
	 ACE INA Services U.K. Limited
	  	United Kingdom	  	100%	  	UK, computer services for affiliates
				
	 INACAP Sociedad Anonima
	  	Nicaragua	  	100%	  	Nicaragua, holding company

							
	 Name

	  	 Jurisdiction of
 Organization

	    	 Percentage
 Ownership

	    	 Jurisdictions in which Authorized
 and Type
of Business

	 INACAP Reaseguros, Sociedad Anonima
	  	Nicaragua	    	100%	    	Nicaragua, reinsurance broker
				
	 Century Inversiones, S.A.
	  	Panama	    	100%	    	Panama, reinsurance administrator
				
	 Arabia ACE Insurance Company Limited E.C.
	  	Bahrain	    	25%	    	Saudi Arabia, insurance & reinsurance
				
	 ACE Insurance Limited
	  	Australia	    	100%	    	Australia, Pakistan, Thailand, Solomon Islands, Vanuatu, insurance & reinsurance
				
	 ACE INA Superannuation Pty. Limited
	  	Australia	    	100%	    	Australia, corporate trustee for ACE Australia superannuation plan
				
	 ACE Insurance Limited
	  	Pakistan	    	100%	    	Pakistan, insurance
				
	 ACE INA Overseas Insurance Company Ltd.
	  	Bermuda	    	100%	    	Bermuda, insurance/reinsurance, general and long term
				
	 ACE Insurance Limited
	  	Singapore	    	100%	    	Singapore, insurance
				
	 ACE Insurance
	  	Japan	    	100%	    	Japan, insurance/reinsurance
				
	 ACE Songai Service Kabushikigaisha
	  	Japan	    	100%	    	Japanese service company
				
	 ACE INA Marketing Group C.A.
	  	Venezuela	    	100%	    	Venezuela, services & direct marketing
				
	 ACE INA Overseas Holdings, Inc.
	  	USA (Delaware)	    	100%	    	Delaware, holding company
				
	 INACAN Holdings, Ltd.
	  	Canada	    	100%	    	Canada, insurance holding
				
	 ACE INA Insurance
	  	Canada	    	100%	    	Canada, insurance & reinsurance
				
	 ACE INA Life Insurance
	  	Canada	    	100%	    	Canada, life insurance
				
	 ACE Insurance S.A.-N.V.
	  	Belgium	    	 99.9477%
 .0523% (AIIH)
	    	Europe, insurance/reinsurance
				
	 ACE Insurance Company
 (EI# 66-0437305, NAIC #30953, PR)
	  	Puerto Rico	    	100%	    	Puerto Rico, insurance
				
	 ACE Insurance Limited
	  	Hong Kong	    	100%	    	Hong Kong, insurance
				
	 ACE Risk Management International Ltd.
 (formerly ACE INA Bermuda Insurance Managers Ltd.)
	  	Bermuda	    	100%	    	 Bermuda, management services for
 non-affiliates

				
	 DELPANAMA S.A.
	  	Panama	    	100%	    	Panama, holding company
				
	 INAMEX S.A.
	  	Mexico	    	100%	    	Mexico, reinsurance broker
				
	 Maritime General Ins. Company Ltd
	  	Trinidad	    	8.06%	    	Trinidad insurance
				
	 Oriental Equity Holdings Limited
	  	British Virgin Islands	    	100%	    	BVI, holding company
				
	 ACE Life Assurance Co. Ltd.
	  	Thailand	    	 25%
 70% (Eksupsiri)
	    	Thailand, life insurance

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 AFIA Finance Corporation
	  	USA (Delaware)	  	100%	  	Delaware, insurance holding
				
	 AFIA Venezolana C.A.
	  	Venezuela	  	100%	  	Venezuela, inactive claims & settling agent
				
	 ACE ICNA Italy Societa a Responsabilita Limitata
	  	Italy	  	 99.7%
 0.3% (AIIH)
	  	Italy, legal representative for CIGNA Insurance Company of Europe, S.A.-N.V.
				
	 Siam Liberty Company Limited
	  	Thailand	  	 49% (AFC)
 45% (Nam EK)
	  	Thailand, broker, surveyor & claims settling agency
				
	 ACE Servicios, S.A.
	  	Argentina	  	100%	  	Argentina, service company
				
	 AFIA Finance Corp. Chile Limitada
	  	Chile	  	 98%
 2%
(AIIH)
	  	Chile, claims & settling agent
				
	 Fire, Equity and General Insurance Company Limited
	  	Nigeria	  	6.25%	  	Nigeria, insurance
				
	 Inversiones Continental S.A. de C.V.
	  	Honduras	  	1.29%	  	Honduras, insurance holding
				
	 PT. ACE INA Insurance
	  	Indonesia	  	80%	  	Indonesia, insurance
				
	 PT. Adi Citra Mandiri
	  	Indonesia	  	45%	  	Indonesia, service company
				
	 RIYAD Insurance Co. Ltd.
	  	Bermuda	  	80%	  	Bermuda, insurance
				
	 Safire Private Ltd.
	  	Singapore	  	100%	  	Singapore, management & computer service bureau
				
	 AFIA (INA) Corporation, Limited
	  	USA (Delaware)	  	100%	  	Delaware, holding company
				
	 AFIA
	  	 Unincorporated
 Association
	  	60%	  	Association for international insurance
				
	 AFIA (ACE) Corporation, Limited
	  	USA (Delaware)	  	100%	  	Delaware, holding company
				
	 AFIA
	  	 Unincorporated
 Association
	  	40%	  	Association for international insurance
				
	 Compania Anonima de Seguros “AVILA”
	  	Venezuela	  	0.6%	  	Venezuela, insurance
				
	 INAVEN, C.A. “Venezuela”
	  	Venezuela	  	100%	  	Venezuela, corporation
				
	 La Positiva Compania Nacional de Seguros Sociedad Anonima
	  	Peru	  	7.6869%	  	Peru, insurance
				
	 Reaseguradora Nuevo Mundo S.A.
	  	Panama	  	3.7246%	  	Panama, reinsurance
				
	 Amazones Compania Anonima de Seguros
	  	Ecuador	  	1.423%	  	Ecuador, insurance
				
	 ACE US Holdings, Inc.
	  	USA (Delaware)	  	100%	  	USA, investment holding

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE Financial Services International, Inc.
 (f/k/a ACE Financial Solutions International, Inc.)
	  	USA (Delaware)	  	100%	  	USA, investment holding
				
	 ACE USA, Inc.
	  	USA (Delaware)	  	100%	  	USA, investment holding
				
	 ASI Administrative Services Inc. (formerly ASI Administrative
 Services Holdings Inc. and CRC Creditor Resources Canada Ltd.)
	  	Canada (Yukon)	  	100%	  	Canada, warranties business
				
	 Industrial Underwriters Insurance Company
 (EI# 75-6015738, NAIC# 21075, TX)
	  	USA (Texas)	  	100%	  	USA, insurance
				
	 Rhea International Marketing (L), Inc.
	  	Malaysia	  	60%	  	Malaysia, general services
				
	 Westchester Fire Insurance Company
 (EI# 13-5481330, NAIC# 21121, NY)
	  	 USA
 (New
York)
	  	100%	  	USA, Bermuda permit, insurance
				
	 Westchester Surplus Lines Insurance Company
 (EI# 58-2139927, NAIC #10172, GA)
	  	USA (Georgia)	  	100%	  	USA, insurance
				
	 Westchester Specialty Services, Inc.
	  	USA (Florida)	  	100%	  	USA, warranties
				
	 Westchester Specialty Insurance Services, Inc.
	  	USA (Nevada)	  	100%	  	USA, insurance services, brokering, warranties
				
	 WDH Corporation
	  	USA (Ohio)	  	80%	  	USA, insurance services
				
	 Dimension Service Corporation
	  	USA (Ohio)	  	80%	  	USA, warranties
				
	 Dimension Holdings Inc.
	  	USA (Ohio)	  	80%	  	USA, insurance services
				
	 ACE Financial Services Inc. (f/k/a Capital Re Corporation)
	  	USA (Delaware)	  	100%	  	Delaware, insurance holding company
				
	 ACE Finance Overseas Limited
	  	United Kingdom	  	100%	  	 
				
	 AGR Financial Products Inc.
	  	USA (Delaware)	  	100%	  	Delaware, financial products
				
	 Capital RE LLC
	  	Turks & Caicos	  	100%	  	Turks & Caicos, holding company
				
	 ACE (CR) Holdings
	  	United Kingdom	  	100%	  	UK, holding co
				
	 ACE Capital VII Limited
	  	United Kingdom	  	100%	  	UK, Lloyd’s capital vehicle
				
	 ACE (RGB) Holdings Limited
	  	United Kingdom	  	100%	  	UK, holding company
				
	 ACE (CIDR) Limited
	  	United Kingdom	  	100%	  	UK, Lloyd’s agency
				
	 Global Life Services Limited
	  	United Kingdom	  	100%	  	UK, Lloyd’s agency
				
	 Ridge Underwriting Agencies Limited
	  	United Kingdom	  	100%	  	UK, Lloyd’s agency

							
	 Name

	  	 Jurisdiction of
 Organization

	  	 Percentage
 Ownership

	  	 Jurisdictions in which Authorized
 and Type
of Business

	 ACE Guaranty Corp. (EI# 52-1533088, NAIC #30180, MD)
	  	Maryland	  	100%	  	 AK, AL, AR, CA, CO, CT, DC, FL, HI, ID, IL, KS, KY, MA, MD, MI, MO, NE, NY, NC, ND, NM, NV, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA,
 Primary financial guaranty insurance company

				
	 ACE Guaranty (UK), Ltd.
	  	United Kingdom	  	100%	  	UK, property/casualty insurer
				
	 ACE Risk Assurance Company (EI# 13-4027591,
 NAIC #10943, MD)
	  	Maryland	  	100%	  	Maryland, reinsurance
				
	 ACE Asset Management Inc.
	  	Delaware	  	100%	  	Delaware, Bermuda permit corporation
				
	 ACE (Barbados) Holdings Limited
	  	Barbados	  	100%	  	Barbados, holding company

  

 Schedule 5.02(a) 
  

	1.	Lien arising under a Subordination Agreement dated as of October 27, 1998 among ACE US Holdings, Inc., ACE Limited and The Chase Manhattan Bank encumbering ACE US Holdings,
Inc.’s rights under the Subordinated Loan Agreement dated as of October 27, 1998 among ACE US Holdings, Inc., ACE Bermuda Insurance Ltd. and United States Trust Company of New York, as trustee under the Indenture dated October 27, 1998 of ACE
US Holdings, Inc. 

  

	2.	Liens securing the Fourth Amendment and Restatement of Letter of Credit Facility Agreement dated November 14, 2003 among ACE Limited, ACE Bermuda Insurance Ltd., ACE Tempest
Reinsurance Ltd., certain other financial institutions and Citibank International plc, as Agent and Security Trustee.Consent to Assignment and Assumption of Brokerage Agreement

 Exhibit 10.1 
  
 Prudential Equity Group, LLC 
 One New York Plaza, 15th
Floor 
 New York, New York 10292 
  
 March 30, 2004 
  
 World Monitor Trust 
 Prudential Securities Futures Management Inc. 
 One New York Plaza, 13th Floor 
 New York, New York 10292 
  
 Re: Consent to Assignment and Assumption of Brokerage Agreement 
  
 Reference is hereby made to the Brokerage Agreement by and between World Monitor Trust (the “Trust”) and Prudential Equity Group, LLC (f/k/a
Prudential Securities Incorporated (“PEG”)), dated as of March 24, 1998 (the “Agreement”). 
  
 In connection with the transfer, effective as of January 1, 2004 (the “Effective Date”), of PEG’s futures and derivatives business to PFDS
Holdings LLC (“Holdings”), and the further transfer of that business to Prudential Financial Derivatives, LLC, a wholly-owned subsidiary of Holdings (“PFD”), PEG hereby assigns, transfers and sets over to PFD
all the rights, title and interest, powers, privileges and remedies of PEG under the Agreement, and PEG hereby delegates, and PFD hereby assumes, all duties, liabilities and obligations of PEG under the Agreement, with the same force and effect as
if PFD had been an original party to the Agreement, which assignment, delegation and assumption (the “Assignment”) shall be effective as of 12:01 a.m. on the Effective Date. As of the Effective Date, the Agreement shall be deemed to
have been amended to delete all references to PEG as a party thereto and to substitute therefor references to PFD. 
  
 Any information set forth in the Agreement relating to PEG’s names and addresses for communications between the parties shall be deemed to have been deleted
and replaced by the information relating to PFD set forth below: 
  
 Prudential Financial Derivatives, LLC 
 One New York Plaza, 13th Floor 
 New York, New York 10292 
 Attention: Richard H. Hulit, Jr. 
  
 The Trust hereby
consents to the Assignment of the Agreement and the resulting assignment of rights and delegation of duties as set forth above. The Trust releases PEG from any and all obligations and liabilities arising under the Agreement, excluding any obligation
or liability under the Agreement arising in connection with transactions that were effected prior to the Effective Date. Further, the Trust agrees to look solely to (a) PEG to satisfy and perform all liabilities and obligations under the Agreement
arising before the Effective Date, and (b) PFD to satisfy and perform all liabilities and obligations under the Agreement arising after the Effective Date. 

 PFD agrees that the Assignment of the Agreement to PFD will not diminish or otherwise adversely affect any of the
Trust’s rights under the Agreement, all of which are hereby ratified and confirmed and shall remain in full force and effect. This consent may be executed in any number of counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument. 
 PRUDENTIAL EQUITY GROUP, LLC 
  

			
	By:	 	 /s/ MICHAEL J. DUGAN        

	 	 	

	 	 	 Name: Michael J. Dugan
 Title: Chief Financial Officer

  
 PRUDENTIAL FINANCIAL
DERIVATIVES, LLC 
  

			
	By:	 	 /s/ RICHARD H. HULIT, JR.        

	 	 	

	 	 	 Name: Richard H. Hulit, Jr.
 Title: Sr. Vice President

  
 AGREED AND ACCEPTED: 

 
 WORLD MONITOR TRUST 
  
 By: Prudential Securities Futures Management Inc., Managing Owner 
  

							
	 By:
	 	 /s/ BRIAN J. MARTIN        
	 	  	 	  
	 	 	
	 	 	 	 
	 	 	 Name: Brian J. Martin
 Title: President

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