Document:

EX-10.2

 Exhibit 10.2 
 CONSENT AND AMENDMENT NO. 1 
 Dated as of April 11, 2013 

to 
 CREDIT
AGREEMENT 
 Dated as of February 20, 2013 
 THIS CONSENT AND AMENDMENT NO. 1 (this “Consent and Amendment”) is made as of April 11, 2013 and shall, upon satisfaction of the conditions precedent set forth in
Section 2 below be effective as of the date hereof (the “Amendment No. 1 Effective Date”) by and among American Capital Acquisition Corporation, a Delaware corporation (the “Borrower”), the
financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of February 20, 2013 by and among the
Borrower, the Lenders and the Administrative 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 Borrower has requested that the requisite Lenders and
the Administrative Agent consent to certain transactions and agree to make certain modifications to the Credit Agreement; 

WHEREAS, the Borrower, 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 Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Consent and Amendment. 

1. Consent. The Borrower has informed the Administrative Agent and the Lenders that ACAC Holdings Luxembourg S.a.r.l., a Luxembourg
company, intends to purchase (the “Acquisition”) all of the outstanding Equity Interests of Euro Accident Health & Care Insurance Aktiebolag, a Swedish limited liability company (the “Target”), for
aggregate initial consideration in an amount not to exceed $25,000,000 (and a potential earn-out based on future EBITDA of the Target as set forth in the purchase agreement and such other agreements entered into in respect of the Acquisition (the
“Acquisition Documents”)), of which not more than $20,000,000 shall be proceeds of Loans made under the Credit Agreement and that the Borrower will provide a performance guarantee with respect to the performance by ACAC Holdings
Luxembourg S.a.r.l. under the Acquisition Documents (all of the foregoing, the “Transaction”). The Borrower has requested the Administrative Agent and the Required Lenders to consent (the “Consent”) to and agree
that (i) ACAC Holdings Luxembourg S.a.r.l. may consummate the Transaction and ii) for purposes of determining compliance with Section 6.04 of the Credit Agreement, the Transaction shall be deemed to constitute a Permitted Acquisition made
pursuant to Section 6.04(i)(x) of the Credit Agreement. Effective as of the Amendment No. 1 Effective Date, and notwithstanding anything contained in the Credit Agreement, including Sections 5.08 and 6.04 of the Credit Agreement, to the
contrary, the Administrative Agent and the Lenders party hereto hereby grant 

 
the Consent. 
 2. Amendments to Credit Agreement. Effective as of
the Amendment No. 1 Effective Date, the Credit Agreement is hereby amended as follows: 
 (a) The definition of
“Consolidated Net Income” appearing in Section 1.01 of the Credit Agreement is amended to add the phrase “or, solely for purposes of any determination made in respect of Section 6.14(e), SAP” at the end thereof.

 (b) The definition of “Strategic Investment” appearing in Section 1.01 of the Credit Agreement is amended to
delete the phrase “less than 50%” appearing therein and to replace such phrase with “50% or less”. 
 3.
Conditions of Effectiveness. The effectiveness of this Consent and Amendment is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Consent and Amendment duly executed by the
Borrower, the Required Lenders and the Administrative Agent and (ii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, the reasonable fees and expenses
of counsel for the Administrative Agent) in connection with this Consent and Amendment. 
 4. Representations and Warranties
of the Borrower. The Borrower hereby represents and warrants as follows: 
 (a) This Consent and Amendment and the Credit
Agreement as amended hereby constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (b) As of the date hereof and giving effect to the terms of this Consent and Amendment, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and
warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct as of the date hereof. 

5. Reference to and Effect on the Credit Agreement. 
 (a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 (b) Except with respect to the subject matter hereof and as set forth herein, each Loan Document and all other documents,
instruments and agreements executed and/or delivered in connection therewith, and all of the terms and provisions thereof, are and shall remain in full force and effect and are hereby ratified and confirmed. 

(c) Except with respect to the subject matter hereof and as set forth herein, the execution, delivery and effectiveness of this Consent
and 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. 

  
 2 

 6. Governing Law. This Consent and Amendment shall be construed in accordance with
and governed by the law of the State of New York. 
 7. Headings. Section headings in this Consent and Amendment are
included herein for convenience of reference only and shall not constitute a part of this Consent and Amendment for any other purpose. 
 8. Counterparts. This Consent and 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. 
 [Signature Pages Follow] 

  
 3 

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

			
	AMERICAN CAPITAL ACQUISITION
    CORPORATION, as the Borrower
		
	By:	 	 /s/ Peter Rendall

	Name:	 	Peter Rendall
	Title:	 	Treasurer

  
 Signature Page
to Consent and Amendment No. 1 to 
 Credit Agreement dated as of February 20, 2013 

American Capital Acquisition Corporation 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 individually as a Lender and as Administrative Agent

		
	By:	 	 /s/ Thomas A. Kiepura

	Name:	 	Thomas A. Kiepura
	Title:	 	Senior Credit Executive

  
 Signature Page
to Consent and Amendment No. 1 to 
 Credit Agreement dated as of February 20, 2013 

American Capital Acquisition Corporation 

 
			
	 KEYBANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ James Cribbet

	Name:	 	James Cribbet
	Title:	 	Senior Vice President

  
 Signature Page
to Consent and Amendment No. 1 to 
 Credit Agreement dated as of February 20, 2013 

American Capital Acquisition Corporation 

 
			
	 FIRST NIAGARA BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ David Reading

	Name:	 	David Reading
	Title:	 	First Vice President

  
 Signature Page
to Consent and Amendment No. 1 to 
 Credit Agreement dated as of February 20, 2013 

American Capital Acquisition Corporation 

 
			
	 ASSOCIATED BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Liliana Huerta

	Name:	 	Liliana Huerta
	Title:	 	Vice President

  
 Signature Page
to Consent and Amendment No. 1 to 
 Credit Agreement dated as of February 20, 2013 

American Capital Acquisition CorporationEX-10.3

 Exhibit 10.3 
 AMENDMENT NO. 2 
 Dated as of August 6, 2013 

to 
 CREDIT
AGREEMENT 
 Dated as of February 20, 2013 
 THIS AMENDMENT NO. 2 (this “Amendment”) is made as of August 6, 2013 and shall, upon satisfaction of the conditions precedent set forth in Section 2 below be effective as
of the date hereof (the “Amendment No. 2 Effective Date”) by and among National General Holdings Corp. (formerly known as American Capital Acquisition Corporation), a Delaware corporation (the “Borrower”), the
financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of February 20, 2013 by and among the
Borrower, the Lenders and the Administrative 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 Borrower has requested that the requisite Lenders and
the Administrative Agent agree to make certain modifications to the Credit Agreement; 
 WHEREAS, the Borrower, 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 Borrower, the Lenders party hereto and the
Administrative Agent hereby agree to enter into this Amendment. 
 1. Amendments to Credit Agreement. Effective as of the
Amendment No. 2 Effective Date, the Credit Agreement is hereby amended as follows: 
 (a) The Credit Agreement is amended
to delete each reference to “American Capital Acquisition Corporation” appearing therein and to replace each such reference with “National General Holdings Corp. (formerly known as American Capital Acquisition Corporation)”.

 (b) The definition of “Change in Control” appearing in Section 1.01 of the Credit Agreement is amended to
delete each reference to “65%” appearing therein and to replace each such reference with “60%”. 
 (c)
Section 1.01 of the Credit Agreement is amended to add the following definitions thereto in the proper alphabetical order and, where applicable, replace the corresponding previously existing definitions: 

“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO
Rate”. 

 “Interpolated Rate” means, 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 LIBOR Screen Rate for the longest
period (for which the LIBOR Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available) that exceeds the Impacted Interest
Period, in each case, at such time. 
 “LIBO Rate” means, with respect to any Eurodollar
Borrowing for any applicable Interest Period, the London interbank offered rate as administered by the British Bankers Association (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 “LIBOR Screen Rate”) at
approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, if the LIBOR Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.14. 

“LIBOR Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.

 (d) Section 2.14(a) of the Credit Agreement is amended to (i) add the phrase “and binding” immediately
following the phrase “shall be conclusive” appearing therein and (ii) add the parenthetical “(including, without limitation, by means of an Interpolated Rate)” immediately following the phrase “reasonable means”
appearing therein. 
 (e) Section 2.15(a)(i) of the Credit Agreement is amended to add the phrase “, liquidity”
immediately following the phrase “insurance charge” appearing therein. 
 (f) Section 6.04(k) of the Credit
Agreement is amended to delete the amount “$20,000,000” appearing therein and to replace such amount with “$45,000,000”. 
 (g) Section 6.07 of the Credit Agreement is amended to (i) delete the word “and” appearing at the end of clause (f) thereof, (ii) delete the period appearing at the end of
clause (g) thereof and to replace such period with “; and” and (iii) add the following as a new clause (h) thereof: 
 (h) the Borrower may declare and pay any cash dividend so long as immediately after giving effect (including giving effect on a pro forma basis) to such dividend (i) no Default or Event of Default
has occurred and is continuing and (ii) the Borrower would be in compliance with Section 6.14. 
 (h)
Section 6.14(d) of the Credit Agreement is amended to (i) delete the phrase “any of its existing or future U.S. Regulated Insurance Companies, in each case” appearing therein and to replace such phrase with “Integon National
Insurance Company (and its successors and assigns)” and (ii) delete the phrase “for such Regulated Insurance Company” appearing therein. 

  
 2 

 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
conditions precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent and (ii) payment and/or reimbursement of the
Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, the reasonable fees and expenses of counsel for the Administrative Agent) in connection with this Amendment. 

3. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows: 

(a) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrower and are
enforceable against the Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. 
 (b) As of the date hereof and 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 the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct as of
the date hereof. 
 4. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean
and be a reference to the Credit Agreement as amended hereby. 
 (b) Except with respect to the subject matter hereof and as set
forth herein, each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith, and all of the terms and provisions thereof, are and shall remain in full force and effect and are hereby
ratified and confirmed. 
 (c) Except with respect to the subject matter hereof and as set forth herein, 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. 
 5. Governing Law. This Amendment shall
be construed in accordance with and governed by the law of the State of New York. 
 6. 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. 
 7. 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. 
 [Signature Pages Follow] 

  
 3 

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

			
	NATIONAL GENERAL HOLDINGS CORP.
	(formerly known as American Capital Acquisition Corporation), as the Borrower
		
	By:	 	 /s/ Michael Weiner

	Name:	 	Michael Weiner
	Title:	 	Chief Financial Officer

  
 Signature Page
to Amendment No. 2 to 
 Credit Agreement dated as of February 20, 2013 

National General Holdings Corp. 

 
			
	JPMORGAN CHASE BANK, N.A.,
	individually as a Lender and as Administrative Agent
		
	By:	 	 /s/ Hector J. Varona

	Name:	 	Hector J. Varona
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 2 to 
 Credit Agreement dated as of February 20, 2013 

National General Holdings Corp. 

 
			
	FIRST NIAGARA BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ David Reading

	Name:	 	David Reading
	Title:	 	First Vice President

  
 Signature Page
to Amendment No. 2 to 
 Credit Agreement dated as of February 20, 2013 

National General Holdings Corp. 

 
			
	ASSOCIATED BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Liliana Huerta

	Name:	 	Liliana Huerta
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 2 to 
 Credit Agreement dated as of February 20, 2013 

National General Holdings Corp.

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