Document:

EX-10.2

 Exhibit 10.2 

EXECUTION 
 FIRST AMENDMENT 

First Amendment, dated as of June 25, 2014 (this “Amendment”), to the Credit Agreement (as defined below) and the
Security Agreement (as defined below), by and among Endurance Specialty Holdings Ltd., a company organized under the laws of Bermuda (the “Parent Borrower”), each Designated Subsidiary Borrower (as defined in the Credit Agreement
(as defined below)) party hereto, Deutsche Bank Trust Company Americas, as Collateral Agent under the Security Agreement (as defined below) and the lending institutions party hereto. 

WHEREAS, the Parent Borrower, the lending institutions from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent
(the “Administrative Agent”) and the Designated Subsidiary Borrowers from time to time party thereto entered into that certain Credit Agreement dated as of April 19, 2012 (the “Credit Agreement”); 

WHEREAS, the Parent Borrower, the Designated Subsidiary Borrowers from time to time party thereto and Deutsche Bank Trust Company Americas, as
Collateral Agent and as Custodian (the “Collateral Agent”), and the Administrative Agent entered into that certain Pledge and Security Agreement, dated as of April 19, 2012 (the “Security Agreement”); 

WHEREAS, each Borrower and the Required Lenders (as defined in the Credit Agreement) have agreed, on the terms and subject to the conditions
set forth herein, to amend the Credit Agreement in the manner set forth herein; and 
 WHEREAS, each Borrower, the Collateral Agent, the
Required Lenders and the Majority Tranche 1 Lenders have agreed, on the terms and subject to the conditions set forth herein, to amend the Security Agreement in the manner set forth herein. 

NOW, THEREFORE, in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Capitalized terms used and not defined
herein have the meanings given to them in the Credit Agreement (as amended hereby). 
 SECTION 2. Amendments to the Credit Agreement.
The Credit Agreement is hereby amended as follows: 
 (a) Section 6.01 of the Credit Agreement is hereby amended to delete the
reference to “and each of its” immediately after the phrase “Parent Borrower” in the first line thereof and replace such reference with “, each of the Designated Subsidiary Borrowers and each of the Material”. 

(b) Section 6.05(b) of the Credit Agreement is hereby amended to (1) delete the first reference to “or other Indebtedness or
financing of any Borrower, nor the use” appearing therein and replace such reference with “or the issuance of any Letters of Credit, nor the use by any Borrower or any Subsidiary” and (2) delete the second reference to “or
other Indebtedness or financing of any Borrower will be used” appearing therein and replace such reference with “(except as specifically set forth in Section 6.05(a)(iii)) or any Letter of Credit will be used by any Borrower or any
Subsidiary”. 

 (c) Section 6.18 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “6.18 Anti-Corruption Laws and Sanctions. The Parent Borrower has implemented and maintains in effect
policies and procedures designed to promote compliance by the Parent Borrower, its Subsidiaries and their respective directors, officers, employees and agents who have authority to underwrite insurance policies on behalf of the Parent Borrower or
any of its Subsidiaries with Anti-Corruption Laws and applicable Sanctions, and the Parent Borrower and its Subsidiaries are in compliance with applicable Sanctions in all material respects. None of the Parent Borrower, any Subsidiary or, to the
knowledge of the Parent Borrower or such Subsidiary, any of their respective directors, officers or employees is a Sanctioned Person.” 

(d) Section 7.01(g)(iv) of the Credit Agreement is hereby amended to insert the phrase “which would be materially adverse to any
Regulated Insurance Company” immediately following the phrase “or the taking of any other action” appearing therein. 
 (e)
Section 7.06 of the Credit Agreement is hereby amended by adding at the end of such section the following: 
 “The
Parent Borrower will, and will cause each of its Subsidiaries to, maintain in effect and enforce policies and procedures designed to promote compliance by the Parent Borrower, its Subsidiaries and their respective directors, officers, employees and
agents who have authority to underwrite insurance policies on behalf of the Parent Borrower or any of its Subsidiaries with Anti-Corruption Laws and applicable Sanctions.” 

(f) Section 8.02(a)(i) of the Credit Agreement is hereby amended to (1) add the words “or other entity” immediately after
the word “corporation” in each place where such word appears in clause (i) thereof, (2) add the phrase “(or, in the case of any merger, consolidation or amalgamation consummated in connection with the Transaction, no Event
of Default pursuant to Section 9.01(i), 9.01(ii) or 9.05)” immediately after the phrase “no Default or Event of Default” appearing in clause (y) thereof, (3) add a reference to “, consolidate” immediately
after the word “merge” in each place where such word appears in clause (i) thereof and (4) add a reference to “, consolidation” immediately after the word “merger” in each place where such word appears in
clause (i) thereof. 
 (g) Section 8.02(a)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(ii) Subsidiaries of the Parent Borrower may merge, consolidate or amalgamate with one another or with any other
Person so long as the surviving entity is a Subsidiary of the Parent Borrower (subject, in the case of mergers, consolidations or 

  
 2 

 
amalgamations involving the Parent Borrower or Designated Subsidiary Borrowers, to compliance with the preceding clause (i)) and, with respect to any such merger, consolidation or amalgamation of
any Subsidiary with another Person that is not the Parent Borrower or a Subsidiary, immediately after giving effect to any such merger, consolidation or amalgamation, no Default or Event of Default (or, in the case of any merger, consolidation or
amalgamation consummated in connection with the Transaction, no Event of Default pursuant to Section 9.01(i), 9.01(ii) or 9.05) shall have occurred and be continuing” 

(h) Section 8.02(b) of the Credit Agreement is hereby amended to insert the words “other than Unrestricted Margin Stock”
immediately following the words “with or without recourse)” set forth therein. 
 (i) Section 8.02(c) of the Credit Agreement
is hereby amended to insert the phrase “(or, in the case of any such acquisition consummated in connection with the Transaction, no Event of Default pursuant to Section 9.01(i), 9.01(ii) or 9.05)” immediately after the phrase “no
Default or Event of Default” set forth therein. 
 (j) Section 8.03 of the Credit Agreement is hereby amended to insert the words
“(other than Unrestricted Margin Stock)” immediately following the words “tangible or intangible” in the second line thereof. 

(k) Section 8.04(b) of the Credit Agreement is hereby amended to (1) delete clause (v) appearing therein and replace such
clause (v) with the following clause (v): 
 “(v) (A) Indebtedness of any Person existing at the time such
Person is merged, consolidated or amalgamated with or into the Parent Borrower or any of its Subsidiaries and not created in contemplation of such event and any refinancings, renewals, extensions, restructurings or replacements thereof (without
increasing, or shortening the maturity of, the principal amount thereof except by the amount of accrued and unpaid interest and premium thereon and reasonable and customary fees and expenses in connection therewith) and (B) Indebtedness in an
aggregate principal amount outstanding at any time not exceeding 10% of Consolidated Tangible Net Worth,” 
 and
(2) delete clauses (vii) and (viii) appearing therein and replace such clauses (vii) and (viii) with the following clauses (vii) and (viii), 

“(vii) other unsecured Indebtedness in an aggregate principal amount not to exceed $50,000,000 at any time outstanding,
and” 
 “(viii) letters of credit (other than Letters of Credit issued pursuant to this Agreement) in an aggregate
amount not to exceed $300,000,000 at any time outstanding.” 
 (l) Section 8.09 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 

  
 3 

 “The Parent Borrower will not permit the Leverage Ratio at any time to be
greater than 0.35:1.00; provided that during the period commencing on the date of the consummation of the Transaction and ending on the last day of the third full fiscal quarter following the consummation of the Transaction, the Leverage
Ratio may exceed 0.35:1.00 but shall in no event be greater than 0.40:1.00.” 
 (m) Section 8.11 of the Credit Agreement is hereby
amended to add the phrase “to the extent any such Private Act is materially adverse to the Lenders” at the end of such section before the period. 

(n) Section 8.12 of the Credit Agreement is hereby amended to delete the word “and” immediately before clause (iii) and
replace it with a comma and add the following after clause (iii) before the period: 
 “, (iv) prohibitions
or restrictions existing under or by reason of any Indebtedness incurred to finance the Transaction or the documents executed in connection therewith, in each case solely to the extent such prohibitions or restrictions are no more burdensome on the
Parent Borrower and its Subsidiaries than those set forth herein and (v) prohibitions or restrictions applicable to the Specified Entity or any of its Subsidiaries or any of their respective assets at the time the Specified Entity is merged,
consolidated or amalgamated with or into the Parent Borrower or any of its Subsidiaries and not created in contemplation of the Transaction.” 

(o) A new Section 8.14 is added to the Credit Agreement immediately following Section 8.13, as follows: 

“Use of Proceeds. Neither the Parent Borrower nor any of its Subsidiaries shall use the proceeds of any Revolving
Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in material violation of any Anti-Corruption Laws, or (B) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country.” 

(p) Section 9.03 of the Credit Agreement is hereby amended to delete the reference to “Section 7.02(ii),” therefrom. 

(q) Section 9.04 of the Credit Agreement is hereby amended (1) to delete each reference to “$50,000,000” therein and
replace each such reference with “$100,000,000”, (2) to insert the words “(other than any such default, event or condition arising solely out of the violation by the Parent Borrower or any of its Subsidiaries of any covenant or
agreement in any way restricting the Parent Borrower’s or any such Subsidiary’s right or ability to sell, pledge or otherwise dispose of Unrestricted Margin Stock)” immediately following the words “or condition exist” in
clause (a)(ii) thereof and (3) to insert the words “unless such 

  
 4 

 
Indebtedness is declared due and payable, or required to be prepaid, solely by reason of the violation by the Parent Borrower or any of its Subsidiaries of any covenant or agreement in any way
restricting the Parent Borrower’s or any such Subsidiary’s right or ability to sell, pledge or otherwise dispose of Unrestricted Margin Stock” immediately following the words “prior to the stated maturity thereof” in clause
(b) thereof. 
 (r) Section 9.06 of the Credit Agreement is hereby amended to delete the reference to “$30,000,000”
therein and to replace such reference with “$60,000,000.” 
 (s) Section 9.07 of the Credit Agreement is hereby amended to
delete the reference to “$75,000,000” therein and to replace such reference with “$100,000,000.” 
 (t) Section 10
of the Credit Agreement is amended to add the following definitions thereto in appropriate alphabetical order and, where applicable, delete and replace in their entirety the corresponding previously existing definitions: 

“Anti-Corruption Laws” shall mean the United States Foreign Corrupt Practices Act of 1977, as amended, and
other laws, rules and regulations of any jurisdiction applicable to the Parent Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Restricted Margin Stock” shall mean Margin Stock owned by the Parent Borrower or any of its Subsidiaries
which represents not more than 25% of the aggregate value (determined in accordance with Regulation U of the Board of Governors of the Federal Reserve System), on a consolidated basis, of the property and assets of the Parent Borrower and its
Subsidiaries (including any Margin Stock) that is subject to the provision of Sections 8.02 and 8.03. 
 “Sanctioned
Country” shall mean, at any time, a country or territory that is itself the subject or target of any Sanctions (as of June 24, 2014, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or by the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person
operating, organized or resident in a Sanctioned Country or (c) any Person more than 50% owned or controlled by any such Person. 

“Sanctions” shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the European Union or Her Majesty’s
Treasury of the United Kingdom. 

  
 5 

 “Specified Entity” shall mean Aspen Insurance Holdings Limited,
a Bermuda company. 
 “Transaction” shall mean the acquisition, directly or indirectly by the Parent
Borrower, of at least a majority of the outstanding ordinary shares of the Specified Entity or all or a substantial portion of the assets of the Specified Entity and its Subsidiaries in one or a series of transactions, including, without limitation,
the merger of the Specified Entity with the Parent Borrower or a Subsidiary. 
 “Unrestricted Margin Stock”
shall mean any Margin Stock owned by the Parent Borrower or any of its Subsidiaries which is not Restricted Margin Stock. 
 (u) The
definition of “Eurodollar Rate” appearing in Section 10 of the Credit Agreement is amended and restated in its entirety as follows: 

“Eurodollar Rate” shall mean with respect to any Eurodollar Loan for any Interest Period, (i) the London
interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or
LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”) at approximately 11:00 A.M., London time, two Business Days prior
to the commencement of such Interest Period (provided that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurodollar Rate
shall be the Interpolated Rate at such time; provided further that, if any such rate is less than 0%, such rate will be deemed to be 0%) divided (and rounded upward to the next whole multiple of 1/100 of 1%) by (ii) a percentage
equal to 100% minus the then stated maximum rate of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves) applicable to any member bank of the Federal Reserve System in respect of
Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D). “Interpolated Rate” shall mean, at any time, the rate per annum determined by the Administrative Agent (which
determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in
Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such time. 

  
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 (v) The definition of “Lender Default” appearing in Section 10 of the Credit
Agreement is amended to delete the reference to “in the case of either clause (i) or (ii) above as a result of the appointment of a receiver or conservator with respect to such Lender at the direction or request of any regulatory
agency or authority” and replace such reference with “unless such refusal or notification indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to provide its portion of such Borrowing or otherwise comply with its obligations under Sections 1.01, 2A or 2B has not been satisfied and has not been waived by the Lenders in accordance with
Section 12.11”. 
 (w) The definition of “Material Adverse Effect” appearing in Section 10 of the Credit Agreement
is amended to (1) delete the reference to “, property” after the words “effect on the business, operations” appearing therein and (2) add the word “payment” immediately prior to the word
“obligations” appearing therein. 
 (x) Section 12.04(b) of the Credit Agreement is hereby amended to insert the words
“or any other central bank having jurisdiction over such Lender” immediately following each reference to “Federal Reserve Bank” appearing in the last sentence thereof. 

(y) Section 12.07 of the Credit Agreement is hereby amended by adding a new clause (d) at the end of such section as follows: 

(d) Unless otherwise expressly provided herein, (a) references to organization documents, agreements (including the Credit
Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, subject to any restrictions on such amendments, restatements, extensions,
supplements and other modifications set forth herein or in any other Credit Document; and (b) references to any law, rule or regulation shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such law, rule or regulation. 
 SECTION 3. Amendments to the Security Agreement. Section 4.01 of the Security Agreement
is hereby amended by deleting the period at the end of clause (e) thereof and substituting in lieu thereof the following: 

“; provided, however, that notwithstanding anything to the contrary in this Agreement or the other Credit Documents, this
Agreement shall not constitute a grant of a security interest in (and the Collateral shall not include) any Margin Stock.” 
 SECTION
4.Representations and Warranties. Each Borrower hereby represents and warrants to the Lenders that as of the First Effective Date or the Second Effective Date, as applicable and after giving effect hereto: 

(a) this Amendment has been duly authorized, executed and delivered by such Borrower, and each of this Amendment and the Credit Agreement (as
amended hereby) constitutes such Borrower’s legal, valid and binding obligation, enforceable against it in accordance with its terms, 

  
 7 

 (b) no Default or Event of Default has occurred and is continuing, and 

(c) all representations and warranties of such Borrower contained in the Credit Agreement (as amended hereby) and the other Credit Documents
are true and correct in all material respects on and as of the date hereof (except with respect to representations and warranties expressly made only as of an earlier date, which representations were true and correct in all material respects as of
such earlier date). 
 SECTION 5. Effectiveness. 

(a) This Amendment (other than the amendments set forth in Sections 2(k)(2), 2(l), 2(q)(1), 2(r) and 2(s) hereof) shall become effective as of
the first date (the “First Effective Date”) on which the following conditions are satisfied: 
 (i) the
Administrative Agent shall have received counterparts hereof duly executed and delivered by each Borrower, the Required Lenders, the Majority Tranche 1 Lenders and the Collateral Agent; 

(ii) all representations and warranties of the Borrowers contained in the Credit Agreement (as amended hereby) and the other
Credit Documents shall be true and correct in all material respects (except with respect to representations and warranties expressly made only as of an earlier date, which representations shall be true and correct in all material respects as of such
earlier date); 
 (iii) there shall exist no Default or Event of Default; and 

(iv) receipt by the Administrative Agent of all reasonable out-of-pocket costs and expenses of the Administrative Agent for
which invoices have been presented at least one Business Day prior to the First Effective Date. 
 (b) The amendments set forth in Sections
2(k)(2), 2(l), 2(q)(1), 2(r) and 2(s) shall become effective on the first date (the “Second Effective Date”) on which the First Effective Date shall have occurred and the Transaction shall have been consummated. 

SECTION 6. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Collateral Agent under the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or 

  
 8 

 
other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document in similar or different circumstances. This
Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. This Amendment shall constitute a Credit Document for all purposes of the Credit Agreement as amended hereby and the
other Credit Documents. All representations and warranties made by each Borrower herein shall be deemed made under the Credit Agreement with the same force and effect as if set forth in full therein. On and after the First Effective Date or the
Second Effective Date, as applicable, any reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement,
“thereunder”, “thereof”, “therein” or words of like import in any other Credit Document, shall mean the Credit Agreement as modified hereby. 

SECTION 7. Expenses. The Borrowers agree to pay and reimburse the Administrative Agent for its reasonable out-of-pocket costs and
expenses in connection with this Amendment, including the reasonable fees and disbursements of its counsel. 
 SECTION 8. Consent.
Each of the Borrowers hereby consents to this Amendment, and to the amendments and modifications to the Credit Agreement pursuant hereto and acknowledges the effectiveness and continuing validity of its obligations under or with respect to the
Credit Agreement, any Security Document and any other Credit Document, as applicable, and its liability for the Obligations pursuant to the terms thereof and that such obligations are without defense, setoff and counterclaim. 

SECTION 9. Governing Law; Counterparts. 

(a) This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance
with, the laws of the State of New York. 
 (b) This Amendment may be executed by one or more of the parties to this Amendment on any number
of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. This Amendment may be delivered by facsimile or other electronic imaging means of the relevant executed signature pages
hereof. 
 SECTION 10. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof. 
 [Signature Pages Follow] 

  
 9 

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

 

					
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	/s/ Michael J. McGuire
		 	Name:	 	Michael J. McGuire
		 	Title:	 	Chief Financial Officer
	
	ENDURANCE SPECIALTY INSURANCE LTD.
		
	By:	 	/s/ Michael J. McGuire
		 	Name:	 	Michael J. McGuire
		 	Title:	 	Chief Financial Officer
	
	ENDURANCE U.S. HOLDINGS CORP.
		
	By:	 	/s/ Daniel S. Lurie
		 	Name:	 	Daniel S. Lurie
		 	Title:	 	President
	
	ENDURANCE WORLDWIDE HOLDINGS LIMITED
		
	By:	 	/s/ Daniel S. Lurie
		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary
	
	ENDURANCE WORLDWIDE INSURANCE LIMITED
		
	By:	 	/s/ Daniel S. Lurie
		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

 [Signature Page to First Amendment to the Credit Agreement] 

 
			
	ENDURANCE REINSURANCE CORPORATION OF AMERICA
		
	By:	 	/s/ Daniel S. Lurie
		 	Name: Daniel S. Lurie
		 	Title:   Secretary
	
	ENDURANCE AMERICAN INSURANCE COMPANY
		
	By:	 	/s/ Daniel S. Lurie
		 	Name: Daniel S. Lurie
		 	Title:   Secretary
	
	ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANY
		
	By:	 	/s/ Daniel S. Lurie
		 	Name: Daniel S. Lurie
		 	Title:   Secretary
	
	ARMTECH HOLDINGS, INC.
		
	By:	 	/s/ Daniel S. Lurie
		 	Name: Daniel S. Lurie
		 	Title:   Secretary

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent and Custodian under the Security Agreement
		
	By:	 	/s/ Waseem A. Chaudhry
		 	Name: Waseem A. Chaudhry
		 	Title:   Assistant Vice President
		
	By:	 	/s/ Lucy Hsieh
		 	Name: Lucy Hsieh
		 	Title:   Assistant Vice President

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as Lender
		
	By:	 	/s/ Richard Barracato
		 	Name: Richard Barracato
		 	Title:   Vice President

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	Bank of Montreal, as Lender
		
	By:	 	/s/ Joan Spiotto
		 	Name: Joan Spiotto
		 	Title:  Vice President

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
					
	Wells Fargo Bank, National Association, as Lender
		
	By:	 	/s/ Grainne M. Pergolini
		 	Name:	 	Grainne M. Pergolini
		 	Title:	 	Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	LLOYDS BANK PLC, as Lender
		
	By:	 	/s/ Stephen Giacolone
		 	Name: Stephen Giacolone G011
		 	Title:   Assistant Vice President
		
	By:	 	/s/ David Popat
		 	Name: David Popat P003
		 	Title:   Senior Vice President

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	ING BANK N.V., London Branch, as Lender
		
	By:	 	/s/ M E R Sharman
		 	Name: M E R Sharman
		 	Title:   Managing Director
		
	By:	 	/s/ M Foren
		 	Name: M Froen
		 	Title:   Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By:	 	/s/ Virginia Cosenza
		 	Name: Virginia Cosenza
		 	Title:   Vice President

 
			
	
		
	By:	 	/s/ Yvonne Tilden
		 	Name: Yvonne Tilden
		 	Title:   Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	NATIONAL AUSTRALIA BANK LIMITED, as Lender
		
	By:	 	/s/ Helen Hsu
		 	Name: Helen Hsu
		 	Title:   Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	Australia and New Zealand Banking Group Limited, as Lender
		
	By:	 	/s/ Damodar Menon
		 	Name: Damodar Menon
		 	Title:   Executive Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	BARCLAYS BANK PLC, as Lender
		
	By:	 	/s/ Karla K. Maloof
		 	Name: Karla K. Maloof
		 	 Title:   Head of Insurance North America,

            Corporate Banking

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	HSBC Bank USA, National Association, as Lender
		
	By:	 	/s/ Jody T Feldman
		 	Name: Jody T Feldman
		 	Title:   Director

  
 [Signature Page to First
Amendment to the Credit Agreement] 

 
			
	The Bank of Nova Scotia, as Lender
		
	By:	 	/s/ Thane Rattew
		 	Name: Thane Rattew
		 	Title:   Managing Director

  
 [Signature Page to First
Amendment to the Credit Agreement]EX-10.1

 EXHIBIT 10.1 

AMENDMENT NO. 3 
 Dated as of
June 25, 2014 
 to 

CREDIT AGREEMENT 
 Dated as of
April 27, 2012 
 THIS AMENDMENT NO. 3 (this “Amendment”) is made as of June 25, 2014 by and among Watsco, Inc.,
a Florida corporation (the “Company”), Watsco Canada, Inc., a New Brunswick corporation (the “Canadian Borrower” and, collectively with the Company, the “Borrowers”), the financial institutions
listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), under that certain Credit Agreement dated as of April 27, 2012 by and among the
Borrowers, the Canadian Subsidiary Borrowers from time to time party thereto, the Lenders, the Administrative Agent and JPMorgan Chase Bank, N.A., as Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 

WHEREAS, the Borrowers have requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit
Agreement; 
 WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set
forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in
Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a)
Section 1.01 of the Credit Agreement is hereby amended to (i) delete the defined term “Local Rate” appearing therein and (ii) insert the following definitions in the appropriate alphabetical order and, where
applicable, replace the corresponding previously existing definitions: 
 “Agent Party” has the meaning
assigned to such term in Section 9.01(d). 
 “Agreed Currencies” means (i) Dollars,
(ii) euro, (iii) Pounds Sterling, (iv) Canadian Dollars and (v) any other currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars,
(y) for which a LIBOR Screen Rate is available in the Administrative Agent’s reasonable determination and (z) that is agreed to by the Administrative Agent and each of the Lenders. 

 “Amendment No. 3 Effective Date” means June 25, 2014.

 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the
Company or its Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “COF
Rate” has the meaning assigned to such term in Section 2.14(a). 
 “Communications” has the
meaning assigned to such term in Section 9.01(d). 
 “Electronic Signature” means an electronic sound,
symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

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

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

“LIBO Rate” means, with respect to (a) any Eurocurrency Borrowing denominated in any LIBOR Quoted
Currency and for any applicable Interest Period, the London interbank offered rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for a period equal
in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate,
or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case the “LIBOR Screen Rate”) at
approximately 11:00 a.m., London time, on the Quotation Day for such currency and Interest Period; provided that, if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and
(b) any Eurocurrency Borrowing denominated in any Non-Quoted Currency and for any applicable Interest Period, the applicable Local Screen Rate for such Non-Quoted Currency at approximately 11:00 a.m. Toronto, Ontario time, on the Quotation Day
for such currency and Interest Period; provided that, if any Local Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if a LIBOR Screen Rate or a
Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the LIBO Rate or the Local Screen Rate, as the case may be, for such currency
and such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. It is understood and agreed that all of the terms
and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14. 
 “Local Screen
Rate” means, for Borrowings denominated in Canadian Dollars and made to the Borrowers, the BA Rate. 

  
 2 

 “Maturity Date” means July 1, 2019. 

“Quotation Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the
currency is Pounds Sterling, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, and (iii) for any other currency, two
(2) Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which case the Quotation Day will be
determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)). 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places)
supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for Loans in the applicable currency and the applicable Interest Period as the rate at which the relevant
Reference Bank could borrow funds in the London (or other applicable) interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that
currency and for that period. 
 “Reference Banks” means the principal London (or other applicable) offices
of JPMorgan Chase Bank, N.A. and such other banks as may be appointed by the Administrative Agent with the approval of the Company (such approval not to be unreasonably withheld or delayed). No Lender shall be obligated to be a Reference Bank
without its consent. 
 “Sanctioned Country” means, at any time, a country or territory which is the
subject or target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed
in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a
Sanctioned Country or (c) any Person controlled by any such Person. 
 “Sanctions” means economic or
financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the
European Union or Her Majesty’s Treasury of the United Kingdom. 
 “Screen Rate” means, collectively,
the LIBOR Screen Rate and the Local Screen Rate. 
 “TARGET2 Day” means a day that TARGET2 is open for the
settlement of payments in euro. 
 (b) The definition of “Aggregate Commitment” appearing in Section 1.01 of the
Credit Agreement is hereby amended to amend and restate the last sentence thereof as follows: 

  
 3 

 As of the Amendment No. 3 Effective Date, the Aggregate Commitment is
$600,000,000. 
 (c) The definition of “Alternate Base Rate” appearing in Section 1.01 of the Credit Agreement is
hereby amended to add the phrase “in Dollars” immediately after the phrase “for a one month Interest Period” appearing in clause (c) thereof. 

(d) The definition of “Change in Law” appearing in Section 1.01 of the Credit Agreement is hereby amended to add the
phrase “, implementation” immediately after the phrase “or in the administration, interpretation” appearing in clause (b) thereof. 

(e) The definition of “Credit Event” appearing in Section 1.01 of the Credit Agreement is hereby amended to add the
phrase “, amendment, renewal or extension” immediately after the phrase “the issuance” appearing therein. 
 (f) The
definition of “FATCA” appearing in Section 1.01 of the Credit Agreement is hereby amended to (i) delete the word “and” appearing immediately after the parenthetical therein and (ii) add the phrase “and
any agreement entered into pursuant to Section 1471(b)(1) of the Code” to the end thereof. 
 (g) The definition of “Interest
Period” appearing in Section 1.01 of the Credit Agreement is hereby amended to add the phrase “week or one” immediately after the phrase “corresponding day in the calendar month that is one” appearing therein.

 (h) The definition of “Interpolated Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended to
delete each reference to “LIBOR Screen Rate” appearing therein and to replace each such reference with a reference to “applicable Screen Rate”. 

(i) The definition of “Issuing Bank” appearing in Section 1.01 of the Credit Agreement is hereby amended to delete the
reference to “Borrower” appearing in the first sentence thereof and replace such reference with a reference to “Company”. 

(j) Section 2.01(a) of the Credit Agreement is hereby amended to add the parenthetical “(severally and not jointly)”
immediately after the phrase “each Lender” appearing therein. 
 (k) Section 2.01(b) of the Credit Agreement is hereby
amended to add the parenthetical “(severally and not jointly)” immediately after the phrase “each Lender” appearing therein. 

(l) Section 2.02(c) of the Credit Agreement is hereby amended to delete the reference to “ten (10) Eurocurrency
Revolving Borrowings” and replace such reference with a reference to “twelve (12) Eurocurrency Revolving Borrowings”. 

(m) Section 2.03 of the Credit Agreement is hereby amended to amend and restate clause (i) thereof in its entirety as
follows: 
 (i) the name of the applicable Borrower and the aggregate amount of the requested Borrowing; 

(n) Section 2.05(a) of the Credit Agreement is hereby amended to (i) delete the reference to $65,000,000 appearing therein
and replace such reference with $90,000,000 and (ii) delete the reference to $50,000,000 appearing therein and replace such reference with $75,000,000. 

  
 4 

 (o) Section 2.06(f) of the Credit Agreement is hereby amended to delete the phrase
“consequential damages” appearing in the parenthetical of the proviso thereto and replace such phrase with the phrase “special, indirect, consequential or punitive damages”. 

(p) Section 2.06(h) of the Credit Agreement is hereby amended to delete each reference to “Section 2.13(e)” appearing
therein and replace such reference with a reference to “Section 2.13(f)”. 
 (q) Section 2.08(d) of the Credit
Agreement is hereby amended to add the phrase “the name of the applicable Borrower and” to the beginning of clause (i) thereof. 

(r) Section 2.09(c) of the Credit Agreement is hereby amended to add the phrase “or other transactions specified
therein” immediately after the phrase “upon the effectiveness of the other credit facilities” appearing in the third sentence thereof. 

(s) Section 2.10 of the Credit Agreement is hereby amended to restate the second sentence there of in its entirety as follows:

 Each Borrower hereby unconditionally promises to pay to the Swingline Lender the then unpaid principal amount of each
Swingline Loan made to such Borrower on the Maturity Date in the currency of such Swingline Loan. 
 (t) Section 2.13(a) of the
Credit Agreement is hereby amended to (i) add the parenthetical “(other than a Company Swingline Loan)” immediately after the phrase “each ABR Borrowing” appearing therein and (ii) add the phrase “plus the
Applicable Rate” immediately after the phrase “the Alternate Base Rate” appearing therein. 
 (u) Section 2.13(b)
of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 (b) Swingline Loans shall bear
interest at the Alternate Base Rate (in the case of a Company Swingline Loan) or the Canadian Base Rate (in the case of a Canadian Swingline Loan), in each case plus the Applicable Rate; provided that each Company Swingline Loan shall bear
interest at either (at the election of the Company with respect to clauses (x) and (y)) (x) the Alternate Base Rate plus the Applicable Rate, (y) the Federal Funds Effective Rate plus the Applicable Rate (it being understood and
agreed that (i) at any time that Category 1 is in effect pursuant to the definition of “Applicable Rate”, the Applicable Rate for a Company Swingline Loan that bears interest by reference to this clause (b)(y) shall be 0.125% and
(ii) at any time that Category 2 is in effect pursuant to the definition of “Applicable Rate”, the Applicable Rate for a Company Swingline Loan that bears interest by reference to this clause (b)(y) shall be 0.1875%) or (z) such
other rate, if any, as may be separately agreed upon by the Company and the Swingline Lender. 
 (v) Section 2.13(c) of the
Credit Agreement is hereby amended to add the parenthetical “(other than a Canadian Swingline Loan)” immediately after the phrase “Canadian Base Rate Borrowing” appearing therein. 

(w) Section 2.13(g) of the Credit Agreement is hereby amended to delete the reference to “paragraph (c)” appearing
therein and replace such reference with a reference to “paragraph (d)”. 

  
 5 

 (x) Section 2.13(h) of the Credit Agreement is hereby amended to add the phrase
“of the foregoing clauses (i), (ii) and (iii)” immediately before the phrase “shall be payable for the actual number of days” appearing in clause (iii) thereof. 

(y) Section 2.14 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

Section 2.14 Alternate Rate of Interest. (a) If at the time that the Administrative Agent shall seek to
determine the applicable Screen Rate on the Quotation Day for any Interest Period for a Eurocurrency Borrowing, such applicable Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such
Eurocurrency Borrowing for any reason, and the Administrative Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference
Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency Borrowing; provided that if the Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided,
further, however, that if less than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then
such Borrowing shall be made as an ABR Borrowing at the Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the cost to each Lender to fund its pro rata share of such
Eurocurrency Borrowing (from whatever source and using whatever methodologies as such Lender may select in its reasonable discretion, such rate, the “COF Rate”). 

(b) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing or a BA Equivalent Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining (x) in the case of a Eurocurrency Borrowing, the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Eurocurrency Loan in the applicable currency or for the applicable Interest
Period or (y) in the case of a BA Equivalent Borrowing, the BA Rate for a BA Equivalent Loan for the applicable Interest Period; or 

(ii) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate, the LIBO Rate, or the BA Rate,
as applicable, for a Loan of the applicable Type in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included
in such Borrowing for such Interest Period or the applicable Agreed Currency; 
 then the Administrative Agent shall give
notice thereof to the applicable Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such
notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing or a BA Equivalent Borrowing, as applicable, in the
applicable currency or for the applicable Interest Period, as the case may be, shall be ineffective and, unless repaid, (A) in the case of a Eurocurrency 

  
 6 

 
Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing and (B) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency, such Eurocurrency
Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (C) in the case of any BA Equivalent Borrowing, such Borrowing shall be made as a Canadian Base Rate Borrowing, (ii) if any Borrowing
Request requests a Eurocurrency Revolving Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing, (iii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing denominated in a Foreign Currency, then the LIBO Rate
for such Eurocurrency Borrowing shall be the COF Rate and (iv) if any Borrowing Request requests a BA Equivalent Revolving Borrowing, such Borrowing shall be made as a Canadian Base Rate Borrowing; provided that if the circumstances
giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 (z)
Section 2.17(f) of the Credit Agreement is hereby amended to add the parenthetical “(or successor form)” immediately after each reference to “IRS Form W-8BEN” appearing in clauses (ii)(B)(1), (3) and
(4) thereof. 
 (aa) Section 2.17(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 (i) Defined Terms. For purposes of this Section 2.17, the term “Lender” includes the Issuing Banks
and the term “applicable law” includes FATCA. 
 (bb) Section 2.18(b) of the Credit Agreement is hereby amended to add
the following as a new sentence immediately after the first sentence thereof: 
 Notwithstanding the foregoing, amounts
received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party. 
 (cc) Section 2.20 of
the Credit Agreement is hereby amended to (i) add the phrase “after the Amendment No. 3 Effective Date” immediately after the phrase “may from time to time” appearing in the first sentence thereof and (ii) add the
proviso “; provided that no Ineligible Institution may be an Augmenting Lender), which agree” in the third parenthetical therein. 

(dd) Section 2.22(b) of the Credit Agreement is hereby amended to (i) add the phrase “, except as otherwise provided in
Section 9.02,” immediately before the phrase “this clause (b)” appearing in the proviso thereto and (ii) add the word “directly” immediately before the phrase “affected thereby” at the end thereof. 

(ee) Article III of the Credit Agreement is hereby amended to add the following as a new Section 3.21 thereof: 

SECTION 3.21 Anti-Corruption Laws and Sanctions. The Company has implemented and maintains in effect policies and
procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective
officers and employees and to the knowledge of the Company its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Company, any Subsidiary or to the knowledge of
the Company or such Subsidiary any of 

  
 7 

 
their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or
benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other Transactions will violate Anti-Corruption Laws or applicable Sanctions. 

(ff) Section 5.04 of the Credit Agreement is hereby amended to add the following as a new sentence to the end thereof: 

The Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 (gg)
Section 5.09 of the Credit Agreement is hereby amended to add the following as a new sentence to the end thereof: 

No Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and the Company shall procure that its
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 
 (hh)
Section 9.01(a) of the Credit Agreement is hereby amended to (1) delete the phrase “Yvonne E. Dixon (Telecopy No. (312) 385-7101)” appearing in clause (ii) thereof and replace such phrase with the phrase
“Kevin M. Berry (Telecopy No. (312) 732-4836)”, (2) delete the phrase “125 London Wall, London EC2Y 5AJ” appearing in clause (ii) thereof and replace such phrase with the phrase “25 Bank Street, Canary Wharf,
London E14 5JP”, (3) delete the phrase “Yvonne E. Dixon (Telecopy No. (312) 385-7101)” appearing in clause (iv) thereof and replace such phrase with the phrase “Kevin M. Berry (Telecopy No.
(312) 732-4836)” and (4) add the following as a new paragraph to the end thereof: 
 Notices sent by hand or
overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as
provided in said paragraph (b). 
 (ii) Section 9.01(b) of the Credit Agreement is hereby amended to (i) add the phrase
“and the Issuing Banks” immediately after the phrase “communications to the Lenders” appearing therein, (ii) delete the phrase “electronic communications” appearing therein and replace such phrase with the phrase
“using Electronic Systems” and (iii) add the following as a new paragraph to the end thereof: 
 Unless the
Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s 

  
 8 

 
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and
(ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such
notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(jj) Section 9.01 of the Credit Agreement is hereby amended to add the following as a new clause (d) thereof: 

(d) Electronic Systems. 

(i) The Company agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined
below) available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic
System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, any Issuing Bank or any other Person or entity for damages of any
kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s transmission
of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan
Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System. 

(kk) Section 9.02(b) of the Credit Agreement is hereby amended to (i) add the parenthetical “(except that any amendment
or modification of the financial covenants in this Agreement (or defined terms used in the financial covenants in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (ii))” to the end of
clause (ii) thereof and (ii) amend and restate the proviso thereto as follows: 
 provided further that no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the
Collateral Agent, such Issuing Bank or the Swingline Lender, as the case may be (it being understood that any change to Section 2.22 shall require the 

  
 9 

 
consent of the Administrative Agent, the Issuing Banks and the Swingline Lender). Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this
Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such
Defaulting Lender shall be directly affected by such amendment, waiver or other modification. 
 (ll) Section 9.04(b) of the
Credit Agreement is hereby amended to (i) delete the word “assignees” appearing immediately after the phrase “assign to one or more” appearing in clause (i) thereof and replace such word with the phrase “Persons
(other than an Ineligible Institution)”, (ii) delete the phrase “the term “Approved Fund” has the following meaning” appearing immediately after clause (ii) thereof and replace such phrase with the phrase “the
terms “Approved Fund” and “Ineligible Institution” have the following meanings” and (iii) add the following as a new definition to the end of clause (ii) thereof: 

“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender, (c) the Company,
any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof. 

(mm) Section 9.04(c) of the Credit Agreement is hereby amended to (i) add the phrase “, other than an Ineligible
Institution,” immediately before the phrase “in all or a portion of such Lender’s” appearing therein and (ii) delete the phrase “an agent of the Borrowers” appearing in the sixth sentence thereof and replace such
phrase with the phrase “a non-fiduciary agent of the Borrowers”. 
 (nn) Section 9.06 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 SECTION 9.06. Counterparts; Integration; Effectiveness;
Electronic Execution. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any
and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective
as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection
with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 10 

 (oo) Section 9.09(a) of the Credit Agreement is hereby amended to (i) delete the
word “nonexclusive” appearing therein and replace such word with the word “exclusive”, (ii) add the phrase “, Borough of Manhattan” immediately after the phrase “sitting in New York County” appearing
therein and (iii) delete the word “of” appearing immediately after the phrase “District Court” appearing therein and replace such word with the word “for”. 

(pp) Section 9.12 of the Credit Agreement is hereby amended to add the following as new paragraphs to the end thereof: 

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS
AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND
THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT
TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.
ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 (qq) Schedule 2.01 to the Credit Agreement is hereby amended and restated in
the form of Schedule 2.01 attached hereto. 
 (rr) Exhibit A to the Credit Agreement is hereby amended to amend and restate
Section 3 appearing in Annex I thereto in its entirety as follows: 
 3. General Provisions. This Assignment and
Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption by any
Electronic System shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 11 

 (ss) Exhibits F-1, F-2, F-3 and F-4 to the Credit Agreement are
hereby amended to add the parenthetical “(or successor form)” immediately after each reference to “IRS Form W-8BEN” appearing therein. 

2. New Lenders. 
 (a)
Each of the undersigned financial institutions that is not a party to the Credit Agreement prior to the effective date of this Amendment (each, an “New Lender”) agrees to be bound by the provisions of the Credit Agreement and agrees
that it shall, on the effective date of this Amendment, become a Lender for all purposes of the Credit Agreement, with a Commitment as set forth on Schedule 2.01 attached hereto. 

(b) Each undersigned New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and by the Credit Agreement and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to become a Lender, (iii) from and after the effective date of this Amendment, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have
the obligations of a Lender thereunder, and (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent, any Lender or any Issuing Bank; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any Lender or any Issuing Bank, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender. 
 3. Conditions of
Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that: 
 (a) The Administrative Agent shall
have received counterparts of this Amendment duly executed by the Borrowers, the Subsidiary Guarantors, the Lenders, each New Lender, the Issuing Banks, the Swingline Lender and the Administrative Agent. 

(b) The Administrative Agent shall have received such instruments and documents as the Administrative Agent shall reasonably request,
including written opinions of (i) DLA Piper LLP (US), special U.S. counsel for the Loan Parties and (ii) Stewart McKelvey Stirling Scales, special Canadian counsel to the Loan Parties, each in form and substance reasonably acceptable to
the Administrative Agent. 
 (c) The Administrative Agent shall have received, for the account of each Lender (including each New Lender)
party hereto that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to the amount previously disclosed to the Lenders. 

  
 12 

 (d) The Administrative Agent shall have received payment and/or reimbursement of the
Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, fees and expenses of counsel for the Administrative Agent) in connection with this Amendment. 

(e) The Administrative Agent shall have made such reallocations of each Lender’s Applicable Percentage of the Revolving Credit Exposure
under the Credit Agreement (including the New Lenders) as are necessary in order that the Revolving Credit Exposure with respect to such Lender reflects such Lender’s Applicable Percentage of the Revolving Credit Exposure under the Credit
Agreement as amended hereby. The Borrower hereby agrees to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Loans and the reallocation described
in this clause (e), in each case on the terms and in the manner set forth in Section 2.16 of the Credit Agreement. 
 4.
Representations and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows: 
 (a) This Amendment
and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default shall have occurred
and be continuing and (ii) the representations and warranties of such Borrower set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects (provided that any representation or warranty qualified by
materiality or Material Adverse Effect is true and correct in all respects). 
 5. Reference to and Effect on the Credit Agreement.

 (a) Upon the effectiveness hereof, each reference to the Credit Agreement or any other Loan Document shall mean and be a reference to the
Credit Agreement as amended hereby. 
 (b) Each Loan Document and all other documents, instruments and agreements executed and/or delivered
in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) Except with respect to the
subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit
Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 6.
Consent and Reaffirmation. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement, the
Subsidiary Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Credit Agreement, the Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement
remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 
 7. Governing Law. This Amendment shall be
construed in accordance with and governed by the law of the State of New York. 

  
 13 

 8. Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose. 
 9. Counterparts. This Amendment may be
executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same
force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
 14 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	 WATSCO, INC.,
 as the
Company

		
	By:	 	/s/ Ana M. Menendez
	 Name:
 Title:
	 	 Ana M. Menendez
 Chief Financial
Officer

  

			
	 WATSCO CANADA, INC.,
 as the
Canadian Borrower

		
	By:	 	/s/ Ana M. Menendez
	 Name:
 Title:
	 	 Ana M. Menendez
 Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

			
	 WATSCO CANADA, INC.,
 as a Subsidiary
Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President
	  	 WATSCO HOLDINGS, INC.,
 as a Subsidiary
Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President

		
	 WATSCO HOLDINGS II, INC.,
 as a Subsidiary
Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President
	  	 WATSCO HOLDINGS III, LLC,
 as a Subsidiary
Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President

		
	 EAST COAST METAL DISTRIBUTORS LLC,
 as a
Subsidiary Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President
	  	 BAKER DISTRIBUTING COMPANY LLC,
 as a Subsidiary
Guarantor
  
 By:  /s/ Ana M.
Menendez                                        
    
 Name: Ana M. Menendez
 Title:
  Vice President:

  

			
	 GEMAIRE DISTRIBUTORS LLC,
 as a
Subsidiary Guarantor

		
	By:	 	/s/ Ana M. Menendez
	 Name: Ana M. Menendez
 Title:
  Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 JPMORGAN CHASE BANK, N.A.,

individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent

		
	By:	 	/s/ John A. Horst
	 Name:
 Title:
	 	 John A. Horst
 Credit Executive

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Lender

		
	By:	 	/s/ David Gutierrez
	 Name:
 Title:
	 	 David Gutierrez
 Senior Vice
President

  

			
	 BANK OF AMERICA, N.A. (CANADA BRANCH),

as a Lender

		
	By:	 	/s/ Medina Sales de Andrade
	 Name:
 Title:
	 	 Medina Sales de Andrade
 Vice
President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender and as an Issuing Bank

		
	By:	 	/s/ Benny Gonzalez
	 Name:
 Title:
	 	 Benny Gonzalez
 Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	/s/ Michael E. Temnick
	 Name:
 Title:
	 	 Michael E. Temnick
 Vice
President

  

			
	 U.S. BANK NATIONAL ASSOCIATION, CANADA BRANCH,

as a Lender

		
	By:	 	/s/ Paul Rodgers
	 Name:
 Title:
	 	 Paul Rodgers
 Principal Officer

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 THE NORTHERN TRUST COMPANY,
 as a
Lender

		
	By:	 	/s/ Patrick Osborne
	 Name:
 Title:
	 	 Patrick Osborne
 Officer

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 BRANCH BANKING & TRUST COMPANY,

as a Lender

		
	By:	 	/s/ Anthony D. Nigro
	 Name:
 Title:
	 	 Anthony D. Nigro
 Senior Vice
President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 BANK OF MONTREAL, CHICAGO BRANCH,

as a Lender

		
	By:	 	/s/ Edward McGuire
	 Name:
 Title:
	 	 Edward McGuire
 Managing
Director

  

			
	 BANK OF MONTREAL, TORONTO BRANCH,

as a Lender

		
	By:	 	/s/ Jenni Li
	 Name:
 Title:
	 	 Jenni Li
 Vice President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 REGIONS BANK,
 as a
Lender

		
	By:	 	/s/ Fernando Lumbreras
	 Name:
 Title:
	 	 Fernando Lumbreras
 Assistant Vice
President
 Commercial and Industrial Banking

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 SABADELL UNITED BANK, N.A.,
 as a
Lender

		
	By:	 	/s/ Maurici Llado
	 Name:
 Title:
	 	 Maurici Llado
 EVP –
Corporate & Commercial Banking

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 
			
	 MERCANTIL COMMERCEBANK, N.A.,
 as a
Lender

		
	By:	 	/s/ Alan Hills
	 Name:
 Title:
	 	 Alan Hills
 Senior Vice
President

 Signature Page to Amendment No. 3 to 

Credit Agreement dated as of April 27, 2012 

Watsco, Inc. et al 

 SCHEDULE 2.01 

COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
		
	 JPMORGAN CHASE BANK, N.A.
	  	$	96,000,000	  
		
	 BANK OF AMERICA, N.A.
	  	$	96,000,000	  
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	96,000,000	  
		
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	84,000,000	  
		
	 THE NORTHERN TRUST COMPANY
	  	$	66,000,000	  
		
	 BRANCH BANKING & TRUST COMPANY
	  	$	60,000,000	  
		
	 BANK OF MONTREAL, CHICAGO BRANCH
	  	$	42,000,000	  
		
	 REGIONS BANK
	  	$	30,000,000	  
		
	 SABADELL UNITED BANK, N.A.
	  	$	25,000,000	  
		
	 MERCANTIL COMMERCEBANK, N.A.
	  	$	5,000,000	  
		
	 AGGREGATE COMMITMENT
	  	$	600,000,000

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