Document:

EX-10.3

 Exhibit 10.3 

TIME SHARING AGREEMENT 

THIS TIME SHARING AGREEMENT is entered into effective as of the 22nd day of May, 2017, by and between MSG SPORTS & ENTERTAINMENT,
LLC, a Delaware limited liability corporation with a place of business at 2 Penn Plaza, New York, New York 10121 (“Lessor”), and DAVID O’CONNOR, with a mailing address c/o of The Madison Square Garden Company,
2 Penn Plaza, New York, NY 10121 (“Lessee”). 

W I T N E S S E T H: 

WHEREAS, Lessor is the lessee and the operator of a Gulfstream Aerospace G-V aircraft, manufacturer’s serial number 639, United
States registration N501CV (the “Aircraft”); and 
 WHEREAS, Lessor has engaged fully-qualified and credentialed flight crew to
operate the Aircraft; and 
 WHEREAS, Lessor has agreed to lease the Aircraft, with flight crew, to Lessee on a “time sharing”
basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Lessor and Lessee, intending to be legally bound, hereby agree as follows: 

1. Lease of Aircraft. Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Section 91.501(b)(6) and
Section 91.501(c)(1) and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties acknowledge and agree that this
Agreement did not result in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the lease of the Aircraft effected by
this Agreement shall be treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1). 

2. Payment for Use of Aircraft. Lessee shall pay Lessor the following listed actual expenses of each flight (the “Reimbursement
Amount”) conducted under this Agreement (i.e. non-business flights for which reimbursement is required in accordance with Lessor’s policies), not to exceed the maximum amount legally payable for such flight under FAR
Section 91.501(d)(1)-(10): 
  

	 	(a)	fuel, oil, lubricants and other additives; 

  

	 	(b)	travel expenses of crew, including food, lodging and ground transportation; 

  

	 	(c)	hangar and tie-down costs away from the Aircraft’s base of operation; 

  

	 	(d)	additional insurance obtained for the specific flight at the request of Lessee; 

  

	 	(e)	landing fees, airport taxes and similar assessments; 

  

	 	(f)	customs, foreign permit and similar fees directly related to the flight; 

  

	 	(g)	in-flight food and beverages; 

  

	 	(h)	in-flight telecommunication expenses; 

  

	 	(i)	passenger ground transportation; and 

  

	 	(j)	flight planning and weather contract services. 

 Notwithstanding the foregoing, in the event
that any income is required to be imputed to you with respect to personal use of the Aircraft, calculated using the Standard Industry Fare Level method in accordance with Internal Revenue Service Regulation
§1.61-21, the amount payable by you pursuant to this Section 2 shall be reduced by the amount necessary so that the total out of pocket cost to you, including taxes owed as a result of imputed
income, is no greater than the Reimbursement Amount. 

 3. Operational Control of Aircraft. Lessor and Lessee intend and agree that on all flights
conducted under this Agreement, Lessor shall have complete and exclusive operational control over the Aircraft, its flight crews and maintenance, and complete and exclusive possession, command and control of the Aircraft. Lessor shall have complete
and exclusive responsibility for scheduling, dispatching and flight following of the Aircraft on all flights conducted under this Agreement, which responsibility includes the sole and exclusive right over initiating, conducting and terminating such
flights. Lessee shall have no responsibility for scheduling, dispatching or flight following on any flight conducted under this Agreement, nor any right over initiating, conducting or terminating any such flight. Nothing in this Agreement is
intended or shall be construed so as to convey to Lessee any operational control over, or possession, command and control of, the Aircraft, all of which are expressly retained by Lessor. 

4. Scheduling. 
 (a)
Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible. Lessee or the designated authorized representative(s) of Lessee shall submit scheduling requests under this
Agreement to the designated authorized representative(s) of Lessor. Requests for flight time shall be in such form (whether oral or written) mutually convenient to, and agreed upon by, the parties. In addition to proposed schedules and flight times,
Lessee shall upon request provide Lessor with the following information for each proposed flight prior to scheduled departure: (i) proposed departure point; (ii) destination; (iii) date and time of flight; (iv) the number of
anticipated passengers; (v) the nature and extent of luggage to be carried; (vi) the date and time of a return flight, if any; and (vii) any other pertinent information concerning the proposed flight that Lessor or the flight crew may
request. 
 (b) Subject to Aircraft and crew availability and to any usage limitations established by Lessor, Lessor shall use its good
faith efforts, consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in scheduling, and to enable Lessee to enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees that
notwithstanding anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final authority over the scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall take precedence over
Lessee’s rights and Lessor’s obligations under this Agreement. 
 (c) Although every good faith effort shall be made to avoid its
occurrence, any flight scheduled under this Agreement is subject to cancellation by either party without incurring liability to the other party. In the event that cancellation is necessary, the canceling party shall provide the maximum notice
practicable. 
 5. Billing. Lessor shall pay all expenses relating to the operation of the Aircraft under this Agreement (in
accordance with Section 2 hereof) on a monthly basis. As soon as possible after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice showing all use of the Aircraft by Lessee under this Agreement during that
month and a complete accounting detailing all amounts payable by Lessee pursuant to Section 2 for that month, including such detail supporting all expenses paid or incurred by Lessor for which reimbursement is sought as Lessee may reasonably
request. Lessee shall pay all amounts due to Lessor under this Section 5 not later than 30 days after receipt of the invoice therefor. 

6. Maintenance of Aircraft. Lessor shall be solely responsible for securing maintenance, preventive maintenance and inspections of the
Aircraft (utilizing an inspection program listed in FAR Section 91.409(f)), and shall take such requirements into account in scheduling the Aircraft hereunder. 

7. Flight Crew. 
 (a)
Lessor shall employ or engage and as between Lessor and Lessee shall be responsible for the payment of all salaries, benefits and/or compensation for a fully-qualified flight crew with appropriate credentials to conduct each flight undertaken under
this Agreement. All flight crewmembers shall be included on any insurance policies that Lessor is required to maintain hereunder. 

  
 2 

 (b) The qualified flight crew provided by Lessor shall exercise all of its duties and
responsibilities with regard to the safety of each flight conducted hereunder in accordance with applicable FAR’ s. The Aircraft shall be operated under the standards and policies established by Lessor. Final authority to initiate or terminate
each flight, and otherwise to decide all matters relating to the safety of any given flight or requested flight, shall rest with the pilot-in-command of that flight. The flight crew may, in its sole
discretion, terminate any flight, refuse to commence any flight, or take any other action that, in the judgment of the pilot-in-command, is necessitated by considerations of safety. No such termination or refusal to commence by the pilot-in-command
shall create or support any liability for loss, injury, damage or delay in favor of Lessee or any other person. Lessor shall not be liable to Lessee or any other person for loss, injury or damage occasioned by the delay or failure to furnish the
Aircraft and flight crew pursuant to this Agreement for any reason. 
 8. Insurance. 

(a) At all times during the Term of this Agreement , Lessor shall maintain at its sole cost and expense (i) comprehensive aircraft and
liability insurance against bodily injury and property damage claims, including, without limitation, contractual liability, premises damage, personal property liability, personal injury liability, death and property damage liability, public and
passenger legal liability coverage, in an amount not less than $100,000,000 for each single occurrence and (ii) hull insurance for the full replacement cost of the aircraft. 

(b) Any policies of aircraft and liability insurance carried in accordance with this Section 8 and any policies taken out in substitution
or replacement of any such policies (i) shall name Lessee and his employees, agents, licensees, servants and guests as additional insured; (ii) shall provide for 30 days written notice to Lessee by such insurer of cancellation, change,
non-renewal or reduction (seven days in the case of war risk and allied perils coverage or such shorter period as is customarily available in the industry); (iii) shall provide that in respect of the interests of Lessee in such policies, the
insurance shall not be invalidated by any action or inaction of Lessor regardless of any breach or violation of any warranties, declarations or conditions contained in such policies by or binding upon Lessor; and (iv) shall permit the use of
the Aircraft by Lessor for compensation or hire to the extent permitted under applicable law. Each such policy shall be primary insurance, not subject to any co-insurance clause and shall be without right of contribution from any other insurance.

 (c) Lessor shall use reasonable commercial efforts to provide such additional insurance coverage for specific flights under this
Agreement, if any, as Lessee may request in writing. Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to purchase additional insurance to comply with local regulations. The cost of all additional
flight-specific insurance shall be borne by Lessee as set forth in Section 2(d) hereof. 
 (d) Each party agrees that it will not do
any act or voluntarily suffer or permit any act to be done whereby any insurance required hereunder shall or may be suspended, impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement
without such insurance being fully in effect. 
 (e) Lessor shall ensure that worker’s compensation insurance with all-states coverage
is provided for the Aircraft’s crew and maintenance personnel. 
 (f) Lessor shall deliver certificates of insurance to Lessee with
respect to the insurance required or permitted to be provided by it hereunder not later than the first flight of the Aircraft under this Agreement and upon the renewal date of each policy. 

9. Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and paying over to the
appropriate authorities, all applicable Federal transportation taxes and sales, use or other excise taxes imposed by any governmental authority in connection with any use of the Aircraft by Lessee hereunder. Each party shall indemnify the other
party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 

10. Lessee’s Representations and Warranties. Lessee represents and warrants that: 

(a) He will not use the Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire
or for common carriage. 
 (b) He shall refrain from incurring any mechanic’s or other liens in connection with inspection, preventive
maintenance, maintenance or storage of the Aircraft, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any
action that might mature into such a lien. 

  
 3 

 (c) He shall not lien or otherwise encumber or create or place any lien or other encumbrance of
any kind whatsoever, on or against the Aircraft for any reason. He also will ensure that no liens or encumbrances of any kind whatsoever are created or placed against the Aircraft for claims against Lessee or by Lessee. 

(d) He will abide by and conform to all laws, governmental and airport orders, rules and regulations, as shall be imposed upon the lessee of
an aircraft under a time sharing agreement, and applicable company policies of Lessor. 
 11. Lessor’s Representations and
Warranties. Lessor represents and warrants that it will abide by and conform to all such laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the
Aircraft pursuant to this Agreement. 
 12. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR HAS
MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY
OR TO ANY OTHER PERSON FOR ANY INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING. 
 13. Term. The term of this
Agreement (the “Term”) shall commence on the effective date hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force and effect for so long as you remain employed by The Madison Square Garden
Company or any of its subsidiaries. Notwithstanding the foregoing, either party shall have the right to terminate this Agreement for any reason or no reason by written notice given to the other party not less than 30 days prior to the proposed
termination date. 
 14. Limitation of Liability. Lessee, for himself and on behalf of his agents, guests, invitees, licensees,
servants and employees, covenants and agrees that the insurance described in Section 8 hereof shall be the sole recourse for any and all liabilities, claims, demands, suits, causes of action, losses, penalties, fines, expenses or damages,
including attorneys’ fees, court costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant to this Agreement or performance of or failure to perform any obligation under this Agreement. 

15. Relationship of Parties. Lessor is strictly an independent contractor lessor/provider of transportation services with respect to
Lessee. Nothing in this Agreement is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or principal and agent. All persons furnished by Lessor for the performance of the operations and activities
contemplated by this Agreement shall at all times and for all purposes be considered Lessor’s employees or agents. 
 16. Governing
Law; Severability. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to its choice of law rules. If any provision of this Agreement conflicts with any statute or rule of law
of the State of New York, or is otherwise unenforceable, such provision shall be deemed null and void only the extent of such conflict or unenforceability, and shall be deemed separate from, and shall not invalidate, any other provision of this
Agreement. 
 17. Amendment. This Agreement may not be amended, supplemented, modified or terminated, or any of its terms varied,
except by an agreement in writing signed by each of the parties hereto. 
 18. Counterparts. This Time Sharing Agreement may be
executed in counterparts, each of which shall, for all purposes, be deemed an original and all such counterparts, taken together, shall constitute one and the same agreement, even though all parties may not have executed the same counterpart. Each
party may transmit its signature by facsimile, and such faxed signature shall have the same force and effect as an original signature. 

19. Successors and Assigns. This Time Sharing Agreement shall be binding upon the parties hereto, and their respective heirs,
executors, administrators, other legal representatives, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, to their respective heirs, executors, administrators, other legal
representatives, successors and permitted assigns. Lessee agrees that he shall not directly or indirectly sublease, assign, transfer, pledge or hypothecate this Agreement or any part hereof (including any assignment or transfer pursuant to the laws
of intestacy) without the prior written consent of Lessor, which may be given or withheld by Lessor in its sole and absolute discretion. 

  
 4 

 20. Notices. All notices or other communications delivered or given under this Agreement
shall be in writing and shall be deemed to have been duly given if hand- delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, or
confirmed facsimile transmission, as the case may be. Such notices shall be addressed to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set
forth in this Section 20. In the case of notices to Lessor, a copy of each such notice shall be sent to MSG Sports & Entertainment, 2 Penn Plaza, New York, New York 10121, attention: General Counsel. Notices sent by certified or
registered mail shall be deemed received three business days after being mailed. All other notices shall be deemed received on the date delivered. Routine communications may be made by e-mail or fax to the addresses set forth therein. 

21. Truth-in-Leasing Compliance. Lessor, on behalf of the Lessee, shall (i) mail a copy of this Agreement to the Aircraft
Registration Branch, Technical Section, of the FAA in Oklahoma City within 24 hours of its execution; (ii) notify the Farmingdale Flight Standards District Office at least 48 hours prior to the first flight by Lessor under this Agreement of the
registration number of the Aircraft, and the location of the airport of departure and departure time of the first flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this
Agreement. 
 22. TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23: 

(A) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING THE
DATE OF EXECUTION OF THIS AGREEMENT. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

(B) MSG SPORTS & ENTERTAINMENT, LLC, 2 PENN PLAZA, NEW YORK, NEW YORK 10121, HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL
CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS UNDER THIS AGREEMENT. 
 (C) EACH PARTY HEREBY CERTIFIES THAT IT UNDERSTANDS ITS
RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (D) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE
FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

  
 5 

 IN WITNESS WHEREOF, Lessor and Lessee have executed this Time Sharing Agreement effective as of
the date first above written. 
  

			
	LESSOR:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	By:	 	/s/ Donna Coleman
	Name:	 	Donna Coleman
	Title:	 	EVP & Chief Financial Officer
	
	LESSEE:
	
	/s/ David O’Connor
	David O’Connor

  
 6EX-10.1

EXHIBIT 10.1

EXECUTION VERSION

FOURTH AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

This Fourth Amendment to Letter of Credit Reimbursement Agreement, dated as of May 25,
2017 (this “Amendment”), amends the Letter of Credit Reimbursement Agreement, dated as of
November 23, 2015 (as previously amended, the “Agreement”), among Renaissance Reinsurance
Ltd. (the “Borrower”), various lenders party thereto, Bank of Montreal, as Documentation
Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of
Credit Agent.  Capitalized terms used herein and not otherwise defined shall have the respective
meanings ascribed thereto in the Agreement.

WHEREAS, the parties hereto desire to amend the Agreement in certain respects as hereinafter
set forth;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:

SECTION 1. AMENDMENTS. As of the Fourth Amendment Effective Date (as defined below),
the Agreement shall be amended as follows:

1.1 Section 1.1 of the Agreement is amended by adding the following definition in alphabetical
order:

“Fourth Amendment Effective Date” means May 25, 2017.

1.2 Section 1.1 of the Agreement is amended by amending the following definition in its
entirety to read as follows:

“Default” means any event that constitutes, or if it continues uncured, will,
with the lapse of time or the giving of notice or both, constitute, an Event of
Default.

1.3 Section 2.1(a) of the Agreement is amended in its entirety to read as follows:

(a) (i) On the Effective Date, each Lender, upon the terms and conditions set forth
in this Agreement, issued, at the request and for the account of the Borrower, such
Lender’s Applicable Percentage of (x) a Letter of Credit denominated in Dollars with
a stated amount of $360,000,000, which Letter of Credit was previously amended to
have a stated amount of $380,000,000, and (y) a Letter of Credit denominated in
Pounds with a stated amount of £85,000,000, which Letter of Credit was previously
amended to have a stated amount of £90,000,000, in each case, to support the
obligations of the Corporate Member with respect to the Supported Syndicate and (ii)
as of the Fourth Amendment Effective Date, each Lender agrees to (A) amend the
Letter of Credit described in clause (a)(i)(x) above to change the stated amount of
$380,000,000 to a stated amount of $180,000,000 and (B) cancel the Letter of Credit
described in clause (a)(i)(y) above.

Provided there exists no Default, upon notice to the Documentation Agent (which
shall promptly notify the Lenders), the Borrower may from time to time request that
the Letter of Credit described in clause (a)(i)(x) above (as amended in accordance
with clause (a)(ii)(A) above) be amended to increase the stated amount of such
Letter of Credit or issue a new Letter of Credit denominated in Pounds in an
aggregate amount for all such increases or issuances not to exceed $75,000,000 or
the equivalent thereof based on the Conversion Rate as of the date of amendment or
issuance. At the time of sending such notice, the Borrower (in consultation with
the Documentation Agent) shall specify the time period within which each Lender is
requested to respond (which shall in no event be less than ten Business Days from
the date of delivery of such notice to the Lenders). Each Lender shall notify the
Documentation Agent within such time period whether or not it agrees to such
increase or new issuance and, if so, whether by an amount equal to, greater than or
less than its Applicable Percentage of such requested increase or new issuance. Any
Lender not responding within such time period shall be deemed to have declined to
make such increase or new issuance. The Documentation Agent shall notify the
Borrower and each Lender of the Lenders’ responses to each request made hereunder.
If the Lenders agree to make such increase or new issuance in accordance with this
paragraph, the Documentation Agent and the Borrower shall determine the final
allocation of such increase or new issuance; provided that unless a Lender declines
to participate in such increase or new issuance or agrees to do so in an amount less
than its then-existing Applicable Percentage, each Lender’s allocation of the
increase or new issuance shall be equal to its then-existing Applicable Percentage;
provided further that if any Lender declines to participate in such increase or new
issuance or agrees to do so in an amount less than its Applicable Percentage, the
Documentation Agent shall notify the other Lenders and shall give the other Lenders
an option to increase their offered amount of such increase or new issuance so that
the requested increase or new issuance may, if such Lenders agree to increase their
offered amounts, equal the full amount requested by the Borrower. If the Lenders
agree to an increase or new issuance as set forth in this paragraph, the Letter of
Credit Agent will amend or issue the applicable Letter of Credit in accordance with
Section 2.4.

1.4 Section 2.4(a) of the Agreement is amended in its entirety to read as follows:

(a) Prior to the issuance of a Letter of Credit or an amendment to a Letter of
Credit described in Section 2.1(a) and as a condition of such issuance or
amendment, the Borrower shall deliver to the Letter of Credit Agent a Letter of
Credit Application signed by the Borrower, together with such other documents or
items as may be required pursuant to the terms thereof and hereof, and the proposed
form and content of such Letter of Credit shall be reasonably satisfactory to the
Letter of Credit Agent. The documents so delivered shall be in compliance with the
requirements set forth in Section 2.1(b), and shall specify therein (i) the
stated amount of the Letter of Credit requested, (ii) the effective date of such
amendment or issuance of such requested Letter of Credit, (iii) whether the Letter
of Credit is to be denominated in Dollars or Pounds and (iv) the aggregate amount of
Letter of Credit Obligations which are outstanding and which will be outstanding
after giving effect to the requested amendment or Letter of Credit issuance. With
respect to an amendment to or issuance of a Letter of Credit described in the second
paragraph of Section 2.1(a), such documents shall also include a
certification by the Borrower that (w) the representations and warranties of the
Borrower set forth in this Agreement and the other Credit Documents are true and
correct in all material respects with the same effect as if then made (except to the
extent relating solely to an earlier date, in which case such representation and
warranty shall have been true and correct as of such earlier date), (x) no Default,
Event of Default or Full Collateralization Event shall exist before or after giving
effect to such issuance or amendment, (y) confirmation from Lloyd’s that the
Managing Agent has submitted all necessary documents regarding its plan to provide
Funds at Lloyd’s and (z) if requested by a Lender, such opinions, certificates and
resolutions as may be reasonably requested. The delivery of the foregoing documents
and information shall constitute a “Letter of Credit Application” for
purposes of this Agreement. Subject to the terms and conditions of
Section 2.1 and provided that (A) the applicable conditions set forth in
Section 9.1 hereof have been satisfied and (B) the Eligible Collateral in
the Collateral Account has a Collateral Value not less than the Required Collateral
Amount after giving effect to the increase in the stated amount or issuance of such
Letter of Credit, the Letter of Credit Agent (on behalf of the Lenders) shall within
the timeframe set forth in Section 2.1, issue or amend a Letter of Credit on
behalf of the Borrower in accordance with the Letter of Credit Agent’s usual and
customary business practices. The Letter of Credit Agent shall give the Lenders
prompt written notice of the issuance of or amendment to any Letter of Credit.

1.5 Section 2.4(b) of the Agreement is amended in its entirety to read as follows:

(b) The Letter of Credit Agent is hereby authorized to execute and deliver each
Letter of Credit and each amendment to a Letter of Credit on behalf of each Lender,
except to the extent a Lender has not agreed to increase the stated amount of such
Letter of Credit or issue a new Letter of Credit pursuant to the second paragraph of
Section 2.1(a). The Letter of Credit Agent shall use the Applicable
Percentage of each Lender under each Letter of Credit as its “Commitment”. The
Letter of Credit Agent shall not amend any Letter of Credit to change the
“Commitment” of a Lender or add or delete a Lender liable thereunder unless such
amendment is done in connection with an assignment in accordance with Section
12.6 or in connection with any amendment or issuance of a Letter of Credit
pursuant to the second paragraph of Section 2.1(a). Each Lender hereby
irrevocably constitutes and appoints the Letter of Credit Agent its true and lawful
attorney-in-fact for and on behalf of such Lender with full power of substitution
and revocation in its own name or in the name of the Letter of Credit Agent to
issue, execute and deliver, as the case may be, each Letter of Credit and each
amendment to a Letter of Credit and to carry out the purposes of this Agreement with
respect to Letters of Credit, except to the extent a Lender has not agreed to
increase the stated amount of such Letter of Credit or issue a new Letter of Credit
pursuant to the second paragraph of Section 2.1(a). Upon request, each
Lender shall execute such powers of attorney or other documents as any beneficiary
of any Letter of Credit may reasonably request to evidence the authority of the
Letter of Credit Agent to execute and deliver such Letter of Credit and any
amendment or other modification thereto on behalf of the Lenders.

2. Representations and Warranties. The Borrower represents and warrants to the Agents
and the Lenders that:

(a) Authorization. The Borrower has the requisite power and authority to execute and
deliver this Amendment and to perform and observe the terms and conditions stated herein and in the
Agreement, and the Borrower has taken all necessary corporate or other action to authorize its
execution, delivery and performance of this Amendment and the Agreement, as amended hereby.

(b) No Conflict. The Borrower’s execution, delivery and performance of this Amendment
do not and will not: (i) violate or contravene its Organizational Documents; (ii) violate or
contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental
Authority, in each case applicable to or binding upon it or any of its property; or (iii) result in
the breach of any provision of, or in the imposition of any lien or encumbrance (except for liens
or encumbrances created under the Credit Documents) under, or constitute a default or event of
default under, any agreement or arrangement to which it is a party or by which it or any of its
property is bound.

(c) Governmental Approvals. No authorization, approval or consent of, or notice to or
filing with, any Governmental Authority is required to be made by the Borrower in connection with
the execution and delivery by the Borrower of this Amendment or the issuance by the Lenders of any
Letter of Credit, or amendment thereto, or other Obligations for the account of the Borrower
pursuant to the Agreement, as amended by this Amendment, except for those which have been duly
obtained, taken, given or made and are in full force and effect.

(d) Enforceability. This Amendment has been duly executed and delivered by the
Borrower and is the legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms, except as affected by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and other similar laws relating to or affecting the
enforcement of creditors’ rights generally and/or (ii) general principles of equity (regardless of
whether such enforcement is considered in a proceeding at law or in equity) and good faith and fair
dealing.

(e) Representations and Warranties. On the date hereof, each representation and
warranty set forth in Section 7 of the Agreement, as amended by this Amendment, is true and correct
in all material respects on and as of the date hereof with the same effect as if made on and as of
the date hereof (except to the extent any such representation or warranty relates solely to an
earlier date, in which case such representation or warranty was true and correct as of such date).

(f) No Default. No Default, Event of Default or Full Collateralization Event exists
or will exist after giving effect to this Amendment or the issuance of any new Letters of Credit or
amendments to existing Letters of Credit.

3. Effectiveness. This Amendment shall become effective on the date (the “Fourth
Amendment Effective Date”) when the Documentation Agent has received each of the following, in
form and substance satisfactory to the Documentation Agent:

(a) counterparts of this Amendment signed by the Borrower and each other party hereto;

(b) Confirmation from Lloyd’s that the Managing Agent has submitted all necessary documents
regarding its plan to provide Funds at Lloyd’s;

(c) all amounts that are then due and payable pursuant to Section 3 and Section 12.4 of the
Agreement; and

(d) such other documents as any Agent or any Lender may reasonably request.

4. Miscellaneous.

(a) On and after the date hereof, as used in the Agreement, “hereinafter,” “hereto,” “hereof”
and words of like import and all references in the Agreement, the other Credit Documents and the
respective exhibits and schedules thereto shall, unless the context otherwise requires, be deemed
to be references to the Agreement as amended hereby and as further amended from time to time.

(b) Except as expressly amended hereby, the parties hereto agree that the Agreement is
ratified and confirmed, as amended hereby, and shall remain in full force and effect in accordance
with its terms and that all provisions of this Amendment are the legally binding and enforceable
agreements of the parties hereto and their permitted successors and assigns.

(c) This Amendment and any claim, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions
contemplated hereby shall be governed by, and construed in accordance with, the law of the State of
New York.

(d) The provisions of Sections 12.15 and 12.16 of the Agreement regarding, among other things,
jurisdiction, service of process and waiver of trial by jury, shall apply to this Amendment as if
the same were set out in full herein in this place.

(e) This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Amendment.  Delivery of a
counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be
effective as delivery of a manually executed original counterpart thereof.

(f) Section captions used in this Amendment are for convenience only and shall not affect the
construction of this Amendment.

[Signature Pages Follow]

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

RENAISSANCE REINSURANCE LTD.

By: /s/ Stephen H. Weinstein

Name: Stephen H. Weinstein

Title: SVP, General Counsel, Chief Compliance Officer

& Secretary

1

BANK OF MONTREAL, as Documentation Agent

By: /s/ Benjamin Milot

Name: Benjamin Milot

Title: Vice President

2

BANK OF MONTREAL, LONDON BRANCH, as a Lender

By: /s/ Anthony Ebdon

Name: Anthony Ebdon

Title: MD

By: /s/ Scott Matthews

Name: Scott Matthews

Title: MD

3

CITIBANK EUROPE PLC., as Collateral Agent and a

Lender

By: /s/ Niall Tuckey

Name: Niall Tuckey

Title: Director

4

ING BANK N.V., LONDON BRANCH., as Letter of Credit

Agent and a Lender

By: /s/ N. Marchant

Name: N. Marchant

Title: Director

By: /s/ Alan Prosser

Name: Alan Prosser

Title: Vice President

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00271-of-00352.parquet"}]]