Document:

Registration Rights agreement,dated February 28,2007

 Exhibit 10.44 
 EXECUTION VERSION 
  

 REGISTRATION RIGHTS AGREEMENT 
 Dated as of February 28, 2007 
 By and Among 
 AMERICAN RAILCAR INDUSTRIES,
INC., 
 the GUARANTORS named herein 
 and 
 UBS SECURITIES LLC 
 and 
 BEAR, STEARNS & CO. INC., 
 as Initial Purchasers 
 7.5% Senior Notes due 2014 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Section 1.
	  	Definitions	  	1
			
	 Section 2.
	  	Exchange Offer	  	4
			
	 Section 3.
	  	Shelf Registration	  	7
			
	 Section 4.
	  	Additional Interest	  	8
			
	 Section 5.
	  	Registration Procedures	  	9
			
	 Section 6.
	  	Registration Expenses	  	17
			
	 Section 7.
	  	Indemnification	  	18
			
	 Section 8.
	  	Rules 144 and 144A	  	21
			
	 Section 9.
	  	Underwritten Registrations	  	21
			
	 Section 10.
	  	Miscellaneous	  	22
			
	 (a)
	  	No Inconsistent Agreements	  	22
	 (b)
	  	Adjustments Affecting Registrable Notes	  	22
	 (c)
	  	Amendments and Waivers	  	22
	 (d)
	  	Notices	  	22
	 (e)
	  	Guarantors	  	23
	 (f)
	  	Successors and Assigns	  	24
	 (g)
	  	Counterparts	  	24
	 (h)
	  	Headings	  	24
	 (i)
	  	Governing Law	  	24
	 (j)
	  	Severability	  	24
	 (k)
	  	Securities Held by the Issuers or Their Affiliates	  	24
	 (l)
	  	Third-Party Beneficiaries	  	24
	 (m)
	  	Entire Agreement	  	24
		
	 SIGNATURES
	  	S-1

  

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 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is dated as of February 28, 2007, by and among AMERICAN RAILCAR INDUSTRIES, INC.,
a Delaware corporation (the “Company”), and each of the Guarantors (as defined herein) that may become a party to this Agreement after the date hereof (the Company and the Guarantors are referred to collectively herein as the
“Issuers”), on the one hand, and UBS SECURITIES LLC (the “Representative”) and BEAR, STEARNS & CO. INC. (together with the Representative, the “Initial Purchasers”), on the other hand. 
 This Agreement is entered into in connection with the Purchase Agreement, dated as of February 23, 2007, by and among the Issuers and the Initial
Purchasers (the “Purchase Agreement”), relating to the offering of $275,000,000 aggregate principal amount of 7.5% Senior Notes due 2014 of the Company (including the guarantees thereof by the Guarantors after the date hereof, if
any, the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
 The parties hereby agree as follows: 
 Section 1. Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 

“action” shall have the meaning set forth in Section 7(c) hereof. 
 “Additional Interest” shall have the meaning set forth in Section 4(a) hereof. 
 “Advice” shall have the meaning set forth in Section 5 hereof. 
 “Additional Interest Payment Date” shall have the meaning set forth in Section 4(b) hereof. 
 “Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 
 “Applicable Period” shall have the meaning set forth in Section 2(b) hereof. 
 “Board of Directors” shall have the meaning set forth in Section 5 hereof. 
 “Business Day” shall mean a day that is not a Legal Holiday. 
 “Company” shall have the meaning set forth in the introductory paragraph hereto and shall also include the Company’s permitted
successors and assigns. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “day” shall mean a calendar day. 

 “Delay Period” shall have the meaning set forth in Section 5 hereof. 
 “Effectiveness Period” shall have the meaning set forth in Section 3(b) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof. 
 “Guarantors” means each Person who executes and delivers a counterpart of this Agreement after the date hereof pursuant to
Section 10(e) hereof. 
 “Holder” shall mean any holder of a Registrable Note or Registrable Notes. 
 “Indenture” shall mean the Indenture, dated as of February 28, 2007, by and among the Issuers and Wilmington Trust Company or any
successor thereto, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
 “Initial Purchasers” shall have the meaning set forth in the first introductory paragraph hereof. 
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof. 
 “Issue Date” shall
mean February 28, 2007, the date of original issuance of the Notes. 
 “Issuers” shall have the meaning set forth in
the first introductory paragraph hereto. 
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking
institutions in New York, New York are required by law, regulation or executive order to remain closed. 
 “Losses” shall
have the meaning set forth in Section 7(a) hereof. 
 “NASD” shall have the meaning set forth in Section 5(s)
hereof. 
 “Notes” shall have the meaning set forth in the second introductory paragraph hereto. 
 “Participant” shall have the meaning set forth in Section 7(a) hereof. 
 “Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  

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 “Person” shall mean an individual, corporation, partnership, joint venture association,
joint stock company, trust, unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 
 “Private Exchange” shall have the meaning set forth in Section 2(b) hereof. 
 “Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Purchase Agreement” shall have the meaning set forth in the second introductory paragraph hereof. 
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
 “Registrable Notes”
shall mean each Note upon its original issuance and at all times subsequent thereto, each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note
upon original issuance thereof and at all times subsequent thereto, in each case until (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer
Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with
such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, (iii) such Note,
Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note or Private Exchange Note has been sold in compliance with Rule 144 or is salable pursuant
to Rule 144(k). 
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
 “Registration Statement” shall mean any appropriate registration statement of the Issuers covering any of the Registrable Notes filed
with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
 “Representative” shall have the meaning set forth in the introductory paragraph
hereto. 
  

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 “Requesting Participating Broker-Dealer” shall have the meaning set forth in
Section 2(b) hereof. 
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent
holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by
the Commission. 
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission. 
 “Securities Act” shall mean the
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Shelf Filing
Event” shall have the meaning set forth in Section 2(c) hereof. 
 “Shelf Registration” shall have the meaning
set forth in Section 3(a) hereof. 
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 
 “Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and
Private Exchange Notes. 
 “underwritten registration” or “underwritten offering” shall mean a registration
in which securities of the Issuers are sold to an underwriter for reoffering to the public. 
 Section 2. Exchange Offer

 (a) Unless the Exchange Offer would violate applicable law or interpretation of the staff of the Commission, the Issuers shall
(i) file a Registration Statement (the “Exchange Offer Registration Statement”) with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any
and all of the Registrable Notes for a like aggregate principal amount of notes (including the guarantees with respect thereto, if any, the “Exchange Notes”) that are identical in all material respects to the Notes (except that the
Exchange Notes shall not contain restrictive legends, terms with respect to transfer restrictions or Additional Interest upon a Registration Default), (ii) use their commercially reasonable efforts to cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act and (iii) use their commercially reasonable efforts to consummate the Exchange Offer within 270 days of the Issue Date. Upon the Exchange Offer Registration Statement being declared
effective by the Commission, the Issuers will offer the Exchange Notes in exchange for surrender of the Notes. The Issuers shall keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date
notice of the Exchange Offer is mailed to Holders. 
  

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 Each Holder that participates in the Exchange Offer will be required to represent to the Issuers in
writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the
Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an affiliate of the Company or any Guarantor as defined by Rule 405 of the Securities Act, or if it is an affiliate, it will comply with
the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes and
(v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any
resale of such Exchange Notes. 
 (b) The Issuers and the Initial Purchasers acknowledge that the staff of the Commission has taken the
position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a “Participating
Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes (other
than a resale of an unsold allotment resulting from the original offering of the Notes). 
 The Issuers and the Initial Purchasers also
acknowledge that the staff of the Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which
Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their
prospectus delivery obligations under the Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
 In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuers agree
to use their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective for a period necessary to comply with applicable law in connection with such resales but in no event more than 180 days after the
date on which the Exchange Registration Statement is declared effective, or such longer period if extended pursuant to any Delay Period in accordance with the last paragraph of Section 5 hereof (such period, the “Applicable
Period”), or such earlier date as each Requesting Participating Broker-Dealer shall have notified the Company in writing that such Requesting Participating Broker-Dealer has resold all Exchange Notes acquired by it in the Exchange Offer.
The Issuers shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 
 If, prior to consummation of the Exchange Offer, any Initial Purchaser or any other Holder holds any Notes acquired by it that have, or that are reasonably likely to be determined to have, 

  

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the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Issuers upon the
request of the Initial Purchasers or any such Holder, as the case may be, shall simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchasers or any such Holder, as the case may be, in
exchange (the “Private Exchange”) for such Notes held by such Initial Purchaser or any such Holder a like principal amount of notes (the “Private Exchange Notes”) of the Issuers that are identical in all material
respects to the Exchange Notes except that the Private Exchange Notes may be subject to restrictions on transfer and bear a legend to such effect. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and
bear the same CUSIP number as the Exchange Notes (if permitted by the CUSIP Service Bureau). 
 Upon consummation of the Exchange Offer in
accordance with this Section 2, the Issuers shall have no further registration obligations other than the Issuers’ continuing registration obligations with respect to (i) Private Exchange Notes, (ii) Exchange Notes held by
Participating Broker-Dealers and (iii) Notes or Exchange Notes as to which clause (c)(iv) of this Section 2 applies. 
 In
connection with the Exchange Offer, the Issuers shall: 
 (1) mail or cause to be mailed to each Holder entitled to
participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York;

 (3) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the
Issuers shall: 
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders pursuant to the
Exchange Offer and the Private Exchange, if any; 
 (2) deliver or cause to be delivered to the Trustee for cancellation all
Registrable Notes so accepted for exchange; and 
 (3) cause the Trustee to authenticate and deliver promptly to each such
Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Registrable Notes of such Holder so accepted for exchange. 
  

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 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that
(i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any
court or by any governmental agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding
with respect to the Issuers and (iii) all governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer or Private Exchange. 
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified under the
TIA and shall provide that (a) the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture and (b) the Private Exchange Notes shall be subject to the transfer restrictions set forth in the Indenture. The
Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will
have the right to vote or consent as a separate class on any matter. 
 (c) In the event that (i) any changes in law or the applicable
interpretations of the staff of the Commission do not permit the Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 270 days of the Issue Date, (iii) any Holder notifies the Company prior
to the 20th day following consummation of the Exchange Offer that it is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer, (iv) in the case of any Holder who participates
in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of any
Issuer within the meaning of the Securities Act) or (v) any Initial Purchaser so requests with respect to Notes or Private Exchange Notes that have, or that are reasonably likely to be determined to have, the status of unsold allotments in an
initial distribution (each such event referred to in clauses (i) through (v) of this sentence, a “Shelf Filing Event”), then the Issuers shall file a Shelf Registration pursuant to Section 3 hereof. 
 Section 3. Shelf Registration 
 If at any time a Shelf Filing Event shall occur, then: 
 (a) Shelf Registration. The Issuers shall file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is
applicable (the “Shelf Registration”). The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them
(including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration. 
  

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 (b) The Issuers shall use all their commercially reasonable efforts (x) to cause the Shelf
Registration to be declared effective under the Securities Act on or prior to the 180th day after the occurrence of the applicable Shelf Filing Event and (y) to keep the Shelf Registration continuously effective under the Securities Act for the
period ending on the date which is two years from the Issue Date, subject to extension pursuant to any Delay Period in accordance with Section 5 hereof (the “Effectiveness Period”), or such shorter period ending when all
Registrable Notes covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration; provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration
shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Company may suspend the effectiveness
of the Shelf Registration by written notice to the Holders solely (A) as a result of the filing of a post-effective amendment to the Shelf Registration to incorporate annual audited financial information with respect to the Company where such
post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus or (B) to the extent and for so long as permitted by the penultimate paragraph of Section 5. 
 (c) Supplements and Amendments. The Issuers agree to supplement or make amendments to the Shelf Registration as and when required by the rules,
regulations or instructions applicable to the registration form used for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration. 
 Section 4. Additional Interest 
 (a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent
of such damages with precision. Accordingly, the Issuers agree that if: 
 (i) the Exchange Offer is not consummated on or prior to the 270th day following the Issue Date, or, if
that day is not a Business Day, the next day that is a Business Day; or 
 (ii) the Shelf Registration is required to be filed
but is not declared effective within the time period specified in Section 3(b)(x), or is declared effective by such date but thereafter ceases to be effective or usable (unless the Shelf Registration ceases to be effective or usable as
specifically permitted by the penultimate paragraph of Section 5 hereof), 
 (each such event referred to in clauses (i) and (ii) a
“Registration Default”), additional interest in the form of additional cash interest (“Additional Interest”) will accrue on the affected Registrable Notes. The rate of Additional Interest will be 0.25% per
annum for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum with respect to each subsequent 90-day period up to a maximum amount of Additional Interest of
1.00% per annum, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured, (2) the date on which such Registrable
Note ceases to be a Registrable Note or otherwise become freely transferable by Holders other than affiliates of the Issuers without further registration under the Securities Act, or (3) the end of the Effectiveness Period. If, after the cure
of all Registration Defaults then in effect, 

  

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there is a subsequent Registration Default, the rate of Additional Interest for such subsequent Registration Default shall initially be 0.25% regardless of
the rate in effect with respect to any prior Registration Default at the time of cure of such Registration Default and shall increase in the manner and be subject to the maximum Additional Interest rate contained in the preceding sentence.

 Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not increase because more than one Registration
Default has occurred and is pending and (2) a Holder of Registrable Notes that is not entitled to the benefits of the Shelf Registration (e.g., such Holder has not elected to include information or has not timely delivered such
information) shall not be entitled to Additional Interest with respect to a Registration Default that pertains to the Shelf Registration. 
 (b) So long as Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid. Any amounts of
Additional Interest due pursuant to clauses (a)(i) or (a)(ii) of this Section 4 will be payable in cash semi-annually on each March 1 and September 1 (each a “Additional Interest Payment Date”), commencing with the
first such date occurring after any such Additional Interest commences to accrue, to Holders to whom regular interest is payable on such Additional Interest Payment Date with respect to Notes that are Registrable Notes. The amount of Additional
Interest for each Registrable Note will be determined by multiplying the applicable rate of Additional Interest by the aggregate principal amount of such Registrable Note outstanding on the Additional Interest Payment Date following such
Registration Default in the case of the first such payment of Additional Interest with respect to a Registration Default (and thereafter at the next succeeding Additional Interest Payment Date until the cure of such Registration Default), and
multiplying the product of the foregoing by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in
the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
 Section 5. Registration
Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect
such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder,
the Issuers shall: 
 (a) Prepare and file with the Commission the Registration Statement or Registration Statements prescribed by
Section 2 or 3 hereof, and use their commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing is
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Notes
covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel (if requested by any such person) and the managing underwriters, if any, a reasonable 

  

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opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto)
proposed to be filed (in each case at least five Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal
amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, shall reasonably object. 
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by
any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a
Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended or supplemented. 
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the
Company has received written notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their
counsel (if such counsel is known to the Issuers) and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may,
upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference
and exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings
for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and
warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the receipt by any of the Issuers of any
notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable 

  

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Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the
happening of any event, the existence of any condition or any information becoming known to any Issuer that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the
Company’s determination that a post-effective amendment to a Registration Statement would be appropriate. 
 (d) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is
issued, to use their commercially reasonable efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
 (e) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the
Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a prospectus supplement or post-effective amendment such
information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably required to be included therein and (ii) make all
required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;
provided, however, that the Issuers shall not be required to take any action hereunder that would violate applicable laws. 
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be,
who so requests, 

  

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and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and
each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of
Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and
each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and
sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their commercially reasonable efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes
or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter
or underwriters reasonably request; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Issuers agree to cause the Issuers’ counsel to perform Blue Sky
investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is
required to be kept effective to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or
(C) subject itself to taxation in any such jurisdiction where it is not then so subject. 
 (i) If a Shelf Registration
is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable
Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible 

  

 -12- 

 
for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations and registered in such names as the managing
underwriter or underwriters, if any, or selling Holders may request at least two Business Days prior to any sale of such Registrable Notes. 
 (j) Use their commercially reasonable efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities
as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be required solely as a consequence of the
nature of such selling Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event
contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuers, a
supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 
 (m) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting
agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration
or the disposition of such Registrable Notes and, whether or not such offering is an underwritten offering, (i) make such representations and warranties to the underwriter or underwriters (and to any Holder that has advised the Company that
such Holder may have a “due diligence” defense under Section 11 of the Securities Act), and covenants with, the underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business,
properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each 

  

 -13- 

 
case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing
if and when requested; (ii) use their commercially reasonable efforts to obtain the written opinions of counsel to the Issuers and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or
underwriters, addressed to the underwriters (and to any Holder that has advised the Company that such Holder may have a “due diligence” defense under Section 11 of the Securities Act) covering the matters customarily covered in
opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use their commercially reasonable efforts to obtain “cold comfort” letters and
updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public accountants
of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters (and to any Holder that has advised the Company that such Holder may have a “due diligence” defense under Section 11 of the Securities Act), such letters to be in customary form and covering matters of the type
customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than
those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or
underwriters) with respect to all parties to be indemnified pursuant to said Section; provided that the Issuers shall not be required to provide indemnification to any underwriter selected in accordance with the provisions of Section 9
hereof with respect to information relating to such underwriter furnished in writing to the Company by or on behalf of such underwriter expressly for inclusion in such Registration Statement. The above shall be done at each closing under such
underwriting agreement, or as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant
to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such
disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”),
at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be
reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector
in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in connection with any market transactions in violation of any
applicable securities laws, any Records that the Company determines, in good faith, to be confidential 

  

 -14- 

 
and that it notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is
necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or
involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records has been made generally available to the public; provided,
however, that (i) each Inspector shall agree to use commercially reasonable efforts to provide notice to the Company of the potential disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this
sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if
practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
 (o) Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust
indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate
with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of
the TIA; and execute, and use their commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such
indenture to be so qualified in a timely manner. 
 (p) Comply with all applicable rules and regulations of the Commission and
make generally available to the Company’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than
45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes or Exchange Notes are sold to underwriters
in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement,
which statements shall cover said 12-month periods consistent with the requirements of Rule 158. 
 (q) Upon the request of a
Holder, upon consummation of the Exchange Offer or a Private Exchange, use their commercially reasonable efforts to obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the
benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and
binding obligations of the Issuers, enforceable against the Issuers in accordance with its respective terms, subject to customary exceptions and qualifications. 
  

 -15- 

 (r) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of
the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that
such Registrable Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in
the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the NASD. 
 (t) Use their commercially reasonable efforts to take all other steps reasonably necessary or advisable to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement
contemplated hereby. 
 The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being
effected to furnish to the Company such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the
Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request and in the event of such an exclusion, the Issuers shall have no further obligation under this Agreement
(including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder of such Registrable Notes. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company or the Guarantors, then such Holder shall have the right to require (i) the insertion
therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities
covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company or the Guarantors, or (ii) in the event that such reference to such Holder by name or otherwise is not
required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared subsequent to the time that such
reference ceases to be required. 
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such
Registrable Notes or Exchange Notes that, upon the Company providing notice to such Holder or Participating Broker-Dealer, as the case may be, (x) of the happening of any event of 

  

 -16- 

 
the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y) that the Board of Directors of the Company (the
“Board of Directors”) has resolved that the Company has a bona fide business purpose for doing so, then, upon providing such notice (which shall refer to the penultimate paragraph of this Section 5), the Issuers may
delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the
Exchange Offer Registration Statement or the Shelf Registration, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the
use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such
business purpose ceases to interfere with the Issuers’ obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 90 days after the Company notifies the Holders of such good faith
determination. There shall not be more than 90 days of Delay Periods during any 12-month period. The maximum length of the Applicable Period set forth in Section 2(b) shall be extended by a number of days equal to the number of days during any
Delay Period. Any Delay Period will not alter the obligations of the Issuers to pay Additional Interest under the circumstances set forth in Section 4 hereof. 
 Each Holder or Participating Broker-Dealer, by its acceptance of any Registrable Note, agrees that during any Delay Period, each Holder or Participating Broker-Dealer will discontinue disposition of such Notes or
Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
 Section 6. Registration Expenses 
 All fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers (other than any underwriting discounts or commissions) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or becomes effective or
the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees
and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions
(x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating
Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and
of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement
or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and
the reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to Section 7 

  

 -17- 

 
hereof) selected by the Holders of a majority in aggregate principal amount of Notes, Exchange Notes and Private Exchange Notes being registered and
reasonably satisfactory to the Issuers, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers,
(viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties), (ix) the expense of any annual audit, (x) the fees and
expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, (xi) any required fees and expenses incurred in
connection with any filing required to be made with the NASD and (xii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in
order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it.

 Section 7. Indemnification 
 (a) The Issuers, jointly and severally, agree to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if
any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the employees, officers and directors of each Holder and each such Participating Broker-Dealer and the partners,
members, employees, officers, managers and directors of any such controlling Person (each, a “Participant”) from and against any and all losses, liabilities, claims, damages and expenses (including, but not limited to, reasonable
attorneys’ fees and any and all reasonable expenses whatsoever actually incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts paid in
settlement of any claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments
or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the
case of the Prospectus, in the light of the circumstances under which they were made, not misleading, provided that (i) the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant furnished to the Company in writing by or on behalf of such Participant expressly for use therein,
and (ii) the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Participant from whom the Person asserting such Losses purchased Registrable Notes if (x) it is established in the related
proceeding that such Participant failed to send or give a copy of the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Participant prior to the written confirmation of such sale) to such Person with or
prior to the written confirmation of such sale, if required by applicable law, 

  

 -18- 

 
and (y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or supplemented
if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be in
addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 
 (b) Each
Participant agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each Person, if any, who controls any Issuer within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each
of their respective partners, members, employees, officers and members of the board of directors from and against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such
Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if
the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Company by or on behalf of such Participant
expressly for use therein. This indemnity agreement will be in addition to any liability that a Participant may otherwise have, including, but not limited to, liability under this Agreement. 
 (c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or proceeding
(collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing
of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been prejudiced in any
material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate in such action, and
to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory to such indemnified
party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party
or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take
charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying party or
parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded, after consultation with counsel, that there may be defenses available to it or them that are
different from or 

  

 -19- 

 
additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the
defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the
reasonable fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising in the same
jurisdiction out of the same general allegations or circumstances. Any such separate firm for the Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Notes sold by all such Participants and
shall be reasonably acceptable to the Company and any such separate firm for the Issuers, their affiliates, officers, directors, representatives, employees and such control Person of such Issuers shall be designated in writing by such Issuers. An
indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall
have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by paragraph (a) or (b) of this Section 7, then the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the date of such settlement unless there is a bona fide dispute between such indemnifying party and the indemnified party regarding such reimbursement of the fees and expenses
and (iii) such indemnified party shall have given the indemnifying party at least 60 days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an
unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party. 
 (d) In order to provide for contribution in circumstances in which the indemnification provided for in this
Section 7 is for any reason held to be unavailable from the indemnifying party for any Losses referred to therein, or is insufficient to hold harmless a party indemnified under this Section 7 for any Losses referred to therein, each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on
the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchasers or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in
connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand, and each Participant, on the other hand, shall be
deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchasers (net of discounts and commissions but before deducting expenses) received by the Issuers are to (y) the total net profit
received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue 

  

 -20- 

 
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or
such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or
by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required to contribute any amount
in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of any untrue or
alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or
parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation
it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any
action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without
its written consent, provided, however, that such written consent was not unreasonably withheld. 
 Section 8. Rules
144 and 144A 
 If at any time the Issuers are not required to file reports under the Securities Act and the Exchange Act, they will, upon
the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuers further covenant that for so long as any Registrable Notes
remain outstanding they will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act within the limitation of
the exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
 Section 9. Underwritten Registrations 
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders
of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be acceptable to the Company. 
  

 -21- 

 No Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder
does not (a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 Section 10. Miscellaneous 
 (a) No Inconsistent Agreements. The Issuers have not, as of the date hereof, and
shall not, after the date of this Agreement, enter into any agreement with respect to any of their securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ other issued and outstanding securities under
any such agreements. The Issuers have not entered and will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the Registrable Notes
as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Company (on behalf of all Issuers) and (II)(A) the Holders of not less than a majority in aggregate principal amount of
the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes
held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly signed and delivered by the Issuers and each Holder
and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such
amendment, modification, waiver or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities
are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal
amount of the Registrable Notes being sold pursuant to such Registration Statement. 
 (d) Notices. All notices and other
communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier:

  

 -22- 

 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the
most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
 (ii) if to any Issuer, to it 
 c/o American Railcar Industries, Inc. 
 100 Clark Street 
 ST. Charles, MO 63301 
 Fax: (636) 940-5032 
 Attention: Chief Financial Officer 
 with a copy to: 
 Icahn Associates Corp. 
 767 Fifth Avenue 
 New York, NY 10153 
 Fax: (212) 688-1158 
 Attention: Marc Weitzen, Esq. 
 (iii) if to the Initial Purchasers, at the address as follows: 
 UBS Securities LLC

 677 Washington Blvd. 
 Stamford, Connecticut 06901 
 Fax number: (203) 719-1075 
 Attention: High Yield Syndicate Department 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when
receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
and in the manner specified in such Indenture. 
 (e) Guarantors. So long as any Registrable Notes remain outstanding, the Issuers
shall cause each Person that becomes a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor. Each of the Guarantors agrees to
join the Issuers in all of their undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration required hereunder. 
  

 -23- 

 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign holds Registrable Notes. 
 (g) Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (k)
Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage. 
 (l) Third-Party Beneficiaries. Holders and
beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a
third-party beneficiary of this Agreement. 
 (m) Entire Agreement. This Agreement, together with the Purchase Agreement and the
Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -24- 

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

  

			
	AMERICAN RAILCAR INDUSTRIES, INC.
		
	By:	 	 /s/ William P. Benac

	Name:	 	William P. Benac
	Title:	 	Senior Vice President, Chief Financial
		 	Officer and Treasurer
	
	UBS SECURITIES LLC
	BEAR, STEARNS & CO. INC.
		
	By:	 	 UBS SECURITIES LLC, as Representative of
 the Initial
Purchasers

		
	By:	 	 /s/ Christopher Lally

	Name:	 	Christopher Lally
	Title:	 	Director
		
	By:	 	 /s/ Michael Johnson

	Name:	 	Michael Johnson
	Title:	 	DirectorSeventh Amendment and Restatement Agreement

 Exhibit 10.9 
  

			
	

	  	LIMITED LIABILITY PARTNERSHIP
	  	CONFORMED COPY

 DATED 17 NOVEMBER 2006 
 ACE LIMITED 
 as Account Party 
 ACE BERMUDA INSURANCE LTD. 
 and 
 ACE TEMPEST REINSURANCE LTD. 
 as Guarantors 
 CITIGROUP GLOBAL MARKETS LIMITED 
 and

 BARCLAYS CAPITAL 
 as Lead
Arrangers 
 ING BANK, N.V., LONDON BRANCH 
 as Co-Arranger 
 CITIBANK INTERNATIONAL plc 
 as Agent and Security Trustee 
 and 
 OTHERS 
  

 SEVENTH AMENDMENT AND RESTATEMENT 
 AGREEMENT RELATING TO A LETTER OF CREDIT 

FACILITY AGREEMENT ORIGINALLY DATED 19 
 NOVEMBER 1999 
  

  

 CONTENTS 
  

					
	 Clause
	 	 	  	Page
	 1.
	 	Interpretation	  	2
			
	 2.
	 	Conditions Precedent	  	2
			
	 3.
	 	Transfer By Novation	  	2
			
	 4.
	 	Amendment And Restatement	  	6
			
	 5.
	 	Representations	  	7
			
	 6.
	 	Continuing Obligations And Further Assurance	  	7
			
	 7.
	 	Costs, Expenses And Fees	  	7
			
	 8.
	 	Designation As Finance Document	  	8
			
	 9.
	 	Governing Law	  	8
			
	 10.
	 	Incorporation Of Terms	  	8
			
	 11.
	 	Counterparts	  	8
		
	 Schedule 1            The Banks
	  	9
		
	 Schedule 2            The Banks' Commitments
	  	11
		
	 Schedule 3            Conditions Precedent
	  	12

							
		
	The Exhibit	 	Form of Amended Facility Agreement

 THIS AGREEMENT is dated 17 November 2006 and made between: 
  

	(1)	ACE LIMITED (the “Account Party”); 

  

	(2)	ACE BERMUDA INSURANCE LTD. and ACE TEMPEST REINSURANCE LTD. (together the “Guarantors”); 

  

	(3)	CITIGROUP GLOBAL MARKETS LIMITED and BARCLAYS CAPITAL (the investment banking division of Barclays Bank PLC) (the “Lead Arrangers”);

  

	(4)	ING BANK, N.V., LONDON BRANCH (the “Co-Arranger” and, together with the Lead Arrangers, the “Arrangers”); 

  

	(5)	CITIBANK INTERNATIONAL plc (the “Agent” and “Security Trustee”); 

  

	(6)	THE FINANCIAL INSTITUTIONS listed in Part I of Schedule 1 (The Banks) as existing banks (the “Existing Banks”); and 

  

	(7)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Banks) as new banks (the “New Banks”). 

 WHEREAS: 
  

	(A)	By a dual currency letter of credit facility agreement originally dated 19 November 1999 (a) as amended and restated by an amendment agreement dated 17 November 2000,
(b) as amended by an amendment agreement dated 23 October 2001, (c) as amended and restated by an amendment and restatement agreement dated 21 November 2001, (d) as amended and restated by an amendment and restatement
agreement dated 19 November 2002, (e) as amended and restated by an amendment and restatement agreement dated 14 November 2003, (f) as amended and restated by an amendment and restatement agreement dated 15 November 2004 and
(g) as amended and restated by an amendment and restatement agreement dated 9 December 2005 (the “Original Facility Agreement”) between (1) the Account Party, (2) the Guarantors, (3) the Arrangers,
(4) the Agent and (5) the Banks, the Banks granted to the Account Party a letter of credit facility in an aggregate amount of £380,000,000. 

  

	(B)	Landesbank Hessen-Thüringen Girozentrale, London Branch wishes to become a party to the Original Facility Agreement as a Bank. 

  

	(C)	Citibank Ireland Financial Services plc wishes to transfer the whole of its Commitment to Citibank Europe plc. 

  

	(D)	National Westminster Bank PLC wishes to transfer the whole of its Commitment to The Royal Bank of Scotland plc. 

  

	(E)	The parties hereto wish to amend the Original Facility Agreement upon the terms and subject to the conditions set out below. 

  

 - 1 - 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Incorporation of defined terms 

 Terms defined in
the Original Facility Agreement and not otherwise defined herein shall have the same meaning in this Agreement, and the principles of construction set out in the Original Facility Agreement shall apply to this Agreement as if set out in this
Agreement in full. 
  

	1.2	Other defined terms 

 In this Agreement: 

“Amended Facility Agreement” means the Original Facility Agreement as amended by this Agreement. 
 “Commencement Date” means 29 November 2006. 
  

	1.3	Third Party Rights 

 A person who is not a party to
this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. 
  

	2.	CONDITIONS PRECEDENT 

 The provisions of Clause 3
(Transfer by Novation) and Clause 4 (Amendment and Restatement) shall automatically be effective as of the Commencement Date provided that not later than three Business Days before the Commencement Date, the Agent has received, in form
and substance satisfactory to it, each of the documents and other items specified in Schedule 3 (Conditions Precedent) to this Agreement. The Agent shall notify the Account Party, the Existing Banks and the New Banks promptly upon being so
satisfied. 
  

	3.	TRANSFER BY NOVATION 

  

	3.1	Transfer by Novation: New Non-Affiliate Bank 

 3.1.1
Definitions 
 For the purposes of this Clause 3.1, the following definitions apply: 
 “New Non-Affiliate Bank” shall mean Landesbank Hessen-Thüringen Girozentrale, London Branch. 
 3.1.2 Details of Transfer: New Non-Affiliate Bank 
 On the Commencement Date (whether or not a Default is continuing), the Existing Banks shall transfer by novation part of their Commitment, rights and obligations under the Finance Documents to the New Non-Affiliate
Bank, so that: 
  

	 	(a)	the New Non-Affiliate Bank will become a Bank under the Amended Facility Agreement with a Commitment as set out opposite its name in Schedule 2 (The Banks’ Commitments);

  

 - 2 - 

	 	(b)	each Existing Bank’s Commitment shall be reduced to the respective amount set out opposite its name in Schedule 2 (The Banks’ Commitments);

  

	 	(c)	the New Non-Affiliate Bank’s participation in each Letter of Credit shall be as notified to it by the Agent pursuant to paragraph (a) of Clause 3.5 (Banks’
participations); and 

  

	 	(d)	each Existing Bank’s participation in each Letter of Credit shall be as notified to it by the Agent pursuant to paragraph (a) of Clause 3.5 (Banks’
participations). 

  

	 	3.1.3	Procedure for Transfer by Novation: New Non-Affiliate Bank 

 The transfer by novation set out in Clause 3.1 (Transfer by novation: New Non-Affiliate Bank) shall take effect on the Commencement Date so that: 
  

	 	(a)	to the extent that in Clause 3.1 (Transfer by novation: New Non-Affiliate Bank) each Existing Bank seeks to transfer by novation its rights and obligations under the Finance
Documents each of the Obligors and each other Existing Bank shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled
(being the “Discharged Rights and Obligations”); 

  

	 	(b)	each of the Obligors and the New Non-Affiliate Bank shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as that Obligor and the New Non-Affiliate Bank have assumed and/or acquired the same in place of that Obligor and that Existing Bank; 

  

	 	(c)	the Agent, the Arrangers, the New Non-Affiliate Bank and other Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and
assumed had the New Non-Affiliate Bank been an Existing Bank with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arrangers and the relevant Existing Bank shall each be released
from further obligations to each other under the Finance Documents; and 

  

	 	(d)	the New Non-Affiliate Bank shall become a Party as a “Bank”. 

  

	 	3.1.4	Amounts due on or before the Commencement Date 

 Any
amounts payable to the Existing Banks by the Obligors pursuant to any Finance Document on or before the Commencement Date (including, without limitation, all interest, fees and commission payable on the Commencement Date) in respect of any

  

 - 3 - 

 period ending on or prior to the Commencement Date shall be for the account of the Existing Banks and the
New Non-Affiliate Bank shall not have any interest in, or any rights in respect of, any such amount. 
  

	3.2	Transfer by Novation: New Affiliate Banks 

  

	 	3.2.1	Definitions 

 For the purposes of this Clause 3.2,
the following definitions apply: 
 “New Affiliate Bank” shall mean Citibank Europe plc and The Royal Bank of Scotland plc;
and 
 “Outgoing Existing Banks” shall mean Citibank Ireland Financial Services plc and National Westminster Bank PLC,

  

	 	3.2.2  	Details of Transfer: New Affiliate Bank 

 On the
Commencement Date (whether or not a Default is continuing), the Outgoing Existing Banks shall transfer by novation all of their Commitment, rights and obligations under the Finance Documents to Citibank Europe plc, in the case of Citibank Ireland
Financial Services plc, and The Royal Bank of Scotland plc, in the case of National Westminster Bank PLC, so that: 
  

	 	(a)	each New Affiliate Bank will become a Bank under the Amended Facility Agreement with a Commitment as set out opposite its name in Schedule 2 (The Banks’ Commitments);

  

	 	(b)	each Outgoing Existing Bank’s Commitment shall be reduced to zero, and that Outgoing Existing Bank shall cease to be a Bank; 

  

	 	(c)	each New Affiliate Bank’s participation in each Letter of Credit shall be as notified to it by the Agent pursuant to paragraph (a) of Clause 3.5 (Banks’
participations); and 

  

	 	(d)	each Outgoing Existing Bank’s participation in each Letter of Credit shall be as notified to it by the Agent pursuant to paragraph (a) of Clause 3.5 (Banks’
participations). 

  

	 	3.2.3	Procedure for Transfer by Novation: New Affiliate Banks 

 The transfer by novation set out in Clause 3.2 (Transfer by novation: New Affiliate Banks) shall take effect on the Commencement Date so that: 
  

	 	(a)	to the extent that in Clause 3.2 (Transfer by novation: New Affiliate Banks) each Outgoing Existing Bank seeks to transfer by novation its rights and obligations under the
Finance Documents each of the Obligors and each Outgoing Existing Bank shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be
cancelled (being the “Discharged Rights and Obligations”); 

  

 - 4 - 

	 	(b)	each of the Obligors and each New Affiliate Bank shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Obligor and the relevant New Affiliate Bank have assumed and/or acquired the same in place of that Obligor and that Outgoing Existing Bank; 

  

	 	(c)	the Agent, the Arrangers, each New Affiliate Bank and other Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and
assumed had the New Affiliate Bank been an Existing Bank with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arrangers and the relevant Outgoing Existing Bank shall each be
released from further obligations to each other under the Finance Documents; and 

  

	 	(d)	each New Affiliate Bank shall become a Party as a “Bank”. 

  

	 	3.2.4	Amounts due on or before the Commencement Date 

 Any
amounts payable to the Outgoing Existing Banks by the Obligors pursuant to any Finance Document on or before the Commencement Date (including, without limitation, all interest, fees and commission payable on the Commencement Date) in respect of any
period ending on or prior to the Commencement Date shall be for the account of the Outgoing Existing Banks and none of the New Affiliate Banks shall have any interest in, or any rights in respect of, any such amount. 
  

	3.3	Limitation of responsibility of Existing Banks 

  

	 	(a)	Each New Non-Affiliate Bank and New Affiliate Bank (together the “New Banks”) confirms to each Existing Bank and the other Finance Parties that it:

  

	 	(i)	has received a copy of the Original Facility Agreement together with such other information as it has required in connection with this transaction; 

  

	 	(ii)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and the Amended Facility Agreement and has not relied exclusively on any information provided to it by any Existing Bank in connection with any Finance Document; and 

  

	 	(iii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force. 

  

 - 5 - 

	 	(b)	Unless expressly agreed to the contrary, the Existing Banks make no representation or warranty and assume no responsibility to the New Banks for: 

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with the Finance Documents or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	 	(c)	Nothing in any Finance Document obliges any Existing Bank to: 

  

	 	(i)	accept a re-transfer from any New Bank of any of the rights and obligations transferred by novation under this Agreement; or 

  

	 	(ii)	support any losses directly or indirectly incurred by a New Bank by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  

	3.4	Administrative Details 

 Each New Bank confirms that
it has delivered to the Agent its Facility Office details and address, fax number and attention details for the purposes of Clause 33 (Notices) of the Amended Facility Agreement. 
  

	3.5	Banks’ participations 

  

	 	(a)	The Agent shall notify each Existing Bank and each New Bank of the amount and currency of each Letter of Credit to be issued on the Commencement Date and the amount of its
participation in that new Letter of Credit not later than 10:00 a.m. two Business Days before the Commencement Date. 

  

	 	(b)	The amount of each Existing Bank’s and each New Bank’s participation in each new Letter of Credit referred to in paragraph (a) of this Clause 3.5 (Banks’
participations) will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to the making of the Letter of Credit. 

  

	4.	AMENDMENT AND RESTATEMENT 

 With effect on and from
the Commencement Date, the Original Facility Agreement shall be amended and restated so that it shall be read and construed for all the purposes as set forth in the Exhibit hereto. 
  

 - 6 - 

	5.	REPRESENTATIONS 

 On the date of this Agreement and
on the Commencement Date, the Account Party and the Guarantors shall make the Representations as if each reference in those Representations to “this Agreement” and “the Finance Documents” includes a reference to (a) this
Agreement and (b) the Amended Facility Agreement. 
  

	6.	CONTINUING OBLIGATIONS AND FURTHER ASSURANCE 

  

	6.1	Continuing Obligations 

 The Original Facility
Agreement and the Finance Documents and every clause thereof shall continue to be in full force and effect and binding on the parties thereto save as expressly amended and supplemented by this Agreement. 
  

	6.2	Further Assurance 

 Each of the Account Party and
the Guarantors shall, at the request of the Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement. 
  

	7.	COSTS, EXPENSES AND FEES 

  

	7.1	Transaction Expenses 

 The Account Party shall
promptly on demand pay the Banks the amount of all costs and expenses (including legal fees) reasonably incurred (together with any VAT thereon) by the Banks in connection with the negotiation, preparation, printing and execution of this Agreement
and any other documents referred to in this Agreement and the completion of the transactions herein contemplated. 
  

	7.2	Enforcement Costs 

 The Account Party shall, within
three Business Days of demand, pay to each Bank the amount of all costs and expenses (including legal fees) on a full indemnity basis together with any VAT thereon incurred by that Bank in connection with the enforcement of, or the preservation of
any rights under this Agreement and any other document referred to in this Agreement. 
  

	7.3	Stamp Taxes 

 The Account Party shall pay and,
within three Business Days of demand, indemnify each Bank against any costs, loss or liability that each such Bank incurs in relation to all stamp duty, registration and other similar taxes payable in respect of this Agreement and any other document
referred to in this Agreement or any judgment given in connection with this Agreement. 
  

 - 7 - 

	8.	DESIGNATION AS FINANCE DOCUMENT 

 The Account Party
and the Agent designate this Agreement as a Finance Document by execution of this Agreement for the purposes of the definition of Finance Document in the Original Facility Agreement. 
  

	9.	GOVERNING LAW 

 This Agreement shall be governed by
and construed in accordance with English law. 
  

	10.	INCORPORATION OF TERMS 

 The provisions of clause 32
(Remedies and Waivers, Partial Invalidity) and clause 37 (Jurisdiction) of the Original Facility Agreement shall apply, mutatis mutandis, hereto and as if references therein to “this Agreement” or “the Finance
Documents” are references to this Agreement. 
  

	11.	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
 This Agreement
has been entered into on the date stated at the beginning of this Agreement. 
  

 - 8 - 

 SCHEDULE 1 
 THE BANKS 
 Part I - The Existing Banks 
 ABN AMRO BANK N.V., LONDON BRANCH 
 BARCLAYS BANK PLC 
 CALYON NEW YORK BRANCH 
 CITIBANK IRELAND FINANCIAL SERVICES PLC 

ING BANK N.V., LONDON BRANCH 
 LLOYDS TSB BANK PLC 
 NATIONAL WESTMINSTER BANK PLC 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW
YORK BRANCH 
  

 - 9 - 

 Part II - The New Banks 
 CITIBANK EUROPE PLC 
 LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, LONDON BRANCH 
 THE ROYAL BANK OF SCOTLAND PLC 
  

 - 10 - 

 SCHEDULE 2 
 THE BANKS’ COMMITMENTS 
  

			
	 Bank
	  	Commitment (£)
	Citibank Europe plc	  	58,000,000
	Barclays Bank PLC	  	58,000,000
	ING Bank N.V., London Branch	  	54,000,000
	ABN AMRO BANK N.V., London Branch	  	35,000,000
	Calyon New York Branch	  	35,000,000
	Landesbank Hessen-Thüringen Girozentrale, London Branch	  	35,000,000
	Lloyds TSB Bank plc	  	35,000,000
	The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch	  	35,000,000
	The Royal Bank of Scotland plc	  	35,000,000
		  	 
	TOTAL	  	380,000,000
		  	 

  

 - 11 - 

 SCHEDULE 3 
 CONDITIONS PRECEDENT 
  

	1.	In relation to each Obligor: 

  

	 	(i)	a copy of the constitutional documents of each Obligor, certified as at the date of this Agreement as a true, accurate and correct copy by an Authorised Signatory of such Obligor;

  

	 	(ii)	a copy, certified as at the date of this Agreement as a true and up-to-date copy by an Authorised Signatory of such Obligors, of a board resolution of such Obligor approving the
execution, delivery and performance of this Agreement and the terms and conditions hereof and authorising a named person or persons to sign this Agreement and any documents to be delivered by such Obligor pursuant hereto; 

 

	 	(iii)	a certificate of an Authorised Signatory of such Obligor setting out the names and signatures of the persons authorised to sign, on behalf of such Obligor, this Agreement, and any
documents to be delivered by such Obligor pursuant hereto. 

  

	2.	An opinion of Clifford Chance, solicitors to the Agent. 

  

	3.	An opinion of Maples and Calder, Cayman Islands counsel to the Account Party addressed to the Finance Parties. 

  

	4.	An opinion of Conyers, Dill and Pearman, Bermudian counsel to the Account Party addressed to the Finance Parties. 

  

	5.	A copy, certified a true copy by an Authorised Signatory of the Account Party, of the financial statements of the Account Party referred to in sub-clauses 16.4.1 and 16.4.2 of
Clause 16.4 (Financial Information) of the Amended Facility Agreement. 

  

	6.	Evidence that ACE INA Services UK Limited of ACE Building, 100 Leadenhall Street, London EC3A 3BP has agreed to act as the agent of each Obligor for the service of process in
England in respect of this Agreement and the Amended Facility Agreement. 

  

 - 12 - 

 SIGNATURES 
  

					
	The Account Party	 	
		
	ACE LIMITED	 	
			
	By:	 	 P Bancroft
	 	
	Position:	 	Chief Financial Officer	 	
	Address:	 	ACE Global Headquarters, 17 Woodbourne Avenue, Hamilton, HM08, Bermuda	 	
			
	By:	 	 R F Cusumano
	 	
	Position:	 	General Counsel & Secretary	 	
	Address:	 	ACE Global Headquarters, 17 Woodbourne Avenue, Hamilton, HM08, Bermuda

  

					
	The Guarantors	 	
		
	ACE BERMUDA INSURANCE LTD.	 	
			
	By:	 	 G R Fletcher
	 	
	Position:	 	President, Chief Executive Officer & Deputy Chairman	 	
	Address:	 	ACE Global Headquarters, 17 Woodbourne Avenue, Hamilton, HM08, Bermuda	 	

  

					
	ACE TEMPEST REINSURANCE LTD.	 	
		
	Executed as a deed	 	
			
	By:	 	 J Bonneau
	 	
	Position:	 	Director & Deputy Chairman	 	
	Address:	 	ACE Global Headquarters, 17 Woodbourne Avenue, Hamilton, HM08, Bermuda	 	

  

 - 13 - 

					
	The Lead Arrangers	 	
	
	CITIGROUP GLOBAL MARKETS LIMITED
			
	By:	 	 P Gibbs
	 	
	Position:	 	Vice President	 	
	Address:	 	c/o Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB	 	
		
	BARCLAYS CAPITAL	 	
			
	By:	 	 R Crosby
	 	
	Position:	 	Manager - Global Loans	 	
	Address:	 	5 The North Colonnade, Canary Wharf, London E14 4BB	 	
		
	The Co-Arranger	 	
	
	ING BANK, N.V., LONDON BRANCH
			
	By:	 	 M E R Sharman
	 	
	Position:	 	Managing Director	 	
	Address:	 	60 London Wall, London EC2M 5TQ
			
	By:	 	 N J Marchant
	 	
	Position:	 	Director	 	
	Address:	 	60 London Wall, London EC2M 5TQ
	
	The Agent and Security Trustee
	
	CITIBANK INTERNATIONAL plc
			
	By:	 	 P Gibbs
	 	
	Position:	 	Vice President	 	
	Address:	 	c/o Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB

  

 - 14 - 

					
	The Existing Banks	 	
	
	ABN AMRO BANK N.V., LONDON BRANCH
			
	By:	 	 A Rouncivell
	 	
	Position:	 	Authorised Signatory	 	
	Address:	 	250 Bishopsgate, London EC27 4AA	 	
			
	By:	 	 W Byrne
	 	
	Position:	 	Authorised Signatory	 	
	Address:	 	250 Bishopsgate, London EC27 4AA	 	
		
	BARCLAYS BANK PLC	 	
			
	By:	 	 R Crosby
	 	
	Position:	 	Manager - Global Loans	 	
	Address:	 	5 The North Colonnade, Canary Wharf, London E14 4BB
		
	CALYON NEW YORK BRANCH	 	
			
	By:	 	 S Rocco
	 	
	Position:	 	Managing Director	 	
	Address:	 	1301 Avenues of America, New York, NY 10019
			
	By:	 	 W Denton
	 	
	Position:	 	Managing Director	 	
	Address:	 	1301 Avenues of America, New York, NY 10019	 	
	
	CITIBANK IRELAND FINANCIAL SERVICES PLC
			
	By:	 	 P Gibbs
	 	
	Position:	 	Vice President	 	
	Address:	 	c/o Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB	 	

  

 - 15 - 

					
	ING BANK N.V., LONDON BRANCH
			
	By:	  	 M E R Sharman
	  	
	Position:	  	Managing Director	  	
	Address:	  	60 London Wall, London EC2M 5TQ
			
	By:	  	 N J Marchant
	  	
	Position:	  	Director	  	
	Address:	  	60 London Wall, London EC2M 5TQ
		
	LLOYDS TSB BANK PLC	  	
			
	By:	  	 W A Cooper
	  	
	Position:	  	Relationship Director	  	
	Address:	  	25 Gresham Street, London EC2V 7HN
	
	NATIONAL WESTMINSTER BANK PLC
			
	By:	  	 Alan Hames
	  	
	Position:	  	Director	  	
	Address:	  	135 Bishopsgate, London, EC2M 3UR
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
			
	By:	  	 J A Reid, Jr
	  	
	Position:	  	Authorised Signatory	  	
	Address:	  	1251 Avenue of the Americas, 12th Floor, New York NY10020-1104	  	

  

 - 16 - 

					
	The New Banks:	 	
		
	CITIBANK EUROPE PLC	 	
			
	By:	 	 P Gibbs
	 	
	Position:	 	Vice President	 	
	Address:	 	c/o Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB	 	
	
	LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, LONDON BRANCH
			
	By:	 	 James Lowe
	 	
	Position:	 	Marketing Manager - Financial Institutions & Public Finance	 	
	Address:	 	95 Queen Victoria Street, London EC4V 4HN	 	
			
	By:	 	 P Harding
	 	
	Position:	 	Director - USA/UK Insurance	 	
	Address:	 	95 Queen Victoria Street, London EC4V 4HN	 	
		
	THE ROYAL BANK OF SCOTLAND PLC	 	
			
	By:	 	 Alan Hames
	 	
	Position:	 	Director	 	
	Address:	 	135 Bishopsgate, London, EC2M 3UR	 	

  

 - 17 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]